May 7 (Bloomberg) -- The cost of insuring against losses on European bank bonds soared to a record, surpassing levels triggered by the collapse of Lehman Brothers Holdings Inc., as the sovereign debt crisis deepened.
Like on an old wooden roller coaster, our economic cars have been pulled slowly to the top again after the first plunge, tickity tickity tickity all the way up.
Now, here we are at the the top of the second rise, at the long breathless moment where the cars just kind of sit there, slipping slowly forward as we get our first look at the deep drop before us. No more tickity tickity. The brakes are now off.
In moments, there will be little that we can do but throw our hands up in the air and scream in the downward plunge.
Are we having fun yet?