This might not be just about Greece…

We had ignored Europe throughout their melting. We even ignored China’s raising of rates and bank capital requirements. I think this is about something else.

We warned about how the government giveth and taketh away, remember? Today there are serious rumblings about auditing the FED. No matter how much we say we want it, we really don’t. Market participant are scared shitless of being found out. It will hurt confidence and could cause a run on the banks.

This is less about over there and more about over here. We can complain about the engineered rally and benign government and free money because it seems unfair. But this is the alternative.