These things take time.
Hero: The hero of the Times Square bomb attempt was an immigrant. A Muslim. Senegalese newcomer Aliou Niasse was the first to notice the smoldering car and draw attention to it. He had no time left on his cell phone and realized his English probably wasn't up to the task, so he got a passerby to call 911. In Arizona the cops would have hauled him off to jail while the car exploded.
Office Pool: The government of Greece will fall in __ days. There will be __ Greek governments this year.
Grandstanding: The White House and Congress are falling all over their microphones, promising to make BP pay more than the statutory $75 million towards the cleanup of the Gulf Coast spill. Thing about laws in this country: we don't allow laws to be passed after the fact – or else a lot of my Nashville neighbors would be down applying for flood insurance.
Sic Transit Gloria: Khalid al-Falih, Saudi Aramco CEO came right out and said it: Look, folks, we're running out of oil and in just a few years you'll have to shift for yourselves. He dressed it up with numbers and such, but that's what he ment.
Garage Sale: The Fed's garage is overflowing with some $2.6 trillion in odds and ends it picked up at staying-in-business sales in 2008 and 2009. Things like $1.25 trillion in Fannie/Freddie MBS that are beginning to have an off odor. Make an offer – they're not expecting anywhere near what they paid. Or rather, you paid.
Herbert Hoover Redux: The IMF wants Greece to endure several years of savage austerity, with higher taxes, slashed spending, absent social services in the face of a deepening recession. In the end they well be impoverished, indebted, resentful, and still Greek.
Probabilities: 1. The coffin works, damages are limited to a few tens of billons, cleanup takes a couple of years. 2. Coffin fails, relief well works. Damages in the hundreds of billions, cleanup takes five or more years. 3. Nothing works for a long time. Damages in the trillions, cleanup takes decades. Chose the most likely.
Goes Around/Comes Around: There are only two solutions to the sovereign debt crisis — raise taxes or cut spending, or a combination of both. No, no. I'm not talking about Greece. The US of A. but the Democrats won't cut spending and the Republicans won't raise taxes and the Tea Party apparently believes in miracles, where there are no taxes and Social Security and Medicare are safe forever.
Cheap Shot: Yes, Steve's always been a control freak, but why is the FCC harassing Apple for abusing its economic power while Goldman, JPMorgan & friends run around free?
Doggie In The Window: Where would we be without offshore oil? That's where 2% of the world's supply comes from – about 1.7 mbd. Without it world prices might rise a bit. If we ignored the environment and doubled GOM production, the price might come down a smidgen.
Herersy: Economist Ernst Fehr isn't going to be invited to the parties any more. He's insisting that there is a deep-seated human preference for fairness that influences economic behavior. He wrote a paper on this and every prestigious economic journal rejected it. After all, it's obvious we are all economic automatons.