“Time is working against those who would like to see this resolution applied…We are now in the most sensitive and explosive position.” — Tzipi Livni, Israel’s foreign minister.

A British think tank declares Iran the big winner in Bush’s “war on terror”.

Iran brags that it is a “nuclear country.”

American Pulitzer Prize winning investigative journalist, Seymour Hersh “wildly speculates” that the Bush Administration plans an air strike within Iran, possibly including a nuclear first strike to eliminate underground Iranian uranium enrichment facilities.

Existing-home sales plunge to a two-year low. The housing industry is obviously in trouble, and its decline will ripple through the whole economy.

Inflation is higher than the Fed is comfortable with, and so the Fed may raise interest rates again.

How long can stock prices defy the laws of gravity?

The big risks all seem to be skewed to the downside. The only problem I see is that this is all too obvious. So, I want to be prepared for surprises. Like the path behind, the road ahead may be full of twists, turns, and major potholes.