Wednesday, June 6, 2012


"Mad Max called around 3:30 asking if I knew why the Dow was up damn near 300 points.  I told him I didn't have a clue but I suspected that things are looking so bad all over the world that the good Burgers on the Street are aboslutely convinced that Central Banks all over the place MUST engage in QEXXV is it comes to that.  I mean, after all, they have the room as the Fed's balance sheet is down a bundle since the start of the year.

"Think it will happen?"

"Didn't sound like it from Draghi today.  You?"


"The recall election?"

"Yeah, down here they think he's toast and that that is a very good thing."

"Way too soon. There is a long way to go."

"Not sayin' no but these guys made some big bets today.  It's nuts, it really is.  Me?  J.P. Morgan made me a lot of money this year so I think I'll sit and watch this for a bit."

"That, Madman, is way out of character."

"I got a new character, Charlie, it's called getting old.  Call me tomorrow would you after Bernanke finishes.  I don't want to trade this thing, Charlie, I really don't.  There's nothing funny about this at all.  Talk to you tomorrow."

...and he rang off.  I can't find much humor in it either.

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