You Wait Ten Years for a Problem, then 5 Come Along at Once...

So....Toyota, having recalled 8 million cars because the throttle pedal didn't work properly- is now recalling Prius models because the brakes don't work properly either.... I don't understand cars, but aren't braking and accelerating safely pretty basic requirements?? "The Car in front is a Toyota" has become a warning instead of an advertising slogan.
The Dow fell under 10000 last night and had a good attempt, in the last 30 minutes of trading, at falling under 9900 as well. Reasonable new issue activity, but none that will make headlines over here. CDX out another 5bp and back to levels last seen at the end of November, out nearly 30bp in just over three weeks. Consumer and business confidence data in the US today- trade figures in the UK.
Let's face it however, the headlines tomorrow are likely to be on government deficits again, not today's data figures. The single currency block in Europe has not had a serious test since it came into being... now it faces one (or maybe 5).... how it manages the problems will set the tone for much that happens this year. Remember, the EU is actually not allowed to bail out an individual government unless there are exceptional and unavoidable circumstances. If spending more than you should over a period of years is an exceptional circumstance, then I am a truly exceptional person! Happy Tuesday.