SAR #12164

Unemployment is just Mr. Market doing his job.

Net Worth, American Family Edition: The Fed says the median net worth of American families dropped nearly 40% from 2007 to 2010. Don't panic, the difference between $2.50 and $1.50 is less than a cup of coffee. Nothin' from nothin' leaves nothin'.

Rules Of The Game: If austerity doesn't work, flog the peasants and try again. Two, it is best to get most of the details of a bailout worked out before the bailout is announced. Clearly the problem in Spain and Italy is that there has not been enough suffering for the people nor bonuses for the bankers. But don't panic, The Mitten's economic advisers are sure the problem requires the adoption of more austerity

Faith Fully: The NYT is reporting that The Mitten “will strongly push school vouchers if he gets into the White House,” citing his belief in the wisdom of the free market. You know, the one that brought us the housing bubble and crash and all that jazz.

The Wars Drone On: The more civilians we kill with drones, the more terrorists there will be to kill with drones and the more power the US executive branch will gather into its grasp. A vicious cycle that will eventually be interrupted by a terrorist drone flying down Main Street, seeking revenge.

Watch This: The FEC says former Senator Larry 'Wide Stance' Craig misused hundreds of thousands of dollars in campaign funds to pay his legal fees arising from his airport bathroom habits.

War Games: A UN report claims Syrian troops and a militant group loyal to Assad is responsible for boys as young as 10 being tortured and infants facing execution in their beds or being burned alive. The US says there is little it can do, while the Russians send more assault helicopters to Syria. Seems almost like old times.

Eppur si muove: Virginia Republican forces scientists to stop using ‘climate change’ terminology because it is “liberal code” which – if used - will bar scientific proposals from being funded. For example, changing the term “sea-level rise” to “recurrent flooding” got $138,000 in funding.

Yoda 2.0: The chair of The Mitten's national steering committee insists claiming that state and local government needed to cut back on teachers, firefighters and police is part of the “wisdom” that Romney will bring to the White House.

Crysalysis: The Spanish EFSF loans will morph into ESM debt when that fund comes into existence, making today's senior bond holders tomorrow's juniors. Makes you want to run out and buy some Spanish bonds just to watch the transformation. Or the bonds of any of the once and future PIIGS. Don't stand between Angela and the money.

Like Ships In The Night:US negotiators are quietly slipping out of Pakistan without securing a land route to Kabul through Pakistan. The US says the bribes required would be too high, the Pakistanis say no more drones.

What Could Go Wrong? Ohio State is going to lease out the university's parking to an Australian company on a 50-year trial basis.

Out Of The Bag: It seems some folks are upset that America's industrial policy is run by the Pentagon for the benefit of defense contractors and retired admirals, and would rather have an industrial policy aimed at jobs and rebuilding the economy. Jeez, nobody keeps a secret anymore.

Stumped: Over 120 dolphins have died off the Texas coast, prompting an investigation into possible causes like the drought-related algae bloom or a more widespread mortality event that has plagued the northern Gulf of Mexico for two years - gee, what happened in 2010?

The Parting Shot:

Quit bugging me.