‘Extinction threat’ to flying fox BBC
Who’s Driving Twitter’s Popularity? Not Teenagers New York Times
Expert Fired Who Warned Levees Would Burst Greg Palast
Analyzing Strange Volume on the NYSE Karl Denninger
Richard Bove on a risky Morgan Stanley FT Alphaville
The troubling side of Ben Bernanke Ambrose Evans-Pritchard
Financial and Monetary Issues as the Crisis Unfolds James Galbraith (hat tip Barkley Rosser
World’s largest carmaker Toyota scales back production Guardian
Bloomberg’s Smear of Roubini Merely Hurts the Insulter DoctoRx
Another Sign of the Futility of the 2005 Bankruptcy Law Bob Lawless, Credit. Short, but still today’s must read.
Antidote du jour:
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@"The troubling side of Ben Bernanke"
Surprisingly the NY Times also took a very cautious approach to the Bernanke reappointment:
► As chairman of the Fed since 2006, Mr. Bernanke also helped foment the crisis he is now charged with managing.
► Nor is there any assurance that the continuing rescues will result in a stable, prosperous economy.
http://www.nytimes.com/2009/08/26/opinion/26wed2.html?ref=opinion
There's a Mexican saying that pretty much sums it up:
Parece que no quiebra un plato y tienie el alto roto.
Which translates to:
It seems he wouldn't break a single plate, but he has a tall stack of shattered ones.
The Evans-Pritchard article was one of his best: to the point and IMO quite correct.
Keynesianism has never really been tried in the US. Keynes advocated governmental deficits in truly depressed times and offsetting surpluses in the good times.
Even the cash surpluses in the Clinton era were deficits under proper accounting; and even ignoring future pension and medical commitments, the ratio of debt-to-GDP increased steadily.
The creation, packaging and sale of debt strikes me as having the highest profit margins of any economic activity, as it is at root nothing but promises, promises.
That which is highly profitable and easy to do will be done till Hell freezes over. The Great Debt Deleveraging is NOT happening-now the Govt has taken the baton from businesses and the consumer.