As we all bid farwell to 2008, it is probably one of the worst years I have witnessed in my life. Although many view September 11, 2001 as a pivotal time in our lives, I think September 2008 can be considered as pivotal a time as well. I say that because of the economic Tsunami we have witnessed.
It all started with the housing bubble. Robert Schiller talked about it and told us of this irrational exuberence. Nouriel Roubini talked about it at length. Yet, many of us ordinary folks who were so consumed with the quick and easy forgot about the long-term. We forgot that the party will end somehow, someday. We figured it out too late. Now, many of us will try to pick up the pieces. The question is at what cost?
On the political front, the election of Barack Obama was truly a transforming event. He moved with haste to assemble his government as he gears up to January 21st. But, the world has not stood still. I have seen a continued slide towards the abyss. Despite over 300 Billion Dollars spent on the bailout via the so-called TARP Fund, there has been no movement at all. As the Government went through this money, the lack of accountability was truly evident:
The year ahead promises to be a very tough one. How things will turn out remains to be seen. But, we must never ever lose hope.