As many of you know I have been warning about this for about this for a while now. Posting similar blogs time and time again saying the same thing in a variety of ways. For what its worth.....we ain't even close to the bottom yet.....in my humble opinion.
Few of the so called "experts" on TV or the press are even identifying the problem correctly. They have the issue backwards. It is not a credit crisis causing the economic downturn. It is because of nutty lending practices of the past eight years ending that has caused an evaporation of revenues.
Without revenues, Individuals, Businesses, and Governments go BANKRUPT. Absent some sort of crazy government intervention that I can't forsee......get ready for a rapid rise in bankruptcies. In the short run it will be painful but in the long run we will be much more competitive as a nation to set the foundation for our future growth.
This clensing process is capitalism....the greater the excess....the harder the clensing.....and our excesses were unprecedented......thus the correction should be too. What should worry you is the current policies of the current administration driving our country to socialism/communism......and rest assured, that is the direction we are going.
We must allow the system to purge itself of the excesses or else government will impose a greater and greater control of our lives. Don't panic about the market correction....sit back and relax...it still has a long long way to go....what you should worry about is how our government is starting to dictate more and more of our daily lives....it if goes much further....then panic will be the appropriate response.