Good morning.

The market has staged an significant come-back in the last 3 or 4 weeks, climbing back to what I figured all along was the true value of equity nowadays. Too bad it took the lunkheads at FASB this long to ameliorate their M2M mistake.

Now, Europe will stand back and wait for the US to take the lead in the economic recovery.

International managers pin hopes on U.S.
Without recovery in world’s biggest economy, globe will struggle

NEW YORK (MarketWatch) — International mutual-fund shareholders who have suffered substantial losses and are looking for a rebound should keep close eye on the U.S. That’s because in the view of fund managers a solid global recovery will get under way only once the U.S. economy stops its decline.
The U.S. accounts for an estimated one-fifth of the global economy and is also the world’s largest importer. Until it stabilizes, international managers say, investors shouldn’t expect strong performance from other regions. World stock funds lost 9.7% in the first quarter, according to preliminary numbers from research firm Lipper Inc.
The expectation is that the U.S. will be leading the world out of this,” said Virginie Maisonneuve, head of global and international equities at Schroder Investment Management Ltd, a unit of Schroders . “There are high expectations on the U.S. to fix things.”

Rumor has it that Obama will issue an apology by noon to the world for the US economy having such status, and assurances that he is doing everything he can to destroy our economy as fast as he can.