"Federal policy makers have reached a consensus that the turmoil plaguing the housing and financial markets is likely to spill deep into 2009, becoming one of the most significant domestic problems to confront the next president when he steps into the Oval Office in January.

"In a speech on Tuesday, Ben S. Bernanke, the chairman of the Federal Reserve, gave his strongest hint to date of an emerging consensus that problems will persist when he outlined a series of steps that the Fed is considering taking in the coming months to stem the crisis."

http://www.nytimes.com/2008/07/09/bu...ousing.html?hp


So, it appears that the struggles that the economy is currently facing will continue well into the first year of the next POTUS' term. I haven't seen anything to convince me that either of the main parties' candidates have any good ideas to cope with one of the most important problems that they'll face. Hopefully they'll recognize their limitations and bring on the best people; IMHO that's the sign of a true leader.

__________________
When they come a wull staun ma groon
Staun ma groon al nae be afraid
Thoughts awe hame tak awa ma fear
Sweat an bluid hide ma veil awe tears

I for one never thought this would be over soon, as in this year, in fact we will be living with this, for another coupla years imho.

__________________
No individual can plan his own existence in their view.

So the state planners must arrogate to themselves the right to manipulate any sector of the economic system if the good of “society” or the “general welfare” is paramount.

Ipso- if the rights of the individual get in the way, the rights of the individual must be sublimated.

The Road to Serfdom
FA Hayek (interpretation)


Mortgage Backed Security survivor