In the words of Aristotle: “one swallow does not a summer make, nor one fine day; similarly one day or brief time of happiness does not make a person entirely happy.”
Tales from the Trail
Before heading off to enjoy your weekend, I would encourage you to take a look at Emily Kaiser’s special report on income inequality in the United States, and a growing body of opinion that links high levels of income inequality with financial crises.
The Tea Party takes pride in its belief in the importance and centrality of the Constitution of the United States. Indeed, Senate Republican candidate Christine O’Donnell has been reported as referring to the document as a “covenant” based on “divine principles”.
French Finance Minister Christine Lagarde said today she was not “in the mind or the mood for war”, describing it as “totally inadequate, inappropriate and unnecessary.” Phew.Global finance chiefs met over breakfast in Washington, just as the September employment report showed the U.S. economy was still shedding jobs and sent the dollar tumbling to a 15-year low against the yen. How about that to focus the mind.
The Justice Department has stepped into the fray today over reports that the country’s largest mortgage lenders may have evicted tens of thousands of borrowers from their homes with little or no scrutiny of their documents. The lenders are accused of using “robo-signers” to approve foreclosures en masse, like GMAC official Jeffrey Stephan, who has testified to signing some 10,000 documents a month.
Like schoolchildren gazing out the window on a sunny June day, Congress can’t wait for that final bell to ring. But lawmakers still need to hand in a final term paper before they can skip out the door. Instead, they’re asking the teacher for an extension.