This SNL skit making fun of the Obamas is hilarious. Even Obama fans have to laugh! (hat tip Marshall Auerback).

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Remember that amazing Super Bowl commercial for Budweiser in 2000 where these friends call each other on the phone and scream “Wassup” to each other? I was in London at the time, so I didn’t see the original until later, but it’s a classic.
Well, those wise-guys from the commercial have made a 2008 version of [...]

In the last few weeks, the currency market is where the action has been. We have witnessed massive moves in every major currency and in some not so major ones. To my mind, all of this is a prelude to some sort of currency crisis.

This crisis has been sneaking up on us as most of us have been transfixed by the U.S. subprime crisis and the subsequent credit crisis. For some currencies, it has been a sickening ride. The U.S. Dollar plunged to 1.60 to the Euro only to snap back viciously to 1.25. The U.S. Dollar plummeted to below 2.10 to the British Pound but is now above 1.60. All of this in the space of a few months.

But, it is in commodity and emerging market currencies where the trouble is brewing.

We had a great comeback to be down only 300 points on the Dow yesterday. Who knew that the day would come when I would be satisfied with losing only 300 points.
Below are some of the best of blogger posts on the web. Have a great weekend.
How the Lehman Bailout Increased Moral [...]

‘I made a mistake,’ admits Greenspan
Alan Greenspan, the former Federal Reserve chairman, said the credit crisis had exceeded anything he had imagined and admitted he was wrong to think that banks would protect themselves from financial market chaos.

Spanish unemployment hits 4-year high
Spanish unemployment rose to 11.3 per cent of the workforce in the third quarter [...]

I have felt for sometime that dollar strength is a counter-trend that has a sell-by date written all over it. You see, the Federal Reserve is ballooning its balance sheet like nobody’s business as it tries to be the global lender of last resort. This is very inflationary. Apparently, the Fed wants to [...]

From the Washington Post by the fabulous Tom Toles:

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Although off its highs for the day, the Japanese Yen is still looking very strong against every major currency. Earlier, it pushed as high as 92 yen to the dollar. Jim Rogers was on Bloomberg saying it was headed much higher.

If you are in need a little comic relief, I have the answer: Jon Stewart. He is my distraction of the day.
Stewart has a great segment from last night on election gaffes. The part where Al Gore gives Tipper a big wet kiss is a classic. But, this one is all Joe [...]

Reflecting on the market turmoil today, Marshall Auerback had a funny if ironic thought:
Our beloved Treasury Secretary promised us Financial Armageddon if we didn’t pass his wretched bill a few weeks ago. I wonder how he would describe this?
Beloved is one way to describe Hank Paulson.
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