Fancy Dress And Bullet Payments

Eitan moments before his tie for Dana's christening.  He is not a happy camper.  Dana did inform us dress-up unnecessary for the Sunday ceremony but Sonnet and I feel a little formal good for the boy.  It does not happen often - in fact, the last time at Diane's wedding in June.  Same for Madeleine and a dress, which is unfortunate because I like her in one.  I am sure every parent goes through the same over fancy dress (check); homework and chores (check); take a bath (check); go to bed (check, check, check).  We try to choose our battles, Dear God. We do try.


There are some indicators that London coming out of the financial mess, including commercial property values which have snapped back from their deepest slump on record and now worry pundits we are entering another bubble. Oy.  I am not convinced, however, that we are through the tunnel.  The Financial Services Authority, which regulates the UK's financial industry, saw 247 new applications for authorisation in the third quarter, the lowest in three years, while 643 firms cancelled their registration (source: IMAS Corporate Advisors). The country's financial engine, The City, continues to shrink even while bonuses return to 2007 (Goldman, bastards).  The real worry, however, 2012: this when 'bullet payments' come due on company debt issued in a leveraged buy-out in 2007. This, of course, being the top of a toppy market.  Company valuations were then out of wack with historicals and now these investments underwater (like negative equity on a house).  Nobody really cares about value flucuations as long as the debt serviced .. which it typically must be in five years after the issue date. If the economy has not returned to terra firma, we may see defaults which could .. only hurt a struggling economy further.    


"If your love life is rife, it could save your life."
--A losing entry for a new, national condoms campaign