Links 1/5/08

Fence hope for Tasmanian Devils BBC

Contemplating the Consumerist sale and the adpocalypse Ars Technica

How Bush Broke the Government American Prospect

It breaks my heart to see Israel’s stupidity Michael Lerner, Times Online

Twaddle thrives amid the turmoil Lucy Kellaway, Financial Times

Personal Letter from Satan to Paulson Karl Denninger (hat tip reader Richard W)

The Progressivity of the Tax System Greg Mankiw

Prominent Magazines Lose Weight, Shedding Nearly Half Their Ads New York Times

The great liquidity crisis – 94 years ago Niall Ferguson, Financial Times

Fed Must Have ‘Exit Strategy’ for Loan Programs, Yellen Says Bloomberg. Maybe I am reading way too much into her speech, but since the Fed does not appear to have an exit strategy, do Yellen’s remarks signal a bit of dissent?

Clawing Back Labor Protection and Social Security Won’t Save Jobs China Stakes (hat tip reader Michael)

Does Gary Shilling Have A Time Machine? Clusterstock

Southeast Asian Stocks to Post `Castrated’ Gains in Year of Ox, CIMB Says Bloomberg. I must confess I could not resist the headline (which appeared only on the “Breaking News” page, not the article itself).

Consumers to Pare High-Tech Purchases Wall Street Journal

Famous economists’ famous errors Tyler Cowen

Antidote du jour (hat tip Earl Crockett). These are from a San Francisco Chronicle article. A quote:

“They’re so lovable,” he said. “They truly are. They want to snuggle up to you all the time. Of all the animals I’ve worked with, they’re the coziest. They love to rub and touch. They’re just very sweet animals that right now need protecting.”

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  1. fresno dan

    “I am still amused that the American populace hasn’t noticed that you, Master of the Dark Arts at Goldman Sachs, have been duly appointed as the wolf assigned to guard the sheep. ” from
    Personal Letter from Satan to Paulson Karl Denninger (hat tip reader Richard W)

    I couldn’t figure out why we would believe the guy who ran Goldman, and who apparently didn’t know (or worse, knew)about how the financial system would implode. The referenced post clears that up nicely.

  2. Anonymous

    first ever Fund of Fund of Funds!

    TRB: Sounds like a lot of layers of fees. What do you bring to the table?

    JU: I bring a bangin’ office in Greenwich to the table, dog! There seems to be a ton of office space available there lately, which seems pretty weird. Anyway, the whole thing’s gonna be behind a wall, but we’re gonna make it so the parking lot is visible from the road, so everyone can see our Maseratis parked out front. Its gonna look like a friggin’ Maserati convention out there.

  3. Independent Accountant

    Michael Lerner is an idiot. Or a lot worse. Does he know what happened in 1967 with respect to the UN “peacekeepers” in the Sinai? Does he know what a hudna is? Does this fool even know what Yasser Arafat’s 1974 “Program of Stages” is?

  4. lineup32

    Hats off to Michael Lerner for presenting more then the official Israel PR machine take on the Gaza situation.

  5. ccm

    Just in case no one else noticed, the Mankiw data is pretty funny. This is an amusing economist’s exercise in which the taxes paid by corporations are imputed to the shareholder households. Thus, hardly to anyone’s surprise a full 14% of income of that .01% of the ultrawealthy is paid as taxes by the corporations they “own”. (See page 10 of the CBO doc Mankiw links to.)

    See the problem here is that a huge segment of the economics profession still hasn’t come to terms with the fact that when a state permits the creation of a new legal entity with limited liability, that entity should be taxable just like the rest of us. Because economists deny the existence of these independent legal entities, they have this habit of confuting them with their owners — which, of course, would only make sense if their owners didn’t have limited liability. (Remember when lawyers want to refer to human being, they can’t just say “person”, they have to say “natural person”. Corporations are persons under the law.)

    Anyhow that’s the story for how these ridiculous numbers have been generated.

  6. daveg

    It is us (the US) that are idiots for backing Israel on this war. If Israel wants to settle this land they should do so on their own.

    The US does not need to get involved and we do not need to experience all the costs including the blowback that will come someday.

    They don’t hate us for our freedom folks.

  7. dearieme

    “ amusing economist’s exercise in which the taxes paid by corporations are imputed to the shareholder households”: to be fair, that’s also the reason that the political left tends to advocate such taxes -they too assume that they fall on the “rich” i.e. the shareholders. They don’t, of course; or, at least, they don’t fall solely on the shareholders.

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