S, sometime later, i’ll write you a respectable reply –for now, yes, i agree, many many people & institutions are over-leveraged, and having to painfully correct to what the demand side of the system can support. Your ratio is not clear to me –debt:GDP is far less than 1, and tho trends are in the wrong direction, that’s a new development and hopefully temporary. Debt would have to increase by a third to get to that alarm bell 1:1, all else equal. That said, Fannie & Freddie have become a gigantic DC sucking machine, and with lending banks and primary dealers having to borrow from the taxpayer @ current rate of 17 bbl/day, we have a scary vulnerability to a run up in long rates that will kick the Dollar back down again. There’s a war going on in this market –shorts are on a rampage. more later –

Bhutto i can’t add anything, except your post implies USA was involved in the assassination? -that’s just rank speculation, S, don’t you think?