When Food Is Wall Street's Best Idea, You Should Probably Go on a Diet.

Ben Bernanke Stands Up For QE2

(Reuters) Perhaps the most interesting thing in Bernanke's defense of the Fed's inflationary policy is that he blamed recent currency movements on Europe's bailouts. Who knew he had that kind of chutzpah?


Meredith Whitney Plans A Ratings Agency (Financial Times) Why does anyone care what ratings agencies say? Oh, right. It's because regulations, especially bank capital requirements, still mandate that everyone care about ratings agencies. There's a desperate need for more competition in the ratings business, so we're hoping the dominatrix of Wall Street can crack the S&P-Moody's duopoly.

China Hikes Reserves Requirements (Reuters) The real story here is that China is still trying to fight inflation despite its consistent debasement of its own currency. It won't work.

Ireland Pressured On Bailout (Reuters) The key point in the Irish bailout talks is really the corporate tax. Ireland's corporate tax rate is lower than its European neighbors, which means it poaches lots of businesses from them. That makes the thought of bailing out the Irish government especially loathsome. It's like paying off the debts of the guy who knocked up your wife.

Harrah's Cancel IPO (CNBC) You'll have to find another way to lose money.

SEC Considering Hedge Fund Supervision (Reuters) Here's the deal with SEC supervision of hedge funds: it won't make the financial world more stable but it will make running a hedge fund more costly. That means it will make the hedge fund sector less competitive and harder to enter, benefitting the big players and hurting the start-ups. Which is exactly why the SEC is doing this.

Some Random IMF Official Says the Risks of European Debt Defaults are Overblown(Reuters) That's the kind of talk that just makes bond investors even more worried.

KKR Is Angling To Buy Del Monte (Reuters) Food is the most popular play by all the smart guys these days.

Ambac Warns Banks To Get Ready For Put-Back-Paloosa (Reuters) Tick. Tick. Tick. Boom.

Dear Uncle Sucker (Barry Ritholtz) What Warren Buffett really should have written about bailouts.