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This has been making the rounds. Colbert at his best.

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The White House Stands Behind Geithner, Says Tim Was Not Involved In AIG Email Fiasco is the headline of a recent post at Zero Hedge. Barack Obama is standing behind Tim Geithner. I remain unconvinced.
This is the second time Secretary Geithner has done his “A Few Good Men” routine; and, judging from the uniformly negative [...]

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In handwriting:

Note that there should be no discussion or suggestion that AIG and the NY Fed are asking to structure anything else at this point.

It will be enlightening to hear him explain what this statement means. See also Tim Geithner "Protects America From Itself" By Forcing Elimination Of Material AIG Disclosure at Zero Hedge. There [...]

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Damaging e-mails have revealed that Treasury Secretary Timothy Geithner urged AIG to withhold crucial information about the deterioration of its financial condition in the lead up to its demise.  This will put further political pressure on Geithner, who has already been exposed for his dubious role in the Lehman Brothers bankruptcy.
Bloomberg leads into the story [...]

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I mentioned comments by former Morgan Stanley economist Andy Xie on reckless monetary policy earlier today. Below are interviews Xie gave with the Financial Times in Shanghai back in September which give a more comprehensive look at his views on China, debt bubbles, trade, the U.S., monetary policy and more (Hat tip Prieur du Plessis).
Part [...]

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That is the question Newsweek asked of the Democratic Congressman from Massachusetts in charge of banking reform efforts in the U.S. House of Representatives in an interview.  Rather than answer the question fairly, Frank attacked the reporter and eventually ended the interview.  Don’t expect anything serious on financial reform from Congress.
So, we have a major, [...]

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Below are three videos from a talk at the 2009 Economics of Peace Conference in Sonoma, CA, where James Galbraith talks about the Hyman Minsky concept of the instability of stability. This concept is fundamental to the behavioural psychology behind capitalist systems.  This is a case where stability invites greater risk-taking and eventually creates instability. [...]

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This story is on the front page of Business Week:
Detroit Mayor Dave Bing is struggling to save his city from fiscal calamity. Unemployment is at a record 28% and rising, while home prices have plunged 39% since 2007. The 66-year-old Bing, a former NBA all-star with the Detroit Pistons who took office 10 months ago, [...]

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Bond insurer Ambac Financial has warned bankruptcy is a distinct possibility, sending its shares plummeting more than 30% today.
What is intriguing about this pending bankruptcy is how this company escaped bankruptcy in 2008, was downgraded continually in 2009, yet just reported billions in profit 5 days ago. Now it warns of bankruptcy? 
This story also [...]

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Financial Armageddon: In-Your-Face Influence Peddling
FT.com – Not all bubbles present a risk to the economy (Blinkered Fed thinking on asset bubbles. Reminiscent of the Greenspan era.)
Fitch Says U.K. Rating Most at Risk Among Top-Rated – Bloomberg.com
Japan faces risk of ratings downgrade over debt| Currencies| Reuters
Mishkin Defend Bubbles (and of Course, the [...]