The "good news" as writ by "Some Assembly Required"

Was quite busy all day. As a result -- well -- here are a few choice bits from "Some Assembly Required" -- please follow link to original.
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Follow Punish the Leader: Because he wants to do his job and put criminals in jail, NY AG Eric Schneiderman has been kicked off the executive committee of the 50-state AGs trying to paper-over working toward a settlement with the banks over their foreclosure-related activities. This follows a "heated conversation", between Schneiderman and Kathryn Wylde of the NY Fed over the foreclosure settlement deal. The problem is that the politicians want to give the banks (especially Bank of America?) get-out-of-jail-free indemnity in return for pocket change, and a few AGs - led by Schneiderman - want to hold those who committed crimes responsible for their actions.

Sheep Dip: In our modern democracy, just because an elected official is holding public meetings with his constituents doesn't mean you can record it with your cell phone or camera. It's forbidden, at least in some Republican districts, for suspected Democrats to film public events. But participatory democracy always worked best as a theory.

Everything, Explained: Free trade is “almost always the best answer.” but sometimes there are “short-run distributional consequences that fall on some segments of the population” (ie. massive unemployment) that “we can always use protectionism” prevent. If slashing your arm is a good idea except for the need for bandages, I say put the knife down.

One More Time: The government plans to transfer sell its enormous portfolio of REO housing held by HUD, Fannie & Freddie to selected, pre-approved vultures investors from the hedge fund and “private investor” communities ( i.e. Goldman Sachs and friends). You? No, you cannot participate in this, the largest transfer of wealth from the public to the private sector since the railroad right-of-way bonanza in the 19th century.

Quoted: “The world economy is now in the grips of a damaging feedback loop involving deteriorating fundamentals, lagging policy responses and destabilized financial markets. ...the world risks slipping into a prolonged recession with worrisome institutional, political and social consequences.” PIMCO's El Erian.

Chapter 13: Last year the US spent over $1 trillion on national defense, adding to the nation's bankruptcy. For that money the US could have given every unemployed citizen with a job paying $50,000 a year, with over $200 billion left over for health insurance, job training...
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There's a lot more. Go there and read it.