While everybody is watching what is happening in Washington, also keep an eye on Europe--a snapshot is the Italy-Germany 10 year spread. Don't take my word for it, listen to a Nobel laureate in economics--
Economics and Politics by Paul Krugman--NYTimes.com: "When I fire up my computer these days, I quickly check out the Italy-Germany 10-year spread. That spread spiked earlier this month, signaling the spread of the crisis beyond the small peripheral economies; at its peak a couple of weeks ago it was 3.32 percent. Then the new rescue plan was announced, and the spread fell to 2.47 — still very bad, but a little less catastrophic. . . as of this morning it’s back up to 3.08. Things are falling apart."
When the facts change, I change my mind. What do you do? -- John Maynard Keynes
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Financial Crisis - The Telegraph
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