- Alan Greenspan discovers that banks can’t regulate themselves. In other news, gambling has been discovered in Casablanca.
- Former leader of the lunatic-right Austrian Freedom Party Jorg Haider died in a car accident on October 11. Today, the new party leader confirmed in a radio interview that he and Haider had been lovers. Sadly, Bruno could not be reached for comment.
- It’s not a put-on, it’s not faux-populism, it’s not political, self-conscious anti-intellectualism. Nope. Sarah Palin is just a straight-up idiot.
- The financial crisis is the result of a number of complex processes. However, this instant message exchange among Standard and Poors analysts (revealed in testimony to the House Oversight Committee,) goes a long way towards explaining how we got here:
Rahul Dilip Shah: btw: that deal is ridiculous
Shannon Mooney: I know right … model def does not capture half of the risk
Rahul Dilip Shah: we should not be rating it
Shannon Mooney: we rate every deal
Shannon Mooney: it could be structured by cows and we would rate it