Amur tigers on ‘genetic brink’ BBC
How hedge fund wives are learning to cope Times Online (hat tip reader Laurie). It’s even worse than you might think.
Helen Thomas Blasts White House Control Of Press Boom2Bust
Solving the Peter Principle? One Word: “Darts” Paul Kedrosky
How Bureaucracy prepares for Social Collapse Brenda Rosser, Econospeak. Wow, now I feel like a Pangloss.
July 4th: CANCELLED Clusterstock
A theory of Fed announcements Tyler Cowen
What a Day Megan McArdle. and Sarah Palin’s bizarre bombshell James Antle. Guardian and Barracuda Hilzoy
Bankruptcy Filings Decline 6% in June Bob Lawless, Credit Slips
Asian Officials Push Back Against Savings Glut Theory Wall Street Journal
Japan Calling: A Little More Local Color on the Japanese System Jesse. Informative.
On Wall Street: Banks no longer so lucrative Financial Times. Everyone thought the Ripplewood investment in Shinsei was so heavily subsidized by the Japanese government that it was a sure winner. Perspectives have changed.
China joins carbon tax protest Financial Times
European Commission Sees Permanent Decline in Euro Area’s Potential Output Eurointelligence (hat tip reader DoctoRx). This is a real news item. But if we were being honest with ourselves, we’d probably also ‘fess up to a permanent decline in potential output. That is the typical price of a severe financial crisis. We are still operating under the fantasy that we dodged that bullet.
Antidote du jour:
5 comments
Comments are closed.
The Peter Principle "darts" is funny.
It reminds me of how, every time I hear anyone say "you can't nationalize the banks; who will run them?" or "you can't fire/indict/shoot the existing management; who will run them?", I always say, only half-facetiously, that you could randomly select bums off the street and have a decent chance of finding more competent management.
Can someone tell me if the Alaska Pension problems and State Budget Deficite have anything to do with the Governor leaving abruptly?
Will Sarah Palin collect a full Governor's pension even though she left early?
Will the pension be under the old regime vs. any new regime enacted in the next 18 months?
Why do I think I know the answer to this?
Alaska's pension plan budget hole:
http://www.newsminer.com/news/2009/apr/23/state-lawmakers-differ-state-pension-plan/
Alaska's Permanent Plan is also in trouble:
http://business.theatlantic.com/2009/06/alaska_getting_poorer_faster.php
More reasons for leaving:
http://www.google.com/hostednews/ap/article/ALeqM5iwxPhlYU_fmCw_r20xsiF1WwRUMAD98R7KPG6
High court strikes down Valdez tax on oil tankers
Jun 15, 2009
WASHINGTON (AP) — The Supreme Court has struck down as unconstitutional a tax that a city in Alaska imposed on oil tankers using its port.
The court ruled 7-2 Monday that the city of Valdez has been unfairly taxing tankers that use its port where they load up with crude oil bound for West Coast refineries.
Alaskan Oil Output peaked long ago, and with crash in prices, the state's budget must be interesting:
http://www.oilempire.us/alaska.html
Re: The savings glut thesis. Arguing that the current crisis is the result of a savings glut is a bit like arguing that contemporary unemployment is the consequence of agricultural productivity. On one level this is manifestly true. The act of the intellect is to grasp why it is false. Failing that all is lost. Which is why the crisis is deeper than most have yet intuited.