1. The Obama administration unveiled its plan to remove toxic assets from the books of the nation’s banks, betting that it can revive the U.S. financial system without resorting to outright nationalization. Treasury Announces $1 Trillion Public-Private Plan to Buy Banks’ Bad Debt

From the Blog World:

Barry Riholtz: Public-Private Investment Program

TARP Part II

Calculated Risk: Some Positive Comments on the Geithner Toxic Plan

Naked  Capitalism: Guest Post: Why Does Failure Merit Reward?

Infectious Greed: Is Geithner a Fool With a Plan?

Mishs Global Economic Analysis: Geithner’s Galling (and Dangerous) Plan For Bad Bank Assets

2. The sheer, staggering stupidity of using “unconventional measures” is that they don’t work; if they worked, they would be conventional. The US Federal Reserve finds this hard to figure out. Which is why we are truly doomed!!!!. Unconventional stupidity

3.The global downturn has hit Eastern Europe with particular vengeance. Countries that profited more than many others from globalization and were previously capitalism’s rising stars are now seeing demand for exports collapse, along with their currencies. They are bracing for a hard landing. Eastern Europe’s Economic Crash

4. Two million people are unemployed in Britain, the worst figures in a generation. This is a tragedy for the people who are suffering. Each loss of a job has its own consequences, on the unemployed themselves, their partners, their children, and their parents.Trust bankers? You’d be safer on the Titanic

5.LONDON : While the global aviation industry is retreating and scaling back amid a downturn in air traffic demand, the long-haul low-cost carrier AirAsia X is bucking the trend by continuing its aggressive expansion.AirAsia X continues to expand its wings

6. Photo: Polar Bear

Polar bears may be in trouble. As ice around the North Pole melts, the seal hunting season becomes shorter, particularly for those polar bears who live further south.

Via: www.spiegel.de