Sorry it's been over a week since I've posted -- the financial crisis has kept me plenty busy. I've been spending a lot of time over the past 10 days reading and researching more about what we're facing, both in terms of what has caused it and what kinds of things we can do about it now.
Almost nothing has changed from what I wrote here 10 days ago. It's one of those times when I hate being right.
When I haven't been reading/researching, I've been talking to banking executives (it's my job -- I'm a consultant/sales manager to bankers). In particular I've had a couple of very good, deep conversations with bank CEOs about how the next six to twelve months are looking for them. It ain't pretty and there's no quick/fast road back, no matter what our current President says. Rule of the harvest, remember?
My buddy James has implored me to write more about the economy, so that's exactly what I'll do. Over the next three days, I'll write on these three topics:
1) The real root of the problem (and the solution) that nobody is talking about
2) Tracing the life of a mortgage, in layman's terms
3) Who's to blame (everybody) and who in Washington has the fix (nobody)
Sounds cheery, huh? Don't worry, I'm not a fearmonger. I just try to be a realist.
Example: In this weeks' presidential debate, Tom Brokaw asked the candidates, "Is it going to get worse before it gets better??"
Obama and McCain both chickened out and gave long answers that meant nothing.
My answer would be "Yes. But it will get better."