*** "Big bankruptcies are piling up," says the New York Times. Mervyn's, a California retailer...Bennigan's, a restaurant chain...Semgroup, an oil services company...they've all gone belly up.
"Restaurant chains close as diners reduce spending," the New York Times elaborates. The malls are emptying out, too.
*** "OBAMANIA" they're calling it. The Europeans went wild for Obama on his recent visit. They seem to see in the Democratic candidate a refreshing change. The French call him the "Black Kennedy." The Financial Times has a cartoon showing him walking on water, to rescue French president Sarkozy and German Chancellor Merkel.
Everyone wants a young, good-looking, smooth-talking winner in the White House, and Obama looks like a winner - at least at this stage of the campaign.
Bill Bonner
for The Daily Reckoning Australia
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About the Author
Best-selling investment author Bill Bonner is the founder and president of Agora Publishing, one of the world's most successful consumer newsletter companies. Owner of both Fleet Street Publications and MoneyWeek magazine in the UK, he is also author of the free daily e-mail The Daily Reckoning.
Comment by charles on 2 August 2008:
I think most want to forgive the USA and get on with life. Obama will mark the end of electing right wing lunies to the top job.
Comment by Adam Atkinson on 2 August 2008:
Europe seems to be still full of left wing lunies. But Obama will not change USA in any substantional way. So, I would not have high hopes.
Comment by Mireille on 4 August 2008:
What kind of entry is this. A recap of happenings in the past 2 weeks?