There is a very thin line between inflation and theft.
Economics 101, Day One: A corporation must inform shareholders of all materially significant financial data. It's called fiduciary responsibility, it's a matter of law, and Bernanke and Paulson are not included in an exculpatory footnote.
Nutshell: "George W. Bush, Dick Cheney, Donald Rumsfeld and a host of other top officials deliberately, willingly, and with malice aforethought, established a system of interrogation using brutal techniques that they knew were against the law."
Six of One... GM will shut most of its facilities for a minimum 9 weeks this summer. Sumer will begin in mid-May, just like school break. Maybe teh UAW will run a day-camp.
Field of Play: If it was just sub-prime, we'd be near the bottom. It's not, we're not. Option Alt-A and Prime each make the former look like tiddlywinks. California (where fads start) now is seeing new records set as prime loans collapse. Prime is turning out to be ground chuck.
Misfortune's 500: Fortune 500's profits have dropped 85% from 2007. One, Exxon Mobil, produced over 45% of the net profits of the whole group last year.
Pre-Need Alibi: General Guns-and-Money Petraeus has started laying the groundwork for acceptance of his alibi for screwing up US in Afghanistan even worse in the coming months.
Prognosis: Auditors report that nearly one-quarter of publicly traded companies may not live out the year.
One Damned Thing... Put 'Caribbean tsunami' on the list.
Explication: Paul McCulley of PIMCO : "In order to stop this downward deflationary spiral, we need the political will to socialize losses from which privatized gains have already been made." Translation - I'm done. You can get the bill now, leave a good tip.
Truth? A national study found that more than one in four kids drop out of high school. Makes ya proud.
Bang the Drum: Clinton says Pakistan's government is abdicating control to the Taliban. She apparently sees some fine distinction there. The Pakistani government has not abdicated, it has but recognized reality - a strange concept for a government. War there, war soon.
Charge It: Capital One expects US credit card losses to soon exceed 10% of the outstanding balance. Outstanding isn't the term I'd have used.
Shut Up and Listen: We don't listen thoughtfully to the other guy's point of view often enough, even when we should. Mr. Franks is a socialist-democrat or a democratic-socialist or something like that; he's also pretty thoughtful. Go read.
The Little Engine that Did: From 2001 to 2005, housing provided 30% of GDP growth and 50% of employment growth. What time's the next train?
Breaking Broken News: There are a lot of disgusting things about Fox News, starting with the obvious - it's not news. But the worst thing is people watch it. No one ever went broke underestimating the American public.
What's Wrong With This Picture? From day one, the TARP program depended on Wall Street acting responsibly, on their own, without adult supervision.
Porn O'Graph: Bank capitalization and derivative exposures.