Professor Elam

Monday April 19

Monday Monday

Can't stand that day

The Mamas and the Papas

THere is an excellent summary of the weekend events since Friday regarding Goldman et al at 

Jesse's Cafe this morning. Mish this morning, interesting videos, widening scandal. 

Meanwhile the volcano in Iceland could lead to another volcano in Iceland erupting. This is stopped air traffic over Europe. The reason, thanks to former TWA Pilot Prof Richard Green, is that one has to descend through the cloud of vaporized magma which would ruin any airplane engine. So no matter what direction on approached Europe, it is not possible to land there. One might come overland from Africa. This could have a significant economic impact on the airline industry, then business, then tourism, even now crops in Africa are threatened.  Stock market tops are often marked by natural disasters that slow the economy.

In answer to a student post this weekend, yes others will be charged. 

No Surprise

That Merrill Lynch now stands accused should not surprise anyone. Nor will it be any surprise if Morgan Stanley and Citigroup are accused of similar dealings. Indeed, it may be interesting to see who is not accused.