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Legacy Journal:  Tuesday True Test

Today, the following observations are apparent:

*  The U.S. economy continues to have many areas that are performing well. The job market is strong in Huston, ag land value are steady, and exports of goods and services are continuing.  Government and public education can not find enough qualified workers and managers.

*  No one knows the “book value” of mortgage backed assets of the nation’s banks and financial institutions.  Some of these assets have been sold and apparently “marked to market”. So what is the quality of those remaining?  Time and markets will decide.

*  Does anyone trust the Congress to lead, follow or get out of the way of Administration attempts to restore confidence and capital in the nation’s financial institutions?  Former President Bush, his team, and used car salesmen are far better regarded than the leadership of the House and the Senate.  The Queen and her drone do not engender trust.

Meanwhile,

* in New York, Governor Peterson is in freefall,

*and in California the Governator is in rebranding mode

*and partnering with Governor Ridge and Mayor Bloomberg.

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