2008 - 2009 ???

Finished reading George Soros's The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means . Hate to say that he has painted a very (convincingly) pessimistic picture of the US economy for the coming years. The book argues that the current crisis has not been caused by the mortgage mess. In fact the subprime mortgage mess has been a trigger for bursting of the credit bubble which had started inflating from the Reagan area. The book explains how difficult and costly will it be to get credit henceforth and this will be really painful for the consumers thereby slowing everything. We basically now need to say good bye to the good old days.

I am hoping for a "change" with the "elected" new administration. However I still can't believe that we have landed in such a situation. It is so much worse for people who are about to retire and who have seen much of their savings being washed away in the past few weeks. I feel really bad since it is no fault of people who had being saving diligently.

I had written in my blog in July about being hit by depression 2.0, I strongly hope I am wrong.