I prefer "running dog".
Did you notice the slaughter of the European banks the last two weeks?
No, I missed that. One of the Kiwi banks I hold, ANZ, took a bit of a hit. I've been wondering if I should bail, but I like how decorrelated New Zealand is with the rest of the world. Nice Asian exposure as well.
What's your take on the Euro banks? Any refs?
There is a definite unease about the upcoming unwinding of our bubbles overseas and the Japanese economy will not do well in this shock either. The move to shorter term treasury auctions will get real ugly also as I can see some drastic price swings after an attack and a major real estate crash.
A GSE implosion would very interesting.