Viewing the general air of gloom that now prevails in the current climate
it is hard to remember the halcyon days of easy money (credit) and the all
pervading feeling that the party would never stop.
There is no doubt the world and his wife embarked upon a collective spree
for which we are now picking up the bill.
With the benefit of hindsight the warning signs were there to see but
these were readily ignored.
One quotation springs to mind “they that sow the wind, shall reap the
whirlwind".
The problem now is that as always there is an over-reaction and just as
we never saw the top there is also the certainty that we will not see the
bottom.
What is needed is a clear and unemotional assessment of the current
climate, whilst few would dispute that difficult times lie ahead we are far
from a financial Armageddon.
As always the markets are driven by fear and greed but the importance of
sentiment should not be overlooked. Until and unless the Doomsayers gain a
sense of perspective it will be hard to imagine business and economies on a
sustained stable footing.
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