A fresh run on some of the 'banks' and their subsequent failure had the risk markets reeling.

The government took extraordinary action to bail out wealthy depositors and tech startups over the weekend.

The President appeared before the market open with encouraging words, and to reassure the public that they would not be paying for the bailout this time:at least not right away.

Does anyone really believe that the Big Banks will be eating their FDIC fees and not passing them along to the public?  

That the bailout of the wealthy and their tech toys scams are essential to the future of democracy?

Let's call it self-righteous pigman syndrome. 

 There was a remarkable plunge in short-term Treasury yields as expectations of more draconian Fed rate increases fell off the table.

They provided some support for stocks which went on an intraday roller coaster ride. Almost business as usual.

The Dollar took those yield drops on the chin.

As you might expect gold and silver rocketed higher in a genuine flight to safety.

Here we go again.

There is still plenty of time to machinegun the lifeboats as we have a quad option expiration on Friday, and a Comex metals option expiration next week.

The last shreds of respect I had for some of the financial talking heads and spokesmodels died today.

We are the hollow men. We learn nothing.

Have a pleasant evening.

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