Here's what we're following this morning:

(* The reference is to a comment made by a table tennis coach about Americans' desire to earn a degree rather than "catch-up to the Chinese.")

(via The Atlantic Wire)

JPMorgan to be subpoenaed over defunct PFG Best's missing segregated money - Bloomberg via Zero Hedge | Recovered money will once again go to the litigating attorneys.  The bigger the crime, the bigger the parachute.

TARP was even worse than you think - Daily Ticker | The program is projected to lose somewhere between $32 billion to $72 billion.  So much for Hank's bazooka.

Americans and historical amnesia - Counterpunch | This is very similar to a lot of what Howard Zinn writes in "A People's History of the United States."

Convicted insider trader "shocked" to find out he couldn't trust his co-conspirators - Dealbreaker | Boo hoo hoo, guy: they pumped you for information, and you're a sucker to think that YOUR breaking the law is different in any way, shape, or form.

Money is power - Macrobusiness | The only choice facing us is between BAD government and GOOD markets.

Life in the American Slaughterhouse - TomDispatch | Let me get this straight: running brands (branded?) you as guilty?  We export the greatest stuff, these days: inflation, violence, "American Idol" re-runs....

The Grand Cycle top in everything - Chartist Friend from Pittsburgh via Charles Hugh Smith | We seem to be on the downslope, but this ain't gonna be ski-slope fun.

Congressional leaders reach budget "deal" - Financial Times | Oh, good: we can fund our country for another 6 months.  But legislation formalizing the deal still has to be written (!) and must be passed after the August congressional recess.  We still don't have a national budget, by the way.

The double-edged sword of low interest rates - Dr Housing Bubble | Go ahead and buy the dang thing, just please don't call it an investment.

Math is hard for the TSA - Jr Deputy Accountant | "Would you rather have 1, 9-ounce bottle or 3, 3-ounce bottles?"  "Uh...yes."