Tuesday's Essential Stories (June 8, 2010)

Same deal as yesterday.  Give me 30 minutes or so to get them placed.  I've got more than 150 tabs open and I can't post them in comments until this story is published.  Newsosaurus catch 22.

Our 15,000 RSS readers and daily email recipients will have to visit the site to see today's links.  To save time, I am placing all the links in comments below.  They are in no particular order.

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Click HERE to see the articles (49 Total)  >>

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Monday's Collection of Stories  >>

Update on Jun 8, 2010 at 6:10 PM by DailyBail

Updated...49 articles.

Comments

[DailyBail]

Wasn't commercial real estate supposed to crash?

The only question now is how long it can keep up the sprint while the ghosts of boom-time leverage haunt the sector, and $1.4 trillion in loan maturities loom three years over the horizon.

http://money.cnn.com/2010/06/07/real_estate/CMBS_CRE_crash.fortune/index.htm

[DailyBail]

Best and worst moments of Helen Thomas' career...VIDEO

http://www.huffingtonpost.com/2010/06/07/helen-thomas-retiring-eff_n_603026.html#s97430

[DailyBail]

Helen Thomas Through The Years (PHOTOS)

http://www.huffingtonpost.com/2010/06/08/helen-thomas-through-the_n_604473.html

[DailyBail]

Cleaning up for BP at $18 an hour

BP hires the unemployed for clean-up

http://money.cnn.com/2010/06/08/smallbusiness/bp_hiring_unemployed/index.htm

[DailyBail]

Bernanke Predicts Continued Recovery, Not Double-Dip Recession, 'But It Won't Feel Terrific.'

http://www.huffingtonpost.com/2010/06/07/bernanke-no-double-dip_n_603882.html

[DailyBail]

Giving Government Incentives to Save

The White House plans to ask Congress for new authority that could help to discourage unnecessary spending by federal agencies, a move that comes amid rising public concern about the federal deficit.

The proposed change would let agencies that save money redirect half the savings to other initiatives, with the rest going toward deficit reduction, an administration official said on Sunday.

Under current law, agencies are typically forced to return any unspent part of their budgets, giving them an incentive to use every last dollar even if the money isn't needed. The new policy would alter those incentives.

http://online.wsj.com/article/SB10001424052748704726104575291133449847618.html

[DailyBail]

New Woes for Bank Chief in TARP Case

Charles J. Antonucci Sr. spent most of his career as a banker and consultant helping lenders with their loan problems. Then he ran into trouble of his own.

In March, Mr. Antonucci, the former chief executive of the biggest New York bank to fail in two decades, became the first person to be charged criminally with attempting to defraud the Troubled Asset Relief Program after his unsuccessful attempt to obtain $11 million for his Park Avenue Bank from the bank-rescue program, known as TARP. Preet Bharara, the U.S. attorney in Manhattan, said in a statement at the time that Mr. Antonucci "deliberately and repeatedly deceived regulators."

http://online.wsj.com/article/SB10001424052748704749904575292942969129382.html?mod=googlenews_wsj

[DailyBail]

Finance Panel Accuses Goldman of Stalling

The Financial Crisis Inquiry Commission issued a subpoena to Goldman, demanding that the firm provide a key for identifying customer names and a way of matching up specific documents to the commission's requests for information. The subpoena also demanded documents concerning Goldman's mortgage-backed derivative securities, which are central in current federal probes of the firm.

http://online.wsj.com/article/SB10001424052748703303904575292530057313818.html?mod=WSJ_newsreel_business

[DailyBail]

Status Update: Megasuccessful

Facebook founder and chief executive Mark Zuckerberg, at age 26, claims that he hasn't sold his privately held company—valuations fluctuate in the $10 billion to $20 billion neighborhood—because, more than getting ever richer, he wants to lead the world to become more connected through the sharing of personal information. In interviews and on his blog, Mr. Zuckerberg pushes a philosophy of beneficial social information-sharing as fervently as Bill Gates once preached the power of the PC.

Still, it's a surprise that Mr. Zuckerberg encouraged his employees to join him in peppering the company's officially sanctioned history with the sort of anecdotes that most CEOs would rather not share. Despite the company's heavy involvement, David Kirkpatrick's "The Facebook Effect" chronicles Mr. Zuckerberg's missteps in addition to his genius.

The story begins as Mr. Zuckerberg arrives at Harvard as an undergraduate in 2003. The kid mounts an 8-foot whiteboard on a wall for charting his complicated ideas. Within a week he has developed a software program that lets students see who has signed up for which class. It's a social-network way of looking at the Ivy League: What matters most is not a class's curriculum and syllabus but the links to everybody else in the room.

http://online.wsj.com/article/SB10001424052748704002104575291330385856628.html?mod=WSJ_newsreel_opinion

[DailyBail]

Are You Smarter Than a Fifth Grader?

Self-identified liberals and Democrats do badly on questions of basic economics.

http://online.wsj.com/article/SB10001424052748703561604575282190930932412.html?mod=WSJ_Opinion_LEADTop

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extremely interesting story...

[DailyBail]

How Will Blanche Lincoln's Primary Affect Financial Reform?

http://www.theatlantic.com/business/archive/2010/06/how-will-blanche-lincolns-primary-affect-financial-reform/57834/

[DailyBail]

Fickle oil slick scatters its threats across Gulf

http://news.yahoo.com/s/ap/us_gulf_oil_spill

[DailyBail]

Killer Undersea Oil Plumes From BP Spill Lurk in Gulf of Mexico

http://www.businessweek.com/news/2010-06-08/killer-undersea-oil-plumes-from-bp-spill-lurk-in-gulf-of-mexico.html

[DailyBail]

Spanish public workers take to the streets to protest wage cuts

http://www.marketwatch.com/story/strikes-in-spain-protesting-cuts-get-underway-2010-06-08

[DailyBail]

Eliot Spitzer Is A Hot Property For Cable News

http://www.businessinsider.com/eliot-spitzer-is-a-hot-property-for-cable-news-2010-6

[DailyBail]

The bad news - bad news on jobs

Commentary: Five reasons the employment numbers are worse than they seem

http://www.marketwatch.com/story/five-ways-the-jobs-numbers-are-worse-than-bad-2010-06-08?pagenumber=1

[DailyBail]

BP Jacks Up Oil Capture Estimate, While Obama Reverses Course On Shallow-Water Offshore Drilling

http://www.businessinsider.com/bp-jacks-up-oil-capture-estimate-while-obama-reverses-course-on-shallow-water-offshore-drilling-2010-6#ixzz0qINEkl5j

[DailyBail]

Dee Dee Myers: Opposition To Obama Has "Racial Implications"

http://www.realclearpolitics.com/video/2010/06/08/dee_dee_myers_opposition_to_obama_has_racial_implications.html

VIDEO....bs...

[DailyBail]

RBS' Bob Janjuah: Sorry Ben, The Market Has Called Your Post-Lehman Bluff

http://www.businessinsider.com/rbs-bob-janjuah-sorry-ben-the-market-has-called-your-post-lehman-bluff-2010-6#ixzz0qIODVqn9

[DailyBail]

WASHINGTON (MarketWatch) -- Federal Reserve board chairman Ben Bernanke said Monday he didn't think that the U.S. economy would slip back in to recession, saying that consumer spending and business investment seem strong enough to keep the economy growing, albeit at a relatively subdued rate.

"My best guess is we'll have a continued recovery [but] it won't feel terrific," he said.

http://www.marketwatch.com/story/feds-bernanke-doesnt-see-double-dip-recession-2010-06-08?pagenumber=1

[DailyBail]

http://newsland.ru/News/Detail/cat/42/id/514469/img/0/vtype/all/

Slideshow of day to day life in North Korea...

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Recommended...

[DailyBail]

Fed President Richard Fisher: Even We Can't Print Enough Money "To Compete With The Enormous Flood Of Borrowing Coming From The United States Treasury" (Video)

http://dailybail.com/home/fed-president-richard-fisher-even-we-cant-print-enough-money.html

[DailyBail]

Don't Monetize the Debt

The president of the Dallas Fed on inflation risk and central bank independence.

http://online.wsj.com/article/SB124303024230548323.html?ref=patrick.net

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Older but great reading...

[DailyBail]

China warns Federal Reserve over 'printing money'

http://www.telegraph.co.uk/finance/financetopics/financialcrisis/5379285/China-warns-Federal-Reserve-over-printing-money.html

[DailyBail]

Richard Fisher (Federal Reserve Bank Of Dallas): Larry Summers, The G20, And Financial Dementia

http://baselinescenario.com/2010/06/06/richard-fisher-federal-reserve-bank-of-dallas-larry-summers-the-g20-and-financial-dementia/

[DailyBail]

Hundreds of medical marijuana dispensaries face a deadline Monday, but questions remain about how exactly that deadline will be enforced.

More than 400 dispensaries are under orders to close in accordance with the city's news medical marijuana ordinance. Eventually, the city hopes to whittle the number of pot shops down to 70 and to limit outlets to industrial areas.

http://www.nbclosangeles.com/news/health/Deadline-Day-for-Medical-Pot-Dispensaries-95765319.html

[DailyBail]

http://www.washingtonexaminer.com/politics/Spill-reveals-Obama_s-lack-of-executive-experience-95819074.html

In mid-February 2008, fresh from winning a bunch of Super Tuesday primaries, Barack Obama granted an interview to "60 Minutes" correspondent Steve Croft. "When you sit down and you look at [your] resume," Croft said to Obama, "there's no executive experience, and in fact, correct if I'm wrong, the only thing that you've actually run was the Harvard Law Review."

"Well, I've run my Senate office, and I've run this campaign," Obama said.

[DailyBail]

Wall Street Is Getting Ready For BP To Go Bust

http://www.nytimes.com/2010/06/08/business/08sorkin.html?hp

Imagining the Worst in BP’s Future

[DailyBail]

The Regulation Crisis

by James Surowiecki

http://www.newyorker.com/talk/financial/2010/06/14/100614ta_talk_surowiecki

A few weeks after B.P.’s Deepwater Horizon oil rig blew up and crude started spewing into the Gulf, Ken Salazar, the Secretary of the Interior, ordered the breakup of the Minerals Management Service—the agency that was supposedly in charge of offshore drilling. It was a well-deserved death: during the past decade, M.M.S. officials had let oil companies shortchange the government on oil-lease payments, accepted gifts from industry representatives, and, in some cases, literally slept with the people they were regulating. When the industry protested against proposed new regulations (including rules that might have prevented the B.P. blowout), M.M.S. backed down. Franklin Delano Roosevelt, when he hired the famed stock manipulator Joseph P. Kennedy as the first head of the S.E.C., said, “Set a thief to catch a thief.” M.M.S.’s modus operandi was more like setting a thief to help other thieves get away with the loot.

M.M.S.’s bad behavior was unusually egregious, but it’s hard to think of a recent disaster in the business world that wasn’t abetted by inept regulation. Mining regulators allowed operators like Massey Energy to flout safety rules. Financial regulators let A.I.G. write more than half a trillion dollars of credit-default protection without making a noise. The S.E.C. failed to spot the frauds at Enron and WorldCom, gave Bernie Madoff a clean bill of health, and decided to let Wall Street investment banks take on obscene amounts of leverage, while other regulators ignored myriad signs of fraud and recklessness in the subprime-mortgage market.

[DailyBail]

Like Roosevelt, Obama inherited an economic mess. But the president is making a bad situation worse. Charles Gasparino on echoes from the past.

His stimulus package was supposed to produce shovel-ready jobs that would repair our infrastructure much like the various public-works programs instituted by Hoover and Roosevelt. But instead of spending the money on building roads and bridges, states have hoarded much of the stimulus cash to keep their own workforces fat and happy.

http://www.thedailybeast.com/blogs-and-stories/2010-06-06/obamas-economic-policies-a-failure-from-the-past/?cid=bs:archive7

Says Summers isn't even consulted by Obama any more...he's MIA...

[DailyBail]

http://www.ctmirror.org/story/6087/mcmahon-captures-go-convention-vote-us-senate-simmons-vows-primary

Peter Schiff loses to linda mcmahon...

[DailyBail]

Columnist Thomas Quits as Remark Draws Flak

http://online.wsj.com/article/SB10001424052748703303904575292653173914376.html?mod=WSJ_newsreel_us

[DailyBail]

Primaries to Watch From Coast to Coast

http://online.wsj.com/article/SB10001424052748704749904575293023429350694.html?mod=WSJ_newsreel_us

[DailyBail]

Obama to Reopen Oil Drilling

New Rules on Shallow-Water Exploration Expected as Economic Woes Mount

http://online.wsj.com/article/SB10001424052748703303904575292210472764880.html?mod=WSJ_newsreel_us#articleTabs%3Darticle

[DailyBail]

(Reuters) - U.S. policymakers need to focus on affordable rental housing, rather than just extend federal homeownership incentives that benefit a limited number of Americans, bank regulator Sheila Bair said on Monday.

Regulator Bair questions homeowner subsidies

http://www.reuters.com/article/idUSTRE6564QX20100607

[DailyBail]

Black Flight Hits Detroit

http://online.wsj.com/article/SB10001424052748704292004575230532248715858.html?mod=WSJ_RealEstate_RIGHTTopCarousel

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Recommended...you won't believe one woman's struggle against crime....

[DailyBail]

Letter to the Queen: Why No One Predicted the Crisis

Her Majesty The Queen

Buckingham Palace

http://www.progressive-economics.ca/2009/07/31/a-better-letter-to-the-queen/

[DailyBail]

Hallmark Yanks Graduation Card After NAACP Charges Racism

http://www.breitbart.tv/hallmark-yanks-graduation-card-after-naacp-charges-racism

[DailyBail]

John Carney

Goldman Accused of Thwarting Financial Crisis Panel

http://www.cnbc.com/id/37553237

Article...not a video...

[DailyBail]

NYC Banker Claims Citibank Fired Her for Being ‘Too Attractive’

http://www.breitbart.tv/nyc-banker-claims-citibank-fired-her-for-being-too-attractive/

[DailyBail]

Obama Heckled Aboard Shuttle Bus

http://www.breitbart.tv/obama-heckled-aboard-shuttle-bus/

[DailyBail]

Fake ‘BPGlobalPR’ Twitter Account Skewers Oil Co.

http://www.breitbart.tv/fake-bpglobalpr-twitter-account-skewers-oil-co/

[DailyBail]

Brian Williams: Obama ‘Might Have Had His Scenario Off By 180 Degrees’

"I got a kick out of President Obama saying that even when the cameras go away we’ll still be there for you. That ain’t the way this is going to play out. If anything, the cameras being here have compelled outside interests – government, BP – to kick this into another gear. With all due respect, the President might have had his scenario off by 180 degrees."

http://www.breitbart.tv/brian-williams-obama-might-have-had-his-scenario-off-by-180-degrees/

[DailyBail]

http://www.breitbart.tv/lobbyist-dishes-details-of-alleged-one-night-stand-with-nikki-haley/

Lobbyist Dishes Details of Alleged One Night Stand with SC GOP Gubernatorial Hopeful

Video...

[DailyBail]

‘I Am Furious’: Obama Revs Up Anger Over Oil Spill for Larry King Interview

http://www.breitbart.tv/i-am-furious-obama-revs-up-anger-over-oil-spill-for-larry-king-interview/

Video

[DailyBail]

Fannie Mae’s Duncan Says Homebuyer Tax Credit Shifted Demand

http://www.businessweek.com/news/2010-06-04/fannie-mae-s-duncan-says-homebuyer-tax-credit-shifted-demand.html?source=patrick.net

[DailyBail]

Geithner: Fannie and Freddie next for reform

http://thehill.com/blogs/blog-briefing-room/news/101367-geithner-fannie-and-freddie-to-be-addressed-once-wall-street-bill-done?source=patrick.net

[DailyBail]

Will A German High Court Kill Euro-TARP?

http://www.businessinsider.com/will-a-german-high-court-kill-euro-tarp-2010-6

[DailyBail]

App-Curious: Washington Examiner Demonstrates Popularity of GrindR in DC

"On the White House lawn, only 17 gay men were within our reach, but once inside the press briefing room, the application identified many more options."

http://www.breitbart.tv/app-curious-washington-examiner-demonstrates-popularity-of-grindr-in-dc/

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it would not surprise me to read that Geithner is registered...

[Zarathustra]

Yes, I covered Obama's blame game.