- Bill Clinton is officially “off the ranch.” First, he announces that the Bush-era tax cuts should be extended. Then, during his apology for the aforementioned comment, he noted that median family income is now lower than it was when he was President. I never thought I’d miss Bubba, but his candor is kind of endearing. Never mind his hanging out with porn stars in a Monaco casino. I REALLY wish I could get this guy to come to a poker game at my house next weekend!
- France lowered its retirement age for public employees from 62 to 60. Really? As your continent financially sinks into the sea, you tack on a larger fiscal burden? Granted, Hollande kept his campaign promise, but at some point Germany is going to tire of being slapped in the face by the French man-glove. A quick read of Der Spieigel will give you some idea as to how soon that fatigue may set in. I’ll give a clue… next week. Fetchez La Vache!
- This week was the best week for the stock market in 2012. The 285 point jump on rumors of Fed easing mid-week set the stage for the best week of the year. Short covering continued through Friday. I can’t blame the shorts for covering. Watch for a hyped up European can-kicking announcement this weekend. Those who are short US Treasuries and long European banks will likely have a nice day on Monday. Two months from now those trades may not look so great. But money managers are judged monthly, so many will live or die based on the rumour du jour. Such is the world in which we live.
- Despite the Drudge Report’s best investigating, nobody ate any new faces this week. Time to go long faces and short Drudge, which has become shallow and pedantic.
- Our President came out today and declared the domestic economy to be “doing fine.” It may be, for those attending $40, 000 per plate parties at Sarah Jessica Parker’s house. My anecdotal observations might provide evidence to the contrary. But I’m loathe to get political on the blog. I just wonder what he may be smoking. Maybe the Choom Wagon made a stop in DC this week.
- UBS apparently lost $350 million as one of their traders on the Facebook IPO kept hitting the left mouse button over and over assuming his buy orders weren’t being filled since he wasn’t getting timely trade confirmations from NASDAQ. He ended up owning 40 million shares. Turns out he bought them at $42 then sold them at $30. You can’t fix stupid. Or bullsh*t. Take your pick. So, UBS is suing NASDAQ. The great litigious American tradition. I assume a “settlement” is in the making. It shouldn’t, but does, yield a giant yawn. Lose on your bet, get it back on your lawsuit.
Have a wonderful weekend, folks.