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Crunch time

I had computer problems yesterday but am now back online and I posted today's snapshot.

 I have sent the second edition manuscript of my book to my publisher with a January, 2009 release target date.

As to the markets, easy money will be provided liberally by central banks everywhere as liquidity is vital and as counterparties still do not trust one another.

The Fed will likely cut rates this afternoon although that will not do much. The yield curve is steepening and government bond yields are sliding.

The worst is not over yet as there is no sign of bottoming, let alone improvement in the US housing market. Any liquidation of Lehman's assets will only aggravate the crunch as that will spark another round of writedowns.

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