Here are the top five most read stories on the Bloomberg in the last day with selected excerpts (and my comments, if any, in italics).

As of 22-Aug-2007 at 9:22:52 (Beijing time):

1. Commercial Paper Market Roiled With $550 Billion Due

“‘There’s still a huge problem in the credit markets. [The market] is unwinding because no one wants to own A1/P1 asset-backed commercial paper. That’s just crazy. If it’s backed by subprime, all right. If it’s backed by junk, get out. But if it’s backed by high-quality receivables from Macy’s or triple As from us, that market should be functioning and that market has stopped functioning.'’ — another good quote from Garrett Thornburg

2. Hedge Fund Manager, Intent on Market, Misses Maserati

“‘I was distracted by the market turmoil [and didn’t notice that my $160,000 Maserati Cambiocorsa had been impounded by London authorities],’ said Des Pallieres, who doesn’t use the car during the week because he can walk to his office in the St. James’s district of London in 15 minutes.”

This kind of amusing story *always* gets spread quickly on the Bloomberg.

3. Bank of England Says It Loaned 314 Million Pounds at 6.75%

To whom one wonders?

4. Fed Expects Markets Will Take Days to Digest Rate Cut

“Senate Budget Committee Chairman Kent Conrad yesterday called for the resignation of St. Louis Fed Bank President William Poole. Conrad, a North Dakota Democrat, said in a statement it was ‘irresponsible’ for Poole to say in an Aug. 15 interview that only a ‘calamity’ would justify a rate cut.”

Reminds me of the Woody Allen quote that politicians are a notch beneath child molesters.

5. Home Foreclosures Almost Double in July as Rates Rise

“The three phases of foreclosure: the process begins when a borrower defaults on loan payments and the lender files a public default notice, called a notice of default or lis pendens. If the borrower doesn’t make monthly payments after that time, the property goes to auction. The third phase begins when the lender takes ownership of the house, also called REO, or ‘real estate owned.’”

Closely related to the five stages of grief?