It's true that putting things into perspective enables priorities to be established and, more, executed. After slogging through 18 months of writedowns, bank seizures and management failings, there is no better time for the industry to take control of its own destiny. Here are five things to consider when digging out of this recessionary ditch so the industry is stronger in its aftermath.
1. Refine implementation of the Troubled Assets Relief Program and all of its scattershot acronym progeny - CPP, TALF, etc. The by-the-seat-of-our-pants-and-crossing-our-fingers actions of the Treasury, while well intended from the outset in the face of a ballooning crisis, helped turn the markets into a basket case of uncertainty. What's needed is an equity-led recovery plan, the merits of which are outlined for taxpayers, recognized and used by strong banks as a means to fuel sustainable performance over the long term and welcomed by investors. Only then can the industry see stabilization.