I don’t think we are necessarily screwed. With no gov’t bailout in the picture, I think markets can finally capitulate, and then turn around. There will be big risks taken, big profits, and big losses. Investors can buy “distressed assets” at fire sale prices, and some will make huge profits. Some will lose their (_!_). There is a lot of $$$ waiting on the sidelines looking for investments, but waiting to see if they can find bargains. With no bailout, there will be bargains. I’m going bargain hunting myself in the next few weeks.
Having said that, we may still be screwed. I don’t think the socialists are giving up. At least 50% of the people are kleptomaniacs, expecting the government to steal for them. That is an unstable situation.
STOP FEEDING THE GREEDY POWER MONGERS! NO BAILOUT...After 9/11 the markets took a terrible hit - It was in the LOW 7000s at one time and we recovered. So, let the market correct itself and weed out the problems - otherwise we’ll just be back here again sooner than we can imagine and it will only be worse NEXT time!
nice summary. That’s my reading of the situation.