Mr. Petruno,
I appreciate reading your cautious pessimism in our of your last article for the LA Times.
I appreciate also that someone has the courage to state the obvious:
Excessive debt in pursuit of fabulous wealth has created this fantastic catastrophe all over the United and throughout the world.
Indeed, markets run extensively on psychological impulses, and their current signals are "grim"! The relative volatility of the marketplace is essential, I agree, to taming the overwhelming anxiety that is gripping so many investors and consumers.
Except for Congressman Ron Paul, none of the GOP Presidential candidates (and certainly not President Obama) has offered any meaningful solutions to the debt crises larding the machine of government.
In my opinion, it will take dictatorial executive authority to accomplish the tax cuts and moderate revenue increases needed to restore our nation to fiscal sanity. I do not believe that the excesses of "capitalism" created this enormous mess, but rather the excesses of government entitlements and regulations, both of which are eating away at what little revenue the United States manages to take in.
If the United States Government actually defaults, there would be short-term pain, but with proper free market responses restored throughout the marketplace, I believe that the United States will be able to climb out of the immense fiscal disaster which has been growing on us over the past thirty plus years.
Thanks again for your thoughts, and good luck in your next stage of life.
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