John R. Taylor, Jr. Chief Investment Officer:

"After reading the recent press about the economic and political maneuverings in and around Latvia over the past few weeks, I became very depressed. To me, the emotion expressed by Prime Minister Geir Haarde of Iceland in his speech to his citizens on October 6 seemed very appropriate.

After announcing the government takeover of the three largest banks and noting a significant danger “that the Icelandic economy, in the worst case, could be sucked with the banks into the whirlpool, and the result could be national bankruptcy,” he ended his address with the jolting comment, “God bless Iceland.”"


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