A MIDNIGHT CONVERSATION

He Who Knows All Things called late last night.

"You know why he saying those things, don't you?"

"Who?"

"Stan of course.  What are you, drunk."

"No, I'm asleep."

"Oh. Anyway, do you know why?"

"NO, I DON'T KNOW WHY!"  Alright, alright, because he has to.  Happy?"

"Actually, yes.  I'm rather pleased you came so close.  I would not say 'had to' but 'needed to'."

'Like there's a difference?"

"Oh yes, there's quite a difference. "Had" implies a need, while 'needed" implies a conscious choice.  You see..."

"No you may see, but at midnight not only don't I see but..."

"...You see, what Stan was saying is, "look gang, we are thinking about these issues and you had better be thinking about them as well.'"

"Hummmmmm."

"Just what do mean by Hummmmm?"

"That means I'm thinking.  Problem is I don't have a solution to the problem if there is a problem."

"Oh, there's a problem all right and the other problem is that no one knows if the Fed has one either." Oh for that matter if any one there is working on a solution."

"A cry in the wilderness, then?"

"Not quite but certainly a suggestion what with the new administration in town if there is to be a solution now is the time to find it."

"And for this you called me at midnight?"

"Not for me, Charlie, I'm somewhere East of Suez.  Middle of the day here."

"What the hell are you doing there."

"Solving problems, Ol' Son, solving problems."

I hung up.  GOD!   He's a pain, but as usual he was right.


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Ten Year was all over the place today closing at 2.30%.  Let's hope we don't have an "event."