Loopholes lurk in bank bill (Paletta/Enrich, WSJ) Companies with connections get to buy exemptions…

Treasury yield curve widens to most since 1992 (Walker, Bloomberg)

Dems want to raise debt ceiling a whopping $1.8 trillion (Rogers, Politico) So they don’t have to revisit the issue before the 2010 midterm elections…

The job market: Is a college degree worth less? (Oloffson, Time) Yes! The net present value of a B.A. has been declining for years. Look for the trend to continue as tuitions increase even as unemployment stays high and wages fall. Don’t go into debt to buy that fancy degree from a private school kids. A good state school is a much better deal right now. Save your money for an advanced degree…

Wells writing off principal on option ARMs (Cambell, Bloomberg) This is the proper way to modify mortgages if you’re hoping to keep people paying. My question is whether Wells has to write down the loan on its balance sheet and take a hit to capital. My impression was that they already took huge writedowns on Wachovia’s book of option ARM loans when they acquired it. So would guess principal forgiveness is not leading to asset writedowns.

AT&T to charge for heavy data usage on iPhones (Svennson, AP)

Shooting in Times Square, perp had Mac-10 (CityRoom) A couple hundred yards up the street from Reuters’ office….

Google goggles (Youtube) Pretty cool. Wonder if it really works.

22 million horsepower (YouTube) Flame exits the rocket at Mach 3. Temp is 4500 Fahrenheit, 2/3rds as hot as the sun. At that temp, they say, steel boils.