Or at least until Thanksgiving. The pundits were bang-on the jobs number last week which was a stinker. I shall say one more thing: The decline in the number of unemployed to 7.8% a month before the election surprised no one: The figure was cooked and anyone with a brain in his head expected it to be. There wasn't a bid for an over-8% number...not one, which is a sad commentary as to the state of confidence in this administration. Believe it or not that was the fact. Onward.
Over there, Angie's going to Greece tomorrow and the last time there were these many troops deployed in Athens, German paratroopers were raining down. Think Angie will strap one on just for old times sake? Wouldn't that be a kick? No one can quite figure out why she is going unless it is to show that there are really no hard feeling while whispering in the ear of every Greek she meets, "Give me my (^&*#%%(& money back!" I guess it is that thing called diplomacy which I know needs practiced from time to time, but never really understood why except to demonstrate good breeding. In the world of the real there seems to be more support for the position that this is the end of the line for Greece; no more money, no more extensions, no more "adjustments" in lending conditions. I still continue to believe in my new position that they will get through the end of the year (yeah, I was off-base there too) but with no miracle in sight and the fiscal status of the country truly dire, surely the end must come soon. And perhaps this is why Angie is going--to deliver this precise message. Let's face it, it's as good a guess as any other.
Over here, the WSJ's leading article today concerned itself with the new extortion racket in which the New York State Attorney General, Eric Schneiderman is currently engaged aided and abetted this time for political reasons by The Leader's Justice Department. The tour de force surrounds the claim that J.P.Morgan engaged in improper underwriting standards in the marketing of mortgage backed securities resulting in a loss of, well, we're not sure, but a REALLY BIG loss to the public.
The enormous irony of all this is that J.P never got into the business; Jamie was trying to but everything went to hell before he could proving that sometimes it's better to be lucky than good...except when there is a scuzz bucket like Schneiderman around. You see, Jamie thought he was performing a mitzva when he agreed to purchase Bear Stearns which was causing no little embarrassment to the regulatory community and disquiet among financial institutions. He was asked to help and having done so he is being asked to take it in the neck for the underwriting Bear did by the afore-mentioned scuzz bucket.
This is a law suit made out of whole cloth. Bear was a bucket shop and peddled rubbish and should have been allowed to fail instead of Lehman which might have made all the difference in the world. But they weren't and it didn't and in attempting to work with the regulators they (AND their shareholders) wind up with this. Go to trial and they probably win hands down but Schneiderman learned from the Mann Act violator for whom he worked and is looking for a big settlement which he will probably get. It aint fair sez I, remembering that Eliot Spitzer NEVER earned a conviction on any corporate wrongdoing suit either as AG or Governor. If this is the best we can do for ourselves? Just thought I would bring it up.
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