Don’t forget to call your state AG today and ask him to get tough on mortgage fraud. Go to CrimeShouldn’tPay for contact information.
Inside the anti-kettling HQ Guardian (hat tip reader Buzz Potamkin)
Cracking the Scratch Lottery Code Wired (hat tip reader bob)
WikiLeaks Nominated for Nobel Peace Prize for Promoting Freedom of Speech AlterNet (hat tip reader furzy mouse)
WikiLeaks: US and China in military standoff over space missiles Telegraph (hat tip reader Paul S)
Erdogan’s Cairo speech Foreign Policy
ElBaradei’s Role Cast in Doubt Wall Street Journal. While this may be true, the cynic in me reads a second level into this. Remember how the US promoted Ahmed Chalabi as a possible leader of Iraq, when he hadn’t been in the country since, what, 1956? I wonder if this is a sign that the Administration is trying to find another horse to back.
Egypt Protests – Tweets Mapped Mibazaar (hat tip Lambert Strether)
“No One Could Have Predicted the Housing Bubble Middle East Status Quo Would Crash” March Wheeler, FireDogLake
Irish bank flight quickens despite EU rescue Ambrose Evans-Pritchard, Telegraph. Hhm, has everyone gone into “Mission Accomplished” mode a tad early?
Learning the art of greasing the wheels Sydney Morning Herald (hat tip reader Crocodile Chuck). Bribery, Chinese style. Frankly, it may be that everything looks better at a remove, but their version looks a lot more refined than ours.
Rally ‘Round the “True Constitution” American Prospect (hat tip reader furzy mouse)
Democrats and Allies Missing the Big Picture on “Rape Redefinition” Bill Dave Dayen, FireDogLake
Foreclosed Homeowners Go to Court on Their Own New York Times. This story confirms something we’ve argued, that the stereotyped “borrowed too much and lived high for a while” types have for the most part already lost their homes and the current crop of seriously delinquent borrowers is heavy on collateral damage from the financial crisis:
When people went into default in 2008, it was generally because of the exploding cost of a subprime loan. Unable or unwilling to handle sharply higher payments, the homeowner walked away with little protest.
Now many defaults are prompted by stretches of unemployment like Ms. Perea’s. These owners do not have the resources to come up with all their missed payments at once. But if they can persuade their lender to restructure the loan instead of seizing the house, they have a chance of staying put.
Why Oh Why Can’t We Have a Better Press Corps? (MIchael Fletcher of the Washington Post Edition) Bred DeLong and The Problem of Structrual Unemployment: Really Incompetent Managers Dean Baker. Debunking a the “structural unemployment” meme.
US employers unsure about economic recovery Financial Times
Proposed class action targets BofA on foreclosures Reuters (hat tip Lisa Epstein)
Calif. settles lawsuit against Countrywide execs Associated Press (hat tip reader Tawal)
Bill Gross: Devil’s Bargain Ed Harrison
Legerdemath Boston Review (hat tip reader bob). It is good to see someone in the industry come forward and discuss abuses in derivatives land in some detail, but the fact that this sort of thing is standard operating procedure is not news. I am still mystified that customers buy this stuff, given what a cesspool the industry is.
Antidote du jour: