Oct 19, 2004

The cat ate my homework!

I had a much better post prepared earlied today but the blogspot server was apparently down when I tried to post it. In the event this should ever happen to you perhaps it is better to compose in word.

The market is getting tanked by the financials here. This probably has legs to keep the market weak for a couple of days because of the widening credit spreads on insurers. The best article I have seen on the implication is at this pay site.

Alan Greenspan spoke on the consumer debt levels and the housing bubble and basically said not to worry. His arguements are plausible but these problems are probably a headwind for the U.S. economy. A more bearish prognostication was made in August by Stephen Roach.

Keep watching that USD/JPY!!

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