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Now, I have been negative on
Now, I have been negative on the economy, especially debt, for some time. However, I think the market has shifted from logic to absolute and total panic. I really think the market is now grossly undervalued. However, there are a lot of sharks looking for blood and the body is not yet in the water. It almost seems like the market needs its own virgin sacrifice to appease the Gods of Panic.
I am pretty much at the point where I think nothing the government does will soothe the panic. It may even be counterintutitive that they need to stop trying to intervene and allow the market to bottom out. It seems like everytime a new idea comes out from government, the market tanks. I think it is time for a time-out. Maybe even a multi-day freeze on trading just to get some programs in action. Short of that, it may be time for government to stop trying new things and just do what they said they are going to do. Maybe the lack of new manipulations will allow the market to hit a bottom.
Time for the President to change his style.
I need to add one thing. I think the President making a prepared statement every other day on the economy only feeds the panic. Heck, the idea that he is actively working on the situation could be scary to a lot of people. It is time for him to embrace the idea of working on the economy with a talk softly and carry a big stick.
It is appalling how the public face of the administration in this crash has really done nothing but feed the fear beast. They may be doing the right things in operations but they really need to shut up in the public realm. They are incapable of being reassuring.