Very few are talking about the very bullish action of the market internals, which are painting a much more attractive picture.

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Talking with Asus executives about their new baby, the picture emerges of a project where unusual resources were dedicated to rapid development and engineering, and unusually narrow margins and tolerances are built into the final product, in order to meet the requirements for size, weight and battery life.

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The one part of the picture that you're talking about is isolated.

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Having lunch with Barry the other day (not salads) we got to talking about why it seems so hard for people to accept that the economic and stock market picture has grown darker over the last few weeks.

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He always seems to have a picture of George Washington or another founding father displayed behind him while talking about the great old America, when government was small, the country was strong and it was clear that our descendants would live better lives than we do.

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He said the council had been informed that the transport charity's trustees were talking to professional advisers about the current financial position and "only then will we be able to glean a better picture of why this situation arose".

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