A DAY FOR INTROSPECTION

I'm doing something wrong and I'm paying for it.  Just got the forecast for the weekend: rain for two days straight.  No breaks, no let-up.  That means the tomatoes don't get planted outside.  That means we lose a week.  Damn.  And all because I write something with which the whole damn entire New York Times agrees, from the front page, to the first business page to even Paul Dumbo Krugman.  Every thing I have written about Greece and sovereign risk the past week they have parroted.  Krugman even picked up on the fact that Spain's debt profile is markedly different.  Back to the drawing board 'cause the New York Times couldn't be agreeing with me which would mean they are right, could they?  This is a bad day guys, all around.

My comments about the effect of Goldie's actions even are beginning to prove correct.  Rumors abound that a criminal action is being explored by the Fed and you can be certain that States' Attorneys General are licking their chops.  Of course GS absolutely went in the tank today closing below 144.  The market exacts a heavy price.  I still find it difficult to believe that their actions are "actionable" in a legal sense but they were sure arrogant and stupid.  We shall see.

Anyhoo, the fascinating thing about what's going on across the pond is that the rumblings about whether the EU and the Euro really have a future have intensified.  Even Krugman was in a speculative mood today which for that arrogant bugger is really rare.  Usually he tells you what is going to happen and then when it doesn't he forgets that he told you.  I guess this is too big a deal even for him, hence the musing-only.  He did remind us that he warmed about the absence of fiscal control by individual nations faced with a common currency but then again, so did my four-year old granddaughter albeit she is very bright for a four year old.   In any case, this is a real test and it aint multiple choice.  No guessing here; that mob better begin to get it right before the general populace really figures out what the true situation is because at this stage they haven't.  As I keep saying, there is nary a leader in sight--let's hope one emerges over the week-end, then again it's May Day and they'll probably all be marching with the proletariate (AKA "The Unwashed") so maybe not.  As for me I'M going to ask my really smart friend Larry what he thinks and report back next week.  If it's not raining where you are, put your tomatoes in the ground and think of me.

Have a great weekend