“We are born brave, trusting and greedy – and most of us
remain greedy.” – Muriel Strode.
Red Queen Rule: The Pentagon has dismissed Peter Brownback, the Guantanamo Bay judge presiding over the case of Omar Khadr, after Brownback ordered the government to hand over documents about Khadr's treatment and interrogation.
ELM: If you haven't gone to The Oil Drum for your briefing on the Export Land Model, do so. Meanwhile, there's a graph from the EIA that's pretty sobering, here.
Too Good To Be True: BOA keeps dancing around actually consummating the engulfment of Countrywide. Perhaps a peek under the veil gave them second thoughts? Or maybe they can't make the dowry? How's the family going to react if the wedding's called off?
Hush! Dallas Fed President Richard Fisher : "The long-term fiscal situation of the federal government will be unimaginably more devastating to our economic prosperity than the subprime debacle."
Safe, Reliable... The widespread blackout in Great Britain occurred when 10 of British Energy's 16 reactors were out of service. Things were not helped when a German energy group insisted the Brits pay twice the going rate for emergency supplies. Enron would have charged more.
Mustache Twirling: Mortgage bankers of yesteryear were often portrayed as 'blood suckers' in the popular media. Turns out that the current boom in housing foreclosures is producing a bumper crop of mosquitoes in stagnant swimming pools.
Takes One... Former Press Secretary Scott McClellan says the Bush Administration would have said anything to start the Iraqi war. The White House says McClellan will say anything to sell books.
Getting Personal: According to the BEA, disposable personal income decreased less than 0.1 percent in April, as did personal consumption. Personal consumption makes up 70% of US GDP. No growth is Not Good. .But that's just the Bureau of Economic Analysis playing with numbers again.
It's For Your Own Good: The Indonesian government hiked the price of fuel by 30% as an anti-poverty step, saying that previous attempts to soften the impact of rising fuel costs were not helping.
Truth Or Consequences: If the lenders thought that "stated income" and all the rest of the unchecked data on mortgage applications would let them go after the borrowers for fraud, their thinking was as bad as their lack of due dilligance. That's what the judge said.
Tweedle Dumb: Exxon and Abu Dhabi are both loaded with oil profits. Abu Dhabi, unlike Exxon, is investing agressively in solar power. Exxon maintains it is in the oil business. Perhaps it's time to get into the energy business.
Once More, With Fleeing: The cost of insuring bonds issued by Merrill Lynch, Lehman Brothers, etc. is way up. Libor and Euribor spreads are back at record levels. The Fed has spent most of its allowance. Credit card and car loans are defaulting at increasing rates. Phase I was such a hit that Wall Street seems to be planning another summer sequel.
Porn O'Graph: Realtors Getting Real.