New York State of Mind

Yes, its Guiliani.

Spitzer on the ropes

This is really a tragedy. Spitzer had a tremendous upside. He sure has his enemies as well.

Because he didn't resign immediately, I was beginning to think he would ride out the storm and see if he had a chance of recovering.

(Addendum: Till he actually resigns, this may still may be true, he may ride it out.)

I suspect they have the goods on him from the point of view of allegedly committing a crime. With the present Federal Justice Department, Democrats need to dot and cross everything, impeccably.

NYT: Aides Say They Expect Spitzer to Resign

Top aides...expect the governor to resign...the timing of the resignation remains uncertain.

Also

BBC: Deadline to quit for NY's Spitzer

His top Republican opponent in the New York Assembly gave him up to 48 hours - until early on Thursday - to resign. (or face impeachment)

No doubt this will come back to haunt the impeachers, it always does.

Speaking of recession

CNN: Credit markets upended by widening worries

The biggest single cause of that depletion of capital is the ongoing drop in the value of American homes.

...signs of recovery are few and far between.

...inflation destroys the value of all forms of debt. That’s because borrowers pay back the lender with dollars that have less purchasing power than they did when they borrowed the money.

Speaking of inflation

BBC: Oil sets fresh record above $109

The price of crude oil has set a fresh record at $109.72, its fifth day in a row of historic highs.

I wonder if George Bush has heard of $4 per gallon gas yet.