UP until today, the credit crisis was a series of lurches from package to package, with new hopes giving temporary life. Now, with Paulson's flip flop today, perhaps investors will one day soon have no new package, no new hope to grasp at, and finally give up all hope. THen we'll have capitulation. The panic in the dark that will drive the herd insane and into one of thos huge mass panic moves of humanity, like thousands of pilgrams fleeing a rumoured suicide bomber on a bridge (iraq) only to crush each other to death in their flight of fear. That capitulation, when it comes, is to be acted upon swiftly. It will unfold in a matter of hours, not days.

That's when we'll see the turn. Don't be in the herd, buy from them as they press their meagre shares to your hands and ask for pennies. If any of them have TDC shares, I'll buy.

SKELEG