The Breakdown | Explaining Southern California's economy

Reportings: Chairman Ben; the 99%; iPhone 5 pix; saved from foreclosure

Federal Reserve Chairman Ben Bernanke testifies before Congress this morning. No QE3 (yet) but…sympathy for the Occupy Wall Street protesters? Well, he does have that beard…: "'Like everyone else, I'm dissatisfied with what the economy's doing right now.' He says that protesters have merit in being angry over the economy and Washington." (Business Insider)

Ezra Klein on the humble goals of the 99% Occupy Wall Street protesters (and the Occupy LA protesters, too, by association): "There’s not a lot of evidence that these people want a class war, or even particularly punitive measures on the rich. The only thing that’s clear from their missives is that they want the economy to start working for them, too." (WonkBlog) 

The battle between buyers and sellers of Bank of America stock: "Investors fear that Bank of America might run short of capital because of large mortgage-related settlements it has struck with angry investors who bought securities backed by those problem loans." (AP)

What will the iPhone 5 look like? Mashable predicts. Beware, slide show ahead. (Mashable) 

If you're being foreclosed, get David Lazarus to call your bank! Great report from Ground Zero of the housing crisis, with a happy ending. (LAT)

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Photo: Jim Watson/Getty Images