Links 9/8/08

Cloud-seeding ships could combat climate change Physics World

China to launch space mission in late September Associated Press

Prions jump species barrier Nature

Secrecy and Bank Regulators Independent Accountant

Some quick analysis of what the Frannie bailout means John Hempton. This is a great analysis, which I hope to discuss later today, but am putting it here in case I get distracted.

Three Pictures from the August Employment Situation Release Menzie Chinn, Econbrowser

The Power of De Paul Krugman

Antidote du jour:

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  1. doc holiday

    Every dog has its day and horsing around. This is a visual metaphor for risk. The dog represents the lighting fast daytrader that uses speed and agility to outrun the powerhouse hedgefunds, who although swift of foot and engineered with massive IQs and horsepower — always seem a few steps behind in the chase, or on the wrong side of the fence.

    The snow represents seasonality, periodicity — cyclicality and the general nature and relativity of risk analysis as it relates to probability and thus the inability to predict the outcome of future events with certainty. Snow also represents frozen financial markets that have morphed into a new state or form which is now, not related to "free markets".

    Now that all the models are broken, it makes sense to re-invent capitalism and American enterprise and thus the spirit of entrepreneurship — to re-invent Yankee ingenuity and start with a new foundation, as if going about having a revolution without a war, or any debate, or interaction, or understanding of why America was just transformed from a capitalist society to a society that has an economic system designed on-the-fly in realtime, and what I now deem to be "Capitalistic Entropy"– which is a state of chaos that is built from fragments of reality, fragments of truth, fragments of false and misleading sound bites and parts of pieces of things that never made sense, but which will now frame our future, as it hangs in balance, falling apart into a vaporized void, also known as a black hole.

    >> Like, dude, who knew what Paulson meant when he talked about having a bazooka in his trousers? I thought it was a reference to some Monica Lewinski/Palin model that had a code name … but I digress …

    Also See: Moody's to fix sub-prime computer error

    Moody's, the ratings agency, is reviewing its computer models and setting up a central monitoring system after admitting that a bug led it to incorrectly grade several European mortgage debt instruments.
    The agency admits that it incorrectly gave its highest AAA rating to about $1bn worth of European "constant proportion debt obligations". Triple-A ratings are required before many investors like pension funds are allowed to invest.
    Following a review of its processes Moody's found that its staff had not acted to cover up the error with the modelling. But it found some members of the monitoring committee had broken Moody's code of conduct.

  2. dh

    Re: … But they also found that when a prion jumps species, it produces a new kind of prion. "This is very worrisome," says Claudio Soto, who led the research, published in Cell.

    > Oh great, Paulson re-invents capitalism and now prions are morphing and jumping around like synthetic CDOs — what next, The Bush Twins For Presidents? It sounds possible and for those of us at home shopping for porn, why not! Bring it on girls…

  3. dearieme

    There have been some people unpersuaded by the evidence for prions as causes of disease. This new evidence may give them pause.

  4. Anonymous

    touch of realism – the parents of my last border collie could, as a team, move a horse around a corral with ease; horse in photo would have noticed some bite near a rear hock, sttled down

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