in the middle of the night

One of the great surprises of the current economic crisis is that few saw it coming, and worse yet, the first wave of investors jumping in to help (think sovereign wealth funds which invested in the big banks) were brutally savaged by the continuing market decline.

Now comes Wilbur Ross with a plan to invest $1 billion in troubled assets through the government’s new Public-Private Investment Partnership.

Mr Ross is neither the timid sort, nor is he inexperienced in dealing with troubled or distressed assets. In fact, that’s how he made his fortune. He also made a lot more money through the rationalization of the steel and textile industries.

What does Mr Ross see that no one else sees? Maybe, just maybe, he can see around corners. If he can and if he is right, that would be a very good sign for the rest of us.