'Groundbreaking' Days Are Here Again

You just feel like telling President Obama, "Look, stay focused on getting us out of this severe recession in a responsible way without too much budget busting and things will all come together."

Instead, you wake up, and every day's historic ... including a lot of days you don't want to be historic. Or sweeping. Or groundbreaking. Like this one.

The only thing we really want to hear is that the U.S. growth rate is going from negative to positive, or even less negative. Now in our faces is the World Bank news from China that growth there is being raised from 6.5% to 7.2%. From the Chinese I can take all sorts of sweeping and groundbreaking and even, yes, revolutionary.

Instead, we will probably have another down day filled with dread from Washington. Oh, and would it be so troubling not to hear from Washington at all for a couple of days?

There isn't anything on the surface from the new "overhaul" of financial services that strikes me as too outrageous given how out of control our financial markets have been. You have to put up more capital to do crazy things. They don't want to strangle innovation, even though I think it should be strangled because it has created no wealth whatsoever. They want shareholders to have more say, but that's not possible because the big shareholders could care less. They want banks to lend responsibly and less rapaciously ... good luck with that. They want hedge funds to tell us who they are. Reasonable.

Of course, all of these entities are rich and they will spend a ton of money to be sure none of this happens.

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