CDS Update

Fannie Mae and Freddie Mac derivatives as I understand it paid off, wobbly but okay at over 90 percent so losses were contained. Thursday is Lehman's derivatives and that could be stickier and October 23rd is Washington Mutual the next crisis in the series. From where I sit Thursday could be complicated so I expect more see-sawing in the market. My young colleagues at work watch me pondering the value of money and they have no idea what's going on, nor do they care. I envy them.

"What does Iceland mean to me?" one asked as he looked over my shoulder as I wondered about an entire country going down the plughole. Then I had to explain currency devaluation. Phew! But I'm still not sure who's singing career they are talking about much of the time as they talk among themselves. I am a nerd, not even terribly surprised by Iceland's meltdown as they have been in trouble for a while, them and their sustainable geologic central heating systems.

But I ask myself: Brittany who?