Debt Rally

US Equity futures are up, this Sunday eve, on rumors that Italy is about to go another $700+ billion into debt.

It's a crazy, mixed-up world.

OWS, MFG, and BHO

We invite you to ponder the possible connections between the notorious acronyms. Here are some helpful hints to get you started:

If the Left is decrying something, it is usually to distract from the fact that it is embracing it. Thus, if the Left -- OWS -- is demonizing "Wall Street", look for the Left -- BHO -- to be making love to IT -- MFG.

The Left's -- Jon Corzine's -- Wall Street mistress is MF Global, a Primary Dealer. A primary dealer is one of the few privileged firms that handle securities transactions for the US Treasury. The Treasury has been a very active customer since TARP and various "stimulus" initiatives under the Leftist -- BHO -- administration. We're not sure how they're all connected to companies like Solyndra, or the to the Greek and various other Euro states.

We can't fathom why Corzine's MFG would be stealing (allegedly) over a billion dollars from its retail and institutional clients -- perhaps Treasury needed a little margin. Or where the Greek promise to invest a billion dollars in solar initiatives to "grow" its economy fits in. But we do know that OWS and MFG and BHO (and company) are Fellow Travelers, so we await the eventual unveiling of all the connections.

MF Global -- Follow the Money

We think it would be instructive to know just what (if any) role Corzine's MF Global played in the administration's unofficial stimulus programs.

Maybe it's an empty hunch. But maybe not. Corzine's a bright and well connected fellow. People who run firms like Goldman Sachs aren't likely to let their own firms blow up. There is already a good deal about this event that doesn't make sense.

Futures firms have been connected with political money laundering before. Has everyone forgotten Hillary Clinton's $100 cattle-futures investment at Refco that -- what luck! -- ballooned to $100,000?

Greek Referendum Blues

If equities are down 5% in two days because Greece is putting the EU bailout plan to a referendum, as Bloomberg reports, there's only one thing to do.

Exactly what alternative does Greece have?