<p>In an economic climate that changes hour by hour, the business of predicting what might happen next is a game for fools – especially for those hamstrung by the deadlines of print media. As I write, stock markets have been stabilised by US Treasury secretary Hank Paulson’s $700 billion move to buy out the toxic assets from banks to bring confidence back to the market. But, with congress due to vote on the package, Democrats are expressing unease about the financial commitment and looking for safeguards. </p> <p>The failure of this package to pass through congress could easily prompt more turmoil in the markets. The impact of these extraordinary global events on our industry is still to be understood. But it is a safe bet – if there is such a thing today – that they don’t bode well for us. Until we get to the bottom of the problem, there is no hope of starting the long process of building confidence in the market again. And still no-one is sure where the bottom of this crisis might be. There were hints that it had been reached over the summer – but that was before the collapse of Lehman Bros …