QUITE A DAY

Stumbled out of bed to make sure I caught the jobs number and there it was--up over 100,000 with unemployment down to 9.1%  Joy all over thought I and sure enough the market uponed sharply higher with one fool of a talking head musing that the crisis was over and there should be clear sailing ahead. Wasn't much later that someone must have whispered "Euroland" and everything went to hell in a hand basket with Italy the disaster of the day, calls for Trichet to resign (Jim Kramer is too dumb to realize that he retires in a month) and then he did himself one better by proclaiming that what Europe needs is The Suit because "he forced the banks to raise capital."  Actually, it was Paulson but Kramer counts The Suit among his circle of friends so that's where that came from.  For astute, in-debth analysis of all things international I would turn to the neighbor's yellow Lab first.  Then Massimo called.

"Where the hell have you been!"

"Roma."

"I can see that from the city code." (I have a fancy phone).

"So then why you ask."

"Because I've been trying to ring you for a week to find out what's going on over there."

"Carlo, I told you not to worry.  We be fine.  We just have to get this asino Berlusconi to--how you say--focus on what to do AND what to say."

"Did you?"

'Sure."

"How?"

"Eh,  lika you say in that stupido movie, 'we maka him an offer he no can refuse.' Of course, your friend Trichet, he help a bit.  He tell him he no buy any Italian paper unless he do what he tell him to do.  And the Tedeschi...shesa no fun either.  You know, he realize he might needa some help with thisa legal thing, so..."

"Enough, Massimo.  I don't want to hear any more.  So what happens now?"

"He maka speech.  Listen Charlie, listen.  I go now to dinner but remember, when  Massimo tells you it'sa be ok, its'a ok.  Ma Monday... we see.  Ciao, Charlie."

And damn, if he didn't make a speech right out of the central bankers' and the IMF play book.  Massive government reforms, elimination of as many regulations as possible, implimentation of agreed-upon financial steps by end-2012 not 2013 and--ready for this--a balanced budget amendment to the Italian constitution!  IMF?  Hell, this could have been written in the Tea Party Caucus!  Our stock market turned around on a dime and eventually closed up 60 on the DOW.  Massimo got that part right.

But remember, what he also said.  Let's wait for Monday because after all it is Italy and things have a way of changing overnight much less over a weekend.  The lights will be burning brightly not only in Rome but in Frankfurt as well and we await market reaction as this thing gets fleshed out.  Most remarkable, the Prime Minister even called the parliment back from vacation to begin implementing his promises next week.  In August?  Unheard of.  They really did get to this guy.  As I said, a most remarkable day and to end it, we picked our first home-grown tomato of the season.  What kind?  Why, uno pomodoro della San Marzano.  You had to ask on this remarkable day?

See you next week