MOVEMENT ON THE HOME FRONT?

The Leader came running into the pressroom at 2:25 to announce that the Gang of Six plus 1 had reached agreement on a plan that he could probably support and that the American people could surely support.  Quite amazing how inportant the support of the American people is today when it didn't mean a damn thing when it came to health care but I digress.  The stock market shot up despite not a clue as to what had been agreed but as news trickled out it appears that whatever had been agreed was along the lines of the suggestions of the debt committee from last December.  The Leader had ignored his debt commission for months but now seems to have found religion so to speak which is a good thing if true.  I just hope this agreement to agree is set in stone...i.e. a full increase in the debt ceiling comes in increments and is not all front loaded.  Remember, the commission spoke to the full overhaul of the tax code which is desperately needed: a flattening, a reduction in rates at all levels and an elimination of many if not all of the deductions, exemptions, loop-holes etc. that have plagued it for years.  We wait in joyful hope...

Still no movement across the pond nor will there be until Thursday, but more and more reports have the Euros prepared to "allow a default" of some sort in regard to Greece.  Ya gotta love it.

 "Greece, we here assembled, allow you to default."

"Oh thanks very much indeed.  Most generous of you."

"You're welcome.  Yes, we thought so as well."

It is becoming the theater of the absurd.  But while this was all going on Spain got their latest refinancing done without a great deal of difficulty.  They paid up for it to be sure but they got it done.  The pressure has come off Italy a bit as well indicating that my and Massimo's views may be correct.  If one is looking for yield that may be the place as you are sure not to find it in Northern Europe or over here.  And that, dear reader, is about all that's going on today.  I was going to take a run at Lizzy & Co. and the Consumer Protection Agency but why bother.  Lizzy is heading back to Harvard and her successor, Ohio's answer to Eliot Spitzer, another in a line of Attornies General who use the threat of criminal prosecution to extort funds from the evil corporation of the moment, probably will not be confirmed by the Senate.  When that tale becomes "ripe" as the Supremes like to say we'll be on it.  Right now I'm going to try to stay cool.  Do you know that tomatoes will not set in temperatures over 90 F?  It's 94.  Bummer.