Eyes Open, WaMu Still Failed – NYT
The regulators “on the ground” saw problems, as James G. Vanasek, the bank’s former chief risk officer, told me, but the ones in Washington saw their job as protecting a “client” and took no effective action. The bank promised change, but did not deliver. It installed programs to spot fraud, and then failed to use them. The board told management to fix problems but never followed up.
Shifting the Focus From “Strategic Default” to “Prudent Walkaway” – HuffPo
Their home may be underwater — or they may have equity. Often it doesn’t matter, when the bottom line is that they have to choose between the mortgage and medical insurance — because losing medical insurance in America is potentially lethal.
For this group, it is not a matter of cunningly defaulting to maintain a latte-sipping lifestyle. It is a matter of prudently walking away from the mortgage that is dragging their family and future under the waves.
The Austerity Delusion – Paul Krugman
But couldn’t America still end up like Greece? Yes, of course. If investors decide that we’re a banana republic whose politicians can’t or won’t come to grips with long-term problems, they will indeed stop buying our debt. But that’s not a prospect that hinges, one way or another, on whether we punish ourselves with short-run spending cuts.
Read the NYT for free – Alternet
With such a hefty sum behind their plan to charge for access to the news, executives at the Timesmight be a little more than peeved today, now that a simple Javascript exploit has been found that can smash right through the wall.
All it takes is four lines of text, and down it falls.
Long Way Down – North Coast Journal (HT Patrick)
But let’s not forget the lessons of the past: If we really want to see where the local housing market is headed, we’d do well to see which way the wind is blowing beyond the Redwood Curtain. The latest reports are less than sunny.
