Interconnectedness

Holy crap.

The whole intellectual crowd who like to argue that it's different this time are getting a harsh reminder today that it isn't. European governments are scrambling to right their financial ship three weeks after the U.S. began the same exercise.

The dollar is rallying not because things are rosy here, but because everybody else sucks too. At least oil is back below $90.

The Fed should go ahead and lower the funds rate so banks can not lend to each other at a lower rate. It should be interesting to see where LIBOR goes this week.

Consumer electronics giant Sharp is cutting numbers hard this morning. Kind of what a global recession looks like. Don't panic and have a nice day.