Quotes From Around Yon Blogosphere

[Bernard] Madoff remains out on bail, and could be working towards a plea deal.

A guilty verdict is a slam dunk in a trial. However, that does nothing for the $43 billion in lost assets for the folks who were taken (i.e, investors/confidence marks) and, it seems that Madoff's remaining assets, versus what was stolen/lost/embezzled are a mere pittance.

Hence, the possible Madoff deal. One theory floating around is that Madoff will implicate the major banks . . . in his massive fraud. Once he rolls over and sings, alleging they knew (or should have known) it clears the path for a massive litigation frenzy against any and all of the parties involved.

. . . if this theory is remotely accurate, it would be terrible. It would allow a (alleged) horrific con man/thief avoid justice. And, it rewards the people for their own bad judgment in giving Mr. Mathematically-Impossible/No-Fees their money, while seeking to place the blame elsewhere.

Zero responsibility for all involved! Its the American way!

-- BARRY RITHOLTZ

Sales at U.S. retailers fell more than twice as much as forecast in December as job losses and the lack of credit led Americans to cut back on everything from car purchases to eating out.

The 2.7 percent slump marked the sixth straight month of declines, the longest string since comparable records began in 1992, the Commerce Department said today in Washington. Labor Department data showed the global collapse in commodities caused prices of goods imported by the U.S. to fall for a fifth month.

-- BOB WILLIS

You may have noticed that Senate Minority Leader Mitch McConnell is answering Barack Obama's call for suggestions on how to create a better stimulus by proposing a two-year suspension of payroll taxes. McConnell's conservative colleagues in the Senate support the idea, despite the fact that it (1) eliminates funding for Social Security and identifies no replacement, and (2) denies the government a huge portion of its income during a period of massive deficits.

This is a catastrophically bad idea, an idea so bad and so naive and so completely impossible to implement that it almost makes you laugh. But keep in mind, this idea isn't being proposed by some backbencher in the House Republican caucus. This is the Senate Minority Leader. This is the best Republicans can think up!

-- JONATHAN STEIN

Comptroller William Thompson denounced the "incredible mismanagement" by the Industrial Development Agency (IDA) in failing to control city costs from the construction of the new Yankee Stadium.

"The original city capital contribution now has ballooned to $325 million, two-and-a-half times the amount we were told in 2006," Thompson said. "The Administration is bending over backwards to subsidize an enormously profitable corporation, one that just signed three players to contracts worth a total of $423 million."

-- ROY EDROSO

America's inability to uproot concentrated poverty by "spreading the wealth" is a frustration and embarrassment to the liberal "urgency of now" -- who wants, or dares, to defer 'social and economic justice'? The great temptation is to speed things up -- and spread the poor instead.

The Tab that Ate America presents impatient liberals with a grand opportunity. Will developers and landlords, who might think twice in better times, sell off the safety of their residents for the security of a guaranteed federal subsidy?

-- JAMES POULOS

In a time of falling home prices and trillion-dollar bailouts, one market seems to be up as a young candidate for a master's in family and marriage therapy reports that 10,000 bidders for her virginity have pushed the price to $3.7 million.

Skeptics in the age of Madoff may be forgiven for their doubts about such returns from what these days might be considered a modest investment.

The young woman's enterprise recalls the response of a friend of mine with a large public relations company to young job seekers fresh out of college who would tell him they were ready to sell out.

"That's fine," he would say. "Now what is it exactly that you have to sell?"

-- ROBERT STEIN

Top photograph by Shannon Stapleton/Reuters