This Is Not a Repeat of Last Week (and the Week Before Last, Etc.)


  • The global economy appears to be in freefall, with Asian markets dropping more than 2% and the Euro dropping to four-year lows against everything. Meanwhile, the U.S. economy seems to be on the mend, finally, but also nobody really believes this, in their hearts, and unemployment is still officially at 9.9% -- the real rate is more than 17% --and one-in-five American men are jobless today and will never again have full-time work in America. And California will be the "Next Greece." Also don't sell your wife's diamond ring on Craigslist because crazy/desperate people will come to your house and murder you. U.S. Treasury Secretary Timothy Geithner says it's all going to be fine, Europe will fix its own problems, you can totally trust him on this, etc. [Marketwatch/Bloomberg/NYT]
  • The BP Oil Spill is likely ten times bigger than BP's estimates, and there are 10-mile-long "oil plumes" underwater, and nobody really has an accurate idea of what's happening except for the deep-sea robots, who aren't talking. But BP says its third attempt to stem the crude oil gushing into the Gulf of Mexico at least worked a little bit. The Obama Administration was all, "Yeah that is not a solution, shut up." [Business Week/NPR]
  • Britain's two busiest airports are shut down, again, because of the volcano, which is never ever going to quit erupting. [BBC News]

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