The emperor is most certainly naked.
Reality Check: Most of Houston, the nation's fourth-largest city, is still without power and will be for another week. It will take up to six weeks to restore the water system. Toilets need water to flush, which presents a larger problem than electricity for the inhabitants. The 15,000 people remaining in Galveston have no electricity and very limited water and sewer service. Most of Galveston is still covered by floodwaters. Wonder why this isn't headline news in the MSM.
Relativity: Here's the deal: Lend Uncle Sammie $100 today, and for Christmas Uncle Sammie will give you $100.02 back. And it's a good deal, too.
Alfred E. Neuman: July 21st, Paulson "Our banking system is a safe and a sound one." September 16th, Paulson remains confident "in the soundness and resilience in the American financial system." September 17th, Paulson has laryngitis.
Chicken Egg Chicken: The price of oil has destroyed enough demand that the price of oil has fallen to where the cost of producing oil is causing producers to cut back production, which will drive up the price of oil.
Odd Jobs: The Treasury announced it will sell T-bills to get funds to pump up the Federal Reserve. They also announced a series of Bake Sales to be held on alternate Thursdays.
More of the Same: Under protection of the President's constitutional power to kill people who live near countries he doesn't like, the US lobbed four missiles into Pakistan killing five
people militants. Admiral Mullen, Chairman of the Joint Chiefs, issued a statement reiterating US commitment to respect Pakistan's sovereignty when it's not inconvenient to do so.
Silly Season: Not understanding concept of 'moral hazard', some of the elite want to create a Federal Agency that would "relieve financial institutions of their toxic securities". It would also walk the dog, do the floors and wash the windows.
Revenge: If your 401k is now a 201e or less, you probably feel like doing something. Michael Louis has some suggestions.
Oliver Twisted: After this weeks stirring display of resolve by Bernanke, Paulson & Co., more and more institutions will be approaching, bowls in hand, asking for another helping. Harvard Business is starting a course in Bailout Capitalism.
The Graduate: A study published in the Journal of the AMA found that the common plastic component bisphenol A is linked to such health problems as a doubling of the rate of heart disease and diabetes. Hundreds of independent studies in animals indicate the estrogen-like chemical poses serious risks. The Bush Administration, citing
checks from studies by the chemical industry said that bisphenol hasn't yet killed enough people to pay attention to the science.
Good Tidings: The most encouraging news on the economy came out of Washington today when Senate Majority Leader Harry Reid said Congress was unlikely to pass legislation to overhaul financial regulations this year because "no one knows what to do.'' Meanwhile House Majority Leader Hoyer said the idea of having a Federal agency to buy up 'distressed' (aka toxic) debt
is the silliest thing he's ever heard won't be considered before the elections because the voters would tar and feather anyone who voted for it.
Porn O'Graph: Put it under the mattress....