We always suspected the streets weren't really paved with gold.
Come On: The administration is now refusing to release the remaining Abu Ghraib pictures because they have the potential to cause harm to our troops
who committed war crimes in Iraq and Afghanistan. Do they really think that this time the pictures won't leak?
Snow Job: The annual scare-the-seniors parade is passing by, threatening armageddon and/or the poorhouse. True or True: A payroll tax increase of about 2% and expanding the tax to all income resolves the problem until way past death by global warming.
Leaner & Meaner: GM will close about 2,000 dealerships, which the market thinks is a good idea. Chrysler will close about 1,000. It will lead to the loss of about 250,000 jobs, which the market will briefly think is a good idea.
Sticks and Stones: The RNC, meeting in "an extraordinary special session next week" is expected to pass a resolution rebranding Democrats the “Democrat Socialist Party.” I'm not sure this will be binding on the Democrats or any of the news media except FOX.
Pocket Change: OMB expects Fannie and Freddie to ask for $92 billion more (they already got $79 billion) this fall. A trial balloon labeled "Kill Fannie and Freddie" is floating around the Beltway.
Happy Meals: Citizens 'happiness levels 'are highest in northern European countries - Denmark, Finland and the Netherlands are rated at the top of the list. The USA didn't make the top ten, but again swept the awards for obesity, infant mortality, and childhood poverty, although Turkey and Mexico beat the USA in these last two categories. The poor deluded socialists are apparently satisfied with their free medical care, too.
Open Secret: In the beginning, the Taliban was created by ISI and funded by the CIA. Another one of those things that seemed like a good idea at the time.
Contray Mary: Too many economists are now saying we're getting close to the bottom, that things are starting to improve. Hurry, run away, run away - these folks haven't been right yet...
Whistling Past the Graveyard: European output dives, hopes shift to US shoppers.
Another One Bites the Dust: Bolivia's Chacaltaya glacier, at 17,4000 feet, used to be the world's highest ski run. It used to be a glacier, too. Too bad about the skiing. Sad, too, for La Paz and El Alto which rely on summer melt from the glaciers for their water supply.
Greens, Shot: People without jobs that pay reasonably well are not able to buy stuff, much less buy stuff on credit - they are lucky if they can continue to "service" their debts. Who could have guessed?
Terminology; "Reversion to the mean" is a statistical concept that explains why house prices will continue to fall.
Phases: Gulf of Mexico oil production is expected to peak at about 1.78 mbd in 2013, then decline. Whether the decline will be faster or slower than Cantarell wasn't specified.
What If? What happens if even more pensions fail? What happens when the states can't raise enough money? Where are all the real estate gurus, mortgage clerks, finance nerds going to work? What if the economy hasn't turned the corner? What if job losses continue apace, mortgage foreclosures continue to rise and corporate bankruptcies spike? What if the banks are really insolvent? What if Bernanke can't prevent rampant inflation? Just asking.
Sub-Prime Redux: No money down - 100% financing. That's right, you can borrow your down payment from a friend or your in-laws, add in the $8,000 gift from Uncle Sugar and buy that FHA backed house with zero down! Great idea, what?
Porn O'Graph: Easy come, easier go - spending up 17%, income down 15% and the gap groweth.