'Today's lows could be tomorrow's highs'.

Random thoughts picked up from today's press:

UK January car production down 58.7% from year ago levels. Commercial vehicle production down 59.9%.

S&P says the credit crunch may only be in its early stages and a bigger contraction in lending in coming months could have serious implications for the US economy.

Over the last year, first as Senator, then as President Obama has seen the largest outlay of federal money -$2 trillion - since World War II.

Sources close to the Obama administration say they remain open to nationalizing selected banks as a matter of last resort.

Although the Dow has given back all its gains -and more - from the five year bull market that ended in 2007, it is unlikely the market has hit bottom.

Coupled with slowing tax collections because of the recession the budget deficit is being pushed to $1.4 trillion or 10% of US GDP. Trillion dollar deficits are forecast for much of the next ten years as the skyrocketing costs of caring for the retiring baby boom generation start to arrive.