A Light At The End Of The Tunnel
This column was written by CBS News Early Show Co-Anchor Harry Smith.
Last week the stock market, even with its ups and downs, had its best five day run in years.
When Warren Buffet says buy American, people seem to listen.
Yes, the credit market freeze seems to be thawing some, and there was another nice jump on the Dow Monday.
As we have said in this space before, the woods are going to get a lot darker and more foreboding before we get out of them.
Job losses will continue to rise, and foreclosures will continue to wreck lives and neighborhoods.
Some soothsayers say the recovery in the market won't take long. One whose track record is pretty good said the Dow would return to the 12,000 range in less than a year.
If that's true, than the money guys who said don't panic were right.
When all the dust has cleared, there should be some reckoning. And some serious thought about how to make sure this doesn't happen again.
Piles of knee jerk legislation will not be the answer.