A Growing Wall

The wall of worry got considerably taller this week as Dubai suspended payment on its massive debt load.Just when Americans were hoping to get into a party mood,a city many may not have heard of lopped a few percent off their recovering portfolios.The reflation trade was stopped dead in its tracks as commodity prices and equities plunged.It happened on a Friday,no less,leaving investors with a good few days to wonder what they are dealing with.The specter of commercial real estate,which had been put aside as a known quantity,burst on the scene with an unpleasant surprise.Is it just an anomaly or the tip of a new global iceberg?One can only hope that a week from now the holiday mood will be back on course on Wall Street and its satellite portfolios.