Bookraft

Well Fed Chairman BigBen showed his true colors - bailout those Hedge Funders and other Greed-is-Good DoNoGood-ers. And a whomping 1/2 point lowering. Is that enough Steve Schwarzman ?? Are you and your fellow Private Equity funds going to have enough easy capital now - maybe even the covenant-free type that got the US financial markets into trouble in the first place. But hey, those Feds, they are still giving away money without any conditions too. Just what you would expect from those Fed bleeding hearts - as Steve is so fond of pointing out, the Feds have so much practice with their social welfare bums.

No matter that S&P, Moody's and other financial rating firms continued to give A ratings to Sub-Prime lenders right up to their near bankruptcies. Hey you have to have a post-event scapegoat just in case some tenacious bulldog politician picks up the case. But now let the good times roll - the New York Stock Exchange is up 350 points - signal to US consumers already in hock to over 127% of their Disposable Incomes => spend Spend SPEND!!!

Well this means the Canadian dollar is up up and away , Chinese US Bond Holders are down down and not likely to eat Yankee Bucks much longer, so the possibility of currency turmoil increases. But at least US balance of payments ... no even that may get worse with so many imports being "must haves" like oil and gas. It all adds up to the US - the first rapidly underdeveloping "Stupor Power".

Cant wait to see you gals and guys at the 30th anniversary MBA shindig.