Look, I think we are in a holding pattern waiting for something…I didn't know what…to happen. I asked My Really Smart Friend, Larry, if there was anything good going on anywhere. He said, "No," I don't like that. He gets around a lot more than I do and is far more up to speed than I am. As if to emphasize the point the GDP numbers from Italy today were awful leading to what was described as causing a shock to many economists which I would think would be shocking in itself as who the hell thought anything good was going to come out of Italy which of course proves once and for all that too many economists are shockingly stupid. Not Larry. He gets it, but he's a rare bird. He also has about 5000 bottles of Italian reds that I suppose he keeps around for barter when ultimately currencies are worth nothing but into which some day plan to put a serious dent. We will die happy.
Seriously, however, try as I might I can see few positive signs and negativity abounds except it appears for the equity guys and one can't help but wonder if they are simply whistling past the graveyard having run out of ideas as well. The days seem to sort of slip-slide away and I know it's August and no one in Europe can be reached but this feeling of I guess what one would call emptiness is stronger that I can ever remember. The again, nothing really bad has happened if one overlooks the Ukraine and Gaza and discounts the possibility of escalation so maybe that's the bright spot on which to focus. Any way, this is hard duty.
Going to get back to bank regulation again tomorrow and the latest in the stupidity that is know as Dodd/Frank. I'll try to be creative.
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