Have A Happy Tuesday

Now, a quick visit to "Some Assembly Required" for some more "good news" - have fun.
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Clan of the Cave Bears: Morgan Stanley analysts say that current earnings estimates suggest a 28% decline in the S&P 500. The International Labor Organization says that the world's major economies lost 20 million jobs in the last 3 years and expects that figure to reach 40 million by the end of 2012. Maybe a group hug will help.

Today in Paranoia: GOP Wannabe Michele Bachmann says that Hezbollah wants to establish training camps and missile sites in Cuba.

Charity Begins At Home IMF: The IMF announced that if it is to continue bailing out the world, it needs a bail-out itself. The $400 billion it has "pales in comparison with the "potential financing needs of vulnerable countries and crisis bystanders." European leaders told the IMF they had given at the office that they were trying to boost their own bail-out fund. The open secret is that all the money has been spent, a lot more has been borrowed and the only thing any of the financial nabobs can think to do is to conjure up some more money out of thin air. To build confidence, they say, as they happily march off to the same idiocy that brought on the Great Depression.

Accounting Note: The Bush-Cheney-Obama "war of choice" in Iraq has cost the US $1 trillion so far. None of this expenditure was matched by increases in taxation or reductions in other spending over the last ten years.

Not A New New Record: Sales of new houses declined to a seasonally adjusted annual rate of 295,000 - just above the record low for August set last year. Median prices fell 8.7% from a month earlier. The recovery is now in its third year.
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Of course there's more - go there, read it.