Grandstanding for the folks back home in South Carolina, Rep. Joe Wilson shouts, "You lie!" at Barack Obama, and people are mortified. Parliamentary democracies are used to pols publicly jeering and hissing at prime ministers. But the U.S.'s one-party democracy isn't built that way. Rahm Emanuel says afterwards, ""No president has ever been treated like that. Ever." Except at Ford's Theatre in 1865.

Obama, Armed With Details, Says Health Plan Is Necessary (NYT)

"President Obama confronted a critical Congress and a skeptical nation ..." Ordinary Americans apparently decried the complexity and cost of his plan, ignoring the fact that the present system is horrifyingly Byzantine and frighteningly tilted away from doctors and patients and toward the drug and health-care industries. A smoother, smarter, and better-written story in the Wall Street Journal.

Poverty Deepens as Recession Cuts U.S. Incomes, Census May Say (Bloomberg)

"Analysts predict a further increase in poverty and a drop in incomes this year, reflecting the worst job losses of any recession since World War II." Wall Street Journal's version.

Riding the Fed's Trading Train (Seeking Alpha, Tim Duy)

And that's a runaway train, powered by artificial and short-term stimulus measures, that could very well crash. "It is difficult if not impossible to deny the firming of economic data in recent months. But that firming has been inexorably tied to a host of fiscal and monetary stimulus measures." Also see the Wall Street Journal's "Banks Face Loss of Debt Guarantee." Alan Greenspan, on the other hand, says the recovery is real.

U.S. Foreclosure Filings Top 300,000 for Sixth Straight Month (Bloomberg)

"Largely related," a former Fed economist says, to unemployment, which is at a 26-year-high and still climbing.

MORE HEADLINES FOLLOW

States Face Drop in Gambling Revenues for the First Time (NYT)

Wall Street Journal published the same story exactly one month ago. What are the odds?

Jobs says Apple won't move into e-books - but why trust him? (Guardian U.K.)

"Jobs has a reputation for persuading people to splash out to products they didn't even know they wanted - it's part of what makes him one of the ultimate salesmen. So the subtext of "consumers don't want something" is actually that Jobs does not believe in the concept and doesn't want to sell it. But the language means that when Apple finally does sell the item in question, it's easy to paint the change as the result of a shift in consumer trends, even if it's just Apple's opinion that has changed, not the public's."

Apple Investors Focus on New iPods Rather Than Return of Jobs (Bloomberg)

Nice that he's back, but "investors focused on the shortcomings of a new iPod lineup."

Google developing a micropayment platform and pitching newspapers: "'Open' need not mean free" (Nieman Journalism Lab)

Searching for a way to save the dinosaurs. Google's plan here.

On São Paulo's Mean Streets, the Rich Roll in Armored Splendor (WSJ)

"The number of armored cars in Brazil is rising as the rich seek safety in a class-driven society where the murder rate is nearly five times that of the U.S." Good way to track the poverty rate.

S.E.C. Defends Deal in Merrill Takeover (NYT)

Maybe this will convince a skeptical federal judge to let the SEC settle for $33 million from Bank of America, but it won't stop New York AG Andy Cuomo from bringing charges.

Takeover target Suntory in talks to buy Orangina (Forbes)

While American Velveeta and European chocolate decide whether to meld (Kraft and Cadbury), Japanese beer and European orange juice ponder mixing.

Depression versus Recession? (Big Picture)

"... we are now in a not-so-great, ordinary recession," says Barry Ritholtz. Mike "Mish" Shedlock says it's a depression and that "it's time to stop pretending otherwise."

London Suicide Connects Lehman Lesson Missed by Hong Kong Woman (Bloomberg)

Second in a series of long-ass, but interesting, looks back at the worldwide panic that spread from Lehman's collapse.

Banks Ease Burden Of Credit Card Debt: Consumer Stress Has Firms More Eager to Bargain (WashPost)

"Much public attention has been paid to efforts at modifying mortgages to keep borrowers from losing their homes. But in another battered corner of the credit market, credit card issuers are quietly negotiating with borrowers rather than giving up entirely on millions of debts."

Bill Boosts Funds for Afghan Police, Army: Defense Layout Less Than Obama Sought (WashPost)

The "$6.6 billion approved would still be a 20 percent increase over this fiscal year."

Financial reform may fail to avert another Lehman (Reuters)

"The collapse of Lehman Brothers a year ago has been likened to the 1994 crash that killed Formula One star Ayrton Senna, in the way it has spurred calls for root-and-branch review of risk in the financial sector. Senna's tragedy led to regulatory changes in racing that have been effective; deaths on the track are now a rarity." U.K. officials want banks to make "living wills," just in case they become too reckless to survive without massive bailouts.

Senate May Narrow Proposed Regulatory Role for Fed (WashPost)

Obama's plan "faces significant revisions."

Leibovitz Deadline Passes, Nothing Happens (Luxist)

Famed photog could lose her photo archive.