This week's feverish activity within the global financial community and the continued vanishing of equity world wide, including the breaking of the dollar by one of the leading money market fund managers, has underscored how dire the credit crisis is. Amidst all the chaos, hand wringing, and worry, we need to remember that all this is coming to a head as the election approaches. We also need to remember that we are still a globe at war with combative and polarized interests on every populated continent. Our votes, if this is possible, are even more important then any in or lifetimes.
What are the candidates saying about the credit crisis? Sadly, not very much other then the usual blame game (greedy bankers, etc. etc.) As has often been the case I find more to chew on from the fourth estate then from the sound bites and carefully worded releases from campaign headquarters. No particular feat of thinking and planning has been demonstrated by either candidate in my opinion, but McCain wins the prize for the banal comments he has made: he wants to form a "commission" and oh, by the way, he has faith in the resilience of Americans.
Admittedly, from the press there is usually as much to toss out with the used coffee grounds then there is to digest, so any such food for thought must be selectively added to our plates. But then, none of us want to think of ourselves as the TV mesmerized Joe six-pack, or the bedazzled and fanatic religous zealot, or the simply undernourished third-worlder, that all together make up the vast majority of fellow passengers on this planet.
So forgetting for the moment that the headlines today include the fact that Yemen isn't up to the task of securing foregin assets on their land (surprise surprise), and that U.S. diplomatic missions are in Pakistan and Afghanistan in an attempt to reconcile recent unilateral initiatives taken on these same sovereign lands, I want to highlight a column that to me makes sense. With one exception from the list of the following financial columnist, I felt that there was a great deal of common sense amongst the ideas of how to go forward. I'll leave it to you to guess which idea I wasn't keen on.