No matter what Uncle Sam does, or how many taxpayer dollars are poured into the financial system, the economy seems determined to tank, taking the stock market (and our retirement funds) along with it. It's clear there are no quick-fixes here, so insurers, agents and risk managers had better fasten their seat belts, because we are in for one incredibly bumpy ride.
Like most, I'm disappointed (and a little scared) to see stocks plummet despite the hundreds of billions being borrowed (thanks, China!) by the U.S. government to revive the credit markets and bail out financial giants like AIG. Yet why should stock values rebound when the underlying economy is obviously so weak, with no turnaround in sight?
After all, everything the Fed and the Treasury have done up until now is targeted at keeping the financial services infrastructure from collapsing under the weight of its own bad loans, misguided bets and poor judgment.
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