Stocks are set to slide Wednesday as investors remain cautious about the size of a potential economic recovery. Futures are lower. Overseas markets are falling, following weakness in the U.S.

The Treasury Department and the House Financial Services Committee chairman Barney Frank (D – Mass.) last night unveiled a sweeping new bill that attempts to rein in “too big to fail” financial institutions. The proposed legislation, its authors argue, would end the era of taxpayer bailouts for failed firms. In essence, as the blog Volatility put it, the bill would force large banks and other financial firms to contribute to a ” financial superfund ,” so that they, instead of taxpayers, would foot the bill for the failure of immense institutions

Wall Street Journal : Treasury Department pay czar Kenneth Feinberg last week announced sharp cuts in total compensation at the finance and auto companies under his control. But while he cut total compensation by half, he substantially increased one important element — regular salaries, according to a Wall Street Journal analysis. Read the whole story: Wall Street Journal

WASHINGTON — The Florida Democrat who said Republicans want sick people to “die quickly” is apologizing again for his inflammatory rhetoric, this time for insulting a senior Federal Reserve adviser using a derogatory term for women. Amid growing criticism from across the political spectrum, Rep. Alan Grayson said late Tuesday it was inappropriate for him to call Fed adviser Linda Robertson a “K Street whore” during an interview last month on the “Alex Jones Show,” a syndicated talk radio program

Protect Insurance Companies PSA from FOD Team, Will Ferrell, Jon Hamm, Olivia Wi… Obama wins Nobel Peace Prize – The CNN Wire – CNN.com Blogs YouTube – TRAILER: Michael Moore’s ‘Capitalism: A Love Story’

We’ve got a new red scare. Forget Glenn Beck, the fear isn’t that America is going red, it’s that it is in the red. Conservatives in both parties are raising alarms about deficits and government spending