And Another Thing

I forgot to mention the market bloodbath. I’ll be surprised if the markets close up today. It seem like the bulk of the potential news stories that I can imagine breaking over the weekend are bad. A good Friday to cut your positions even further.

Then there’s the deflation worries, and new mortgage applications hitting a 13 year low once the home buying credit expired. Lost decade here we come.

And of course let’s not forget the Germans’ drunken lurches on trading regulations. I’ll go with Buttonwood’s take on this one.

IT IS a rum do when the French think the Germans are being too harsh on the markets.

Lets close out with a truly terrifying quote from Krugman on the current financial regulation package in the Senate.

And the new system clearly won’t be robust to really bad leadership: once President Palin appoints Ron Paul as Treasury Secretary, all bets are off.

Have a great Friday.