QUITE A DAY

So much has gone on I don't know where to start. Let's get the political stuff over first.

The Leader, in a highly touted speech, today overturned 45 years of American policy by calling for a Palistinian state and the return of Israel's borders to those which existed prior to the 1967 war. I'm hardly a Middle East expert and I have no dog in this fight but the prior U.S. position of defensible borders (the '67 borders specificly declared as not being defensible) was backed as recently as 8 years ago with a resolution of both houses of Congress and a Presidential promise. Given the domestic fights The Leader is facing, Congress's reaction to being dissed is going to be important. I think this guy really believes he got Bin Laden all by himself.

They sprung DLK. Couple of mil in cash and detention in a New York apartment. He also resigned opening up the question (officially) of who is to be the new MD of the IMF. Fear not dear readers it will be France's Finance Minister Christine Lagard for three reasons:

1. She is a European (read yesterday's blog)
2. She is liked by The Suit and more importantly Frau Merkel and
3. All of France will throw a sissy-fit if it NOT a Frenchman and no one in the world needs a French sissy-fit. It is the one thing they still do better than anybody else.

The fact that at this time the guy who should have the job handed to him, Stan Fisher, will not get it. The fact that he was always the smartest (and nicest) guy in the room, has the best c.v. in the world, taught Bernanke everything he knows (but not everything that Stan knows) and has been through the mess we all face a half-dozen times at least, doesn't count. You see, Stan is the Governor of the Bank of Israel and a real, practicing Jew. Finis. Of course he may become available if The Leader has his way as the Bank is in Jerusalem and Jerusalem was not in Israel in 1967, and move to England (...And was Jerusalem builded here..?)but he'd still be a practicing Jew. Yep, Finis.

The FT weighed in yesterday demanding that the Fund must turn away from DSK's economic mistakes. Now I still have a few good friends at that wonderful, is somewhat self-important newspaper, so if you're reading this guys and gals, where were you when he buggered Greece, Ireland and Spain? Concerned about access, were we. Now you know of course that with Mme. Lagard not a damn thing is going to change but you've put yourself on the record and from you on this subject we shall probably hear no more until everything goes down the gurgle tube and which time a confident, "We told you so," will be proclaimed. Still, it's nice to know that you agree with me...then again, you always did.

Finally, Linkedin went public today at $45 dollars a share on the NYSE. Within an hour it traded above $100 and stayed pretty much around that level all day. Did the owner, Mr. Weiner get taken to the cleaner? Well, yeah but haven't we seen this movie before? 1999 come to mind? Can you say "Dot.Com?" Sell a little sliver, alot nothing after a big hype and watch the suckers line up when the pros know damn well why not to short a company even at a P/E of a gazillion to one (if you don't ask your broker...although these days he/she/it might not know either). And I thought all of this was going to change with the administration of The Leader. Silly me. Guess I'll go out and buy some Linkedin tomorrow. THIS time I'll know when to get out before the crash.