Miles to go...

Phase 3: Corresponding to the collapse of the allied armies and the battle of Tannenberg. The market says: omigod, he really is as bad as we feared. Phase 4 — representing the battle of Paris in which the Axis is stopped: the adults, Buffett, Welch, the Economist, Red State Dems, etc. step in and stop the catastrophe — the marekt says so perhaps he won’t completely wreck the investor class after all.

Phase 5 will likely be a long one: a slow slog through Obama’s term with markets not moving — the equivalent of trench warfare for four long years.

Not like we didn't see this coming. And so I need to go to sleep now before morning and more miles to go...