The silly season

I'm not saying another 9/11 is just around the corner (even if some put buyers might or might not be betting on that), but I'm sure getting the silly-season feeling that in retrospect defined the late summer of 2001 — you know, the summer of shark attacks and Chandra Levy.

The financial world seems distracted by a cat fight at CNBC even as it grapples with the liquidity squeeze, while the Beltway bunch finds a senator's rest room shenanigans of far greater interest than Team Bush's efforts to gin up a war with Iran (or the $50 billion he wants to keep fighting the existing lost causes.  That's $192 billion for the year, or $16 billion a month if you're keeping score).

More about Iran later today…

The Daily Reckoning