ONLY THE BEGINNING

My boss came into my office this morning talking about what she had read in the papers. Apparently last year's obliterating fallout is only the beginning, and TARP funds only covered the losses then. There are going to be so many defaults in the coming months and years, a whole wave of them we can't even fathom. I'm very worried to say the least. We may all be ecstatic what with all the 70% off sales at places like Saks (and shoes at $800 apiece were overpriced enough as it was), but it is a sign of rapid deflation. We are all waiting out the prices so that we buy only on sale or clearance. Businesses are shutting down and credit is tightening. You can look at it one way and say that we are getting all of the bad blood out (i.e. Bernie Madoff), which is how I try to look at it.