SAR #9115/Weekender

When's the credibility/credulity bubble going to pop?

Tempus Fugit: Two weeks ago, Mr. Geithner told us all of the banks were just swell. Last week , "the vast majority" were okay. Today the Fed stands ready to "save" any that failed the stress test. Next week all but Citi and JPM will be beyond help....

Party Pooper: US manufacturing forgot to take part in the rally as durable output fell 0.8% in March. New 1st quarter orders were down 27% y/y.

Proof: Bush, Cheney & Company wanted to invade Iraq, but Iraq had no connection to 9/11. So, remembering that the North Koreans tortured Americans to get them to make false confessions, they had people tortured in order to get them to confess that Sadaam supported Al Qaeda, had WMD, financed and directed 9/11. All of which they knew were not true.

Rebound? Once the economy stops falling, where does new demand come from and how do we pay for it?

Say Goodnight, Gracie: First China was buying up oil leases. Then African land. Lately its been reinvented SDRs. Now China says it has increased its gold holdings by 75% in the last few years. Talk about yellow peril.

Trouble, Dude: This spring, teenagers' spending is off 14 percent. Must be at your house.

Reconcile: Javed Iqbal was sentenced to over 5 years in jail for a TV broadcast in NYC and "Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press..."

Asked and Answered: Martin Wolf: "Is the worst behind us?" No.

Junior G-Men: When I was a kid you spied on the neighbors, now instead of watching them, you watch what they're watching. Big fun & a marketable skill.

Another Scam: Congress is moving towards a bill that would give those who trade in their old clunkers $1,500 to $5,500 as a discount on a new car. This will act to drive up the price of clunkers and delay the purchase of new cars until the bill is passed. Then a lot of perfectly good cars that have been paid for and have already polluted the skies in their manufacture will be replaced by unpaid-for cars that will cause immense new pollution in their manufacture while running up billions more in Federal deficit.

Job Security: Apple is laying off 1,600 'geniuses'. Most of my friends are safe

Because: "America is more than a collection of policies. We are, or at least we used to be, a nation of moral ideals. In the past, our government has sometimes done an imperfect job of upholding those ideals. But never before have our leaders so utterly betrayed everything our nation stands for. "

Discuss: "US Existing-Home Sales Fall Despite Continued Price Declines". So, since interest rates are way low, what's the problem, why aren't you out there buying a house?

Recursive Justice: Obama is edging away from the Nurenberg defense, as public disgust forces him to shift his stance on waterboarding and the investigation of those who authorized it. Will he appoint a special investigator to investigate what's going on in his name at Bagram today, too?

Self Adjusting: Russia says there is no reason to intentionally cut oil output today because there will be a serious shortage in two to three years, no mater what.

Slow and Steady: Atmospheric CO2 continued its rise last year, reaching 386 ppm - the highest in over 600,000 years. Concentrations of atmospheric methane (25 times worse than CO2 as a greenhouse gas) resumed its rise after reaching a 10 year plateau.

Porn O'Graph: The 50 States of unemployment.