Big day

Rarely are days as packed with potentially market-moving news as this one:

• Geithner goes before the House Oversight and Government Reform Committee to talk about AIG.  Personally, I'm sick of the whole thing.  Congress likes to hover over AIG and Goldman because it stirs up populist sentiment which makes them feel important.  Rarely in human history have people worked under as much pressure as the Treasury, Fed, New York Fed, and others did in the fall of 2008.  Did they fuck up some?  Sure they did.  We got through it.
  
  I'm beginning to think Goldman is like Iraq after 9/11.  Definitely some shady shit went down there.  But is Goldman the primary cause?  No.  Just like after 9/11, we had to hit back somewhere.  Nonetheless, the optimal resolution is for GS and Blankfein to offer a haircut to the government now:  give back $1-1.5 bln to Treasury in recognition of the extraordinary circumstances of last fall.  Show leadership.
  
  
• Bernanke cloture vote.  Is that even happening today?  It was supposed to but has dropped off the radar;
• Federal Open Markets Committee.  What will they say about QE and rates?
• State of the Union Address.  Can Obama build momentum and trust again?  (I hope so).  I will watch, despite good Premier League action on FSC.
• Continued expansion of Toyota recall:  clearly good news for Ford, Honda, Hyundai.  Can GM also capitalize?
• If the markets can stay stable and the markets close within .5% of where they start, that's good.  There's a risk the dow goes below 10,000 today, which is actually fine from and end of month 401k contribution perspective.
  
  
• In a positive indicator, Carolina beat State on the road last night.  Glad to see it.