"Don't count your recoveries before they're hatched." Paul Krugman.
As Goes Wal-Mart... CEO Mike Duke says Wal-Mart's customers are under a great deal of stress, fear unemployment, and are paying with cash - which leads him to believe the recession will not be V-shaped and a quick recovery is not likely. But what's he know, he's only using his 140 million US customers as a basis.
Trust Me. Mr. Bernanke, who has yet to pull the rabbit out of any of a dozen hats, says that he can wave his magic wand and make inflation disappear. Don't believe him.
Book Bucks: Research shows that charter schools do only a slightly better job than public schools academically. But they cannot do it at anywhere near the cost of the public schools; most fail financially. So much for the efficiency of the profit motive in education, which was the basis for the privatization propaganda.
Definition: Optimist - one who believes our civilization may not collapse outright, but will only gradually fade away, like the Romans.
Preview: Barry Diller, who has made a buck or two investing, says the chaos and destruction in the finance sector has yet to invade commercial real estate, corporate debt, over-leveraged acquisitions and re-capitalizations. But it will.
IOU an IOU: Arnold, a known deadbeat, wants to borrow some more money and promises that if he can't pay it back, his Uncle - the well known counterfeiter - will.
Losses Loom: With foreclosures up 46% y/y as the indulgent 'moratorium' expired, it will take about six months for the losses to show up on bank balance sheets. This year's expected 3 million foreclosures will show up somewhat sooner in a neighborhood near you.
Banks Against America: Mr. Bush was wrong, the true axis of evil is centered on Wall Street, not Iran.
Stirred, Not Shaken: The last time the earth warmed and the polar ice melted, the oceans rose nine feet in a few decades. The report suggested this a was "a distinct possibility within the next 100 years." Like so many things, most of them unwelcome.
Conundrum: General Growth Properties generally didn't grow. The nation's second largest mall owner (200 malls) filed for bankruptcy.
Lonely Star: Texas's Governor Goodhair Perry says Texas has the right to secede, and should do so. Fine, but they've gotta take all the Bush family with them.
Eager Beavers: NSA has been intercepting American's private e-mails and phone calls on a scale far beyond the 'legal' limits set last year. These warrantless violations of the constitution are not illegal acts, according to NSA, are but the result "unintentional overcollection".
Shiftless Pikers: JPMorgan reports that prime mortgage delinquencies could cost them $500 million in write-offs in the current quarter. Seems that, unexpectedly, the unemployed can't keep up their payments.
Porn O'Graph: Sales on Troubled Waters