Lost in translation

With all the press that Iran's president, Mahmoud Ahmadinejad, is getting these days about his remarks at Columbia University and the UN, it would be wise, I think, to test the reportage of his statements in the MSM against the accuracy of the accounts of his now-infamous "Israel-should-be-wiped-off-the-map" speech a few years ago. As this detailed translation of his Farsi words demonstrates, he said no such thing. Given the tenor of the times, we'd better be darned sure what we're being told about his statements is accurate. I'd hate to start another war based on falsities, wouldn't you?

World War III

Is this what it would look like? If so, to what Pacific island would you relocate?

Credit crush

Here's an insider's explanation of (1) why the collapse of the housing/mortgage market isn't all the fault of heedless borrowers; and (2) why it's likely to spiral into a truly disastrous downturn.

Spoiler: It's the moneychangers' fault.