SHORT TAKES ON THE DRIFTING WRECKAGE – AT 6:02 P.M. ET: 

AN EFFECT HERE? – France's new socialist president, Francois Hollande, told his people today that the French economy would stall to essentially zero growth in 2013.  France is becoming a basket case, and both Greece and Spain remain in serious trouble, with Italy on the danger list.  We are going to continue to feel the impact here in lost exports to Europe.  There could be other effects as well.

CHINA AS WELL – We haven't focused on it in the United States, but China is also undergoing a sharp economic slowdown.  As one of America's largest export markets, this, like Europe's stress, will have an impact here.  The China crisis is symbolized by a sharp downturn in construction, one of the mainstays of China's previously booming economy.  China buys much of America's debt.  Maybe they won't be doing it much longer.  Who do we sell it to?  Maybe the gangs in Chicago would be interested.

A NOBLE VENTURE – The great and revered philosopher, Lady Gaga, has tweated the following message to her many scholarly followers:  "IfObamadontwin i say we try to build a new planet and all go live there."  And I say we help her by hiring a moving van immediately and launching it into space.  But we do thank Lady Gaga for her exquisite use of the English language.

September 9, 2012