Paul Volcker President Obama is out for blood, and it’s the right thing.  It’s past time banks do what their names entail, you know, banking.  That said, equity markets are finally making the correction they need to.  In that regard I can’t really say anything better than what David Rosenberg did yesterday:

“The U.S. dollar is still bid and this is compressing the commodity complex right now (oil down to $77.80/bbl) and gold is now making a move down towards its 100-day moving average of $1,086/oz after just breaking below the 50-day m.a. of $1,135). We see that for the first time in 18 months, the DXY index has made a bullish move above its 200-day moving average.

The fact that this is happening even with China reporting its much ballyhooed 10.7% growth rate for Q4 (consensus was 10.5%) in another signpost of what is priced in. A year ago, China was borderline recession but a massive fiscal and credit stimulus package unleashed a fury of risk-taking behavior. A year later, double-digit growth has prompted a series of tightening moves in China (the Peoples’ Bank of China nudged up bill rates again today) and this is now prompting a reassessment of the near-term landscape in terms of risk appetite and the outlook for commodities, which are still in a secular bull market but could still be in for a respite in coming months and quarters that will hopefully set the stage for a nice buying opportunity for investors who focus on the forest as opposed to the trees.”

That said, here’s a round up.

OIL / NAT GAS

The Oil Sands keep growing - Third Oil Sands Announcement

And here’s why - The US Needs all the Oil Sands It Can Get

But what about the gas? - Gas Could Deflate Peak Oil Theory

CARBON CREDITS

I’ve still got my doubts - FP Letters: Carbon Credit Debate

No doubt about global warming - Past Decade Warmest on Record

But lots of doubt about it’s potency - UN Climate Body Admits Gross Mistake

BANKING BATTLE

First he saves them, then he beats them - Obama Pushes for Bank Reform

And Paul Volcker gets his way - Volcker Rule Vindicates Former Fed Chief

Here’s the plan - Inside Obama’s Plan

This should be it’s name - Glass-Steagall Lite

Here are the effects? - How Bank Reforms Could Affect Banks

ECON

Meanwhile, for the 99.99% rest of Americans - The Great Recession Continues

And the Canadian Outlook isn’t so rosy - Carney Warns on Growth

Scratch that, the West is looking better - Economic Revival Sweeping Western Canada

Volcker Vindicated, Bernanke Bruised - Bernanke Faces Tighter Vote in Senate

And never a shortage of criticism for the Fed - Rewriting the Fed’s History

I really like this blog - American Dream of Fugue?

BRIC

My ancestral homeland, looking fine - Poland is Comfortable Without Bailouts

And, like always, caught in the middle - Russia Seeks Explanation for US Missles

But it’s always been that way - Poland-Russia Relations

RSIL (Random Shit I Liked)

The recession’s other victims - Howls for Help

How to destroy time at work - Pulse Radio

A daily dose of shit-for-brains - Broke Bank Mountain

Sic