Market says "OOH POO PA DOO"

The music is starting again. Has the gris gris of New Orleans become the prognosticator of our financial markets. Are Faurbourg Marigny, Treme, Algiers, lower Magazine, and the ghost of the 9th Ward in control of the NYSE.

Katrina devastated our national treasure in August 2005. Every vintage of lower quality AAA mortgage backed security from that point onward was trash(not splitting hairs but that's just about right, some early 2005's fell into the mix but not all) and now with the BP, Transocean, Halliburton, and the government regulator's responsibilities for the beyond calculating devastating Gulf oil spill, here we see another sell-off that may be more than significant, once again.

Perhaps I'm not so serious and perhaps I am, and tomorrow I may write thoughts on what's going with this equity retrenchment, the U.S. job market, the collapse of the western European central banking system, the potential for the same in the U.S. federal government versus state government system, and the lack of any new issuance corporate bond market at the moment.

In the meantime, OOH POO PA DOO and the horns check in, and I do not for a second doubt that my first thought is less important than any insight in the Wall Street Journal or the New York Times or Barrons. We need both.


Postscript --- JA reminded me that Jessie Hill was the writer of OOH POO PA DOO. It had become part of the vernacular of New Orleans in my mind but origins are important.