*** “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.
for The Daily Reckoning Australia