The great unwinding.

I often feel lately like I'm watching a slow-motion train wreck that for reasons unknown to me, most of the rest of the country can't or won't see.

From July 2007 to now, seven large US financial institutions alone have written off over $100 billion dollars. Worldwide write-downs have been over $350 billion.

Serious economists now think nearly $1 trillion will be lost before all is said and done.

How much is $1 trillion? The entire US M1 money supply is $1.4 trillion. Total world-wide sovereign wealth funds are only $3.5 trillion. A $1 trillion loss blows a gigantic gaping hole in the world financial system; it is a neutron bomb landing on Wall Street that will be felt on Main Street.

The Federal Reserve has only held things together by pulling out all the stops, and then inventing more stops to pull out. They are just about out of tricks, and things are starting to unwind. The Dow closed today under 12,000, after a nearly year-long battle to prevent that from happening. Helicopter Ben is trapped; damned if he raise rates, damned if he lowers them. He will end up picking the evil he knows over the evil he doesn't.

The wheels are about to fall off the bus.

I fear that all of Obama's plans and wishes may be for naught. Once in office he will be riding the storm and lucky to do little more than keep things together. I hope he is the right person for the job, our current ass-hat in chief is good for little more than occupying space and fucking things up.

We all must hold on tight.

It minimizes trauma to soft tissue, tendons and ligaments.

And from a karmic standpoint the calm, relaxed center of the wheel is preferable to thrashing around at the end of the spokes.

Or, and the prezzy-prez is "proof" positive of this, a loose drunk will always walk away from a crash unscathed.

I suggest we all start drinking heavily......

Once in office he will be riding the storm and lucky to do little more than keep things together.

He will be very lucky and very skilled.