SOMEONE'S WORKING

"Ciao, Charlie, com'es stai?"

"Massimo!  What the heck are you doing back?  It's still August!"

'Em beh, I gotta work.  We have a big auction on Thursday and we gotta show we can handle most of it ourselves.  We do ok today, ma no term.  That's still easy, ma 5, 10 year..."

"Well, you guys are full of surprises.  What happened with Mario today?  That was a shocker over here."

"Charlie, Ima no know. I see him the weekend and he get ready to go.  Today...You know I think he say to himself, 'Wadda the hell you going to say' and whatever he say half the world get mad.  So he sit home, finish out his plan if he hasa one and see what Bernanke say and how it...how you say..is received.  You know Charlie, the Tedeschi no lika this at all; not La Donna, she I think ok ma the Bundesbank, they mad like hell!"

"And they count."

"Ma sure they count!  Either she have them or we have nothing, niente.  So he wait, and he talk and he make time and maybe things improve and then maybe I Tedeschi think they not so at risk.  And maybe stupido Espana get--like you say--their act together.  That place, they all pazzo.  You think they need this then they tell you they need that and then they have these states lika you, Charlie, that have no money and think that the EU is going to give the government money for them and...ah, they  all pazzo!"

"Bunch of your banks got downgraded today."

"Charlie, mio amci,  there's no bank in Europa that's any damn good.  Downgrade, who the hell cares.  Government wants the bank to live, she lives, if not she dies.  Ha, I see, you know that, you just pull my, my..."

"Leg."

"Si, my leg.  But you listen, we gonna be ok, you hear?  Watch Thursday, the auction, she not be great but she not be so bad either and Draghi no have to do too much.  Oh for sure he be there but not like Spain.  You know what?  You not gonna believe, ma we see Spanish deposits here in Italia right out of Espana..."

"Oh come ON..."

"No it true.  And Madonna, is the money going out of that place.  But let me ask you, how you doing in America?"

"Lousy, but the economy has picked up a bit.  But it's all about the election and that my friend is too close to call."  Confidence is down which is a real worry and the debt is reaching terrible numbers. '

"But you make it all day long and somebody buy it.  Fantastico, I no understand.  Anyway, you watch Thursday and see how we do but you have to understand this is Italia and we are different.  The rest?  Bah!"

"Ciao, Massimo.  So Thursday's the day eh?  I shall be watching and thanks for the tip.  Ciao again."


Thursday.   Wonder what I have planned?