I hit the post sign yesterday and BLAM it disappeared into cyber space. After a year, I'm getting this stupid letter recognition thing from Google. Can anybody tell me how to get them to stop this? I've tried.
Anyway, two of the worstest humans in the world appeared together today to talk about reforming our financial system. Chris the Crook actually sounded serious and sincere (we know better) but barney Baby was his usual partisan attack dog self. And now the games begin. The result, I fear, will be worse than the health bill although that is only from the standpoint of craftsmanship not as to the effect it will have upon the nation. Remember all that talk about insuring that we cooperate with other members of the G-7 or G20 or whateverthehell number of countries there were involved in this thing? No more. What we will have will be a completely partisan effort, designed to fix blame (in the wrong places), involving substantial ass-covering for the two Chairman and regulations that will probably, as a result, prove to have been ineffectual at the first sign of the next crisis...and yes, dear reader, there will be another crisis. The beneficiaries will undoubtably be the financial systems of or trading partners who will move quickly to take advantage of the restrictions and conflicts in our system. We shall see how this plays out after the spring break. If one is looking for a silver lining there is one: yesterday tThe Suit appeared to agree with a general feeling that is moving through the Congress that Fanny and Freddie are busted and at some point should probably be wound up. Unfortunately, there are also some hair-brained ideas that they should be replaced with MINI Fannies and Freddies. Gotta give these guys credit. They would own the world of the stupid. And so it goes.
Meanwhile, a number of their genius colleagues are bound and determined to pick a fight with the Chinese over the value of the Yuan. This appears to be a bipartisan effort demonstrating that dumb is where you find it. What is being missed here is the understanding that the boys running the show over there are not in total control of their economy as they are of civil rights (or the lack thereof) or foreign policy. They have their constituents and 600,00,000 un-or-underemployed citizens under the watch of local political leaders. It is a different China that 20 or for that matter even 10 years ago. Life is not easy for the leadership and being seen to bully them is a sure fired way to get nothing accomplished. This gang might also consider the manner in which we are viewed and that is as a mass of out of control fiscal nut cases which may not be far from the truth. There is also the belief--mistaken in my view--that if things get ugly universal support from our traditional asian friends will be there. If things do and if I am correct that situation will open up the uglies can of worms that we have seen in quite a while. Oh, I'm not talking about guns going off; keep in mind they own 2 trillion of our bucks and we have to borrow an enormous new amount every week. If they decide to sit out a big auction....
Still, the best show for the price is Greece and the Euros. What a kick, although one of the guys on tv pointed out that Thursday or Friday is Greek independence day. From whom, one might ask? Anyway, things could get out of hand. We shall be watching.
Sorry about yesterday
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