Queen?

Weird dude that Carter.  I think he's playing with my head. If he threw a little Sinatra at me that would be fine.  I'm cool with Irish poets.  But Queen?  I don't even know WHAT Queen is.  Male?  Female?  Confused?  Anyway, he's right about yesterday's events and for once we are in agreement.  Nothing has really changed and Euroland continues to spiral down into an ever-deepening abyss, and yet...

I tried to ring Massimo today at all his usual haunts, ma, non che.  The reason was I was listening to Mario Draghi today, speaking in rather good English to some Euro group (which must have enraged the Frenchies),  and while I may be a bit too aware of existing, or for that matter non-existing nuances in speeches like this I couldn't help thinking back to what Massimo postulated a few weeks back that after an appropriate period of time and with the right political statements and moves, the ECB would be there for Italy in the end.  To me it seemed that that was exactly what he was saying.   He wants the Pols to exhaust all of their efforts and then--but only then--will he bend the rules.  So I said to myself, "Self, you just may have hit this one right on the head."  The Central Banks' move of yesterday can probably keep a lid on the Eurobanks until after the Heads of State meeting in a week or so and probably into next year and if those geniuses say the right things and take what steps they can, in comes Mario on his Chariot of Fire to save the continent.  Just like Massimo predicted.  Now I wouldn't go long on Euro sovereigns like Johnny Corzine in anticipation of this event occuring, but I think they are trying to design the game plan so it works out that way.  Oh sure, the Germans are going to get their pound (or 454g) of fleisch but that's not much to give away as everybody will simply ignore it after they get by this mess.  Or so the thinking goes and maybe Frau Merkel holds on to her job and M. Sarkozy gets re-elected...and maybe not.  Enough of this for today.

The Senate today held hearings on L'Affair MF Global and the troops came loaded for bear.  Problem was the bear decided he wasn't about to participate in the event.  Gary Gensler, Head of the Commodities Trading Commission, decided to "recuse" himself from the proceedings and while he dodged and weaved in answering questions there can be little doubt that this Dodd/Frank mini monstrosity participated in a monumental failure of oversight along with the SEC whose boss, Mary Shapiro was at the same hearing.  Mr. Gensler's recusal was because of his long association with John Corzine going back to his days at Goldman Sachs--that name AGAIN--and his friendship throughout the years duing which they were heavily involved in Democratic Party politics and hugh fund raisers for the cause.  We'll get into the details of what occured at a later date but right now IMHO if one or more of this motley crew doesn't wind up in the slammer we might as well just fold our tents.  I have a feeling that this is going to become a major event because of the political associations and the upcoming election as it should, with both sides of the aisle willing to dig very hard as no one will want to be on the wrong side of what more and more appears to be a fraud of major proportions.  Unfortunately, MF Global had been granted earlier in the year the status of primary dealer by the New York Fed (that status being revoked as the affair was unfolding)  and of course Bill Dudley the Fed's President was a colleague at Goldman Sachs as well.  You know what that will mean; it's going to get ugly.  So I suppose it's proper to ask: "Carter.  Got any music for this one?"