It’s about 3:00 p.m. as I’m writing this post, and the DJIA has lost a bit over 725 points, taking it below 10,000 for the first time since 2004. There’s an hour or so left in the regular-hours trading day, so it’s pretty safe to say at this point that it has been a pretty bleak day for the market specifically and for the economy in general. Our most serious problems are waiting for us just around the bend as the meltdown of the banks and now the plunge of the stock market begin to make their presence felt in the “real” economy. But in some places, the proverbial shit has already hit the proverbial fan. Despite borrowing from the Bush playbook in their recent scuffle with Georgia over South Ossetia, the Russians are mostly just a lot of hot air…at least according to this article by international relations scholar Murray...
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