JA says the signs from abroad are encouraging: it looks as though the chances of avoiding a huge bank fail are diminishing. What does worry me is you didn't get as positive of a response as I personally had been expecting on Wall Street. Commodities like oil are down significantly. So people are still extremely scared that this is going to be a bad recession. (So what do we make of that then?) In Europe, there are some smiles and good signs. There are worries in the States. One reason for this is that the bailout isn't being handled as well here as in Europe. The other more general point is, is this going to turn to significant crises in emerging markets on whom we rely for our growth? (Speaking of, which markets are you talking about?) Brazil, Russia, India and China. People no longer believe those markets can survive comfortably and they could even be collateral damage, even though they've behaved more diligently and conservatively than developed countries. (Does anyone have a steady hand on the wheel during this crisis?) There is greatly increased optimism that governments are aware and will deal with the problem.