California In The Red Again

Two weeks ago, California Governor Arnold Schwarzenegger said that in January he would declare a “fiscal emergency” in the face of an anticipated $14 billion budget defecit for the 2008-09 fiscal year (July 1, 2008-June 30, 2009)(“Budget Crisis Decree Coming”,…

So Much For Santa

A confluence of bad news combined to drive down stocks today. First, and most important, was the assasination of Pakistani opposition leader Benazir Bhutto (subscription required).  This reminds everybody of the high level of geopolitical risk in our globalized economy.  (If…