A new study reveals that one of the most cited economic principles regarding GDP and debt is most likely based on a "sloppy Excel coding error." According to a 2009 book by Carmen Reinhart and Kenneth Rogoff, This Time It's Different, countries with a high debt to GDP ratio have slow economic growth. But three economists at the University of Massachusetts have published a critique of Reinhart and Rogoff entitled: "Does High Public Debt Consistently Stifle Economic Growth?" They found a major and embarrassing error in the original calculations.

GDP grew an anemic 1.8% in the first quarter of 2011. To blame: The ten million snowstorms that slowed construction and closed businesses, rising commodity prices, decreased government spending, and the failure of the American experiment in general.

Scottsdale, Arizona's raunchiest porn scribe, Ben Quayle—spawn of America's greatest vice president—has resurfaced with his latest congressional campaign ad. Get your paper and pencil ready now, because young Master Quayle has some important numbers to share.

The gross domestic product jumped 3.5% last quarter—the first increase in more than a year—sparking a stock rally and talk of the end of the Great Recession. No, no one has any jobs yet, but stop complaining!

• Treasury Secretary Tim Geithner plans to ask for greater oversight of financial markets and stricter regulation today; his proposal will also seek more control over hedge funds and private equity firms. [BN, WSJ, NYT]
• The departure of two execs from AIG's Paris office could trigger defaults on $234 billion in derivative contracts, believe it or not. [WSJ]
• Morgan Stanley and Mitsubishi are merging their brokerages in Japan. [DB]
• Some say the insurance biz is the next shoe to drop in the crisis. [NYP]
• Commercial real estate loans are heading south in a hurry. Delinquency rates have more than doubled since September. [WSJ]
• Gross domestic product fell at a 6.3% annual rate during the fourth quarter of 2008; state unemployment claims are up, too. [WSJ, CNN]
• Hope you skipped business school: "The MBA will soon be joining equities and house titles in the museum of formerly overvalued pieces of paper." [TBM]