Weekend Reading

Gretchen Morgenson reports on an idea to purchase all mortgage backed securities, restructure all ARMs as 30 years fixed rate mortgages and sell the new debt. Easy as 1,2,3!

Businessweek goes undercover to report on sex in the mortgage broker business.

James Cooper writes about sinking corporate profits. This makes it very hard to understand if stock are fairly valued or not. The P/E ratio is meaningless without a good estimate for E.

David Yermack looks at the auto industry and the cost of a bailout.

And Iceland is still melting.