California nears financial ”meltdown” as revs tumble (Can you say “Bankruptcy or Obama?”)
Countrywide Exec Warned The Fed On Toxic Mortgages Tom Lindmark (Apparently, the head of risk at CFC was ignored not only by senior management but by the Fed too. This is Bernanke’s Fed we’re talking about, not Greenspan’s.)
St. Regis resort in Dana Point faces foreclosure sale Los Angeles Times (This is a 5-star mega resort now going toward foreclosure. The leisure sector is getting killed.)
FT.com, Nouriel Roubini – Latvia’s currency crisis is a rerun of Argentina’s (Stop stealing my thunder. The Argentina meme is mine! Seriously, though, Roubini’s editiorial is a must read for anyone who thinks systemic risk is completely gone.)
Beige book: Few signs of economic recovery Izabella Kaminski, FT Alphaville
How Trillion-Dollar Deficits Were Created Barry Ritholtz
Russia: These Guys Don’t Miss A Trick Edward Hugh
Cancer: The Cost Of Being Smarter Than Chimps? Science Daily
Humans prefer cockiness to expertise New Scientist
Antidote du Jour (I love this picture!):
psst…Antidote du Jour 2:
Brainy Echidna Proves Looks Aren’t Everything – NY Times
Yves here. Thanks Ed! Some additions and reader contributions:
Watch Your Back Nature (hat tip Michael T)
US government securities seized from Japanese nationals, not clear whether real or fake Asia Times (hat tip Steve L). The amount at issue is impressive.
The Great Debt Scare: Why Has It Returned? Robert Reich
wintermute 
Posts
Re: Countrywide Exec Warned The Fed On Toxic Mortgages link: Bernanke said home finance innovation did carry risk but provided significant net benefits.
skippy, total double speak, benefits sure, but to whom and at what cost to the over all financial sector/economy.
“Borrowers have more choices and greater access to credit; lenders and investors are better able to measure and manage risk; and, because of the dispersion of financial risks to those more willing and able to bear them, the economy and the financial system are more resilient,” Bernanke said, according to a transcript of his speech
skippy…Which is Bernanke real strength, economics or salesmanship and who else besides me is over this idea that all Americans understand lending law and the finer points of finance in general. Hell most people don't even have a clue to the total pay out cost over the life of the loan.
Also I for one would like all party's coming before us to bring some form of material to back up their claims, rather than I'll get back to you later, after we have time to bodge up some garbage.
I can not think of any logical or rational reasoning behind any of this lending frenzy fiasco. The 2%soultion, trapping credit card holders and god awful home loans just can not be explained any other way than criminal.