Neither Wall Street nor main street are confident that the Obama administration has a plan to change the spiral into ever deeper recession. These are very tough times and the biggest factor at work is lack of confidence that the government has the where-with-all to ameliorate the pain.
I sense a general feeling that leaders at the national and state level do not really know what to do because they have not been down this road before.
For an interesting theory on the nature of the reality that we may be experiencing, read this view of the world.
An excerpt:
"We enter 2009 and the Presidency of Barack Obama with citizens pessimistic about the future of our country. The public has lost faith in government, financial institutions, and religious institutions. Distrust of politicians, bankers, CEO’s, financial advisors, and moral leadership is well founded. The popular culture of over hyping public figures and then tearing them down has led to everyone and everything being discredited. The personal and public choices that will be required in the next few years will be harsh. Moral courage and leadership is what is needed. As I watch the likes of Barney Frank, Nancy Pelosi, Rush Limbaugh, and Sean Hannity work their rhetorical magic, it is clear that we have a major deficit in wisdom, courage and leadership. Instead of analyzing how we got here and how we want the country to be in ten years, when this crisis has past, we are focused only on specific right wing or left wing agendas and how to position ourselves for the next election cycle. The short sightedness of our current leadership will lead to the next more dangerous phase of this crisis."
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