TIRED

Haven't written as much as I did yesterday in a long time.  Flat wore me out but things were quiet today so I can goof off a bit.

The Bair of very little brain was at it again today on CNBC.  Libor of course.  Girl never misses a chance to be lastest with the leastest. According to her we are going to hear more of this; not c. 2008 but about the goings on in 2005...or thereabouts.  Great.  The system needs more bug-eyed anticipation of activities of seven years past assuming there is any evidence to be found at this stage of the game.  I think she runs something call the Pew Trust about which I know nothing except that if she stays there for a while it will become known as the Phew Trust.  Woman is hopeless.

Six hour cabinet meeting in Spain the other day.  PM told the assembled that things might be a tad worse than he had led them to believe...well, perhaps even worse than that.  Taxes would be raised, a goodly part of the banking system might be essentially run by Brussels, the cost of the bank recap is now around 125 billion (don't say I didn't tell you) and oh, Mr. Depositor, remember those "bonds"  that your banker talked you into buying?  Guess what?  IT'S SUBORDINATED DEBT!  You lose!  Law suits all over; it looks like the U.S.A. , and now there is talk of a full fledged bail-out if things don't turn around quickly.   Earth to Prime Minister:  things are not going to turn around, so the riots outside the parliament yesterday?  Get used to them, I'm afraid we are going to see more of them.

Another commodity-related firm tanked the other day under strange circumstances and missing a ton of customer funds while the head guy tried to off himself.  Didn't do a good job of that either.  Remember Gary Gensler the Democratic operative who was placed in charge of the CFTC and who, being such a genius and thoroughly knowledgeable of all things financial was going to preven these sorts of things from happening?  Well, he's now O for 2 and his great buddy John Corzine is still walking around scot free.  Over a billion dollars stolen and Poo Bair is worried about Libor.  Some day I'll figure this all out but not today.  I'm too tired.