By Andrew Snyder, TodaysFinancialNews.com

Baltimore — (TFN): I spent most of my weekend in the attic of my century-old house. I wasn’t hiding from a hormonal, pregnant wife. She’s been fairly tame lately. And it wasn’t to escape a surprise in-law attack.

James Howard Kuntsler, author of The City in Mind: Notes on the Urban Condition, analyzes the Dubai Debacle for Whiskey & Gunpowder.

“In the old days … the Fed controlled the federal funds rate with open market operations,” Antulio Bomfim, a former Fed economist now with Macroeconomic Advisors LLC in Washington told Reuters. “Now, at least in this period when reserves are over-abundant, the way the Fed hopes to raise the federal funds rate will be primarily by raising the interest rate it pays on reserves.”

General Motors Corp. (GM) will meet with the U.S. Treasury department’s automotive task force as soon as this week to work on a plan to return the automaker to viability. But while company executives assert that bankruptcy is far from inevitable GM is accelerating preparations for a court filing. 

Another currency rally….  Bank of Canada cuts 75 BPS!…  A Santa rally?… What Asia thinks… And Now… Today’s Pfennig!

Warren Buffett says buy. Jeremy Grantham says it will get worse. Both are celebrated value investors. Who is right? It all depends upon your view of the third derivative of investing. Today we look at valuations in the stock market. This is the second part of a speech I have given in the past few weeks in California and Stockholm. I am updating the numbers, as the target keeps moving.

The situation is grim for home furnishing retailers… Target, Bed Bath & Beyond, Tuesday Morning, and just about every company that supplies furniture and home accessories has been crushed.

It took a sub-prime/credit/derivatives debacle to make it happen, but it’s finally starting to dawn on some people that you can’t build a whole economy on the practice of moving money around.