I've been reading and watching the news, as we've all been doing for our industry.
Doesn't it strike you as peculiar that the problem with subprime loans should have such a tsunami effect on the entire financial system? Seems this has uncovered a major systemic problem with how the world does business with all the derivatives.
I think this points to the fact that we're actually only trading electronic bits, not hard assets. And the value behind the bits is the mind-set, belief and good-will of those doing the buying and selling. AKA market psychology.
If we think it has value, then it does. And right now, not much has value.