IF you think the US markets have problems, look at the value of al 
Qaeda shares throughout the Muslim world: A high-flying political equity 
just a few years ago, its stock has tanked. It made the wrong strategic 
investments and squandered its moral capital. 
 In the immediate aftermath of 9/11, Osama bin Laden was the darling of the 
Arab street, seen as the most successful Muslim in centuries. The Saudi royal 
family paid him protection money, while individual princes handed over cash 
willingly: Al Qaeda seemed like the greatest thing since the right to abuse 
multiple wives. 
 Osama appeared on T-shirts and his taped utterances were awaited with fervent 
excitement. Recruits flocked to al Qaeda not because of "American aggression," 
but because, after countless failures, it looked like the Arabs had finally 
produced a winner. 
 What a difference a war makes.