The markets have opened above 340; Mediaset, Berlusconi's holding company, has fallen 3.11; the euro is down slightly against the dollar and the pound.
It's the severity of the magistrates' condemnation of Berlusconi, the attribution of criminal tendencies, that rips into the man's standing, as much as the sentencing to four years (and the condoning of three of those years plus the fact that he will not serve time in prison does not reduce the sentence, it's still a condemnation to four years and exclusion from any public office for five) that has caused the Fury.
Parliament is discussing currently the exclusion of anybody with a criminal record from standing for political office, indeed anyone even indicted for serious criminal offences; we have moved on from reforming labour relations and taxation to tackling the levels of corruption and criminality in Italian political life. Yes, there is a stability pact going through the legislature but it has the same relationship to a serious effect upon the Italian economy as George Osborne's austerity measures have in cutting government expenditure in the UK. It has already been absorbed by the markets and its upset, unlikely anyway to be within Berlusconi's waning direct political reach, is unlikely and unimportant.
The anti-European, anti-German, anti-tax, anti-rule of law, anti-democratic institutions, anti-constitution, anti-migrant populism that his considerable propaganda machine will now broadcast, and that will be propagated by other means, is what is really troubling. But that is the trouble with populism - it's popular.
Certainly we need a Germany that accepts that it doesn't just set the rules but is bound by them just as much as other member-states, we need lower taxes, democratic and constitutional reform, migration policies that enable assimilation not confrontation; we don't want them Berlusconi's way.