FROM THE RIDICULOUS TO THE RIDICULOUS

What else can one say.  Nikki and Angie came out--hand in hand--I might add, to their press conference today where they announced that they were in complete agreement on a totally impossible plan to regigger the EU by March of next year.  Did what they said make sense?  More so than not I suppose but  there is absolutely no chance for their plan to be accomplished within the time frame.  None.  But the "complete agreement" part resulted in the DOW opening up 145.  So much for the "it's all about Europe" supposed sentiment on Wall Street which if true those two could come out tomorrow and announce that they are in complete agreement that the moon is made out of and equal mixture of Brie and Limburger and we could watch the DOW reach 15,000.  It's nuts.

Not to be outdone S & P followed up with the thought that they might have to downgrade every country in Europe if the big meeting at the end of this week doesn't ratify the joint proposals.  Do any of you get the feeling--like me--that the irrelevancy of the rating agencies looms larger day by day?  I mean, there's a gutsy call and a threat all rolled up into one bundle.  The fact that France is trading around an A+ level rather than the AAA rating currently assigned, seems not to have arrived on S & P's doorstep as of yet.  I'm sure this will galvanize the Heads of State into action.

And to top of this day of stupidity, The Suit's journey across the pond was characterized as The Leader putting "tremendous pressure" on the Europeans and The Suit as "being prepared to show the Europeans how to do it" by Jim Kramer on CNBC today proving that his supply of stupid pills need not yet be renewed  by his friends at Treasury.  Having been thrown the hell of of Europe just over a month ago, I guess The Suit feels with some added advice from his buddy, Jim, he's once again ready for prime time.  This is while the Vice President, good ol' Joe Biden is announcing to the world that the Euros "Know what to do." Mindless.

I got a missive over the weekend from my Really Smart Friend, Larry, that I'll share, in part, with you tomorrow.  It is not happy reading and perhaps a bit too negative in scope from my standpoint, but I confess that his stuff requires multiple reads and I'm not there yet.  Tell you one thing, however.  The Euro closed at 1.33 and change today after the "full agreement."  I don't think either of us would be long.

More tomorrow