We're living in a world of bubbles. 2008 is going to be a hellacious year for the markets, Wall St. will be able to hang on for 2007 with only 2 months left, but 2008 with rampant inflation and bubbles in worldwide equities is going to rear its ugly head. 2008 will remind many of 2000, the bubble in China, the driver for worldwide growth, popping before our eyes will set the stage for a big hit in the equity markets, while commodity prices stay high in a recessionary environment due to a lack of oil. Stagflation. The nimble will probably be able to ride up the last couple steps upward but we're getting in precarious territory in the overseas markets where fast money is entering and will exit on any weakness.