From the WSJ:
THE JUSTICE DEPARTMENT is seeking seizure of $23 million in assets from Andrew Fastow and unnamed associates of the former Enron CFO. The request came in connection with ex-Enron executive Michael Kopper's guilty plea on conspiracy and money-laundering charges

It's about time. You'll note they needed someone to sell out Fastow, but maybe he'll go to jail yet. I'm pleased to see they are seizing funds, but they should have done it months ago.

The market is up 100 points, of course. As if this changes anything...

I was a vegetarian for six years, but last year around Christmas time, I started eating meat again. I quit again at the beginning of August. I have gained five pounds in TWO WEEKS, so it looks like I will be an omnivore again. I'm still trying to figure out what the right diet is for me to be healthy, feel good and keep my weight stable, but it looks like being a vegetarian isn't it.

This is really unfortunate since in many ways, since it's far more convenient for my lifestyle. In terms of food safety, being a vegetarian is the way to go these days and it's much cheaper to eat out in restaurants (fast food excepted -- it costs the same or more, for various reasons).

Oh, and speaking of health, Washington D.C. had it's second PURPLE ozone day yesterday. The highest concentrations that I could find in Virginia (which were indeed in the purple range) were in Springfield. Purple is completely unprecedented, is "very unhealthy" for *everyone*, not just sensitive groups, and doesn't even appear on the air quality guide chart! Re-timing lights is not going to get Washington to meet federal clean air standards. Nothing but razing the suburbs could do that.

If interest rates need to be lowered to help the economy, why would the stock market rally on that? Isn't it an admission that the economy is soooo weak that it needs intervention by the Fed?

In the 90's, the lowering of interest rates was an indication that more money would be invested in businesses and then in the stock market. As long as inflation stayed in check, the Fed could lower interest rates to promote growth. I'm clear on that.

None of this is the case now. Nothing but an obvious bottom is going to bring a surge of money into the market. Surely, any fool that pays attention can figure that out. I would think that interest rates remaining stable is actually a *good* thing since a hike would indicate inflation and thus over-valued stocks. Maybe this is why I'm not an institutional investor. The market seems to move randomly since 9-11. The market is a mass social phenomenon, not an economic one, and right now, people are confused about the state of the economy. That certainly accounts for randomness. In the 90's, they were, um, irrationally exhuberant, which also accounted for the markets.

This means, of course, that the real key to figuring out the market is to figure out what people think. On that note, I've been reading this lately. Robert Precher is a technical analyst with an excellent record of predicting the future. Back in 1986 when I worked for brokers at Drexel, the stogiest of them subscribed to his newsletter, and then I bumped into his ideas again this year when searching the whole idea of technical analysis.

I think Wall Street has it's newest scapegoat. It will keep the heat off Lay, Skilling and Fastow for a little longer. This, from NYTimes DealBook newsletter, a free email subscription product:

The once-celebrated analyst is now under fire for hyping WorldCom Inc., Global Crossing Ltd. and other telecom companies while they were clients of his investment firm, Salomon Smith Barney. Last week brought the revelation that Grubman wrote a $100,000 check to the Democratic Senatorial Campaign Committee--a check that was received the very day he was subpoenaed to testify before Congress.

So, did he think no one would find out? Did they, in fact, take the money? How much more clearly could a bribe stick out?

Incredible.