peHUB Second Opinion 5.20.10

The Wall St. reform bill: Today it slouched a little closer to Bethlehem.
Related: But, like, what does it all mean, man?

Carried interest: The tax loophole is now closed 75% of the way through.

Debt restructurings: They will continue to give everyone heartburn.

The stock market: It appears to be coupled with the euro. In the same way that organized crime couples ankles with concrete. Anyway, it’s officially a correction with today’s 372-point drop in the Dow Jones Industrial Average.
Related: TD Ameritrade clients couldn’t trade for 80 minutes today.

The Fed: Its $2.333 trillion balance sheet is, shall we say, not ready for swimsuit season.
Related: What would happen if we had to bail out the FDIC?

Europe: It’s had a good run. Now it’s time to redraw the map.
Related: Surely you wondered how the Eurozone crisis was related to the Glorious Revolution of 1688 and the Mississippi Bubble of 1720. Erudite Economist writer Matthew Bishop provides a little history on just that.
Related: The Economist theorizes that Germany is Europe’s fed-up sugar daddy.

Washington: Is Chuck Schumer the Senate’s next Majority Leader? Go check with your lobbyist that you’re on the right side of this trade.

Social networking:
The Onion provides an instructive way to think about investments in Twitter, Facebook and Foursquare.