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And it’s better that people misunderstand a product, at first, than not understand it at all.

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This clip is raw from Camera E-8 on the launch umbilical tower/mobile launch program of Apollo 11, July 16, 1969.

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When Goldman Sachs employees bragged about the money they had made by shorting the housing market, it was ugly, but that didn’t amount to wrongdoing.

No, the e-mail messages you should be focusing on are the ones from employees at the credit rating agencies, which bestowed AAA ratings on hundreds of billions of dollars’ worth of dubious assets, nearly all of which have since turned out to be toxic waste. And no, that’s not hyperbole: of AAA-rated subprime-mortgage-backed securities issued in 2006, 93 percent — 93 percent! — have now been downgraded to junk status.

What those e-mails reveal is a deeply corrupt system. And it’s a system that financial reform, as currently proposed, wouldn’t fix.

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A visualisation of the northern European airspace returning to use after being closed due to volcanic ash. Due to varying ash density across Europe, the first flights can be seen in some areas on the 18th and by the 20th everywhere is open.

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A spokeswoman said today’s autopsy failed to conclusively determine the cause of death of 55-year-old Neil Begin, who was shot by police on Friday and died early the next day.

Eh, what?

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“Goldman Sachs made billions of dollars from betting against the housing market, and it placed those bets in some cases at the same time it was selling mortgage-related securities to its clients,” said the committee’s chairman, Carl Levin (D-Mich.). “They have a lot to answer for.”

Goldman says it always puts its clients’ interest first. It’s a position the firm has stuck by as Levin’s investigation has produced emails and internal documents apparently showing otherwise.

“Our clients’ interests always come first,” Goldman says on its website.

That’s like Jeffrey Dahmer claiming he’s a vegetarian.