Economics Update

Scare Pic of the Day, Courtesy of The Big Picture

So, Timothy "Eddie Haskell" Genthner spoke before Congress, and said that most banks are adequately capitalized.

I guess that all depends on the definition of "banks", "most", and "adequately capitalized."

At the same time, the inspector general charged with investigating the TARP says that there is a lack of transparency and safeguards in the program.

Once again, it looks like the only folks who are doing their job for the tax payers are the FDIC who are in discussions with Citi about firing CEO Vikram Pandit.

In energy, oil is up, but we are dealing with the switch over to June delivery contracts, and the dollar was mixed on unexpectedly high business sentiment in Germany.

On a note unrelated to economics, but related to the the article on Geithner, there was following picture, where you see the Code Pink protesters in the background.

These people piss me off. They seem to be dedicated to nothing more than mutual intellectual masturbation as guerrilla theater, and they do nothing but to convince decision makers that anyone who has less Wall Street friendly ideas is a DFH who does not deserve to be listened to.

These folks are playing to lose, but we all lose when they do so.