This A.M.: Saturn Blasted Out of GM Orbit; Wall Street Dizzy With New Alchemy; Globe Surfs Google Wave
About 13,000 workers will be shit out of luck, but impact on nation's unemployment rate will be miniscule. Meanwhile, bad news in New York for jobless: "Mayor Bloomberg vows to snuff out smoking in parks, beaches." No job, no hope, and now no cigarettes. Stop, you're killing us.
Bubble news: "Many of the riskiest stocks" led the charge. What happens when the Fed starts to dismantle its supports propping up the whole thing? You think this is a real bull market? Story doesn't judge that, but it does paint the most rosy picture of the turbulent market: "Corporate profits have come in above reduced expectations, in large part due to cost cutting." So what happens to profits after the cost-cutting slows down, which it inevitably has to?
Zuckerberg Now Worth $2 Billion, Says Forbes (Silicon Valley Insider)
Facebook CEO is the richest American who primarily wears T-shirts.
The Balance Sheet: Interview with Joseph Stiglitz (New Yorker, James Surowiecki)
Click above video or here.
"A new wave of financial alchemy" to "make soured securities look better." A test for regulators. Matthew Goldstein of Reuters warns, "Beware the bull market in derivatives."
Highly misleading propaganda piece against the "public option." Switzerland offers strong, immediate public subsidies of health care to its citizenry, and that could have been the story's spin just as easily as this one conjured up by the Times.
"Ken Lewis was shot with his own gun." David Weidner asks: "Exactly who pulled the trigger?" (And in a nation that's running short of bullets, who was lucky enough to buy the ammo?) For speculation on the next Bank of America outlaw, see the NY Post's "He's not even cold: Top dealmakers already being eyed for Lewis job."
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