At this point faster may not be better.
It's Only Make Believe: The IMF doesn't have €600 billion ($800 billion) to lend to Italy. €600 billion ($800 billion) wouldn't be enough. And then there's Portugal. And Spain. And France. Jeesh, get a grip.
It's A Free Country: Remember TARP's $700 billion? Okay then, do you remember $7.77 trillion in secret loans and guarantees to the banks? Oh, right. They were secret. Because, Bernanke says, the banks wouldn't take the money if they had to do it in public. And bread eaten in secret is sweet.
History Lesson: Lots of talk this weekend about various ways Germany can take control of the rest of Europe through elaborate charades in Brussels aimed at gaining “closer financial integration... and joint control over the budgets of the member countries, including intervention rights if individual countries should violate the agreed rules.” The last time this sort of dominance was sought, the US had to bail out the whole continent. Probably will have to again.
Can You Hear Me Now? For over three years the 250 million-plus computers with iTunes installed have been open to
intelligence and police hackers. Apple, which learned of the vulnerability in 2008, patched its software this month.
It's A Gas: Egyptian security forces are believed to be new crowd control gases against civilian protesters in Tahrir Square, agents that causes epileptic-like seizures and unconsciousness. CN and CR gases are both suspected, while some symptoms found in the afflicted may come from CS gas that is a decade or more beyond its 'best if used by' date.
Blow Some My Away: Denmark plans to get about half of its electricity needs from wind power by 2020.
The Years of Living Dangerously: Nearly half [45%] of Americans do not earn enough to set aside money after their basic expenses to provide savings for things like college or an illness. Most can't cover replacing the air conditioner or refrigerator without paying ruinous interest rates. They are not officially poor, but they are damned near destitute.
Let Them Freeze In The Dark: GOP wannabee Herman Cain is opposed to extending unemployment benefits and wants payroll taxes returned to their previous levels, calling both “distractions” - as though hunger and homelessness weren't pretty distracting. Never mind that the CBO finds the payroll tax cut to be one of the most effective ways to create jobs, right after continuing aid to the unemployed.
We Come In Peace: US-led NATO helicopters and fighter jets attacked two Pakistani army checkpoints, killing 24 soldiers. The last time the US launched such an attack the Pakistanis closed the Torkham border crossing into Afghanistan (through which most of the fuel for US forces is trucked) for ten days. Happy Motoring.
Report Card: Black Friday sales – no matter how strong – do not say anything about the US economy and certainly cannot be interpreted in terms of job creation. The big sales are in TVs, PCs, iPhony things, software and games, none of which is made in the US. All the sales suggest is how much further the customer went into debt.
Drill, Baby, Drill: Over a decade ago the vast petroleum resources in Kazakhstan were said to be the future of oil. Eleven years and $39 billion later, Exxon, Shell and their partners have yet to sell a drop of oil from “the biggest find in 40 years”. The goal is to produce a quarter million barrels a day. Eventually.
Nutshell: In Case You Were Wondering Why We Keep Bailing Out Wall Street... the finance industry has bought both sides of the aisle.
Follow the Money: Why has Homeland Security begun co-coordinating multi-city police raids on #Occupy protesters? What is the clear and present danger they present? Perhaps it is their call to get money and corporations out of politics. Or reform and meaningful regulation of the finance industry. Or perhaps it is their desire that Congress no longer be permitted to enrich themselves in ways that are illegal for ordinary citizens. And DHS does not decide to encourage mayors to order their police forces to make war on peaceful citizens without getting approval from the White House or Congress. Someone authorized this, intending to do away with the movement. Instead it fanned the flames.
Porn O'Graph: Don't upset the voters.