I continue to be impressed by the absolute magnitude of the Madoff scandal. This Ponzi scheme went on for decades. It is a truly frightening spectacle. See some of the articles below. Otherwise, it’s a Potpourri from around the net.
(I agree with this post from Yves that the deflationary scenario I have been warning of is baked in the cake. That said, I do think that stimulus will ease the fall and speed the recovery. However, you always have to watch out for waste, mismanagement and special interests when the government spends your money. Not a lot of good scenarios, honestly.)
Economist’s View: Bankruptcy Reform Caused More Foreclosures (A great ost displaying how special interests protected themselves, making this downturn even worse)
A guide to the Illinois Senate spectacle – Andy Barr – Politico.com This is the best guide I have seen on the web to all the players in the Blagojevich scandal.
Emanuel Gave Blagojevich List of Names — Political Wire (Let’s see what kind of fallout this has for Obama. The reaction amongst the punderati is mixed so far. I saw a blurb that Ed Rendell, the Pa. governor had some harsh words to say)
Here’s the Madoff stuff again. Mish has a good post that takes some headlines from around the net. It makes for compelling reading.
Economist’s View: The TARP Covers That Too? (The auto bailout is a bit of a zoo, really. While we should be concerned about the implications for the broader economy, there are very good bankruptcy laws in the U.S. A pre-pack Chapter 11 remains the best option. Bailing out ineptitude is one of the worst).