Thursday, May 3, 2012


Told you we switched prviders (damn thing still doesn't work) but we did wind up with a couple of French stations for free which provided the best show in town last night.  If you didn't see the debate between Sarkozy and Hollande you mised the best reality show ever.  I mean it was knock down, drag out, take-no-prisoners political warfare with the "moderators" playing little role in the proceedings and at times looking like they believed dishabille on the runway of Le Cheval Fou was a far better option.  Certainly safer.  You don't even have to speak French.  C'est merveaux!

Nobody won meaning Sarkozy lost meaning France will have a new government on Monday unless there are some very odd goings-on like a capitulation to the far right by Sarkozy which might not work in any case.  And what does this all mean?  Beats the hell out of me for as one who is quite convinced the Great Idea is near collapse in any scenario a change in one of the duo who has been captaining the financial ship of state for the zone just makes the inevitable just that much closer.  Can't wait to see the socialist manifesto next week.

There was little public reaction in Euroland as no one expected much from the goings on but the Spanish did manage to get off a pretty good auction of three and five year notes if you consider having to pay arounf 4.75% for the five year good.  Big coverage, however, with the hold thing beimng well-bid at both levels by what was certainly the Spanish banks.  "Retail," whatever that constitutes in today's state of affairs I was told was non-existent.  Next big deal: a meeting this weekend of all the great high financial po-bahs in Basel where great issues will be discussed and no decisions taken.

And here, we all await the jobs data out tomorrow amid extremely mixed signals that have been coming out on the economy this week.  I'm going to wait as well.  Should have pages in print for the weekend

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