It’s going to be a bumpy ride. Two clouds on the horizon… Or may be that’s one cloud and a silver lining.
Over here in Europe, having rallied a bit in the last couple of days, the London Stock Exchange, DAX and other Bourses have tumbled ten per cent in response to last nights Wall Street fall. According to those who know, today is a day of reckoning. Why? 400bn of credit default swaps are due. (These are the insurance policies against default which could easily bleed the market further). 400bn. Doesn’t leave much change out of 700bn does it, when you have to also save the banking system?
The Enron gang were apparently the smartest guys in the room: but what about the other smartest guys in the world?
Here’s the glimmer of hope…
The ethics investigation into Troopergate will be published in full, and add more traction to McCain’s Palin Dragchute.
Left: Michael Penn for The New York Times; center and right: Al Grillo/AP. Walt Monegan, center, the former public safety commissioner, and his special assistant, Kim Peterson, both said they received phone calls from Todd Palin, right, about Mr. Wooten’s behavior.
When asked by a young journalist what was most likely to blow a government off course, the British Prime Minister Harold McMillan replied:
“Events, dear boy, events.”
I’ve a feeling this could be a fateful eventful day for the McCain Palin campaign.