Hi Jurek

On this

European Central Banks study has been leak suggesting that they will need more then $14 trillions to recapitulized the Europeans Banks which apparently were less responsible with their lending in comparison to US banks (Sharky may add some more here).

The problem with our banks over here was not the lending system which is quite good and not the same as in the US but our banks heard from the earnings US banks made with the CDO's.So our major banks started to sell these CDO's as well since around 2005.Some like Dexia bank took over US ,FSA bank which was involved in CDO's and Fortis bank created his own US bank and started to creating CDO's as well.So with the recent crisis started in the US on CDO's they get hit very hard.They must have taken huge risk with these cdo's .Housing prices are down here but not in the amount like over the ocean.Maybe due to the fact we are living here in a tick populated area.Don't know elswhere in Europe.But like you wrote the impact worldwide is huge.

It's something to think about how stocks were valued in the past years.In fact all based on debt .Now with many banks under state control and facing huge amounts of money they had to pay back will impact on future tax rate setc..THe future for the young guys now is not that brilliant.Like French president said a time ago"financial markets and ladscape will never be the same like it was before".

Anybody see the light at the end of the tunnel or glass half full?

I don't know what to think about it right now.It looks we are now in the eye of the hurricane .How much of all the bad news is already in stocks?

Oil has reached again his earlier low but then has rebounded somewhat .Next stockpile numbers or other actions by Opec can stabellize the price at these level but I dount on short term on the power to get back to a level around 60 .Then CLL is at some point more out the danger zone.