From the movement of the DOW and the slight loosening of the credit markets, it feels as if the worst of the fear is over. Although there may be downward movement from time to time, it would appear that we won’t experience anything as bad as we did two weeks ago.

Assuming all goes well on election day in the US, the end of the long election journey should also add some stability as uncertainty is replaced with visible activity on the part of whomever is elected.

Obama is surrounding himself with high-level advisers including Warren Buffet, Paul Volker, and a number of Clinton-era finance people. It has been said that Obama is highly interested in the economic question and goes deeply into issues.

Although there were major screw-ups by those who should know better, they appear to be highly motivated to get the economic train back on track. It’s probably going to be a bit of a long haul, especially in a world that craves instant-gratification, but apparently, we have avoided a disaster.