Credit Market Dislocation

Doug Noland wraps up the events of the week - ALL of them concluding "I apologize for appearing overly dramatic. But this evening I have feelings that for me recall the disturbing emotions following the terrible 9/11 tragedy. I know the world has changed and changed for the worse - yet I recognize that I don't know how and to what extent. I fear for our markets, our economy, our currency and our system. I received an email this week on my Bloomberg that said something to the effect, 'You all must be happy in Dallas.' I can tell you we're instead sickened by what has transpired during the late- stages of this senseless Credit and specualtive orgy. The Great Credit Bubble has been pierced, and there will now be a very, very heavy price to pay. And, as always, I hope I am proved absolutely wrong."