Shorts get a bad rap. Any Internet message board that even lightly deals with the world of investing is almost certainly filled with banter blaming just about every bad tick of the tape on the folks with short positions. On a terrible day… it’s the naked shorts, of course.

The American auto industry, GM and Chrysler in particular, have been tumbling since the last real financial collapse in this country in the 1970’s. They were in trouble then for the same reason they are in trouble now; bad business decisions, bad taste and an inferior product.

Reports Point to Housing Market Bottom; Big Three Automakers Beat Estimates; Microsoft Will Unveil New Operating System in Time for XMAS; Dallas Fed President: Economy ‘Getting Less Worse’; European Jobless Rate Climbs;  Pepsi Bottling Chief Could Cash In

In a market like this one, it pays to note the subtle differences between ostensibly similar assets. For example, there are car stocks and then there are car stocks. (Yes, I am writing about cars again, but not for the whole column, honest!)

Intel Dealt $1.45 Billion Fine; WSJ: Gov’t Wants Financial Sector Pay Overhaul; Verizon Divests Access Lines for Stock; AIG Says 5 Years to Pay Back Gov’t; Foreclosures Jump to Record High; Geithner: Small Banks to Get TARP Funds; Auto Dealers Get The Axe; Ford Raises $1.4 Billion From Stock Sale

Now that the results of the U.S. bank stress tests are finally in the books, the extent of the capital shortfalls are known and – in many cases – are actually being addressed.

In the energy market on Friday, crude for June delivery rose, closing at $51.55/barrel, up $1.93. May reformulated gasoline added 4.6 cents, to $1.4475/gallon.

Only one of the 19 financial institutions that received a bank stress test would require additional capital, the controversial government initiative has reportedly concluded.

Goldman Sachs thinks you can make 40% on Ford. I think that figure should be a lot closer to 400%. China has finally, truly and wholeheartedly embraced “21st century American-style capitalism.” God help them.

How to make 300% off Washington’s lies. I don’t like to think that I am actually that much of a curmudgeon. I will concede, however, that historically, economically and financially speaking, lies and liars are probably closer to the norm than not.