If the free market works, why isn't it?
Beggar Thy Neighbor: OPEC's problem with reducing oil supplies to raise prices is that each nation needs oil revenues to survive. If oil drops by 50%, they need to sell twice as much - not less to prop up the price at less than their budgets call for. Let the other guy sacrifice. Sound familiar?
Test Driven: The global auto market may "collapse" in 2009, says J.D. Power and Associates. Not slowdown, collapse.
Put a Fork In It: Argentina plans to seize $29 billion from private pension funds to fend off default on its international debts. Let's hope Paulson and Bernanke are a bit more subtle.
R for Redundant: Congress is considering establishing (another) domestic intelligence agency, to specialize in rooting out terrorists, spies
, abortionists and Jon Stewart .
Oh, Look! See The Dog: Mervyn King, Governor of the Bank of England, "Not since the beginning of the First World War has our banking system been so close to collapse."
Diaper Economics: More people are buying supplies of diapers and baby formula around paydays, and for cash. Wal-Mart says this is a sign that customers are shopping less, have run out of credit and are cutting back, way back.
Great Leap Backward: China now emits about the same amount of greenhouse gases as the US. By 2030 it will emit CO2 equal to about 4 billion tons of carbon, compared with global emission of 8.5 billion tons today. Party on.
Calpers Model: The California Public Employees' Retirement System has lost over 20% in the last quarter. Still, beats the Argentinian solution.
The Muslim Candidates: The Extremism Unit of Great Britain's Prison Service will undertake to cure Muslims of their fanatical beliefs through "de-programming" and other brainwashing techniques. Where're Stanley Kubrick and Malcolm McDowell?
Spin's In: When Obama sweeps into office with a Democratic House and Senate behind him, it will be because America is a conservative nation. Yep, the commentariat are already on the practice field.
Early Days: Wachovia has taken the lead as the Biggest Loser with $23.7 billion in 3Q losses. Not bad for a middle-weight; let's see what the big guys like Citi and UBS can do.
False Profits: Instead of the promised land of high returns, CDOs are inflicting losses of up to 90% on investors. These losses will exceed the $660 billion loss financial firms took on sub-prime backed securities.
Freedom to Suffer: John McCain sneers at the idea that health care is a basic human right to be provided and regulated by the public in a civilized nation. McCain backs the GOP idea that it is commendable to make a profit from pain and suffering.
Pay, Pal: Last spring the developed countries promised to give $12 billion in food aid to the less fortunate nations. So far less than $1 billion has been forthcoming, which is actually an improvement over previous broken promises.
Porn O'Graph: Credit where credit's overdue.