The DOW went down 443.48 (4.85%) today to 8,695.79. But from Today show in the morning on NBC to Talk of the Nation on NPR in the evening, one topic attracted so much attention is what kind of puppy president-elect Obama will bring into the White House with the first family. This is a sign that people's worry is going back to the normal level, reversing to the belief that business cycle did not end on a way to collapse but an up-swing will follow the current recession, which is still possible to turn into a depression. But, hey, think about a new happy puppy and today's drop could have been bigger if the bad news comes before the election.
I will have to invent a leading indicator for recession based on the level of trivial news in the media, too much bull crap signaling a recession on its way.
Magnus: China Must Reform or Bust - China's debt markets are looking more and more like the West, circa 2007. And it's not clear the government can intervene as successfully.
1 hour ago