Could that be some light, just a little light at the end of the tunnel?

It seems as if, in recent weeks, there has been a steady drumbeat of bad economic news all traced back to that original subprime mostgage crisis.

The near collapse (okay, some may argue it was an actual collapse) of Bear Stearns was like a thunderclap heard around the world, alerting financial institutions that things may get a lot worse before they get a little better.

And, that is probably still going to be the case, many so-called experts think. The Bush administration plan to more closely monitor various financial institutions (commercial banks have long had tons of regulations)doesn’t seem to be going over all that well. And, even the officials whose plan it is are saying they do not expect any action till probably after Bush leaves office.

So, where’s the good news promised?

Now,let me just say upfront, no one should get too excited by the good economic news out in the early part of this week. As we should know by now, in the financial world, things can change (and in the case of Bear Stears, they did) literally overnight.

Nonetheless, consider some of the evidence.

There is a foreclosure relief bill making its way through the Senate.

The Federal Reserve, for better and maybe worse, came to the rescue of not only an investment firm, but possibly this country’s (world’s?) financial system. We can argue the merits later, but as an emergency measure, it seemed to do the trick.

Wall Street managed a big rally to kick off the second quarter–all the major indexes climbing more than 3 percent on Tuesday.

And, by many accounts, it appears as if there is a growing sense that the credit crunch may just be moderating?

But, heed the warning I gave up top. Things can change drastically. Experts can be wrong (no??). And, there are historical and political forces at play that can’t be controlled by any government or group of financial institutions.

So, enjoy it while you can. There does, indeed, appear to be at least a trickle of light at the end of the tunnel. But, if I were you, I’d make sure my flashlight batteries are still fully charged.