Mark Haines on CNBC------SMUG RICH SMARTASS

I wanna puke. Mark Haines is sitting on CNBC laughing. He is saying how he told everyone that Paulson's plan wouldn't work. They are using slogans like "you can't afford to change the channel."

Today was terrible for the equities, but I think what got lost in the mix is that we did see a little---very little improvement in the credit markets. The credit markets have to get fixed first and it will be a slow process, but when traders begin to see progress in the credit markets, we will be getting to the bottom of equities. Japans Nikkei 225 is down almost 11% utterly staggering. Futures are down right now and I don't even worry about that because it is a long night.

On the bright side, inflation worries have more than moderated---they have been SMASHED. We are seeing gas prices in our area go down every day. That will be a nice boost for the consumer. Do I think this is the end of the American way of life? NO. Many are asking why the Feds Rate cut didn't help yesterday. For one thing LIBOR is contracting what the Fed is loosening. We will get that fixed. If our Fed and Treasury step up to guarantee interbank lending, we can get mitigate the damage that LIBOR is doing---at least that is my opinion.

WE NEED TO ELIMINATE THE MARK TO MARKET RULES. I don't understand why we haven't---unless the government believes as I do that the market-to-market elimination is going to be powerful and they are trying to hold that as the silver bullet. Our credit crisis has turned into a crisis of confidence and we could really help by eliminating mark-to-market.

I'll be watching Japan and China and will probably have an update. Make comments!!!