Headline grab bag. The bad news is piling up.

Zillow says that nearly 20% of mortgages are underwater.

Credit Suisse admits guilt in conspiring with US citizens to evade federal income tax.  The concept of too big to jail is wearing thin.

Cramer still pushing "buy the dip".  This con man is just saying that it worked so many times before, why not now?  Why not again?

Home Depot disappoints on earnings.  So, people aren't buying new homes and they aren't fixing up the old one either.  Maybe our homes are good enough for another decade of just living in them.

Dennis Gartman warns that a correction is coming.  His crystal ball has been pretty good of late.

Mel Watt, the government appointed bureaucrat running fannie and freddie tells fannie and freddie investors that they are not his priority.  Yeah we know Mel, keeping the Ponzi going is the priority.

Sugar, coffee and nickel and copper metal along with oil all magically having production shortages or other cover stories that will explain the higher prices that everyone knows is coming.  In other words, excuses so that we don't blame the federal reserve.

Target fires Canadian operations chief.  They didn't even give him the courtesy of letting him "resign to spend more time with his family".  It's going to get nasty folks.

The EU charges JP Morgan and others with rigging markets, expect big fines (back door taxation) to be the result.

Vatican bank is just as corrupt as any other.  At the end of the day, a bank is a bank.