Who wants a recession

As one of the first critical voices against the Bush administration and the war in Iraq, Bloom landed in the hot seat with the satire "MacBush" in 2004. Lately, he sparked worldwide outrage by calling Harry Potter "garbage". Speaking at his home in New Haven where he is recovering from a recent health scare, a pale and weak Bloom seems to have symbolically embodied what he calls the "poor state of the nation".

"I am 77 years old and I have never seen this country in such a bad state. It is madness. What we are seeing is the fall of the Roman Empire, only now it is the fall of America, the glory of our Empire. This war is what Parthya was to Rome.

The horror of what is taking place in Iraq exceeds my worst fears five or six years ago (after Bush came to power). I am horrified at the disastrous mistake involved. read more

Don't Be This Family

Major U.S. financial institutions like Citigroup (C, Fortune 500) and Merrill Lynch (MER, Fortune 500) have taken drastic steps lately in an effort to raise capital after writing down billions of dollars on the value of mortgage-backed securities.

Earlier this month, the two companies sold stakes to foreign, state-run investment funds in exchange for capital infusions. Citigroup went one step further by slashing its quarterly dividend, making it the latest in a series of banks to do so.

Moreover, there's no indication that a one-time capital infusion would rescue these troubled firms. If the housing market worsens, argues Donald Light, senior analyst at independent research and consulting firm Celent, these bond insurers could require more capital.

"The solution for now is not a solution for the next 24 months," said Light. read more