Friday, May 27, 2016


Good trip, great wedding marred only by Delta completely destroying T & S's checked luggage.  She was ready to kill but I told her I can probably parlay this into a freebe back out to Ca. in July so that calmed her down a bit.  More walkin' around fold.

Anyway, we should have stayed away; things were going pretty good while we were watching over the Left Coast where, if anyone is interested, they are feeling The Bern.  Could be a kick of a primary in a week.

Janet was on stage today and was more open than expected in forecasting another rate rise within the next few months.  Interestingly, bank stocks reacted on the hope of higher earnings from higher rates with the geniuses completely forgetting that the absolute level of rates has nothing whatsoever to do with it--it is the spread between maturities that count.  In the C & I sector, interest differential income is the game and while short term rates have moved, the longer end of the curve has stayed stubbornly flat, or at least relatively so.  Flat yield curves are anathema to banks so if the girl is serious this is the thing to watch.  Meanwhile, everyone--except us drivers- is thrilled about rising oil prices.  I merely wish to point out that a couple of things have happed that haven't received the attention they deserve, to wit:  Alberta damn near burned down, Nigeria is at war and Venezuela is becoming closer and closer to shutting down completely.  Can it last?  I doubt it but money is being made.

Finally, On this Memorial Day weekend, Il Duce is off giving a speech in Hiroshima of so little substance and of such great moral equivalency that its sole purpose has to be for his own self-amusement.  Sorry, but this is a week-end in which our fallen are supposed to be remembered.  Some were good friends of mine.  It's hard to do that from 10,000 miles away.

See you next week--it's good to be back.

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