America has rescued itself before.
Depending on the Definition of 'Is': Citi reported earnings of $3.8 billion, based on earnings of $500 million and the enthusiastic application of accounting magic. Goldman Sachs lost $383 million this quarter - $.84 a share. Couldn't happen to nicer Masters of the Universe.
It's A Girl Thing: Thousands of Yemeni women demonstrated in Sanaa, begging the UN to intervene in the ongoing strife with the American-backed repressive dictatorship. Elsewhere, the Arab League has given Syria's President Assad 15 days to come to his senses or else.’ Or else’ what was not specified.
Price Tag: In order to save its banks, Europe needs to impose some $7 trillion worth of austerity measures on the hapless citizenry, rather quickly. This will, of course, ensure a decade or more of chronic depression-level economic misery, but must be done to save the rich from their mistakes.
For Want of a Nail: Amazon, which first taught readers they didn't need bookstores, then freed them from print itself, is about to demonstrate the antiquity of the publishing business. It will publish 122 books this fall, in both physical and e-book form. It is the natural step in the progression from movable type to no type at all.
Get Out the Vote: Ex-wannabe (well, he's probably still a wannabe but he's aware that it is not going to happen) Mike Huckabee suggests that one fine way to insure the Republicans carry the day is to slash the tires of known Democrats on election day. So many of us vote early/absentee anymore that this will probably not work.
Getting to Zero: Empirical data suggests that, contrary to established theory, lower, zero and negative interest rates actually prompt people to save more, not consume more. And followed to its extreme this can (in theory) lead to total state ownership of everything. Or so this interesting theory suggests.
Politics, Illustrated: In a perfect demonstration of the logic of politics, the Department of Agriculture is being chastised by senators from potato-growing states for attempting to fight America's obesity epidemic by cutting down the starch in school-kids lunches. Profits, and thus votes, before children's health; sounds about right.
Acceptable Risk: Four US banks: JPMorgan, Citi, BofA, and Goldman Sachs hold 95.9% of all American-held derivatives. They say that the risk inherent to derivatives is modest and under control. Yet the notational value of outstanding derivative contracts is above $600 trillion. The total annual output of the entire world is only $65 trillion. Even if only 10% of derivatives were to go splat there would not be enough money in the world to kiss it and make it better. But the experts say that less than $8 trillion is actually at risk - as though that's supposed to make us feel better.
Secret Is As Secret Does: According to the administration, the federal government's interpretation of the Patriot Act
is so flaky it must be kept secret. Not even a redacted version will be released in response to FOI requests. If they let you see it, they have to cart you off to Guantanamo - for your own good.
To Better Serve... Verizon is selling to third-party marketers your Internet history, your cellphone usage and location at the time of use, and the applications you use on your cellphone. It's part of the service and there will be no extra charge.
Multiple Guess: The Arctic Ocean will be ice free in: a) 100 years. b) 50 years. c) 25 years. d) 10 years. These estimates, in this order, have all been “right” at one time or the other over the past decade.
Them: Wannabe Ron Paul wants to cut the federal workforce by 10%, eliminate five Federal Departments - starting with Education and Energy. He would cut the federal workforce by 10%, cut the EPA's funding by 30%, eliminate taxes on capital gains and dividends and do a whole bunch of other silly things. This may explain why Mr. Paul gets
the respect he deserves little respect in the mainstream press.