Thanksgiving Leftovers

The feast was fabulous: free-range, organically fed turkey roasted to perfection, baked Buttercup squash, cranberries, oyster "stuffing", apple-onion "stuffing", pumpkin cheesecake, and fine German Spätlese wine from the Mosel-Saar-Ruhr region.

I hadn't noticed before, but a relative pointed out to me that most of the principal parts of traditional Thanksgiving dinners are New World foods, that is, native to the New World (vs. the Old World of Europe, Asia and Africa). Here's a few - turkey, cranberries, pumpkin (for pies or my cheesecake), squash, regular and sweet potatoes. Very fitting that our holiday feast and giving thanks for whatever good has happened for the past year are New World foods.

The holiday was variously celebrated in the colonies and Washington proclaimed the first national thanksgiving in 1789 as the new government took shape under the Constitution. Various state holidays were celebrated, but then Lincoln proclaimed the first regular, national holiday in late November. Thanksgiving is a fine holiday and I hope all celebrated it in some appropriate manner, or at least had a moment of thought about what one could be thankful for, such as a few good friends or one's health.

Or perhaps surviving the financial Panic of 2008.

Markets

There will be a smashing today as a big, state-owned Dubai company announced that it will not repay its bonds at maturity next month. This a a problem in dealing with a state-owned company. Sovereigns just don't have to follow rules or customs if they wish. So now I suspect the fear is spreading to any Dubai related debt, which I just heard is around $80 billion. Sigh ... why would so many "smart" banks lend money to such entities ? This again reminds me of the great Harry James song, "I've Heard that Song Before" - check out this link:

http://www.youtube.com/watch?v=rh0NZa0WMJQ&feature=PlayList&p=AD7DA2393178FFBF&playnext=1&playnext_from=PL&index=24

Actions

I am thinking of buying some S&P Dec. call options today IF I can get a reasonable price. To me, this Dubai default is not particularly important and the panic rather senseless. But the old fears are there, so I might as well take advantage of them to try to bang out a trade. I'll put this speculation on in phases, as usual.

I thin the December jobs number next Friday will be good and this drop is a "Black Friday" discount sale.

PS: For squash, you want buttercup squash, not the more common butternut squash. The alliterative mnemonics are, "brown is bad" (butternut squash is brown) and "no on nut". Buy only buttercup squash for baking.

Word of the Day

"Ordure" - noun [$10]
Ordure means 1. excrement, dung; 2. obscenity, filth; foul language.
Sentence: The air in DC is redolent of the ordure filing the 2,000 page ObamaCare "plan".