Bad Dog

Five Ways This Bubble May End

Obama has no choice but to let GM go into bankruptcy. The ground has been prepared. It's a matter of time. The union votes are going to Obama no matter what happens with GM. With the GOP essentially the Party of the Confederacy, it's unlikely that Obama is thinking about GM as an electoral issue. GM is over; all we are arguing over is where to bury the corpse.

My suggestion for an end to the bubble is a complete collapse of the Pakistan government and the accession to power of the Taliban. The Pakistani government has now lost the Swat valley, much of Baluchistan, and the western provinces, the so-called Federally Administered Tribal Areas (FATA). There is no much left to lose. The next step for the Taliban, and its Al Qaeda allies, is Islamabad. At that point, it's pretty much over. Then you will have a very radical, nuclear-armed regime in charge in Pakistan, and the world will have to face a very alarming prospect.