Christopher Whalen

Wachovia, Clear Channel and Fair Value Madness

Thanks for the comment and news clip. The key issue right now is whether the market for speculative paper such as Clear Channel or Harrah's is going to recover. If not, then the US economy is in cold turkey for a while. I don't believe the US economy can withstand such a reduction in credit availability. Will kill valuation of financials for foreseeable future, which means very hard for broad market to advance.