Michael Lewitt is one of my favorite thinkers, and a most provocative one. I can count on him to push my brain into areas where it doesn't want to travel (such as with his espousal of a serious Tobin tax). I may not stay there, but the experience of getting there can be exquisitely informative. This is his monthly letter, and I can't post it very often as it is not free; and so I encourage those of you who like this letter to consider subscribing at www.thecreditstrategist.com. Enjoy.