If you really believe Citigroup (C) has suddenly started making money (excluding mark-to-market losses) you are quite possibly border line retarded. They've had the "best quarter since 2007"! Really? They did as well NOW as during the absolute apex of the greatest credit bubble ever? HOW? HOW is that even possible? WHERE could those profits possibly come from?

[ The Financial Ninja ]: You Don't Put in THE Bottom With a Spike in Libor

"Simply put, the intelligence community has always and will always prioritize its own collection efforts over the defensive and protection mission of our government's and nation's digital systems," he said.

I agree. This point is a lot more important than it sounds.

NSA Dominance of Cybersecurity Would Lead to 'Grave Peril', Ex-Cyber Chief Tells Congress | Threat Level from Wired.com

Sacramento's homeless rate is rising quickly as people lose their homes and their jobs.

The sea of tents along Sacramento's American River is growing by the day. But here, there are no rules and no regulations. Here, at Tent City, you are on your own.

First world shanty towns.

CBS13 Investigates: Sacramento 'Tent City' - cbs13.com

Well, at least we had great music and great bands in the early nineties. If I can’t have wealth, I damn well better have killer tunes!

Dow 6,500 ? | The Big Picture

S&Ps currently projects 2009 earnings on S&P of $48.10... taking a longer-term average of around 15 times earnings gives a valuation of 721.5, again, just slightly above the current level.

So, based on... long-term earnings considerations, the market is just below a middling valuation.

If the exceptional monetary stimulus since September produces inflation, or the unprecedentedly large budget deficits in fiscal years 2009 and 2010 “crowd out” private investment, then growth and earnings prospects for the next few years would be below average. In that event, the market as it stands today would be overvalued.

This might be wrong. $48.10 factors in a significant drop in earnings.

S&P500 still overvalued

Why banks don't do principal reductions:

The big one is the difference in treatment of a mod (well, at least the principal reduction kind) versus a foreclosure. For a foreclosure, the losses go against the lowest tranches first, and then proceed to higher tranches. However, with a principal reduction, all tranches, including the AAA (or more accurately, what was once AAA) layer.

naked capitalism: The Treasury Mortgage Mod Program: Should We Hope It Doesn't Work?

Years ago, the expression was “Never pick a fight with people who buy ink by the barrel” (meaning newspapers).  The modern, updated version is “Never pick a fight with people who have ascerbic, award winning comedy writers, a broad TV reach, and a strong internet presence…”

Daily Show vs CNBC | The Big Picture

Believe or not, retracing 12-year lows for the Dow is an incredibly rare event. Besides the retest of 1997 lows seen on Monday, this has only happened two other times, on April 8, 1932, and December 6, 1974.

Twelve Year Lows ? | The Big Picture

In the US, stocks have shown a strong trend for more than a century, growing by 6.75 per cent per year after inflation, with income reinvested. London’s Lombard Street Research points out there have been only 26 months in the past 140 years when the S&P 500 was further below this trend than it is now. All bar six, three each in 1932 and 1982, were caused by world wars.

FT.com / Columnists / John Authers - Short View: Awaiting the bottom

The long-grounded Deep Space Climate Observatory may be revived for an assignment very different from the controversial mission that was cancelled for its infamous mix of politics and science.

I support this project. We ought to have a camera at that location. The Blue Marble image is one of the most widely distributed pictures in human history and it has had a significant impact on people's perspective about the world. The composite images are not comparable - people want to see the real thing - Really looking down upon our world holds a power that is hard to quantify. Once it exists people will use it everywhere.

The Republicans killed this project for cynical political reasons. By the time it became a political issue $97 million had already been spent - and was thus wasted by failing to launch. Throwing $97 million down the drain is not fiscally responsible!

SPACE.com -- Mothballed Satellite Sits In Warehouse, Waits For New Life