WORLD MARKETS IN FULL PANIC MODE, SO WHERE'S OBAMA!?!?

From the Astute Bloggers:

NYTIMES/AP: Asia Markets Fall Amid Relentless Financial Fears 

Asian stock markets tumbled Tuesday, with Hong Kong's benchmark down nearly 4 percent, after relentless fears about the financial system and world economy drove Wall Street to its worst finish in more than a decade.

Every major market shuddered from losses across a range of sectors, from banks to technology firms, exporters and commodities, wiping out solid gains from the previous day. News that Nomura Holdings, Japan's biggest brokerage, will sell new shares to raise more than $3 billion to restore capital added to worries that troubles in the financial sector are far from over.

"RELENTLESS FINANCIAL FEARS" IS ANOTHER WAY OF SAYING PANIC.

• WHAT WE ARE SEEING IS THE FLIP-SIDE OF THE IRRATIONAL EXUBERANCE WHICH PARTIALLY FUELED THE OIL BUBBLE, AND THE REAL ESTATE BUBBLE.

• IF OBAMA WERE A REAL LEADER HE'D BE INSPIRING CONFIDENCE - THAT WOULD LEAD TO AN IMMEDIATE INCREASE IN CONSUMER SPENDING AND START THE RECOVERY.
  

• BUT HE'S A PHONY; AN INEXPERIENCED SHILL FOR THE CHICAGO MACHINE, AND THEY'RE ALL IN WAY OVER THEIR HEADS.

• TOO BAD WE HAVE TO WAIT FOR 2010 FOR THE ADULTS TO GET A SEAT AT THE TABLE.

A HUGE TAX CUT FOR BUSINESSES AND INVESTORS WOULD TURN THINGS AROUND, BUT OBAMA IS TOO MUCH OF A LEFTWING IDEOLOGUE TO TRY IT.