EU: Markets Are Ignorant, We Are Smart, NASA Spends Money on Useless Projects (Again),

And Short Takes on the News Because It is a Hot Summer Weekend

The problem with European markets tanking over the Greek bailout  and other problems is not that there is really a problem, it’s just that the technocrats have failed to explain how well they are doing.



Greek Protestors - Unaware European Officials
are working day and night on their behalf



But once investors understand that European officials are "working night and day to put flesh on the bones" of the agreement, investors will be reassured, 

Uh, the fact that European officials are working night and day on the Greek situation should just scare the heck out of markets.

Government officials, elected or not on all sides just do not get it.  NASA is getting ready to send some space junk to Jupiter.  The planet, not the resort in Florida.  Why?  It is

looking for the clues to help answer pressing questions about the early days of the solar system. 



Why Jupiter?

“Jupiter holds the history of the solar system,” said Scott Bolton, director of the space science department at the Southwest Research Institute in San Antonio



Justin Dernier/European Pressphoto Agency The spacecraft Juno at Cape  Canaveral on Thursday. It will  make a five-year voyage to  Jupiter and then orbit it for a year.It's Mission:  To Find a Reason for the trip

Justin Dernier/European Pressphoto Agency

The spacecraft Juno at Cape
 Canaveral on Thursday. It will
 make a five-year voyage to
 Jupiter and then orbit it
for a year.It's Mission:  To Find
a Reason for

the trip



What do they expect to find, a nice written record? 


And has anyone thought to just ask Jupiter instead of wasting millions on a space trip to the planet?



Jupiter might be happy to tell us, if they can get past the issue of wondering why it is we need to know.

 How an agency that is totally clueless about priorities can expect to find clues on Jupiter or anyplace else is beyond the comprehension of even the normally non-clueless.

In another attempt to implement the wrong economic policy the White House is apparently pulling out all stops to convince Secretary of the Treasury Timothy Geithner to stay in his present job. 

Geithner met recently with Vice President Joe Biden and laid out his reasons for wanting to leave the post,” Bloomberg reports. “Biden outlined why it was vital that Geithner remain, said the official, who spoke on condition of anonymity because no announcement has been made.”



I have ten, ten reasons why I have no responsibility
for the current economic mess



Let’s see, Mr. Geithner was President of the New York Federal Reserve Bank when the financial institutions disaster was taking place that lead to the Great Recession, and has been Secretary of the Treasury.  He has been a key member of an economic team, that, while it stopped job loss and negative growth, has presided over a policy that has totally failed with respect to recovery from the Great Recession. 

Well Mr. Geithner is an “establishment” member, so his presence is needed to convince the “establishment” that the Administration is serious about placating the “establishment.”  Growth and jobs, not so much placating there.

Coming up is the Ames, Iowa straw poll for Republicans, and recall elections in Wisconsin for Democrats.  The Ames Straw poll, a totally manufactured event to raise money for the Ames, Iowa Republican party is coming up, along with recall elections in six Wisconsin state senate races.



Republicans - That's What We Want, 1848



The Straw Poll will be the big news, but the recall elections are the important news.  If Democrats fail to win at least half of the recall elections, it will indicate that voter indignation over anti-union activity on the part of newly elected Republican governors is over-hyped and over estimated.  A big loss by the Democrats will signal acceptance of Conservative Republican governors.  A big win and . . .

The outcome is totally undecided, and won’t be known until the votes are in.  Special elections depend on turnout, which cannot be predicted with any degree of accuracy.  One thing can be predicted safely is that a lot of money will be spent.  Get used to it.

Finally, here is some news that is either good or bad.  The Senate returns to Washington on Sept. 6 – followed by the House on Sept. 7.  Mark the dates accordingly.