The fun continues in about 2 hours

That's when the Nikkei opens. The US markets caught a bad cold today - we'll see pretty soon whether the rest of the world catches pneumonia.

How's this going to play out? I have absolutely no idea. I have a sheepskin from State U saying I know something about Economics, and I still have no idea. It's very likely that markets are rational in the long run; it's pretty easy to see that the markets can be absolutely, jibbering insane in the short term.

But the headlines of overseas markets won't matter in the US. Maybe this is bad, but it won't. Here's why:








This will, once again, drive Europeans and Democrats absolutely, jibbering insane.

UPDATE 30 September 2008 00:35: Seems so: Japan Stocks Drop Toward 4-Year Low as Bank Rescue Plan Fail. It will be interesting to see if congress goes back into session. Another 300 or 400 point drop and they'll look like Nero fiddling over the flames.