costa's hummer

Friday, October 10, 2008

Scratching for Bedrock

Like a fish gasping for air on the sidewalk, most Americans, scratch that, most people in the world are looking at the cascading markets this week with fear and pain. I think that we can do without the finger pointing, cases can be made vouching for the ineptitude and stupor of all the responsible parties. Main Street, where I live, is pretty much dead right now. Don't know if people feel right fiddling while rome burns and if I may be granted one more tired metaphor, people are afraid to eat the seed corn. Is it proper to ask, when are we going to be standing on solid ground again?

I actually saw an article in the Journal,I think, yesterday, where mention was made of the possibility of a big bull market around the corner. I hope that they are right. But no one wants to cast their equity into a sucking vacuum. With the exception of Warren Buffet and his little five billion dollar play last week, few can take any risk at this time. An analyst I know and respect told me yesterday that he thought that people would be selling on any positive uptick, trying to get whole.

I don't think anyone will be really immune from the long term ramifications of this crash, even those smart people who put their money in cash earlier this year. I think that we are only as strong as our neighbors on some level. It's like the day after 9-11. Can we ever get back to our normal lives? What do we do in the interim? Anyone like a drink?

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