I want to go back to Montreal in the summer

Friday morning I biked 15 miles for training and got it done in 48 minutes so I was psyched about that.

Friday I read that TALF is getting postponed. It would seem to me like our government is still flying blind and working on the "plan."

I highly recommend everyone google and watch the YouTube of Jon Stewart versus Jim Cramer. IT was great and must watch for anyone who thinks CNBC is on their side.

I read that some school districts are debating moving to four day school weeks to save money. I think I would have loved that as a kid but I imagine if the boys get that the ex will not be that thrilled.

The flight to Montreal was a disaster. We got to the airport a bit more than a hour ahead of our departure time. Of course the airline didn't bother to tell us until we got to the gate that we were delayed. They kept delaying us and then changed our gate. We did not leave until three hours after our scheduled departure time. We land at Trudeau and of course there is no one at the car rental place. So we take a car service up to Tremblant. We checked in about 4:30 AM. We got up at 10 AM, went and rented our boards and hit the slopes for half the day. We had a great time too.

After we were done we hit the hot tub and had a cocktail, then showered up, got dressed and went to a bar to have some nachos and beers. We went back to take a nap before dinner but I was out for the night as I had only gotten about five hours of sleep.

Sunday we were on the slopes about 9:30. We did the north face of the mountain though. It was a blast. The snow was getting a bit slushy which I actually liked and everything was going great. Then the husband and I went to one of the blue runs as I rode by a sign that said experts only. The trail forked, the husband went right I started to follow when he pointed left so I figured it really was not a blue and took the blue to the left. Fucking moguls!! The entire blue was moguls, all tightly spaced. I made it through a few and was turning when I took off, went right over three did a little jump and landed on my ass. SO I got over to the left side where there wasn't as many and made it down slowly. I got to open trail and flew down to the lift assuming the husband would be waiting for me. Shockingly I got to the bottom first. When he got there I asked how I beat him and his moguls were as bad so he actually took his board off and walked down that part of the trail.

After that we took a break and had a beer, it was a bit after 2 PM so we decided to call it a day. Took the lift to the top and went down the south face back to the hotel. We took a nap first this time and then we went out to dinner.

Tremblant is not as big as some of the mountains I have been on since I started boarding but I definitely had the most fun on it. Thanks for the recommendation Mr. Locke.

The car rental service came and picked us up since they screwed up Friday night. They drove us to downtown Montreal. We had a few hours to kill so we took the rental they owed us and drove around the old part of Montreal. I really liked it and the husband and I agreed we should try to get there for an extended weekend in the summer.

Our trip home was uneventful. We got home and I took a small nap with the kids who were excited we were home. The husband rode his bike. Then we caught up with Supernatural and BSG. I am so frackin' psyched for BSG this Friday. The husband will be in L.A. so I have to adjust the dvr to make sure the entire two hour finale is copied.

Mr. Clifford is actually coming to the Black Party with me. We were exchanging emails Friday when he decided to make the trip. He'll get in Saturday afternoon and go back Sunday afternoon.

My Red Wings arrived

Last night the last of my outfit arrived- the Red Wing motorcycle boots. I tried them on and they fit great.

I have to say I think the EFCA is a complete crock of shit. I have no problem with organized labor- I am a former union member (lol, I said member) and think it has a place in our country and economic system. What I think is bullshit is how they are not allowing a secret vote. That is the whole point of democracy. Everyone gets to vote without anyone knowing who they voted for. Just saying you have enough people interested in a union should not automatically make the place a union shop.

After work today I went to NYU's athletic facilities to swim with the husband. He got his graduate degree there so as an alumni he gets to avail himself of their facilities. There were some cute college guys but I actually swam a half mile. I came home, the husband went to watch the Big East with MP since she has not seen a basketball game in years due to her living overseas.

Tomorrow night we are off to Mount Tremblant for a weekend of snowboarding.

There are some new movies coming out I can't wait to see- The Last House On The Left and A Haunting in Connecticut.

The tape is up over ten percent in three days- woo hoo, open the champagne! Seriously, we haven't even started to get back to the previous levels. Bear market rallies are violent and big; I'd say the past three days prove that statement.

Could someone please stuff something in Barney Frank's mouth to shut him up?

Yesterday I went to the pool to get my swim in for my training. Funny thing- the pool is closed for the week. I was bummed as it threw off my entire schedule for the week. I walked by to see why it was closed, thinking maybe someone left a Baby Ruth there. There was scaffolding over the pool though and it appears they were doing ceiling repair. So I biked 9 miles instead and when I got into the office I re-arranged my entire training schedule for his week and next week.

I read about the 9/11 terror suspects and their plea. I quote: "Our religion is a religion of fear and terror to the enemies of God; the Jews, Christians and pagans." Gee I wonder why people stereotype Muslims or any other religious nut when such statements are made. I am sure abortion clinic bombing Christians use the same vernacular when they describe why they do such things. It makes you wonder how humanity has survived despite organized religion.

Barney Frank really needs to shut his piehole. He was out yesterday saying the up-tick rule will be re-instated within a month. The implication is that the repeal of the uptick rule is what caused our current economic morass. I doubt very much if we had the uptick rule in place that both LEH and BSC would have had different fates. IF we want to go with his line of thinking we should also bring back paper tickets, time stamp clocks, a 10:30 opening, a 3:30 close and Wednesdays no trading to take care of back office and settlement issues. All of those have gone away over the last thirty some odd years so they also would have prevented us from having a huge credit implosion.

He also pontificated about mark to market. I think a simple way to handle that would be if you originated the debt and hold it to maturity you get to use fair value and/or accrual accounting but once you sell or trade it, it falls under mark to market. I think that would cause a lot of people to do some serious risk analysis when originating debt and when deciding whether or not they actually want to trade debt.

The only ones who can change both of those things are the SEC commissioners. Like every political bureaucracy they take a long time and try to reach a consensus before doing anything. Congress cannot make those changes. They can and do control the SEC's funding but they can't tell them what to do.

I slept in late this morning and did my training after work as it was just a short run today.

I read an article today that perked up my cynic radar. It described how bank bonds are getting smoked lately. The reason is everyone is finally realizing what my bond friend told me last week: Certain banks will get nationalized de jure (not just de facto as they are now) and that means only the very top and most senior credits will be allowed to recover any kind of money. Everyone else will get smoked. I know a big trade currently in the street is shorting the common versus the preferreds. The smart kid next to me, I and my boss discussed it and it makes sense as anyone putting that trade on is doing it solely to capture the differential. They don't care if both go to zero because it is an arb trade for them. The suckers are the ones who think the preferreds are safe enough and high enough on the credit ladder that they will make money no matter what. Time will tell.

Last night the husband and I had dinner with JW and JD. They made this amazing lamb dish and awesome green beans- which may explain my semi-gaseous state all day today.

After work I grabbed beers with an old friend from the business who left it a few years ago. I have known this guy for close to twenty years. For fourteen years straight he and I went to the Allman Brothers concert at the Beacon every year they were in the city. The funny part is after the last one we went to we went out for beers after- because you always need more beers at 1 AM on a Thursday after getting stoned by second hand smoke at a concert. At that point I spilled my guts to him and he is an was the first person to whom I admitted I was gay. The rest is history as they say...

So that is the leather goods store...

Last night I went to pack my bag for my training this morning only to realize I had left it at the office in a rush to get down to central Jersey Friday after work and pick up the boys. So I did not do my training this morning which means I will have to make it up tomorrow on my day off. I also have to make up my training from yesterday which means I will be doing a medium swim and bike tomorrow and then a run after work.

I don't get what the issue is with President Obama using a teleprompter. Who cares what he uses- note cards, teleprompter, kindle, ad libbing it or receiving signals from his alien masters a few parsecs away. The guy is a really good orator even if I think he has no plan and disagree with his message. I am sure a lot of people though which ever President made the switch from parchment o loose leaf paper was wrong too. It's called progress people. You look like the lunatic fringe if that is what you are fixating on.

Ace Greeneberg is a legend on Wall Street. He was on BBERG this morning and I was laughing my ass off when he responded to a question saying all of his fears have been realized and he has none left. Wisdom and benefit of old age.

I think I have said before if our desk was a Cub Scout Den there is this woman on the desk who would definitely be the Den Mother. She always has a bowl of candy and various other goodies on her desk. Today she had caramels and I think I had about 6 billion of them throughout the day. They were the good ones too- Kraft not the crappy Bacarach ones.

I have to say Mr. Dimon is one freakin' smart guy. I think he could sell ice cube trays to Eskimos (I am sure that is totally un-PC to use that phrase but tough shit). They guy is selling the Bear Wagner Specialist unit he inherited by rescuing BSC to BARC. Seriously, WTF is BARC thinking? The floor is dead as it was known even 5 years ago. There is no value in a specialist unit. You'd think BARC had enough to worry about with LEH and then to go and add a floor unit???

I am going to the Black Party this year. This is the first time and pretty sure the only time. I have never been to it, the husband has been several times and has not interest going again. I am going with his best friend Ragnar who volunteered to go with me the newbie. I have a preconceived notion about what it will be like but still- how can you not stare at the accident as you drive by?

So, after work I went downtown, met up with PF my style consultant and went to the Leatherman Store to get appropriate attire for the evening. It was quite the experience and not all the inexpensive but I bet I can use a black leather kilt at least one more time, you know in lieu of a tuxedo to a formal wedding. Not sure I will be able to use the Hercules type wrist bands again but maybe the boys could use them some Halloween.

When we got done there PF and I stopped in the very first gay bar he ever went to in NYC when he was 18 and a freshman at Fordham. Boot & Saddles was the name of the esteemed establishment. It was quite an experience to say the least...

If I knew French it would be called fait acompli...

Friday morning I actually got 13 miles done on the bike. I was psyched about that kind of distance.

Finally we had a nice quiet day on Friday. What I mean by that was a day that saw us close +/- 50 bps.

I saw a YouTube of Jon Stewart ranting about how the Childrens New Broadcasting Corporation basically sucks. I loved it and it was pretty funny. If you watch that asinine station google his clip about it. The only thing I didn't like was how it disingenuously made Rick Santelli look bad. He is the only good thing about that station.

The government, and particularly Bernake, keep saying they don't want to nationalize the banks and wipe out the current owners. Hello?? Shitigroup is basically at or below $1. You already own ~72% through a combination of preferreds and common. The market has wiped them out for you- be a man and make the hard decision and just nationalize the damn things. When I say the banks I really mean Shitigroup and BAC.

Friday I read several pieces about how President Obama thinks that by "fixing" health care, energy and education that the economy will right itself. They all said and I have to agree that what got the economy into this spot was not any of those things but rather a massive credit bubble. I think all of those topics could use help- particularly education- but spending massive amounts of money on them will not right the economy. Which kind of segues into my next thought...

We all have a right to pursue life, liberty and happiness. We have no guarantee on achieving all of them though. The government's job is to make sure we can all pursue those goals with limited interference not making sure we achieve them- that is up to each individual. The corollary to that would be we have the right to pursue owning our own home but not the guarantee of achieving that. Forcing institutions into making poor risk assessments so people who may not be able to afford house otherwise was not a wise choice in hindsight.

We had the boys this weekend. I picked them up Friday evening. In the truck I asked them if they wanted to have two Brother's Day in a row. Brother's Day was their idea last year. They asked their mother why there was a Mother's Day and Father's Day but no Brother's Day. she said fine, you can have one. Basically they get to be couch potatoes all day and relax, do nothing- a lot like any other day without them realizing it...Their response was that every weekend with me and the husband was pretty much like Brother's Day.

Saturday I got my taxes done and am getting a refund even though I got yelled at by my accountant for doing some foolish things this year. Afterwards we went to my brother's twin sons first birthday party. I am so fucking glad this will be the last one I have to go to as I find 1 year old birthday parties total circle jerks. They boys had fun as they got to see their cousins, aunts, uncles and grandparents and run around like madmen on a playground.

I played crazy eights with my youngest this weekend. We split the series and the next weekend they are with us I told him we have to have a tie breaker.

The husband and I went and saw Watchmen tonight. It was long but really good and pretty true to the source. I have the original collection bagged and boxed in storage. I have loved the series since I first read it and what I am about to say may be viewed in some quarters as heretical: I hated the whole pirate story in the background of the book and am so psyched it did not make it into the movie.

Phsyician, heal thyself

This morning I was up early and off to the gym to get my short run in for training. While waiting at the bus stop the hottie I have seen on the early bus was there chatting with another guy about their plans this weekend. I forgot about that odd tradition Hoboken has for St. Patrick's Day. Hoboken always celebrates St. Patty's Day on the first Saturday of March so as not to have to compete with NYC. IT is a lot like Mardi Gras actually. Actually think more like Girls Gone Wild. Most people go to house parties during the day because all the bars get filled starting at 11 but the reverse bridge and tunnel crowd. Locals don't go to the bars until around 6 after all the tourists from NYC have either passed out or gotten arrested for public urination or just gone home bombed. I will not be joining in the festivities as I have the boys this weekend.

I have to say I was a bit astounded when I read Rep. Frank has said he wants all governmental bodies to attempt to prosecute those responsible for the financial meltdown. Top of the list would be the following people: Greenspan for keeping the price of money artificially low for twenty plus years; President Clinton for allowing Rep. Frank, Senator Dodd and other Democrats to force Fannie and Freddie to make very risky loans; Bernake for abetting Greenspan; Mozillo for bribing Congressmen with below market loans, hell there are tons more.

I had drinks with my Senior Prom date tonight after work. She has not changed one bit- still a really funny girl- well actually woman now. She lives up the Hudson Valley and was in the city for work today so we met up afterwards and had some cocktails. I think the funniest line of the night was when I said I was paying for drinks and she said oooh, technically a date. I told her I was not expecting anything in return.

We caught up on Heroes tonight. I am psyched to see BSG tomorrow night but a bit bummed that means there will only be two more episodes after.

I'm the only one who had to go to the ATM

Snowboarding out in Colorado was a blast. We all got out there by 1 PM. Picked up the car and drove to the mountain. We did stop on the way for salty products and roadies. We got in, unpacked and started playing cards immediately. I did pretty well the first night threatening their masculinity.

The next morning we got up, got our rentals and hit the slopes. We had some really good runs although in one of my early ones I was coming to where two trails joined up, I was looking up the hill when some lady of certain age almost took me out from behind. She then had the nerve to tell me to watch where I was going. I told her I had the right of way as I was in front and I was looking up the hill. She had to be an inexperienced skier as she should have been aware that all boarders have a blind spot and since I am regular mine is over my left shoulder which is the direction she came from behind.

Saturday we went out to dinner in Breckenridge and then headed back to the condo for more cards. I have to say Lady Luck, Fate, Fortune- whatever name you want to call it by was not on my side and was out to teach me a lesson for bragging. I seriously got my ass kicked to the point I only had three dollars left so I went to bed.

Next morning I went tot he ATM when we got coffees at the local SBUX. We then proceeded to play cards again at which point I redeemed myself somewhat. We played until noon and only hit the slopes for a half day. We then finished the trip playing cards 'til late and I ended up with all the chips. The guys at that point thought it would be a blast to drunk dial the husband and tell him he should be proud of me. I refused to give them his number or my phone as I knew he would not see as much humor in the situation as they did.

The flight home was fine, I had the statistically safest seat in the plane- the last row in the back. I sat next to two really cute guys too but I mostly read the books my 9 year old said I'd like and he was right.


I have an B.A. in economics and I have to say it really annoys me to no end when politicians say transfer payments add to economic activity or stimulate spending. When you take funds from one group and give them to the other that is money that can't be spent by the original group and does not add to economic activity or stimulate spending.

So much for a new way to do politics as I see President Obama sent a secret letter to President Medved offering to give in on missile defence in Europe if Russia would help pressure Iran. Secret offers, letters and agreements have been around since politics have been- there is nothing new about them. I am glad though that President Obama realizes the threat Iran poses and is trying to get everyone on board in stopping them before Israel does something rash but really well planned and executed.

I don't think any President should be voicing an opinion about the markets and yet yesterday our President went out and told everyone "buying stocks is a potentially good deal if you've got a long term prospective." Well to quote Keynes "In the long run we are all dead."

I Had drinks with JS last night which was good as I have not seen him in quite some time and we have been trying to catch up since before the holidays. His job is crazy and not in a good way but he is moving and he seems excited about that and I hope it works out for him.

The tape today was just a bounce. Until the bank issue and the GE issue get resolved we will not be able to sustain a rally would be my guess.

I did read a story about securitized issues but did not understand it. Basically what I got out of it was that that they are going to de-securitize them partially and strip out the bad and/or toxic portions then re-securitize what is left. My question is where do the bad and/or toxic portions go? Who eats those loses?

I really can't abide the baby boomers. I would use the word hate but as I tell my sons that is a very strong word not to be used lightly. So I'll stick with abide. They are just so full of themselves- the word hubris comes to mind. As an example I read there is a university in the U.K. that is now offering a Masters of Arts in The Beatles. Seriously, I have had enough of the Beatles being the greatest band ever. They were the Back Street Boys of the late '60s. Let it go.

Tonight I had dinner with my bond manager friend. His firm and he in particular are knee deep in the bank stabilization plan. He had some really interesting things to say about the way the government is handling things. It was all off the record so that is all I'll say.

Tomorrow night I am having drinks with my date from the Senior Prom. she lives in the Hudson Valley and is going to be in the city. So we're going to catch up.