Nicely Said..................

And while recent market tumult has not had the intensity of March's acute de-leveraging, the ramifications of recent developments are more problematic. For one, the markets are now coming to grips with the reality that much of the massive apparatus of various types of Credit insurance is insolvent and with little chance of recovery. While the nature of these companies’ obligations may not require bankruptcy filings in the near term, the market nonetheless recognizes that much of the future protection guaranteed by these companies/financial players has become worthless. - Doug Noland, prudentbear.com - 04 July 2008