He's actually enjoying himself. Today was the turn of the House and it was like Rafa Nadal playing tennis with a 10 year old. He just sat there and hit everything back...not too hard mind you but with enough pace as though to say, "Be careful, I may knock the next one down your throat." This highlighting of incompetence must have some purpose, but for the life of me I don't know what it could be. The pols have proven over and over that they are not up to the task. A Laurel and Hardy movie in the time slot would be a morning better spent.
Zero from Euroland again today but by tomorrow we should know whether New Democracy can form a coalition government. You know, I didn't realize it but these guys received a plurality of less than 30%. A mandate to govern? I think not, but they are going to give it a try. Meanwhile, an auction of 12 and 18 month bills in Spain was wildly oversubscribed but at yields over 5 percent! Heck, I would have bought some of that stuff if I had a spare million or two Euros laying around. It was all sold to the banks of course. There are no capital markets anywhere except in Germany and in Italy. Which is why I want to speak to Massimo. Italy is different, always has been.
The G-20 is a complete waste of time and I suspect will remain as such. Imagine being trapped inside in a pretty place like that (although it has become Orange County South) locked in meaningless discussions with a creature like the President of Argentina about whom little good can be said and never is. By the way, there was actually some credence given to a suggestion that the Greeks should go talk to the Argies as to advice on how to dump the Euro and go back to the Drachma because the Argies did it so well with the dollar and defaulted on all their debts as well. Of course about the only thing the two have in common is that neither is a real country and for the Greeks, a wise, warm, fun loving people to try to emulate the Argies would be a tragedy. They are a touch dishonest to be sure but you can't help but like them unlike you-know-who. Anyway, I would strongly suggest that a few in this lot grab a couple of cases of cerveza, rent a boat and chase after some Blue and Striped Marlin. This is the season for primo Marlin angling at Cabo. Might even get something accomplished in between hook-ups--no, not that kind, Carter--FISH for pity sakes. Whatever occurs the dispositions of these world leaders would definitely be improved.
Finally, with Bernanke heading up to the Hill tomorrow the stock market improved on the near certainty--in it's mind--that a new round of easing will be announced. Gotta get the economy moving again but there still remains something considerably north of $2 trillion in corporate coffers which might be a better place to look for stimulus than in some bizarre Fed action. But, what do I know. November is a day closer and the days left seem to be the only numbers that count.
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