Olympics Eve Brief Notes

This may be the last time I mention the Olympics. It's been a sham for decades, has nothing to do with getting the world's athletes together in the spirity of peace (if it did, they wouldn't compete under national flags, but as individuals based on their own qualifications), and is mostly designed for governments to tax their people in order to show off to other governments. Fuck them all. I'll be switching away from all NBC properties the next few weeks and getting my news elsewhere. Hope they lose their shirts on this one.

Anyway, back to reality, which the Olympics have virtually nothing to do with:

• So, the markets were up yesterday because Merrill was finally done with their problems? Guess they forgot how many times Thain has lied to them failed to anticipate future capitalization needs, and this time the market believes it really is over. Yeah. Sure.
• And they're down today because some of the retailers and AIG are having difficulties? Maybe or maybe not.
• The government of California is effectively beginning to shut down. And somehow my life hasn't changed anyway. Maybe that says something about the real need for the 40% increase in spending since 2002. My own prediction is that taxpayers will not approve any increases, and the legislature will finally have to seriously address the corrupt pork-barrel crap that brings about these huge increases while seemingly helping nobody.
• My comments about Vegas from a few weeks ago are hitting home. First major development has just declared bankruptcy. Despite MGM-Mirage's "not as bad as we thought" disaster yesterday, the reality is that the place is overbuilt with luxury vacation condos that nobody wants and nobody will buy. There is only so much of a market for "bling," and it's declining fast, and around the world.

-btc