20081009

Next stop - destroy Unidentified Financial Objects

This financial meltdown doesn't come as a surprise. Everybody knew something had to be done before it was too late. The surprise was to see how deep in the hole the people in charge would remain in denial and inaction*.

Sure, the US Presidential campaign didn't help. Sure, no one in charge wanted to be blamed for crying "fire" first, and igniting the panic movement. But this farcically suicidal ballet of leaders pretending to control the situation was a disgrace for democracy worldwide.

The first quick fixes are being applied to prevent the bleeding from overflowing too much, but the said bleeding has yet to stop.

The first "global" plays of the day are being broadcast - mere tactical moves with equally insignificant impact.

Megamergers in the financial sector are under way... with not so glamour bargain shopping tags all over.

Some national institutions are crying uncle, and I don't think minor league stock exchanges and currencies will make sense in the medium term.

Some crisis are like onions. They make you cry and they stink, but furthermore they have layers. This is one of those moments when you should try peeling off a few of them.

I don't mean "deregulate", to the contrary, but "keep it smart and simple", make oversight easier by removing black boxes, blowing up smokescreens, and destroying Unidentified Financial Objects.


* see "
This is not a financial crisis"

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