Economic Woes

Great article in Washington Post: Scrambling to Clean Up After A Category 4 Financial Storm

Generally Washington Post articles AREN'T, especially economic articles, but this one is.

"What we are witnessing may be the greatest destruction of financial wealth that the world has ever seen -- paper losses measured in the trillions of dollars. Corporate wealth. Oil wealth. Real estate wealth. Bank wealth. Private-equity wealth. Hedge fund wealth. Pension wealth. It's a painful reminder that, when you strip away all the complexity and trappings from the magnificent new global infrastructure, finance is still a confidence game -- and once the confidence goes, there's no telling when the selling will stop."

"....the inevitable second round of this financial crisis that, alas, still lies ahead." I totally agree with the last sentence. The first round of the financial crisis devastated Wall Street and the world's financial institutions. Now as consumer confidence wanes, household spending shirks, the cost of borrowing substantially increases, the second round of the financial crisis is heading for Main Street.

I'm loving the doom and gloom!