Many of today's under 40 money managers were still in college and do not realise that the same scale fear and doubt surrounded the US markets during the S&L bailout.
Though history shows the S&L crisis was resolved successfully, there was considerable skepticism about the FIRREA law, the new regulator it created, the Office of Thrift Supervision, and the bailout entity, the Resolution Trust Corp., at the time of their creation.
They wrote down the assets to market value, right? Many favored the same procedure. Anyhow, it doesn't matter I thought, the decision has been made. Longer recovery but softer blow to the economy is what it means. Also, now we have the same leaders who made the big mistakes still in charge. Not good.
We got out from the Great Depression in the 1930's too. So, what's your point! The market didn't turn higher for a decade in that time. And, it didn't turn higher until the late 90's when the internet bubble took off. Therefore, I won't be rushing in here to buy anything. On the other hand, if there is another bubble brewing, then............