Links 8/23/08

Argentine dog saves abandoned baby BBC

Meet Yoda the cat with FOUR ears Mail Online

Japanese scientists seek quake secrets in Parthenon design PhysOrg

Beijing’s Bad Faith Olympics New York Times

Medium Lobster: Your guide to America’s next vice president Guardian. Funny

The Ebay Fannie/Freddie Insider Selling Sign Paul Kedrosky

Corporate Competitiveness: Are Taxes Really the Problem? ataxingmatter

Prime Jumbos Showing Strain: S&P Housing Wire

Some depressing thoughts John Hempton. Be sure to read the recent post he links to, on the unexpected and as of now, forecast-defying in prime mortgages. Important stuff.

On the Unfair Treatment of Certain Common Equity Holders Roger Ehrenberg. A great post. Key section:

Investing in common stocks, particularly those of financial institutions, is akin to holding the “z-bond” – the residual – of a pool of mortgage-backed securities. It is a massively leveraged interest, one that rides extremely high when things go well and falls precipitously when things go poorly….I didn’t hear anybody complaining or read any stories about disgruntled investors when shares of BSC (Bear Stearns), FNM (Fannie Mae) and FRE (Freddie Mac) were top-ticking in the wake of low interest rates, calm markets and rising real estate prices. But when conditions turned, liquidity dried up and counterparties got scared, managements and investors started crying foul.

Antidote du jour:

Also, happy birthday to me!

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  1. Quarrel

    Happy Birthday Yves,

    Hope you have a fantastic day.

    Love your work. Been a daily reader via rss for a good while now – you’re always informative and interesting.


  2. kristiina

    Yes, happy birthday! had mine on 21st -last of leo, that’ll make you virgo. Makes me understand a little the excellent and thorough job you’re doing with this blog. Thank you!

  3. Chris

    Happy Birthday

    Thanks for yet another great picture! and for everything you make available here!

  4. Anonymous

    Happy Birthday – I hope you have a fantastic weekend!
    Very much appreciate your thoughts for the rest of us – ‘the great unwashed’ :-)

  5. doc holiday


    No one told me, so Happy Birthday. I assume the bunny in the bag is you, but I’m not sure what that means, but I think it has something to do with getting everything you want….

  6. Anonymous

    Is Yves on a diet? I’m noticing animals as edible artifacts as an emerging theme.

    Any way..

  7. Michael

    Have a great Birthday. I appreciate the material you put into this site. May your blessings be many this year.

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