"The sky is falling" is now considered a reasonable opinion.
Job Performance: GM is cutting 10,000 salaried jobs and reduce other salaried workers pay by 10% so it can meet the government's bailout terms. Wouldn't you love to see Citibank and BofA make the same announcement?
Turning Up The Heat: Scientists, having overcome their reticence of late, now warn that our responses to date and those now being planned are not sufficient. Studies since the last IPCC report show that global warming is accelerating far beyond old expectations. The sea is rising faster, ice is melting faster, CO2 levels are rising faster, permafrost is starting to melt, the oceans are growing more acidic and are absorbing less CO2. It is not a case of "can we keep it to only a 2ºC rise?" but rather, can we survive a 4ºC rise? Do we really want to find out?
Mumbo Jumbo: JPMorgan says prime-jumbo mortgages are going belly up twice as fast as previously predicted.
Tact: In a gentlemanly attempt not to scare the women and children, former economic advisor to the British Treasury Edwin Balls proclaims "this is becoming the most serious global recession for over 100 years." Wouldn't do to use the 'D' word in polite discourse.
Women and Children Bankers First: Ignoring Fact #1, which is that US banking system is insolvent and needs to go bankrupt, Geithner sets out to save the banks by (1) giving the banks a lot of money - lots more than they're worth, (2) not telling them what to do with it (3) helping the rich buy banks' bad assets by guaranteeing their losses (4) giving banks $1 trillion to lend to overextended people, and (5) praying for a new bubble.
Needs Work: the 60-story John Hancock tower is facing foreclosure and is scheduled to be auctioned off next month. Might be a good location for a used book store & laundromat.
Proportion: Japan's economy is contracting at a 12% annual rate, Spain's unemployment is at 14.4%, Ireland lost 36,500 jobs in January - that's as if the US lost more than 2 million last month. Canada lost 129,000 jobs in January - the equivalent of 1.2 million in the US.
Quelle Surprise: Another application of the same ineffective nostrum did not cure the market. What did you expect?
Causation: As the climate models predict, global warming has produced a 12 year drought in southern Australia. (After 12 years it begins to look like a permanent change in climate, not a drought.) The models also predicted an increase in windstorms, which came just in time to drive the worst firestorm in Australian history. For the record, the worst polluting coal-fired power plant on earth is in Victoria.
Just Say No: Just as a 40-year-old woman has an increased risk of bearing a child with Down syndrome, 40-year-old men have an increased risk of fathering a child with schizophrenia, and a 6 times greater risk of his child being autistic. And the older the riskier.
You Are Poor, Too Bad: That's the message behind the unbelievably stupid stories about how no one can possibly survive in NYC on less than $1.3 million a year, certainly not on just $500,000. Tell that to the people who clean the offices, pour up the coffee, dance at ABT... No wonder some of executives get around in armored cars.
Credit Scare: If you stop shopping at Macy's and start running up the bill at Wal-Mart, your credit card company may think you've become a worse risk, cut the limit and increase the rate.
Do Not Pass
Go $200 Billion: Fannie and Freddie now need another $200 billion. Notice how all the Fannie/Freddie, Treasury and Fed bailout stuff, trillions and trillions, just glides along, and $35 billion for alternative energy gets everybody upset?
Porn O'Graph: It's a capital idea, bank on it.