IT HURTS ME TO SAY THIS...

but thank you New York Times.  Today, they confirmed that at which I hinted yesterday, namely, that the The Leader and The Suit were intimately involved in helping The French and the Germans muscle up and arrive at a strategy for the bailout  so inelegant could only have come with the help of these two financial geniuses.  To the surprise of more than a few--which is a surprise to me--the markets today awoke to a collective feeling of, "hold on, what just happened?" and while no one was running for cover just yet there was more than a vague feeling of unease with the knowledge that decisions made by politicians under the gun generally turn out to be very bad decisions indeed.  Nevertheless, Greece applied for their first installment, the IMF was pulling out its check book and yields on Greek debt generally improved.  We need another day or three to really get a good handle as to the true reaction of the markets but I suspect that there will be a feeling of calm whilst the shorts and the Euro skeptics try to figure out how to convince the great unwashed that this solution is really no solution but just a waste of their tax dollars in order to bail out the banks.  If they are cleaver that may not be such a difficult task and let us remember that this passion play is being directed on two levels; one as a desperate attempt to save the Union and the financial system and the other on the attempt of politicians to save their jobs.  This confusion in the minds of the pols just might make the effort easier along with the fact that the numbers are on the side of the skeptics.  The banks will certainly help by acting as banks always do: once they get their money back they will attempt to never be seen again.  And so it goes.

I'm going to lay low and muter my thoughts as to the goings on on the Hill over the next few days in the wake of Fan and Fred asking the taxpayers for another $20 billion to cover their THREE MONTH losses amidst the terrified silence of anything resembling a Democratic lawmaker huddled in groups in desk defilade on the floors of both the House and Senate.  A disgrace of unimaginable proportions.  $6 TRILLION in exposure, $136 billion in losses so far and nary a sign of urgency.  Indeed, exactly the opposite.  When asked why neither rates even a mention in his bill, Chris the Crook proffered the view that it would be best to wait until next year when they can be dealt with great introspection.    Lock him and Barnie in a room with truth, and truth will out...not in the manner suggested by the Bard mind you.  I'd trade those two even up for Sarkozy in a heart beat...especially if the first lady comes along.

See you tomorrow