Not me. The babble continues with Fitch now joining the fray with a threat of a downgrade unless some conclusion is reached in the D.C. Follies. "See, see" say the pundits. Like there is some kind of long term effect that this is going to have. "Look, look" say the pundits. "Banks are dumping their T-Bills!!!!" Well, sure they are. They are going to buy the next auction (they have to) and the yield will be higher so unload now, reduce the default risk (HA!) and buy the next.
I've lost complete interest except for waiting to see the effect. Therefore, I am spending my time finding something else to write about, and it's getting harder and harder. Oh, one thing: Citigroup earnings were a cent below the consensus but no panic on the trading desks. The "Bad Bank," Citigroup Holdings, is almost gone which is a hell of an achievement and I suspect that, knowing this was not going to be a blow-out quarter, the management loaded up the results with lots of bad things. In the good old days while far less was presented to shareholder, what was was understandable. Following demands to be more transparent, yet operating under the risk of regulators gone mad and trial lawyers baying at the prospect of scenting the slightest understatement or misstatement of fact however trivial, reading through the material presented and understanding it is damn near impossible. Try it some week when you have nothing to do. In attempt to make the public more aware, the public, through no fault of its own, is presented with a mountain of unreadable and un-understandable gibberish. I'm not sure we are better off when $2 Trillion organizations are presented in exquisite detail. Then again, nobody asked me.
See you tomorrow.
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