Items of Interest:
Barack Obama / Washington Post:
The Action Americans Need — By now, it's clear to everyone that we have inherited an economic crisis as deep and dire as any since the days of the Great Depression. Millions of jobs that Americans relied on just a year ago are gone; millions more of the nest eggs families worked so hard to build have vanished.
discussion:William Kristol / PostPartisan: The Republicans' OpportunityJoe Klein / Swampland: Stuffing the Sausage — Barack Obama's op-ed piece …Aziz Poonawalla / City of Brass: the White House Office of Faith Based and Neighborhood PartnershipsBob Cesca / The Huffington Post: Operation Zero CredJ.D. Foster / The Foundry: In Pursuit of Failed TheoriesSean Quinn / FiveThirtyEight.com: “Time for Talk Over,” White House Tone Changes on StimulusJoe Sudbay / AMERICAblog News: Flashback: It was the Republican's economic philosophy that caused the crisis.DownWithTyranny!: Obama Ready To Fight Back?Arthur Silber / Once Upon a Time: Fear Itself, and the Deadly Varieties of State TerrorismLiberaljournal / THE LIBERAL JOURNAL: Stimulus Update — Barack Obama made his public plea for passage …Dwayne Horner / Townhall.com: Obama Fights, America DisagreesDhinMi / Daily Kos: Senate Dems Ready to Abandon Bipartisanship, Pass Stimulus?Booman Tribune: Philosophical Differences in ActivismDesmoinesdem / Bleeding Heartland: Grassley names his priceFinancial Times: Dispute intensifies on US stimulus planBrian Beutler / Matthew Yglesias: Breaking! — The Washington Post ran an op-ed today by somebody …
Mary Katharine Ham / Weekly Standard:
discussion:Patrick O'Connor / The Politico: Pelosi on Obama: ‘We have his back’ — WILLIAMSBURG, Va. …Digby / Hullabaloo: Call For The Smelling Salts
discussion:Little Green Footballs: Democrat Spending Spree Even Worse Than You ThinkCarol Platt Liebau / Townhall.com: Obama's Misleading, Partisan Appeal
GE chief warns on US depression threat -- The US economy is suffering its steepest downturn since at least the 1970s and could descend into a depression, Jeff Immelt, General Electric’s chief executive, warned on Thursday.
He said businesses and consumers alike were struggling to contend with tumultuous markets and a financial-services industry under siege.
“Unlike the other downturns that I’ve been a part of, this one is faced with limited liquidity,” Mr Immelt, GE’s chief since 2001 told a conference. “Once you break through ’74-’75, you don’t stop ’til you get to 1929.”...
Court Filings Show Real Estate Families’ Madoff Losses -- New York’s real estate industry is not only coping with a troubled market that shows few signs of life in the coming months and even years. Now some of the city’s most prominent real estate figures have been hit with a double whammy. Many of them are investors and now appear to be victims of Bernard L. Madoff...
Larry Neumeister / Washingtonpost.com
Actors, baseball legends on Madoff client list — NEW YORK -- Hall of Fame pitcher Sandy Koufax. Broadcaster Larry King. World Trade Center developer Larry Silverstein...
Madoff Marketer Met With U.K.’s Prince Charles, Markopolos Says -- Bernard Madoff used high-profile recruiters to target royalty and wealthy Europeans including Britain’s Prince Charles, whistleblower Harry Markopolos said.
Prince Michael of Yugoslavia was an executive of a so-called Madoff feeder fund, Access International Advisors Ltd., when he met Prince Charles and his sons at a polo field during a marketing tour in 2002, Markopolos said...
Madoff Investor Sues Ex-Wife for $2.7 Million Divorce Payment
Jack Healy / NY Times:
Regulator Says Bailout Fund Overpaid Banks -- A regulator overseeing the government’s $700 billion bailout testified Thursday that the Treasury Department paid $254 billion for $176 billion of assets — a shortfall of $76 billion...
Worst Post-Election Day Returns Since At Least 1900 -- Not many people thought that running the country was going to be an easy job for President Obama, and based on the Dow's returns since election day, the market doesn't think so either. Below we highlight the performance of the Dow this many days past election day for all Presidential elections since 1900. As shown, the Dow's decline of 17.78% since Obama's election 93 days ago is the index's biggest drop following any election in the last 108 years...
Mortgage rates hit six week high -- The 30-year fixed rate jumped to 5.70%, and more volatility is expected as Senate debates the economic stimulus package...
- Is the United States Going the Way of Japan? - Nouriel Roubini, Forbes
- First Glimmers of Hope Begin To Emerge - A. Evans-Pritchard, Telegraph
- Just Wait Until Pension Funds Start Imploding - Jon Entine, Reason
- Subprime Has Had No Equal in Impact. Until Now, Perhaps - Economist
- How To Create 4 Million Jobs in 90 Days - Ronald Cooke, Financial Sense
- Is It Too Late To Avoid a Depression? - Jon Markman, MSN Money
- The Next Economic Shoes To Drop - Desmond Lachman, The American
- Citi Hides Mystery Meat in Balance Sheet - Jonathan Weil, Bloomberg
- Michael Lewis Is America's Money Laureate - Chadwick Matlin, Big Money
- The Economy: First, Do No Harm - Diana Furchtgott-Roth, RealClearMarkets
- James Galbraith: Spend Now, and Spend a Lot - Pat Regnier, Fortune
- Obama's 'Screw Up' Puts Geithner On Thin Ice - Caroline Baum, Bloomberg
- Economists: The Forgotten Guilty Men - Anatole Kaletsky, Times of London
- Today's Mistakes Have a Familiar, '30s Ring - Tom Stevenson, Telegraph
- Bailed Out Finance Firms Are Now Wards of the State - Nicole Gelinas, IBD
- Bad Time For An Exodus of Street Talent - Terence Corcoran, National Post
- To Ease the Credit Crunch, Let It Be - John Tamny, RealClearMarkets
- The GOP Has a Dumb Mortgage Idea - Ed Glaeser, Wall Street Journal
- Wall St. Pay Moves In Cycles (Guess Where We Are Now) - Steve Lohr, NYT
- Obama's Pay-Cap Plan Could Wreck Banking - Charlie Gasparino, Dly Beast
- Proclaiming The Death of the Equity Cult - Neil Hume, FT Alphaville
- AIG's Implosion Explained by 'Two Cows' Story - John Carney, Clusterstock
- Real Stimulus: Force People To Pay Down Their Debts- Big Picture