The most interesting part of the day was not the market. After listening to the congressional hearing for 4 hours straight, i felt nauseous and somewhat horrified. I’ve tried to make it interesting, however, due to the

I don’t want to jump to any conclusion, but i need the ibankcoin’s think tank here. (Fly and his gang, Cs, Js, and anyone with merit)

1. Who is the boss of who? who’s backed by whaaaaaa?

The senators are pissed. They’ll have to deal with more garbage, bears stearn’s paper is nothin compared to gse’s truckload of shit. The Lex Team will be of the hook if allowed this blank check.

So who’s “risk” was this? Banks/agencies?, GSEs who backstops banks?, or Govt?, who inevitably MUST backstop GSE’s inorder to keep jap-chin happy.

2. Is this a power struggle?

Knowing the “risks” and influence of libertarian’s philosophy on the younger generations, Fed is (probably) preparing to use this catastrophe to empower the survival of this private enterprise. *especially if the dollar is still to be shafted down the elevator for the markets to look good (w/export boom).

3. Connecting the dots.

I was following the market while listening to the hearing, at 10am market rushed down so fast, i thought we would crash! At 10:10 AM, the “helping” hand came back, since the lex team is always ready. Bernake look like shit (line one who haven’t slept in years). SEC chairman was just there for the public to see, how we are serious against short sellers. Thats ok with me, but LEX was too confident and ignorant. He’s the chairman of the working group of ??something?? so this is his mission. The senator’s looked like they are not buying into this after a while. They were not pushed enough, therefore, had plenty of time to pull lex’s hair. Thank god he’s bold, but he just won’t answer certain answers “with his banking hat on”. One senator said “suppose if we don’t do anything, what is the most that will happen? what will happen to the treasury bills?” Lex did not want to answer this, so if anyone can add on to this, be my guest.

I, born to be suspicious, have seen this as a struggle for power. Now i have seen how the bush’s administration ALWAYS gets what it wants. Maybe, they want congress to give more power to this financial institution called Federal-like Reserve-lacking “dollar diluting” system. I fear that if the congress takes too long to do the eventual, which is to give that blank check to fed, we will see blood on the street. After an hour of that hearing, the “hand” let merlin out. Lex must’ve called up his buddies to say “fuck them oldies, looks like we need some more blood before we get what we want.”

What I do know, i always see the glass half empty. If i see the SPY breaks that 120 mark, i know that the “helping hand” is up bush’s ass for a while. (Bush says: hey stop that lex. Lex says: What, you don’t know this sir? This is how we relax before going to give a speech.)