G7, Lots of Statements.....No Details.

``We'll have some volatility for a while'' Paulson said. ``We need to restore confidence.

Truer words were never spoken. This Crisis is now all about confidence. Right now there is none. So far this G7 meeting is setting up to be a big disappointment. The markets needs and wants a concrete plan to get us out of this. So far we have heard

``The current situation calls for urgent and exceptional action,''

They pledged to ``take all necessary steps to unfreeze credit and money markets'' without detailing how that would be accomplished.

Great....Agreed.....but we need to hear what all the necessary steps will be!

I truly believe that everyone is aware of the severity of the situation. Stocks have lost over 40% of their value. That is people who are about to retire needing to put it off (if they can find a job). That is also people who have retired in big trouble. That is on top of the millions of Americans who have mortgages and car payments that they cannot afford. Where does it end !

We need to hear some concrete steps, starting with,

The Fed buying equity stakes in financial institutions.

``We're going to do it as soon as we can do it and do it properly and do it effectively and right,'' Paulson said.

Expect this to happen soon, it will also not involve the Fed being en voled in the management of the institution. They would be buying senior preferred shares of non-voting stock from the financial companies. This would be the quickest way to get money to the firms as well as the best way to protect tax payers. I truly believe that once the Fed puts tax payers money into these firms they will not allow them to fail.

Here's hoping the the G7 come out with a great confidence booster later today, I doubt it and as such expect to be in the office tomorrow to begin another long week.

Good Luck and Good Currency Trading.