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Banking problems were at the front of the gauntlet of bad news. The rise in prime mortgage defaults dampened the hopes that the housing market was in the midst of a comeback and the first few companies that have announced earnings have done no better than their gloomy forecasts said that they would. Berkshire Hathaway (BRK) lost its Triple-A rating as GE (GE) did just a few weeks ago. The period of the Fort Knox balance sheet is over in America. As of the Berkshire news, all corporate debt officially carries risk...
...stock market stormed up Thursday on good earnings news from the bank sector, but there was bad news on another front that could undermine the surge. The second round of the Federal Reserve's attempt to restart the nonbank consumer-lending market, the so-called TALF program, went even worse than the faltering first round did last month. The poor performance is causing some Fed officials to doubt the entire premise of the effort to restart nonbank credit markets. "We know there are people out there interested in putting subscriptions together," says a Fed official, "but the larger question...
...even fake humility through transparently self-deprecating jokes. So my desire to be in magazines and on TV and on the stage of your child's school play is not a problem. "If you were living in Greek times and decided you wanted to speak in front of the Athenian assembly, does that mean you're a narcissist or that you wanted to participate in the institution of the times?" Pinsky asks. I'm not sure, but I do know that he nailed my main reason for hoping someone discovers a time machine...
...mutilators are racing star Danica Patrick, a northern Illinois native who rooted for the home team in 2006; the hoarse and possibly inebriated Eddie Vedder, who sounds like he's asking someone to buy him "some peanuts and crack;" and in an appalling lack of judgment by the Cubs front office, Ozzy Osbourne, who sang not a single word of the song correctly. Thankfully, no chickens were harmed. And mysteriously famous American Idol castoff William Hung? Perhaps it's better to forget that altogether...
...militants fighting inside Pakistan but has not targeted those militants - including Mullah Muhammad Omar, the leader of the Afghan Taliban, believed to be hiding in Quetta - who attack only U.S. and NATO forces in Afghanistan. The army says it has certain priorities and cannot risk opening up another front, given its stretched resources, by attacking those groups...