One Step Closer to the Future
President-Elect Barack Obama will inherit a full plate of persistent pressures.
"All progress is precarious, and the solution of one problem brings us face to face with another problem."
--Martin Luther King, Jr.
It's been an anxious and frustrating stretch for our nation and we, the people, demanded a change. The face of that change is Barack Hussein Obama and our President-elect will inherit a full plate of percolating and persistent pressures.
As a card-carrying, socially liberal, fiscally conservative free-market supportive citizen, I'm paying close attention to the societal shifts currently in play. I consider the economy a "punt" over the next four years-time and price are the only arbiters of our financial fate-but, as social mood and risk appetite shape financial markets, psychology on the Street is of paramount importance.
I wrote last week that if the U.S.A. is to regain respect on a global stage, there are intuitive steps that can be taken. Inherent in the establishment of a fresh international foothold is our collective ability to admit the error of our ways as we begin the arduous process of rebuilding trust.
The structural foundation of global financial markets remain under siege and it's our sincere hope that the specter of diplomacy will buy some time as we sort through the incredible mess that's cumulatively built over the last eight years. No one man can wave a magic wand and suddenly make everything better, we know, but every journey begins with a single step.
Minyanville takes great strides to remain apolitical and speak to the government only when it pertains to capital markets. Those lines were forever blurred a few months ago when we awoke one morning Back in the U.S.S.A. That dynamic will remain in play for the foreseeable future until the excess unwinds and debt is destroyed.
The Purpose of the Journey is the Journey Itself
As we turn this historical corner, we find ourselves less than two months away from 2009. The obvious question on everybody's mind is what this political and societal shift will mean for the markets as we finish up this freaky year.
Todd Harrison is the founder and Chief Executive Officer of Minyanville. Prior to his current role, Mr. Harrison was President and head trader at a $400 million dollar New York-based hedge fund. Todd welcomes your comments and/or feedback at firstname.lastname@example.org.
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