Stocks are down this morning, presumably because short-term investors are cashing in on the recent rally. At least one positive economic indicator out today — consumer spending was up for the second straight month. Here are a few things to tickle your intellect:
What Did JP Morgan Learn About Madoff From Bear Stearns? (Clusterstock)
“Why the conspiracy theories? Part of it is the secrecy of Wall Street. There is still so much that goes on that banks refuse to publicly disclose, despite taxpayer investments amounting to hundreds and hundreds of billions.”
A Lucid Moment At GM (24/7 Wall Street)
“GM management has finally begun to wise up. Even if the government gives it every dime that it asks for and the Administration can bring the UAW and the company’s creditors to their knees, the No.1 US automaker has troubles that can’t be fixed.”
Moral hazard – lite and strong (Financial TImes)
“Now that there is no meat left on the shareholder drumstick, the rogue managers and employees are going after a piece of the really juicy bird – the ever-patient tax payer. I hope they choke on it.”
Control Freaks (Investor’s Business Daily)
“Yet, with all these plans to exert ever more control over the economy, few people are asking the appropriate question: Do those in government have the knowledge and ability to run our economy? The answer, put bluntly, is no.”
Unhelpful Metaphor of the Day, Poker Edition (Portolio)
“Can we please retire this stunningly unhelpful meme? For one thing, it’s responsible for altogether far too many scare quotes appearing in the mainstream media.”
Did the Fed Cause the Housing Bubble? (WSJ)
“I’m making a more modest claim: Mr. Greenspan was not to blame for the housing bubble.”
This witch-hunt is a dangerous distraction (Times of London)
“Now that banking has become a treasonable offence, bringing death threats and broken windows, we can assume that anyone who comes up before MPs will be asked “are you now, or have you ever been, a member of the investment community?”
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