Mark this day: The worst of this crisis has passed. However, not yet the halfway point in time: We are 13 months into this wreck, and you’ll sure as hell feel credit-market distress 13 months from now even though the greatest risk has passed.

I wrote last week that I heard "hoofbeats of cavalry on the way" — for a while this week it looked as though John Wayne had arrived to shoot the settlers and give firewater to the Apaches.

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