That’s the headline in the Roman Times 2,000 years ago (approx).  The NY Time reports the Congress held hearings while the Auto Industry goes into Chapter 11.  Didn’t they learn when they let Lehman go under?  What are they thinking.  The elected member of congress(well many of them have been sent back home) have no idea what is going on and I find it disturbing. I had dinner with a friend tonight who is involved in the Maritime business.  Ships that three months were leased for $100,000 a day (yes, a day) are now going begging for $5,000 a day.  There is no cargo moving around the world.  Commerce is coming to a standstill.  The people who own these boats borrowed money based on being able to lease them.  Where are the banks going to park all of these repo’d cargo ships?  There are thousands of boats that have lost $60,000,000 in value.  All of this information scares the hell out of me.

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