My good buddy Tom rang just a few minutes ago. Tom is a midwest kid, who got a football scholarship, an education, a couple of lucky breaks and made a fortune. But the smartest thing Tom ever did in his life was to say, "I do."
"Charlie, did you watch this thing out here today? (Tom lives in Jackson Hole)."
"Sure did. You guys smoking' something I don't know about?"
"God----- Dow went up 165."
"You ship a bale out to those guys as well?"
"Ben put on a hell of a show. Guy doesn't have a pot to piss in, no new ideas, no real belief he can help but on he goes. Hell of a guy."
"Why Tom, you mean to tell me that Daddy didn't remove the night crawlers from your dreams and thoughts?"
"Charlie, he just scared me even more. If that's the best we can do I'm out. I'm so short everything it's a joke."
"You mean short/short or maturity wise?
"Charlie, I can't make bets like that, I don't run a hedge fund. This is my money you're talking about. You?"
"If I had any money I'd be right with you. Coming out for the opener next week?"
"See you Friday at my place. Late lunch."
"I would like to see the kick-off on Saturday."
"I'll get you home in time. See ya Charlie."
Tom is also seriously nuts.
This is becoming a dance macabre. The Chairman, today, was very close to pathetic but I'm prepared to give him the benefit of the doubt and ascribe his performance to a belief that he is the only person left with any credibility, however little that might be, and the further belief that we are sitting on a precipice and over we go unless SOMEONE out there says something positive no matter how ridiculous it may be.
NO ONE believes that his economic outlook for the remainder of this year and next year is real.
NO ONE believes that the Fed has any real ability to influence future events.
NO ONE believes that this administration has a clue as to a coordinated fiscal plan.
NO ONE believes that Congress is focusing on anything other than the upcoming election and that anything will emerge from these clowns until after Labor day, and finally,
NO ONE has the slightest clue as to the future and the effect the health and the Fin Reg legislation is going to have on the economy except that it will be bad.
From a brilliant election victory in '08, this administration has emerged as the most politically inept mob we have seen in years and now faced with the very real possibility of massive by-election losses it has turned to a campaign of personal attacks, class warfare and charges of racism whenever possible. Republicans, on the other hand, handed this gift, are more concerned with apparently purifying the party around the "issues" of immigration, taxes (must be LOWER) and most lately this stupid mosque idea rather than focusing on the major issues of how we got ourselves in this mess and where do we go from here.
Remarkably, the one little bright light in this otherwise bleak day was Paul Krugman. Amazingly, Krugman got it right again. Now of course little Paulie got it all wrong as to how he got there and his conclusion from where he landed on Planet Paulie is as dumb as usual but in calling for bold (my word), unconventional(his word), action he is spot on. We have been playing around the edges. The one overriding element to our problems with which we must deal is our tax code. Unless well face this head-on, nothing will be accomplished that has any chance of doing anything but putting a band-aid on a sucking chest wound. In addition, we must steel ourselves to an honest discussion of, in no particular order, race, labor, and our Federal System. And we had better do it soon gang, so let's start next week.
Have a great weekend. College football starts next week. Boola, boola.
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