Unlike other folks who have been devoting enormous amounts of text to Standard & Poor’s downgrading of the U.S. debt, I have decided to say nothing about it. After all, what can I say, except to repeat previous posts about the problems with the rating agencies? Not again… I mean really, what can I add to the debate that good folks at The New York Times, Wall Street Journal or Financial Times haven’t already covered?
While downgrading the debt concerns me, what concerns me more is a conversation I overheard on the Q32 bus yesterday in Manhattan. I know, you can’t believe what you read, did he say bus? Yes, I did. Many of you know I love taking the bus in the City. I think it is a great way to travel and seeNew York. Yes, I know, it may take longer and the routes often seem confusing (not really, see, they operate on a grid), but it is still in my opinion the best way to move around town if you aren’t in a hurry – and it doesn’t smell.
Anyway, I overheard an older couple – my guess in their sixties – talking about the recall election in Wisconsin. He said he hoped that all the Republicans were recalled and she said it would be great to see them go. “Once they get rid of the Republicans in the State Senate, they can get rid of that governor. He really needs to be impeached.” I asked the man what he thought impeachment would mean. He replied, “It will restore a sense of pride to the workers who got screwed when he did away with collective bargaining.” An eye for an eye, I guess. Just then we were passing the Verizon store on 34th Street, where fifty or so striking workers were picketing. The man said, “See, people are standing up for what they believe in. They can’t do that in Wisconsin.”
The moral of the story: The left and the right are everywhere, even on the bus. For information on the Wisconsin recall election click here.
HEDGEAnswers, as all of you know, starts up again in just a few short weeks. This season is really going to be fantastic. There’s a lot going on in the hedge fund industry right now and HEDGEAnswers is your opportunity to get in on the discussion. Click here to register today!
With that, I want to remind everyone that the Red Sox are doing very well. It’s a great time to be part of the Fenway Faithful. Drink lots of fluids and stay cool.