Happy Friday, well, probably only for the bears today since the market is down. But this isn’t all that surprising. My colleague Helene Meisler at RealMoney.com wrote today that the market has been down in 8 of the last 13 final trading days of the month since the March 2009 bottom. Today the pattern is holding.
Shorter Duncan Hunter: I believe that the 14th Amendment should be ignored while we’re on the process of trying to “overrule” it by statute.
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Were that this was true:
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The Federal Reserve said the U.S. economy continues to strengthen, but that the slack left over from the recession is still so large that it expects interest rates to stay near zero for an “extended period.”
I have to admit that the reason my morning post is so late today is that I have not been able to take my eyes off of this ridiculous congressional hearing of Goldman Sachs execs. My first problem with it, is that Goldman didn’t do anything different than any other investment banking operation across the globe. So when they paid back TARP, we were happy they made money, but no we want to demonize them for it.
That’s what economist Benjamin Powell is doing at the Freeman, where he notes that Western observers who refer to Somalia’s “failed state” status generally overlook the importance of Xeer, the customary law system that holds clan-based society together none too badly.
