President Obama has surrounded himself with the top known advisors and WB is one of them. Even so the credit mess has not gone away...just swept under the carpet and with the deep recession ahead coupled with job losses is going to turn an already dire situation into a real panic. Asset prices will deteriorate further causing more write-downs with the almost bankrupt banks, insurance etc etc. The central actions worldwide has somewhat stem the immediate meltdown but unfortunately we may be staring at a abyss 6 months down the road. The market has to clear itself out of this mess. They should allow banks, AIG and a hoard of other corporations with bad management to go under. GM and probably all the US automakers are walking zombies kept alive by governemnt bailouts. When would they ever learn that bailouts cannot continue in definately. The greatest fear I have now is that when everyone starts to reenter the market thinking that it is already safe to do so, even value investors will be in for another major meltdown.
WASHINGTON ââ¬â Barack Obama was elected the nation\'s first black president Tuesday night in a historic triumph that overcame racial barriers as old as America itself. The 47-year-old Democratic senator from Illinois sealed his victory by defeating Republican Sen. John McCain in a string of wins in hardfought battleground states ââ¬â Ohio, Florida, Virginia and Iowa. A huge crowd thronged Grant Park in Chicago to cheer his improbable triumph and await his first public speech as president-elect.
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