Is the 'Smart Money' Blind?

Subprime is up today.  Even NEW.  Ugh.

I found this interesting article about Niall Ferguson who wondered alound if Wall Street today is possibly ignoring all the danger signs of impending global breakdown as a result of the crises in the Middle East, as was the case with the markets in 1914 before WWI.

I like what he says about  the confused messages coming from the news media of late.  For example, the front page headlines these days are solely focused on the bad world news, regularly reporting on the scattered violence taking place in Iraq.  But in the same paper in the Business section (or on 'Fast Money' on CNBC) the markets are up, up, up and life is grand.  If you only paid attention to one or the other, your opinion of what's happening today would be very skewed.

This is my first post, but I've been a lurker here since the beginning and on Mish's blog for the past three months.  I've learned a LOT from all of you.  Keep up the good work.