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Quick nod to Boeing’s Randy Tinseth, for in fact commenting on the company’s 787 delivery problems announced earlier this week. Friday it may be, but wonderland it certainly is not—the bad trips keep coming. Like a growing hallucination, the spiraling economic talk feels like a damn odd mix of foresight and hindsight, frothed by all manner of commentary and observation but lacking anything close to remedy or anchor. Some soldiers will say that the worst part of war is not the battle itself, but the wait for it, and so it goes with these forecasts of foul economic weather. Like many a TV meteorologist, though, it would be great for everyone to be wrong and still get paid. Speaking of turbulence, Heathrow Airport and Merrill Lynch weren't the only crash sites yesterday. Yahoo! headlined the Dow’s 306 point plunge as “economic woes maim stocks.” Does “maim” not more follow the tip of a bull’s horn? Face it, the bear market is on; the bearish give-back of all 2007 gains from the Dow, S&P 500 and Nasdaq is a bona fide mauling. And with the continuing credit market turmoil, how does the North American M&A picture look? Here’s the legal perspective from Torys LLP in New York and Toronto: Count on the favorable terms that fueled 2007’s record activity, currently getting crunched in the bear trap, to be far more restrictive. Bank, too, on more distressed M&A activity as restructurings cycle up. More foreign investors moving in? You bet. And watch, too, for greater convergence of private equity and hedge funds. Coming on Monday: How private equity creates jobs.
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