A Billion Here, A Billion There.

Pretty soon, it adds up to a trillion dollars in write-downs. So says Charles Morris. I know some very smart people who think he might be underestimating the financial carnage triggered by the melt-down in sub-prime mortgages.

He'll Send You a Thank You Note.

When he gets around to it.

Eventually, It'll Be On Your Cellphone

How many lenses does it take to take a picture? Twelve thousand! Give or take.

Loyalty.

Say this for Barack Obama, he does not cut and run on a friend.

Say this for Mickey Kaus, he doesn't blink.

Journalism at its Best.

This account of the demise of Bear Stearns is excellent. Turns out, the Hammer (Treasury Secretary Hank Paulson) drove the deal.

Howell Raines Returns

His first "media" column for Conde Nast's Portfolio is well worth reading.

Meanwhile, in an Alternate Universe....

The Democratic Presidential campaign continues. Like most sentient human beings, I hadn't paid much attention to the "preacher controversy" that currently embroils the race. But Paul Burka, the best political writer in Texas, renders the following verdict on what it all means:

I thought that Obama was exempt from racial reactions because he was the Tiger Woods of politics. People looked at him and saw him not as someone who is black, but as someone who transcended race because of his unique skills and accomplishments. Not any more. He just triple bogeyed the presidency. He's done. He was done the day he first heard Wright's outbursts and didn't resign from the congregation. There is no way that the superdelegates will send him out as the Democratic nominee now. The truth is, Obama did fine until the Clinton campaign began to attack him, and then he showed that he just wasn't up to it. Better we find out now than later.

See also John McIntyre's column today at Real Clear Politics.

Into Thin Air.

How hard did Bear Stearns employees get hit by yesterday's news? Well, a year ago their collective shareholdings in BSC were worth $6 billion. Today, less than $100 million. In a few months, thousands of them will be out on the street, looking for work.

The Resolution Trust Company Solution.

It now seems inevitable. Paul Krugman sketches out the reasons why.

Fed Statement.

Read this carefully. It takes your breath away.