Economics Update

More blood for Citicorp and Merril, it looks like they will be needing additional foreign money, as they are expected to report additional losses amounting to $25 billion. In addition, Capital One is expected to report about a billion dollars more in losses than was previously expected (what's in your wallet).

And Moody's is thinking about cutting Freddie Mac's rating to A-, which could make raising capital much more difficult.

December retail sales figures sucked wet farts from dead pigeons. It was an increase, but less than inflation, which makes a decrease in real $.

Ben Bernanke has pretty much guaranteed a rate cut in a speech he gave today to the Women in Housing and Finance and Exchequer Club in Washington, D.C.