Two dead as wave of water smashes Toowoomba The Australian (hat tip reader Skippy)
Queensland Under Water Brisbane Times (hat tip reader Skippy)
Paranoia disfigures the Tea Party Gideon Rachman, Financial Times
False Equivalency Watch Steven Benen
Freedom fighters for a fading empire William J Astore, Asia Times (hat tip reader ward fleming)
Exclusive: America has ‘reached the point of no return,’ Reagan budget director warns Raw Story. One thing Stockman misses is the degree to which US military spending goes to contractors located abroad. That means they produce no benefit to the US economy.
The Future is Grey, Small and Female Paul Kedrosky. 60% of adult women in the US color their hair, so I’d not bet on the grey part.
Moody’s clashes with EU on advance warnings Financial Times
The Legal Issues in the Goldman-Facebook Deal Steven Davidoff, New York Times
China Owns Lots of Paper EconomPic Data
China Trade Surplus for December 2010 Economic Populist
Downturn’s Ugly Trademark: Steep, Lasting Drop in Wages Wall Street Journal. I’m a bit perplexed that this is news. For anyone over 35, a job loss typically means a big drop in pay. The difference is that this is happening to so many people that the visibility of this phenomenon is greater than in the past, and starting a new business (a commons response to poor employment prospects) is a far more dubious proposition than it once was.
Explaining Recent Trends in Household Saving Menzie Chinn, Econbrowser
Crushing State Budget Cuts Wiping Out Stimulative Effects of Tax Deal David Dayen, FireDogLake
Judges Berate Bank Lawyers in Foreclosures New York Times
The economic impact of the foreclosure slowdown FTAlphaville
Big Banks To New Jersey: Stop Bugging Us About Foreclosure Documents Abigail Field, DailyFinance
Group: Exclude Foreclosure Protection From New Mortgage Rules WSJ Developments Blog. Better investor protection is critical to getting the securitization marker off government life support. Borrower protection isn’t. Hence the MBA wants to bifurcate the issues.
Government-created climate of fear Glenn Greenwald (hat tip Ed Harrison)
Antidote du jour: