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Marketplace Scratch Pad

Morning Reading

Scott Jagow May 5, 2009

Good morning! Back from vacation. Thanks to Paddy Hirsch for a great job filling in on the blog. I see the banks are supposed to get their official stress test results today. Reuters says about 10 of the 19 banks will be told they need to raise more capital. Let’s hope it isn’t taxpayer capital. Some good readin’ this morning:

We Can’t Subsidize the Banks Forever (WSJ)
“…stress tests aside, it is highly likely that some of these large banks will be insolvent, given the various estimates of aggregate losses. The government has got to come up with a plan to deal with these institutions that does not involve a bottomless pit of taxpayer money.”

Swine Flu Hysteria (WSJ)
Of course the winner of the contest is Mr. Biden, since he lacks even the excuse of a self-interested motive. But standing right behind the vice president is a legion of heavily credentialed panic proliferators.

Phantom Air Farce Pictures (New York Post)
“The $328,835 snapshots of an Air Force One backup plane buzzing lower Manhattan last week will not be shown to the public… New Yorkers said they could not understand how a president who shares intimate snapshots from the White House could justify classifying these.”

Senior creditors: Chrysler deal violates 5th Amendment (Hot Air blog)
“Thomas Lauria, who accused the White House of threatening the creditors with humiliation at the hands of the White House press corps, has filed a motion to halt the administration’s machinations on behalf of the UAW in the Chrysler bankruptcy. Lauria and his allies claim that the Obama administration has violated the Constitution in their bid to devalue the senior creditors’ holdings on behalf of junior creditors, and have some precedent to support the allegation.”

Apple, Microsoft, Google And News Corp Are All Sniffing Around Twitter (Silicon Alley Insider)
But if it one of those suitors were to come out with something like a $700 million offer, “an epic free-for-all wrestling match to the death would break out among all of them, most especially Google and Microsoft.” We can’t wait!

Go back to lying about the economy (The Onion)
Tired of hearing the grim truth about their economic future, Americans demanded that the bald-faced lies resume immediately, particularly whenever politicians feel the need to divulge another terrifying problem with Wall Street, the housing market, or any one of a hundred other ticking time bombs everyone was better off not knowing about. In addition, citizens are requesting that the phrase, “It will only get worse before it gets better,” be permanently replaced with, “Things are going great. Enjoy yourselves.”

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