Extra Credit, Wednesday Edition

The oil price spike: John Hempton thinks it’s a short squeeze, and that the US has a massive profit opportunity.

Dr. Strangelove, Paulson, and the Face-Slap Theory: Paulson has a secret plan which will only work if it’s unexpected! Or something.

The A.I.G. Bailout Takes Shape: Paulson’s end-run around shareholder democracy.

Seen on a Post-It Note in Congress: Setting priorities.

Manhattan, Deleveraged: If you’re interested in what my writing looks like when it’s actually been edited.

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