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Answers I Really Wanna Know: Is the Devil We Know Preferred to the Devil We Don't?

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Is that light at the end of a tunnel an oncoming train?

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  • What was wrong with cured meat in the first place?

  • If the S&P is 5% from an all-time high, commodities (CRB) are six percent off the August low, gold is at a 27-year high, crude is at a record high and the commercial paper market is (cough) easing, why do we need a rate cut?

  • Is that light at the end of a tunnel an oncoming train?

  • Why does my family insist on being the very first people to walk in the temple doors each year?

  • I mean, isn't that why we bought tickets?

  • Where's Alan Greenspan when we need him most?

  • Y'all see the dollar breaking long-term support?

  • Has anyone in the administration, Federal Reserve or Treasury publicly addressed the caveats of a lower greenback?

  • Or is the devil we know (inflation) preferred to the devil we don't (deflation)?

  • Why not both-with the former storm in things we need and the latter matter in things we want?

  • If we toss in the specter of higher unemployment, isn't that the textbook definition of stagflation?

  • By the time the economic numbers validate that (or any) condition, won't the market, as a forward looking discounting mechanism, already have priced it in?

  • Do they serve cuddle fish in pairs?

  • Do you have to eat them with a spoon?

  • Did you see that Barclays had to inject $1.5 billion into Golden Key to bail out another ABCP vehicle (their third such rescue operation in as many weeks)?

  • Is that dude in the commercial still sitting calmly at his desk playing with the hula-hoop doll?

  • Did you know that the credit rating agencies have been called to Washington for a special meeting today?

  • Do you think they have that same 'pit in the stomach feeling' that we used to get as a kid called into the principal's office?

  • Or is it more like the moment you realize the flashing lights in the rear-view are meant for you?

  • What's worse than losing to Yale?

  • "Sell hope" or "the reaction to news is more important than the news itself?"

  • Speaking of which, will you been watching Texas Instruments (TXN), which traded off a deuce following their mid-quarter update last night, as a semi tell today?

  • Y'all see today's episode of Hoofy and Boo's News & Views?

  • Didn't Countrywide take "decisive steps on funding needs" a few weeks ago?

  • So why did it need to say it again yesterday?

  • Wasn't it Lawrence Jamieson who said that to cheat is French but to get caught is American?

  • Are you watching pennant formation in the S&P?

  • Don't pennants tend to "resolve" the direction of the preceding trend?

  • With all the chatter about what a "disaster" the credit markets are, is anyone else surprised that the TLT (i-Shares Lehman 20+YR Treasury) is up over 6% compared to the 4% gain in the S&P?

  • How much of yesterday's lethargic action in Goldman was "telling" vs. the rest of the tape playing upside ketchup from the day before?

  • Pearls? With corduroy? Are you mad?

  • When are we putting him in, Coach?

  • Consistent with my desire to leg (out of October S&P puts) into year-end paper, did you see that I bought a (very) small schnitzel of the latter into yesterday's lift?

  • As I'll be out-of-pocket and away from the 'Ville until next Wednesday, can I take a moment to wish ye faithful well and-for those observing-a very sweet new year?

  • Isn't there a law about choking your chicken in public?


R.P.

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