by Tanta on 8/01/2007 08:37:00 AM

So far this morning, the Muddled Metaphor Index is stabilizing. Colorfuls lead Cliches by 2-1. Analysts fear that current levels of unmixed metaphors may be supported by inability of fund managers to breathe deeply enough to utter multiple phrases; comments remain on Watch Negative until further notice.

My favorites so far today:

``There will be more pain,'' said Felix Stephen, a strategist who helps oversee the equivalent of $7.5 billion at Advance Asset Management Ltd. in Sydney. ``I'm giving it a couple of months at least. It's not the subprime issue that really matters, it is the first card to fall in the tower of cards in this situation.''

and

``There are still some more cockroaches to come out from under the fridge,'' said Chris Viol, a credit analyst at Citigroup Inc. in Sydney. ``We are getting a lot of questions about the big picture and the amount of contagion to investment grade credit.''

As long as the cockroaches do not start laying their cards on the table, I think we may get out of this with our tentacles intact.