the amazing sounds of orgy

"the day the banks collapse on us." - radiohead

so the banks are still failing. the original idea was to buy these troubled assets under the TARP program. that didn't happen. so now instead, there is an idea being floated of creating a "bad bank" that will buy these assets and get them off the banks balance sheet. here's the scoop.

here is a great blog that contains major breakdown on the possible nationalization of the banking industry.

"privatize the gains and socialize the losses."

great blog out there that actually reads through company's 10K filings and picks out really interesting stuff buried within the filing. it's footnoted.org. check it out.

great conversation with niall ferguson over canceling the US debt. he describes the various stages of a bubble: Displacement, Euphoria, Mania, Distress and finally Panic. that's where we are now is Panic.