How quickly we see the clowns enter the room as long as they have the opportunities for 5 minutes of face time to show the constituency back home how deeply they care about the little people.

The grown-ups were absent today. Instead we had pompous rhetoric from both sides of the aisle attacking a plan that isn't even fully formed and hanging ornaments like a Christmas tree on a proposed bill that presents the face of capitalism to the rest of the world trying to show that they are using their best efforts to not only form a floor under the real estate market which is at the crux of the problem, but also trying to find a way for these guys to assume your debt on your new washing machine that you now feel you are not justified in making the payments on.

These guys from both parties are the same ones that along with Greenspan convinced lenders to give open lines of credit to anybody who could sign their name or mark their "X" on the dotted line. Greenspan convinced everyone that it was to their benefit to give no verification low cost loans to the masses because home ownership was good and housing prices would always go up. The congress applauded and gave lenders free rein and promises of insurance against loss.

Today was all about high theatre. These jokers have to go home next week to campaign for their house and senate seats and they need to be able to tell the folks at home they did everything in their power but were just outvoted in their resistance and did what was necessary for saving the country.

THAT is why the legislation will be passed...If they don't pass it they can't go home on recess and campaign for the month of October before the elections.

Enough of the rant, but this is exactly the reason I said to stay away from this toxic market UNTIL we have a piece of legislation and we know where all the body parts are.

Some are already placing their bets. One of the shrewdest Warren Buffet announced after the bell that he is injecting 5 billion into Goldman Sachs for "perpetually preferred stock" with a hefty dividend provision as well as warrants for another 5 billion within the next 5 years. This makes one wonder WHY he would make this decision before legislation is in place. Warren has a record of getting involved on a meaningful level, but ONLY when his profits are guaranteed money-in-the-bank.

Goldman spiked 8 dollars, the Financial SKF spiked as well and SP500 futures rose 16 points in after hours trading wiping out the losses of the day which were purely tied to the performance of the committee. Blackstone Group is looking forward to putting its capital to work in a big way as soon as a deal is done and Flowers is buying a minuscule bank (14 million in assets) so they can classify as a bank and participate in the opportunity to buy some of the distressed properties. These folks are going to be the private equity players who make the whole scheme work. They are going to add the liquidity needed to ease up credit not just for mom and pop, but for even the big guys like Caterpillar that tried and wasn't able to get financing this week. One of the biggest and best capitalized firms in the world has to put its own balance sheet to work because the system is in gridlock.

If you are going to be in front of CNBC tomorrow morning you might want to take it off mute. I will be as Warren explains his actions at 8am...an hour and a half before the markets open. This is one talking head I will listen to intently.