INTERESTING TIMES

No, not the start of the great Chinese curse ("May you live in...") but simply what has gone on this week.

First, CNBC's vain attempt to make The Leader look good without a teleprompter which reminds us of that sow's ear thing. Got the poor guy in trouble with even the likes of Chris Matthews who, on the sister network, felt constrained to remind The Leader that taxes are other peoples' money: that tax cuts do not originate with the government but are simply give backs of OTHER PEOPLES' MONEY, pointing out more clearly than anyone else the divide between The Leaser's philosophy and that of the vast number of the American people which I am sure he didn't want to do, Democratic toad that he is...but a very smart one. I like Matthews.

Secondly, Larry Summers quit which was not surprising. From the get-go was the Fed chairman-in-waiting and when he didn't get it life became REALLY difficult putting up with the likes of Axelrod and Emmanuel who were calling the shots from the get-go (The Suit is happy to have the job...being ignored doesn't bother him). You see, Summers is not a political ideologue like the other two. Summers is like my friend Stanley in believing he is the smartest guy in the world and therefor don't need no damn ideology. Following right on the heels of the announced departures of the budget director and the head of the economic council is unfortunate as it conveys the very clear signal of rodents opting for the sea rather than the vessel right before a very important election. 8-5 nobody is sorry to see him go. Mr. Summers is abrasive today the least. He too is very smart but had--and never did have--a clue as to how markets worked.

Then today appeared what was in fact a very good article in the Times by David Leonhardt on the appreciation (or lack thereof) of the Renminbi or Yuan if you prefer (I do). The article points out the comparison between the Yuan of today and the Yen of 30 years ago and the conclusion (by the Chinese) that just like the appreciation of the Yen the appreciation of the Yuan will have little effect on the trade balance between the U.S. and China. It's a very good article and I urge you to read it not only for it's content but for the fact that the Times is the preferred information organ of the Administration and this probably reflects the Administration's true view which of course they dare not speak in public less it angers its "base." I, for one, would be far more concerned with the extortion of technology by the Chinese through their requirement that foreign firms "partner" with Chinese companies as a condition of entry or through outright theft but that's another issue for another time. Of course, any concerted action among western corporations to counter this would probably run afoul of all sorts of international constraint of trade legislation...oh well, stupid is as stupid does.

Finally, Obama Care begins being phased in today and right on cue The Leader was on the stump telling us that our costs were about to go down. Funny, I just got a letter from my former employer telling me to brace up because my payments will undoubtably increase as a result of the Health legislation. I wonder who I should believe?