“When you’re upset or depressed, should you analyze your feelings to figure out what’s wrong? Or should you just forget about it and move on?” There is a third alternative.
Bailout Could Deepen Crisis, CBO Chief Says. “During testimony before the House Budget Committee, Peter R. Orszag—Congress’s top bookkeeper—said the bailout could expose the way companies are stowing toxic assets on their books, leading to greater problems. ‘Ironically, the intervention could even trigger additional failures of large institutions, because some institutions may be carrying troubled assets on their books at inflated values,’ Orszag said in his testimony. ‘Establishing clearer prices might reveal those institutions to be insolvent.’” My italics. In other words, we’re being railroaded into bailing out stereotypical used-car salesmen and their lemons.
Wall Street Journal:
NY Times Asia Pacific:
China’s Milk Scandal Now Seen as Risk in Europe. Not just Europe. “The United States this year has imported 2 million pounds of a milk protein called casein and other powdered milk proteins that are used as ingredients in many processed foods, according to FDA figures. This includes 293,000 pounds that were imported in July, when some Chinese authorities were aware of the contamination of dairy products with melamine. The Food and Drug Administration did not immediately return calls for comment.”
So, if you’re in the habit of chugging back creamers and such, you might want to have that lower back pain checked out. And take your kid in for a check, if you’ve been using powdered milk products. If it’s cheap, everyone’s using it ... and they’ll only let you know after they’re caught.
NY Times Media & Advertising:
NY Times Business:
Strikes me, if you’re a bank getting bailout cash, and you’re not loosening your purse strings to get credit flowing, that taxpayer cash flow should stop.
SF New Mexican:
The new Santa Fe Community Convention Center opens today. I’ll bet the hotels are breathing a sigh of relief. 18,000 square feet of main ballroom space, 8,000 sq feet of separate ‘breakout room’ space. Personally, I would have specced a bit larger and more breakouts, but then I’m used to larger shows. That it sits atop a 512 space parking garage is excellent.
Ex-bankers on pushing customers to rack up debt. You’re the mark, the person on the phone is the shill.
Random observation: Once upon a time, it was fashionable to dump on lawyers. Now, it’s bankers.
Ah, the joys of flying.
Peaceful, calm ... quiet.
China banks told to halt lending to US banks-SCMP. I bet right about now the deregulation Republicans are letting the water fall on the floor. If Japan stops also, then no more deficit spending.
If any of ‘em comes up with the old ‘balanced budget’ canard, I’ll blow my top.
Later: See the comments to this post, before judging the news item.
Frank Says House, Senate Democrats Have Financial Rescue Deal. Another interesting article, in addition, on the ratings outfits: “I view the ratings agencies as one of the key culprits. [snip] They were the party that performed that alchemy that converted the securities from F- rated to A-rated. The banks could not have done what they did without the complicity of the ratings agencies.”
NY Times Politics:
As Homes Are Lost, Fears That Votes Will Be, Too. “But the number of people who have moved, through foreclosure or for any other reason, far exceeds the number of people who have notified their election boards. In Ohio, 375,000 people filed change-of-address forms with the Postal Service, but when state officials sent them cards asking for updated registration information, only 24,000 responded. In Missouri, where 250,000 people notified the Postal Service of their move, only 22,000 told the election board.”
King Richard II’s recipe book to go online. “Forme of Cury, which was written in 1390 in Middle English, details more than 200 recipes that were cooked in the royal household, including blank mang (a sweet dish of meat, milk, sugar and almonds) and mortrews (ground and spiced pork).”
NY Times Politics:
McCain Seeks to Delay Debate. He knows he’s seriously down in many polls, and needs to do something that looks ... Presidential. Two more votes (his and Obama’s), a passel of grandstanding, will do little to push Congress either way.
Interesting timing, however. Read this.
NY Times World:
As “The English Patient” has a tragic ending,
Had some server issues, ate up all my weblogging time. Later, taters.
NY Times Opinion:
The Buck Stopped Then. “... the Nixon administration, on Aug. 15, 1971, decreed that the dollar would henceforth be convertible into nothing except small change. The age of the pure paper dollar was fairly launched.”
“We in America today are nearer to the final triumph over poverty ...
... than ever before in the history of any land.” Herbert Hoover, a few months before the stock market crash of 1929. Another Republican who believed we had a strong economy.
Stars Migrate Through Galaxies, Study Suggests. Swagmen of the galaxies.
Adobe CS4 To Be Accelerated By NVIDIA GPUs. Wouldn’t you know, I have an ATI.
“don’t you know that you can count me out ... (in) ...”
I must’ve heard “Revolution” played a half-dozen times driving in to town today on different stations. I assume that’s the prevailing mood among DJ’s ... ?
“He is like a thief, but he’s not injuring anyone.” Will ‘thievery’ be the postmodern opinion of street photography? A look back at Cartier-Bresson.
Obama: Wall St. bailout may delay spending programs. Of course it will. Kudos that he had the honesty to admit it. It’ll cost him some poll numbers, telling the truth.
No doubt McCain will try the supply-side, “we can tax-cut our way out of debt” idiocy. And fools will believe him.