It will slowly recover but not under the 'invisible hand of the free market' but rather the very visible hand of gov't in the terms of regulations and ownership of big businesses and big banks.
The experiment of the 'free market' has failed and spectacularly at that. We may not have pure socialism but the 'free market' has given us a mutation of it. The gov't now owns parts of the biggest companies and banks. And it's not just the US. It's govts and business around the world.
The 'Free Market' got greedy for money and power, lost all control over rationale thought and killed the goose that layed the golden egg.
We are now into a new chapter in world history. This period will be studied for all eternity. Hopefully future generations will have enough sense to learn from the mistakes unlike the powers that be were unable or unwilling to do.
I think Obama will be elected, the stock market will continue seeing big losses, and the country headed towards a depression
The visible hand of government? Is this the same government that has brought us Social Security? How about our current tax system? Immigration? Education? Medicaid/Medicare?
It's thanks to Barney Frank and his ilk that we are in this mess that was started by sub prime loans and the insistence that Government knew more then the market.
Did you miss the congressional hearing in which a regulator is pleading to Frank for increased over site to a program Frank, in part, created? You evidently missed the vilification of that same man by Frank and his committee.
Now your expectation is that our government, pork barrel spending, earmark tagging, free wheeling corrupt group that they are, is going to "rescue" us?
The corruption on Wall Street is but a symptom of the corruption in our Government.
Now we are on the verge of electing a man with the slimmest resume in this nations history, who has openly cavorted with domestic terrorists, supports infanticide, and would like to eliminate the 2nd Amendment by making it a "municipalities prerogative" on gun ownership. The ACORN does not fall far from the tree!
The market WILL recover, not because of Government intervention, but in SPITE of it.
Wow, every lie, myth, distortion and untruth all poured into one comment along with a large dose of hate.
I suggest every accusation be researched. There are many, many neutral places that give the facts. More importantly, all of the facts in the correct context. You wouldn't believe me if I posted them so I won't.
I will say there is more than enough blame to go around for the economic condition. From the lowly homeowner, to gov't, to Wall St., to mortage brokers, appraisers, investment banks, etc., etc. and it was decades in the making.
My opinion for some time has been that the working class were not paid living wages but given easy credit instead and that is the core problem. The cash to pay for increased energy, gas, tutition, healthcare, etc. had to come from somewhere and 2-3% pay raises didn't cut it. Those that benefited the most the last 8 yrs hoarded the cash instead of investing in American jobs as was the intent of the tax cuts. I'd gladly pay an extra 10% in tax if my income were increased by even a fraction of the wealth the top few percent enjoyed. Just 400 people, yes individuals, earned $650 billion over the last 8 yrs. That's almost equal to the 'bailout'.
As far as the govt 'rescuing us', they did. Wall St came to them begging with hat in hand. And it wasn't just the US govt. It was all the major govts of the world. The goal of business is making money. The goal of govt is to provide a safe, functional environment in which to support a healthy, educated society.
I'll grant you some slack in the attitude dept as you may have lost some investments during this disaster. If it gives any comfort, you're not alone. 30-35% loss would not be uncommon for anyone at this point. There are also many people losing their jobs, benefits and retirement accounts.
The American people have gone through tough times before, some much worse, and have always persevered. It usually requires change which is human nature to resist. But change is needed to progress, adapt and grow as with anything.
Posting a comment requires free registration: