Social Media Explained (hat tip Lambert)
PC student tests forbid dance, dinos & lots more New York Post
‘Pink Slime’ Defenders Line Up Wall Street Journal. Only in America
DSK called women ‘luggage’ in ‘text messages planning sex parties’ Daily Mail (hat tip reader May S)
Washington Watch: Setting back the war clock Jerusalem Post. This is consistent with the Haaretz link last night warning that Israel is completely serious about attacking Iran before Christmas.
Eurozone periphery governments “encouraging” banks to buy sovereign debt Sober Look (hat tip reader Scott). Marshall Auerback notes:
The issue which dominates the European debate says that fiscal austerity (choking discretionary net public spending) supplemented with vigorous so-called “structural reforms” (aka ransacking wages and working conditions) will promote growth. The corollary of this view is that fiscal austerity alone will fail and the reason Europe is going backwards is not because of the austerity but rather, because the structural reforms process has not been implemented quickly or deeply enough. In all of this there is a basic denial of the fundamental macroeconomic insight – spending equals output which equals income. An economy can only growth if there is spending (aggregate demand) growth. That requires a demand-side solution irrespective of the state of the supply side. Supply improvements might reduce the danger of inflation or improve the quality of output but people still have to purchase the output for growth and innovation to persist.
There Has Been A Shocking Number Of Tibetan Self-Immolations In The Past Year Clusterstock (hat tip reader Ted L)
China’s Struggle to Slow Yu Yongding, Project Syndicate
Talks over oil release push down crude Financial Times
Saudi Arabia will act to lower soaring oil prices Financial Times
‘Taliban sympathiser’ arrest prompts new questions about FBI tactics Guardian (hat tip reader John L)
Republicans are causing a moral crisis in America Washington Post (hat tip reader May S)
Red States See Massive Public Sector Job Losses The Nation (hat tip reader furzy mouse)
Parties Brace for Fallout in Court’s Ruling on Health Care New York Times
Bain Gave Staff Way to Swell IRAs by Investing in Deals Wall Street Journal. Larry Summers mentioned a $50 million IRA at the Atlantic economy summit. I should have realized this was the one he meant.
I Have Jobs, but No One Wants Them CNN Money. Most of these guys sound like bosses from hell. Hate their workers and not willing to offer more if jobs don’t get filled. And classic narcissists, the problem is the lazy workers, not their job/comp combo.
Allen’s coffee brandy sales slip, remain No. 1 in Maine Bangor Daily News. Is this a harbinger? You’d think a favored drink would be the last thing people give up. But Maine is a weird tourist dependent economy, so even if it is an indicator of some sort, it probably can’t be generalized to anywhere else.
The Bathtub Model of Unemployment: The Importance of Labor Market Flow Dynamics Liberty Street Economics v. Recent Developments in the Labor Market Ben Bernanke. I had wanted to post on this, since the NY Fed looks like it’s trying to go after Bernanke (they are saying unemployment could get to 6% in early 2013). I find the “bathtub model” that lumps exits from unemployment via getting a job in with exits from unemployment by hiding under a rock and therefore no longer being considered part of the workforce to be not helpful from an analytical perspective. The Bernanke discussion on long term unemployment is far more insightful than the entire Liberty Street post.
Austrian saws off own foot to avoid work – report Reuters (hat tip Lambert)
US employs Vinnie the Kneecapper to collect student debt Automatic Earth
JOBS Act benefits financial criminals Marketwatch
Harsh Words as Lawmakers Begin MF Global Hearing New York Times
Silence, Then Frustration at MF Global Hearing New York Times
MBS Discovery Battles Heating Up, Impacting Litigation Timelines and Leverage Subprime Shakeoput (hat tip reader Deontos)
BREAKING: Tim DeChristopher Moved To Isolated Confinement Desmogblog (hat tip Lambert). Today’s must read. Chilling.
Antidote du jour: