VIDEO:  In The Know: Are America’s Rich Falling Behind The Super-Rich? -   Panelists discuss a new study showing the gap between the wealthy and the absurdly wealthy is widening, and how we can help the merely rich catch up. – TheOnion.com – thanks John Cervarich

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A Simple Plan:  Market’s View of Stimulus - The market doesn’t like the Obama stimulus plan, it doesn’t like the Geithner non-plan, and it just generally doesn’t like anything. I think the problem with all these plans is they are too complicated (even the Obama housing plan, which is relatively simple) and every Tom, Dick, and Harry (or is it Dennis, Steve, and Rick?) has an opinion as to why they won’t work.  What we need is a simple plan that people can understand (bad bank) and to remove any problems (what to pay for the assets). -  Last Price Blog 

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The Economy Needs Coordination, Not Money, From the Government – John P. Hussman, Ph.D – … For example, throwing government money at financial institutions that are insolvent simply gives taxpayers a loss that should be borne by the bondholders of that financial institution. I can’t stress emphatically enough that the largest bank failure in U.S. history – Washington Mutual – was arranged last year with absolutely NO cost to the government, and no loss to the bank’s customers.  … -  Hussman Funds

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READ THIS -  about prepayment speeds – Annaly Capital Management Comments on The Impact (and Advisability) of the Homeowner Affordability and Stability Plan – BUSINESS WIRE  Annaly’s comments are always worth reading – BC

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RECORD HOME PRICE DECLINES IN FOURTH QUARTER;ISOLATED POCKETS OF STRENGTH – summary and 85 pages – FEDERAL HOUSING FINANCE AGENCY

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1.  Statement of Patrick J. Lawler, Chief Economist, Federal Housing Finance Agency – Loan Modifications:  “Are Mortgage Servicers Assisting Borrowers with Unaffordable Mortgages” – FHFA Testimony  20 pages
2.  Fannie, Freddie Should Relax Loan-Modification Rules, FHFA Says  – By Dawn Kopecki – Fannie Mae and Freddie Mac need to relax rules for a loan-modification program that promised to cut mortgage interest rates and lengthen terms for troubled borrowers, the chief economist for the companies’ regulator said. -   Bloomberg
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Foreclosure Plan Has Something Going for it-Specifics - By Joseph Rosta – Love it or hate it, the Obama Administration’s $275-billion effort to ameliorate the foreclosure offers a sizeable amount of gritty detail, doesn’t attempt to rescue everybody, and has a realistic tone. – US Banker

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TARP Loses 55% on Investments: Report – By DIANA GOLOBAY – The government as of market close Friday had lost 54.9 percent — or $107.7 billion — of an original $195.5 billion in capital investments through the Troubled Asset Relief Program, according to data released Monday by business ethics think-tank Ethisphere Institute.- has link to report – housingwire

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Speech:  Governor Elizabeth A. Duke – At the Revisiting the CRA Policy Discussion, Washington, D.C. – CRA: A Framework for the Future – FR Board
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FAS 157 – The Damage Has Been Done – Vinny Catalano – Thank you, FASB. Thank you for the turning what would have been a bad, deleveraging-driven economic downturn into the borderline depression here in the US. Oh, and let’s not forget to thank your efficient market cohorts who have chosen to ignore decades of behavioral science and stick to the dogma of market efficiencies, including illiquid assets depressed by panic driven redemptions and forced liquidations.

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PIMCO’s March 2009 Investment Outlook, “Hairy Lips Sink Ships” by Bill Gross, is now available at PIMCO
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Pro-Con Debate: Obama’s mortgage plan: What should taxpayers think? – Why should they shoulder some of the losses generated by bad loan ?  – chard K. Green and Christopher Thornberg debate. – LA Times
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READ THIS:  Hard Times at Harvard …  good investment history – How Harvard’s Investing Superstars Crashed -  AliBaba.com