The last couple of weeks have been quite interesting in the world of Friedman.  On October 24^th he wrote an insulting column where he exhorted Americans that “We’re in the age of “extra,” and everyone has to figure out what extra they can add to their work to justify being paid more than a computer, a Chinese worker or a day laborer.”

I'm very sorry that I'm about to pile on Obama again.  But I'll keep it short.  And really, it's less about Obama than about the mood of the country at this point.  Via Atrios I give you a transcript of Obama talking to bloggers about the economy.  I should preface this by saying that it's an awesome thing that we have a President who talks to people of all walks in such a reasoned and open way.  But search for the word "deserve" and read the paragraphs around those words and then reread cmaukonen's post about the

I know you're all very concerned that some people who should lose their homes won't or that they won't lose their homes in a timely enough fashion.  Don't worry.  People will be homeless.  Our banks and government will see to it that miscreants are punished.  The Market, wronged deity that it is, will not be mocked.  It demands justice and homelessness.

So what do you all think was really going on here?

There is no "Know Your Lender Act Of 2011" but the great and ongoing discussion at Dr.

Subject: While You Were Not Elite H/T: Atrios.

(A complete, paragraph by paragraph rebuttal to Time’s Mark Halperin.

Barack Obama is being politically crushed in a vise. From above, by elite opinion about his competence. From below, by mass anger and anxiety over unemployment. And it is too late for him to do anything about this predicament until after November's elections.

I just ordered my Kindle edition of Blowing Smoke, which will be delivered by October 10th.  Can't wait to read it.  Couldn't help but notice that there are no user reviews for the book on Amazon yet.  I definitely plan to write one after I consume some book but, come on...

It's non-farm payroll Friday, where we celebrate the work of everyone who isn't a farmer.  The unemployment rate stayed unchanged at 9.6% with government employment falling by 159,000 and private sector employment (mostly in health care, hospitality and mining) rising by 64,000.  Barry Ritholtz has the no-nonsense quick-take here.

Welcome news from the Obama Administration today.  The President will veto (either outright or as a pocket veto) the Interstate Recognition of Notarizations Act of 2010.  The bill orders federal and state courts to recognize the the marks of out of state notaries.  It's actually been floating around Washington for a long time, getting nowhere but then it was suddenly and unanimously (and quietly) passed by the Senate on its last day in official session, right when homeowners, plaintiffs a

We got into a discussion of third parties a bit over the weekend.  Over the last week, there were a couple of items in the larger media that touched on this, but as is usually the case, not in the way that we would like.

We're now getting a flurry of stories from the Treasury telling us that TARP, unpopular though it may be, was not only effective but cheaper than the worst case scenarios that the government envisioned when the program began.

The New York Times says the program is only going to wind up costing $50 billion, rather than the $700 billion committed or the nearly $400 billion spent.  If our exits from AIG, GM and Ally Financial go well, we could even make money!

Damn you, Red Planet!  I almost forgot to read Friedman this morning.  I was having such a happy day but now I've read this.  Actually, the all-knowing mustache makes a pretty good point that we should seek to compete with China and other economies by encouraging America's well-educated, creative and driven individuals to follow their bliss in new and hopefully lucrative directions.

In my last career I was fortunate to be able to get to know Barry Ritholtz.  I reviewed his excellent "Bailout Nation" back in 2009 and did a nice Q&A with him soon after.  But enough about me and Barry.  I really want you all to read what he has to say here:

In this week's "New Yorker" former Vice President Walter Mondale, who has a book out, draws comparisons between Obama and Carter (ultimately concluding that Obama has many political strengths Carter lacked) and says something interesting (paraphrase): "When people lose their jobs or can't keep their house they become irrational.  They lash out. They expect the president to do something." The whole, short article is here.

Ever wonder how "welfare queen" stories get started?  Over at Time's Swampland, I think we saw one get born.  Joe Klein, on the road searching for the soul of America or something, decided to uncritically and unskeptically relay a tale told to him by Mark Kirkwood, a resident of the Detroit area.

Kirkwood had a classic welfare queen story to tell:

I don't usually care what Marty Peretz of The New Republic has to say.  I just usually dismiss him as a crazy old coot and perhaps some one past his intellectual prime.  So, whatevs.

So I try to take a little break from politics and what happens?  A Radical Christian Cleric decides to throw himself a Koran burning in Gainesville, Florida.  Actually, he announced it a long time ago and when I first saw the headline about it on Gawker I was absolutely livid because I misread it as "Korean Burning."  Burning Koreans is just wrong.