Bernanke testimony
Ahead of Bernanke’s 10am testimony on the Bofa-Merrill deal where he and Paulson are being accused of strong arming Ken Lewis to follow thru with the deal on its original terms, it hit me the striking similarity in looks that Bernanke has with Frank Pentangeli (without the beard), the character in Godfather II that went to Congress to testify against Michael Corleone.
http://www.americanrhetoric.com/images/godfather2pentangeli.JPG
http://johngaltfla.com/blog2/wp-content/uploads/2008/04/Bernanke460.jpg
Nothing good will come out of this and hopefully it ends without any repercussions as the market doesn’t like uncertainty and understands the extraordinary circumstances of late fall. Initial Claims are expected to total 600k which would be the lowest since late Jan but Continuing Claims are expected to tick higher after last week’s surprise drop. The 7 yr note auction is also key this afternoon, especially on the heels of the Fed’s decision to make no changes to their QE policy.
Peter Boockvar
Managing Director
Equity Strategist
Miller Tabak + Co.
Office: 212-370-0346
June 25th, 2009 at 9:03 am
Life imitates art.
June 25th, 2009 at 9:56 am
How could this turn out badly, Peter? After all, Rep. Issa is one of the straightest shooters in Congress. He’s a convicted car thief and he’s the guy who financed the recall campaign that gave us Gov. Terminator in California. Gov. Terminator was elected on the thesis that the California budget was unbalanced, not because we weren’t raising enough revenue through taxes, and not because we were spending too much. No, Arnold assured us that the imbalance was due to “waste” and he could balance our budget without having to cut spending or raise taxes. And look how well that has turned out! =)
June 25th, 2009 at 10:30 am
anything that happens within 10 miles of the washington penis, and happens in public, is a dog and pony. means nothing, discloses nothing, portends nothing.
“the market doesn’t like uncertainty” — that’s rich! the market doesn’t like reality. reality is too messy, too complex, too multifactorial.
the market loves illusion. any kind of illusion will do, so long as it has less to do with fundamentals than with sentiment.
June 25th, 2009 at 10:39 am
@franklin: You go guy.
THanks for the scoop on things.
June 25th, 2009 at 1:06 pm
[...] looks like Peter Boockvar at The Big Picture has the fascination too. If you have ever seen the Godfather you will get it instantly. Someone [...]