WHERE WERE YOU WHEN...

Jeff Immet's letter to shareholders came out today.  We now know why the performance of GE on behalf of its shareholders has stunk:  Washington is the problem.  Too many regulations, too much in-fighting, too much politics, too much interference.  Thanks, Jeff for telling us all that.  We never thought it had anything to do with you...except didn't you accept the Chairmanship of some sort of bull *&^% committee that was to advise The Leader on business matters but never met?  I guess you got a couple of "green" contracts thrown your way, subsidized with taxpayer dollars (read, MY MONEY)b It might it had been nice if you had figured out this startling revelation about four years ago, you jerk?  Honest to goodness I'm getting sick and tired of Chief Executives and Chairman who can elucidate the obvious but when given an opportunity to stand up against bureaucratic political activism, cowardly fold like a cheap suit.  One good thing you did do, Jeff, was to turn GE back into what people now think is a manufacturing company from the bank it had become.  Good job, that...and speaking of banks...

I still can't get over the performance of Citicorp over the last year.  The turn-around has been nothing if not remarkable and they now sit poised to have a real run.  You might remember that two years ago I remarked that they are really the only American bank that is International in scope and particularly strong in emerging markets,  and if there is to be a sweet spot this year it will be emerging markets.  Heck of a job, but Citi joining the fold of solid financial institutions also ads to the realization of the contrast in quality between American and Euroland institutions.  Unfortunately. that also poses a harbinger of what we might expect later in the year for the estimated one trillion euros in troubled assets in the Euro system surely must put a severe drag economic recovery with no solution in sight except for the passage of time which Euroland just may not be able to endure.  It is remarkably quiet these days Over There but things will begin to bubble after the Papal election when Italy's politics will take center stage.  Look for signs at the end of this week and we will begin to discuss what we should be looking for tomorrow.

You might note that there are two postings today, one being from last week.  Two others were lost.  Google doesn't seem to like getting stuff from an IPad which is bad news because we're off again on Friday for a full week and a bit more.  Things are beginning to look up here in Zone Fly-Over.  The daffs are up, the rains have come (no drought this year), farmer Brown is smiling and it appears we may be done with the snow.  What could go wrong from here?  Anything?