Treasury Secretary Tim Geithner is taking his sweet time to work out the details of TARP II.  But for all the uncertainty surrounding his plans, we know one thing:  Zombie banks will not be allowed to go under.

Conventional wisdom has it this morning that stocks are at the start of a rebound.  And for all I know, that’s true; technician types say the market is way oversold.

Around these parts, no one can touch Bill Bonner when it comes to taking down New York Times columnist Tom Friedman.  But Friedman’s latest is too much for me to resist.

Fed up with the homeowner bailout?

Could the president please make up his mind?

Russia is reeling.  GDP is down nearly 9% year-over-year.  The ruble has lost a third of its value since September.  Unemployment is rising so quickly, protests and riots are breaking out.  And yet, Prime Minister Vladimir Putin assures his supporters that “no catastrophe” is in view in 2009.

Congratulations — you just survived Black Swan Month.  And in the process, a persistent and seemingly prescient Internet rumor has been put to rest.

Much on my mind on a Friday morning.  So let’s dive right in.

“We must preserve and strengthen 401(k)s,” says Rep. George Miller (D-California), chairman of of the House Education and Labor Committee, and the man who might yet degrade and destroy 401(k)s.