How Do You Model for a Serious Nuclear Accident?

The X-Factor: how do you model for a serious nuclear accident? It may astonish some that the Dow dropped 130 points on a comment from the EU's energy chief that the nuclear situation in Japan was out of control (a remark he apparently made overnight and reiterated today). Some are calling it irresponsible. A spokesperson says he has no privileged information.

It may be overly emotional, but the EU energy chief is reflecting the intense frustration...and worry...and anger...on the part of the world community.

I have been asked many times in the past couple days: how is it that a power company is still in charge? How is it that 50 brave souls — who may have incurred serious radiation poisoning — is all that is standing between rescue and a serious nuclear accident?

Why has the entire operation not been taken over by the IAEC or some other competent national or international agency?

Even the Japanese Prime Minister has expressd his anger at the power company for being persistently behind in providing timely information: "What the hell is going on?," the Prime Minister reportedly said to power company executives overnight.

While the markets have now regained half their losses, you can be sure other officials in the international community are asking the same question.

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