Blurb

Just a quick catch-up post. This last week has taken me from the fog to seeing pretty clearly again. I've gone from wondering if the bailouts were working to being convinced that more bad news is coming. 1. Citigroup panic/euphoria model has reached "euphoria" in the past month. 2. Everyone's bullish. 3. This bounce came on a dollar bounce. 4. The Fed's slashing the dollar again, taking AAA ABCP for Treasuries in its swap-o-rama. The dollar is about to resume its fall because of this. 5. B of A just yesterday announced that it won't assume Countrywide's debt: $38 B in bonds, and $47 B in Fed Home Loan Bank advances. That's $85 B in losses coming