Okay, so now he is getting this up, and suddenly there is a rear guard action right here… that is what we are talking about right now… Obama is now enacting a lot of our agenda… many of the things that we have pushed on this show to make the market a healthier, safer place not for the rich, but for you… Obama has come to understand that America, main street America, is invested in stocks… I swear, he did not know it when it was here… this is my kind of off the chart… this is where he didn’t know it, maybe he felt the pain, I know I did… see stocks are owned in one form or another by everyone in this country, not just the investment bankers… Wall Street may be up in arms now about some of what the President wants to do… and I heard it all day today… but Wall Street has got it wrong this time.

What is Obama trying to do… first he wants to slow down the bonus army… the people who are out for blood against the outrageous AIG bonuses, and bonuses on Wall Street in general… hey, I say that is great… Obama is saying that the huge taxes that the House passed are absurd, if not un-constitutional… he is saying everything right… he is defending us from Congress… us meaning, okay, in that case, people who make some money… I think he will stop it… if we want justice, what kind of justice do we need… we don’t want it from Congress… we want it with a capital “J”… meaning the Justice Department… we need to take this whole thing out of the hands of Congress and put it into the hands of people who can indict… stop the endless gas bag hearings, and replace it with targeted indictments… get the bad guys… instead of demonizing everybody with guilty by Wall Street… there are bad guys… let’s put them in prison… call me, I will tell you who they are… I am not going to tell you on air because then they will sue me… but I know who they are… shoot I know em.

Second, Obama wants to regulate hedge funds… oh wow… I heard all weekend how bad that was… wait a second… millionaires whining about minding hedge funds… I say, why not… why should these private pools of capital not have to disclose the same things mutual funds do… what is so special about hedge funds that they should get special treatment… because they are all rich people… what kind of nonsense is that… Obama is right on here… and think about it what is he specifically trying to do with hedge funds… oh the horror… he wants them to play by the same rules so that they do not bring the house down… after 8 years of living under Bush style lazy-fair insanity, this kind of thing may feel different… but different isn’t bad… this country has an interest in protecting itself, an interest in protecting democracy, an interest in protecting the capital work… so let’s reign them in… it is the right thing to do… the hedge funds almost brought us down in 1998... thank you long term capital… and we know that several of them almost brought us down last year when they went wild with redemptions… but courtesy of the Bush’s administration, nobody watching the store, nobody in the drivers seat regulatory style… we don’t know who these hedge funds are… we should know exactly who almost brought us down… and that is what Obama is trying to do… and how they did it.

While we are at it, Obama wants, get this, the paychecks of hedge funds to be taxed as ordinary income… unlike what many of these scoundrels do know, which is convert their paycheck into capital gains… who does this Obama guy thing he is telling rich people to pay their taxes like everybody else.. he is right… I ran a clean hedge fund for 14 years, do you know that I always paid, always paid myself ordinary income, I always paid ordinary income taxes… that is how everyone should do it… I was shocked to learn that these clowns weren’t doing it that way… to me it was blatant, illegal tax evasion… not acceptable tax avoidance and it should be prosecuted… the IRS should bring the case… it will win.

Third, Obama wants to regulate executive pay… I heard all day, boy that is terrible… you will hear over and over again from the lazy-fair types about how ridiculous this is… how anti-capitalist… I say please, like what we have been doing now has been great for capitalism… great for you… admit it the current system doesn’t work at all… we tried the lazy-fair way… it failed, it failed badly… you home gamers got clobbered… we taxpayers got clobbered… we need rules… the boards of directors totally let us down… the compensation committees totally let us down… Obama in this one is not letting us down… remember my limpness test, if it is good for share holders I am in favor of it… because it will re-instill confidence and re-instill fairness in the market and have stocks go higher… stocks are not a mugs game unless we fix this stuff… if we fix it they are not a mugs game… executive compensation has been blatantly unfair to you… we support this initiative… it is time for the government to step in and align the interest of management with the share holders… they sure weren’t aligned at AIG, they weren’t aligned at Citigroup, they certainly weren’t aligned at Fannie and Freddie… now they will be… hey listen, if that is communism then call me the general secretary of the party… we salute these efforts… I think they will send the market higher… make us money… remember what are we about… we are against this… why is this so hard for people to understand… maybe they don’t own stocks… we are against the great wealth destruction…we are in favor of wealth creation… maybe, I should say we are against people going to the poor house, we are in favor of springing people from the poor house… how about that?

Which brings me to the one thing that Wall Street seems to be taken well and with good reason… the banking plan… we didn’t rally today because the banking plan is perfect… or because it is big and bold and will fix everything… it isn’t… Geithner’s plan is the very opposite of a grand plan…what we have realized is that his plan is not make or break… there is no longer a gun to the head of the banking system… thanks to a bunch of little things… Ben Bernanke forcibly saying that there will not be anymore big bank failures… loosening mark to market accounting… the sense that nationalization which has been the jihad from the academics is finally off the table… the Feds TALF program, get private money in buy asset backed paper… now the headline with TALF was very small participation… only $5b… hey, $5b more than the we had the week before… and that is how I feel about the Geithner plan… I don’t expect tens of billions of private capital to rush in… I expect disappointment for the pundants who really don’t understand how the capital markets work because they have never worked in them… there isn’t that much risk capital left in this country… but some institutions will participate, some money will be raised, and some banks will dump assets… there is no reason to give Geithner the benefit of the doubt … I listen, I was criticizing this guy… and opposing his nomination, being heckled for it every day… still one more thing I did that I was trashed for everyday… now everybody says I was right… but it is not like they are going to give me the Congressional Medal of Anti-Geithnerism… but the plan will work… it is going to work… and so will the potential restoration of the Uptick Rule… and real enforcement of naked short selling… two things that will level the playing field… two things that we have called for forever because we are “insiders”.

When taken with everything else that is happening this is now enough economic kindling to create a GDP bonfire… it is a big deal… market consensus… you do not go up 500 on nothing.

Bottom line…