Confetti Update

Here is your US Dollar. Insert expletive here. Thanks Bernanke you asshole.

It's Everywhere!

The toxic waste is everywhere. Like I've been saying, it's in your money-market fund and it's in your pension. It's owned by your bank, your insurance company and, apparently, your state and local governments. This is going to be ugly when all these dead bodies manage to start floating to the surface.

Public School Funds Hit by SIV Debts Hidden in Investment Pools

By David EvansNov. 15 (Bloomberg) -
- Hal Wilson smiles at the blue numbers on his desktop screen. His money is yielding 5.77 percent. For the chief financial officer of Florida's Jefferson County school board, that means the $2.7 million of taxpayer funds he's placed in the state's Local Government Investment Pool is earning more on this October day than it would get in a money market fund. And Wilson says he knows the Florida officials who manage the funds of the 1,559-student district have invested them wisely. ``We're such a small school district,'' Wilson, 55, says. ``We don't have the time or staff for professional money management. They have lots of investment advisers. It's risk free and easy.'' It may be easy, but it's not risk free.

What Wilson didn't know in October -- and what thousands of municipal finance managers like him across the country still haven't been told -- is that state-run pools have parked taxpayers' money in some of the most confusing, opaque and illiquid debt investments ever devised. These include so-called structured investment vehicles, or SIVs, which are among the subprime mortgage debt-filled contrivances that have blown up at the biggest banks in the world.

Bad Day To Be a GSE

Interesting day in the markets, if you like stomach churning events, like say bad automobile accidents or current pop/celebrity culture. Up 120 on the DOW, then down 260 to the lows, then up 170 from the lows in a straight line into the close. For me today, that reads like down some to up a whole lot to up less than a whole lot. There you go, still net short as the bulls press back hoping for a bottom. I believe any bottom would be short-lived, should it come.

For your viewing pleasure today. I have a total horror-show. Blood. Gore. The whole nine.

This last one is more of a tell on the economy.

Where's My Turkey?

Pleasantly surprised to see the futures in the red this AM. What happened? I thought we were all supposed to buy stocks this week because of the calender. Hmmm. Well, I guess there is still a chance for the bulls to throw a party this week. I suspect they better hurry before the last level of support cracks and this whole market gets split open like a watermelon.

Three days and five hours until turkey.