Well, well, well. Good morning to you, one and all.
I have a very busy day ahead of me, and I was more curious than usual about what the futures would be doing this morning in advance of a day when I'm going to be more occupied than usual. I was shocked and delighted to see the futures taking a sudden tumble, and naturally I was very curious as to why.
The reason, as you all know by now, is that S&P finally decided that, by willikers, the U.S. might not be as creditworthy as its triple-platinum-plated reputation merits. The cool thing is that futures are getting killed merely because S&P changed its outlook. The U.S. – laughably – is being allowed to keep its triple-A credit rating for now (ha! bwa ha! bwa ha ha ha!)
Bernanke's future can be compared to the sinking of the Titanic. What we are seeing this morning is the equivalent of the first few ice crystals scraping the bow of the ship. The man will eventually receive his comeuppance, and anticipating that day is what puts a spring in my step and a twinkle in my eye. His deceits will eventually give way to the truth, the light, and the way. Blessed art thou, Slopers. Amen.
