Apologies for the absence of a substantive post, Still a bit off sync, and having to write about ergodicity, which is enough to put any mere mortal on refry. I hope to do a real post later today.
Monkeys fall for visual illusion BBC
Anti-Abuse Bus Stop Ad Only Batters Women When Nobody’s Looking Gizmodo (hat tip reader Greg)
Doctors Baffled, Intrigued by Girl Who Doesn’t Age ABC
Rothschild and Freshfields founders had links to slavery, papers reveal Financial Times
The second derivative is bad John Hempton
U.S. Savings Rate at Highest Point in 15 Years New York Times
Fed Documents Fuel Concerns About Expanding Central Bank’s Role Wall Street Journal
Bernanke Suffers From Selective Memory Loss; Paulson Calls Bank of America “Turd in the Punchbowl” Michael Shedlock
Obama Picked Wrong Advisers for Auto Overhaul, Gerstner Says Bloomberg
Exporters warn of German credit squeeze Financial Times (hat tip reader DoctoRx). I heard of this from my German client, who owns a company with a very conservative balance sheet and world-leading technology in a good niche. If he is worried about banks cutting his financing, then pretty much every Mittelstand company is at risk.
CBO Warns U.S. Long-Term Fiscal Health In Danger Boom2Bust
FSA to ban commission for advisers Financial Times
The Great American Bubble Machine Matt Taibbi, Rolling Stone (hat tip reader lambert). If you haven’t seen this yet, it’s a must read.
Antidote du jour:
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antidote nomination, http://images.huffingtonpost.com/gen/88653/original.jpg
LOL. Matt Taibbi is channeling what I have been writing for over a year on in the role of excessive speculation in the oil price spikes.
But his article is further evidence for a question that I have been asking for some time: Why does Goldman exist or be allowed to exist? What function does it perform in our financial system, except to create massive chaos and wealth destruction in it. Much the same, I should say, could be said of JPM and MS.