Feds silence scientist over salmon study Vancouver Sun
Israel Erupts in Protest, Tens of Thousands Chant “Revolution” Alternet (hat tip reader Bruno)
Kipling’s game theory lessons for Greece John Kay, Financial Times
So This is Despair William Rivers Pitt
An Economy Destroyed CounterPunch
The President’s Address on the Debt Ceiling: An Exercise in Fantasy Joe Firestone, Corrente
Poll: Obama losing support from base Politico (hat tip Mark Ames)
Read the Reid Plan. Read the Boehner Plan. Get Back to Me. Slate. On the Reid plan, from Stuart Zechman:
I’m reading the Reid bill, and it’s not somewhat-less-evil, it’s different-evil-than-theirs.
As an example of what I mean by that, a full 36 out of 104 pages of the bill are solely devoted to selling off some public spectrum and reclaiming other spectrum for “Public Safety”. I’m not exaggerating. Literally a third of Reid’s “debt ceiling” bill is composed of terms for “Auctions of Spectrum and Spectrum Management” and “Public Safety Broadband Network.”
…in a debt ceiling bill…to supposedly prevent economic Armageddon..in a few days from now…you can’t believe the corruption in Reid’s bill (or maybe you can). It’s outrageous.
What’s Wrong With America’s Job Engine? Wall Street Journal. Not new, but a sign that the squeeze on labor is getting more mainstream media attention.
Can Treasury just go overdrawn at the Fed? Felix Salmon. My understanding is that Congress has to give a waiver for the Fed to do monetary operations to fund the Treasury (despite Felix’s complaints, the coin seigniorage idea is clearly legal) but that isn’t really the issue. Obama can’t reverse himself now having played up a debt crisis so he could gut Medicare and Social Security. He disabled the brakes before he got in the car.
“Sometimes nothing is a real cool hand” Warren Mosler (hat tip reader bob)
US money market funds build liquidity Financial Times
Six Challenges to Countrywide RMBS Settlement Already; Rundown Shows Pact Will Be No Easy Sell for BofA Subprime Shakeout (hat tip MBH). We missed this last week, a useful summary.
Best Buy targets are stopping a debt deal Tom Ferguson, Financial Times. Today’s must read. A short-form treatment of how the “pay to play” system has changed the operation of Congress radically, and for the worse. This is also why having Elizabeth Warren run for the Senate is a terrible idea. Power is concentrated in the hands of the party leaders to a degree once unthinkable.
Antidote du jour: