serious situation

Bush's response to a credit crisis combined with an impending recession is to give everyone $800. With this money people will buy a flat screen Tv or an IPOD. Laughable if it was not so serious This will not change the market and the US market showed him what it thought on Friday by falling further

The market has realised that debt fuelled asset acquisitions must end some day and will obviously not respond positively.

Our only hope left is China and Indian growth. If this fails for any reason then the ASX resources led bull market will end and the pain will be severe. We have had a dream run here in Australia but after every party comes the bill.

It is a tragedy that the US has been so poorly managed that now Australia has to suffer. We have world class companies competing globally (Westfield, Macquarie etc) and we live in a far better and fairer society then the US. I sincerely hope we can decouple from this US self delusion and survive. I think we will. Keating was right about embracing Asia. Look what Howards closer ties with Bush have achieved ZERO. I wish all investors and traders on HC well for the coming months as we are in this together and its going to be tough.
Many Australians who are not close to the market still have no idea what is going on here and hopefully things will turn around and they will need never know. If Resources fail, ie if the BRIC country demand for our resources cannot counter the US recession then we are all in serious trouble. If the market capitulates next week or so please understand it for what it is and tell everyone not to panic. The rest of the emerging world outside the US needs our minerals. But the rest of the emerging world is selling goods to the US. If there is now sufficient internal demand in the emerging world we will get through this. I am neither a bull nor a bear a ramper or a capper I am just worried about this situation. Take care everyone and bring back Gobbo soon for some entertainment in these difficult times.