Any lizard that is has a bit of a background in investing or economics ought to watch the video interview on this page (it is from “yahoo finance” and I haven’t hacked the URL to do a direct link)

It basically goes over the credit market impacts of the Chrysler BK filing and associated uncertainty. Specifically, the whole issue of “counterparty risk” (which, as applied to mortgages, was the problem that led to the bailout of AIG) is discussed related to car makers going BK.

The net of it is that the implications of the BK action haven’t been thought out and the policy choices of the Obama administration have us “swimming backwards” rather than dealing with the problem.

Nite all. Watch the markets tomorrow - critical day.