The ETF thing really hit Vanguard in the solar plexus. They're worried about losing their lunch to Barclays.

What is first seen as a loss is now seen as a gain. For he finds solitude, not in far off, quite places; he creates it out of himself, spreads it around him, wherever he may be, because he loves it and slowly he ripens in this tranquility. For the inner process is beginning to unfold, stillness is extraordinarily important.

This is a shot to the solar plexus of George Bush's agenda. The ripples go out in so many different directions, to so many different areas of policy, domestic and foreign. It's second only to 9/11 in its impact on the course of the presidency.

This is a big PR story.

The significance (of the dethroning) is a little perverse. It's occurring as investors are beginning to flee the index fund.

These three-year numbers that are going to be popping up in the media, and in advertisements over the next week or two, are going to be astounding.