Noland: The Great Credit Bubble has been pierced

"I apologize for appearing overly dramatic. But this evening I have  feelings that for me recall the disturbing emotions following the  terrible 9/11 tragedy. I know the world has changed and changed for the  worse – yet I recognize that I don't know how and to what extent. I  fear for our markets, our economy, our currency and our system. I received an email this week on my Bloomberg that said something to the  effect, “You all must be happy in Dallas.” I can tell you we're instead  sickened by what has transpired during the late- stages of this  senseless Credit and specualtive orgy. The Great Credit Bubble has been  pierced, and there will now be a very, very heavy price to pay. And, as  always, I hope I am proved absolutely wrong."