Daily Update: Superfriends Edition

Our credit markets seem much improved--meaning, that no entity is on the verge of collapse or suffering to get access to capital. The results of the Obama Administration's stress tests for banks with over $100 billion in assets will be released Thursday night after the stock market's close.

This is probably the last real chance to see certain bank stocks dip down, and we doubt any dips will be large. If you are still waiting for the bottom in banking, then you missed it.

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Remember the quality 1970's Saturday morning television that was the Superfriends?

You watched and wished that you too had friends so loyal, so capable, so nearly naked (Wonder Woman). Well now you can get a reprise and can see the Friends rise again... in Asia.

Yes a bunch of Asian economies are deciding that they must band together and support one another in ways the Western world never could, or would.

According to Reuters, "Japan, China and South Korea have finalized details of an emergency $120 billion liquidity fund for 13 Asian nations." In the event of a financial crisis in one of the counties, this fund would be available to provide assistance.

There is a temptation to compare this new facility to the IMF, but that analysis would miss the move toward a financial alliance that will help serve to bring Asia together as a single, loosely formed economic entity lead by China and Japan, two of the four largest countries in the world as measured by GDP. The program makes the region financially stable, probably more stable than Europe is now with its rising unemployment, stagnant economies, and sovereign debt which faces downgrades in many cases.

(via Time Magazine)

Alas they are only fighting villians in that part of the world, so we are on our own with our cartoon friends. 

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Why Obama's tax loop-hole closing efforts should bother anyone who is not a tax cheat or major corporation is somewhat baffling.  Corporations manipulate the tax collectors in the regions where they do business, so some harmony in matching expenses booked to profits reported (in the U.S.) would be worthwhile. But don't expect this to go down without a big brusing battle, and spun as some sort of semi-socialist IRS money grab.  Obama wants your money now, and your daughters later. 

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And finally, does Fiat seem a little ... I dunno, economically horny? It wants parts of Chrysler. It wants parts of G.M. (the European Unit).  And it does not want to pay for it:

As in the Chrysler deal, Marchionne (Fiat Big Head) wants to accomplish all this without Fiat having to put down any cash or assume any of GM Europe's debt. Moreover, he wants European governments to kick-start the new company with billions in loans and loan guarantees.

(Business Week)

And all I want is someone to love.