IT DIDN'T DAWN

How does one say "Nuttin'" in Greek.   The Suit shipped off Lael Brainard, Under Secretary of State for International Affairs and a very bright lady by all reports who the Euros can't stand to...yep, you guessed it...Euroland to whip those children into shape and to tell them to get their act together.  So much the news from the Dawn.  The New YorkTimes reports that the Hedgies are trying to bail on about 3 billion in Greek debt as it's beginning to look a lot like default time instead of Christmas and finding it hard to do so.  The Times can always be counted on to elucidate the obvious in most things financial and usually 2 or 3 days after everyone else has figured it out.  Betcha nothing happens til next week giving everyone time to get back from Davos.  Ah, the joy of it all.

One thing I did not mention about The Leader's speech of the other evening was his promise to fire up his invertigative commission to get to the bottom of the financial collapse of a couple of years ago by really going after the banks and the Wall Streeters that made it happen.  A more transparent political ploy in an election year one cannot possible imagine but as expected, the Times jumped for joy in their leading article today.  A waste of time, a waste of money and a pure smoke screen.  Games for the masses, throw them to the Lions!  Of course the Lions have no teeth and what will finally be discovered--as if discovery is the goal--is that there were a lot of not-so-very-bright people who did some really stupid things but probably nothing to get them thrown in jail.  What will be accomplished is just another  pain the butt for the industry which will impede them from making any progress in trying to kick-start this economy.  The dog barks, and the caravan moves on although at a snall's pace.  For the next 10 months we are to view everything through the prism of the election.  Nothing else counts.

Comments on the actions of the Fed have been muted which surprises me a bit but given the reaction of the stock market today given 24 hours to think about it my views are apparently shared by a number of folks out there: if they're worried, I'm worried and clearly, they are worried.  So here we are one month into a major election year, Euroland still buggered, the Fed worried and the stock market gurus becoming more cautious by the day.  Not a great scenario.  Then again, Tomorrow, Tomorrow...it's only a day away.