Monday, August 22, 2016


Hail, hail, the gang's all there!  The annual meeting in one of the nation's prettiest spots (you don't think they would go to Gary, Indiana do you?) is really the only thing of interest and if they can get Billy the Dud (he's there!) to keep his mouth shut it might remain as such.  The one good thing about it is that it is only two days so by tomorrow we should have it pretty much down pat...well, Wednesday at the latest.  The problem is there is going to be a lot of tooing and frowing and nothing of real substance coming out of this thing except for perhaps a primordial scream from Stanley Fisher who at this stage must be near bonkers from dealing with this mob for a few years.  I bet he keeps asking himself why he took the job in the first place.

Forgive me but I find it near madness as I am sure Stanley does as well to focus on the great issues surrounding the increase of 1/4 percent in the discount rate in either September, December or never for that matter.  There was a story running about today involving pension funds, looking for yield, finding it in selling covered puts to investors.  Not my pension fund I hope.  Then again, I can weather this thing out (I'm old) whereas the younger folks might be more receptive to a bit of cash flow in these lean times.

Or, if you really only want to talk about rates, you can talk about what happens when the world is headed south whilst we are headed north?  Implications for that?

Or, as has been suggested on numerous occasions, the liquidity in all markets continues to deteriorate.  Is this a made-up issue or something to spend a bit of time thinking about in the event of a...ah...correction which of course can never happen given where the VIX stands today.

Odd things do happen.  Remember I said last week that I was worried about the weekend?  Sure enough, I awakened this morning and there was a strange woman in my kitchen.  Took me a while but I figured out it was T & S.

 "Back?" said I.  Filthy look.  "I mean,  haven't seen you in a while.  Thought you were gone for good."  (Anticipating)

"Don't be a smart ass."

"No...I has been a while."

"How long is a while."

"Well let's was...about two longer.  Seventeen days to be exact."


"Well, I don't know, but...oh, have the Olympics ended?"

"Last night Sherlock.  I'm good for four more years."

I guess that's good.  I mean after 45 I've gotten used to it but it just shows how quickly things can change.

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