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Markets And Banks Need A 'Timeout'
Topics:Banking
Sectors:Financial Services | Banks
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There are many ideas about what governments should be doing to managing the financial crisis. Add take a time out to the list.
Bob Andres from Portfolio Management Consultants told CNBC that the selling in the market is being caused by investor’s "irrational pessimism" and "we need a timeout.”
Andres believes that banks should close for a couple of days to relieve pressure on the market and give everyone time to sit back and gain some perspective.
“I think we need a couple of days to pullback on professionals in the industry, pullback on the press and pullback on all the pressure that has been going on,” he said.
Andres went on to say that creating panic is not helpful. “Calling this a crash,” he said, “it doesn’t help this situation.”
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