Extinction has a weird appeal Christopher Caldwell, Financial Times
Public pawnbroker keeps Parisians’ secrets safe Reuters (hat tip Dimitris). Late to this, but interesting nevertheless.
Same Data, Conflicting Forecasts Joe Nocera, New York Times
Chrysler’s Bankruptcy Deals Blow to Affiliates Wall Street Journal. The big auto companies are big elements of a large and fragile ecosystem, We’ve worried that the consequences of a bankruptcy on the parts makers have been underestimated, If enough of them fail, it can hurt all US auto players, including the touted transplants. From the story:
“Without a clear timeline for when the [bankruptcy] situation will end and production will resume, I believe we will see massive suppliers bankruptcies that will stop Chrysler from resuming production,” Chrysler’s procurement officer, Scott Garberding, said in a statement filed with the bankruptcy court Thursday.
Chrysler was preparing to shut down all of its vehicle assembly plants for 60 days on Monday. But on Friday two plants in the U.S. and two in Canada were forced to cease production because a few suppliers stopped shipping parts or materials.
On Wall Street: Chrysler saga sets dangerous precedent Financial Times
Derivatives and attempted state capture in Kazakhstan Willem Buiter (hat tip reader Olaf). He misses the fact that CDS are written on a reference entity, not on specific bond issues, but otherwise makes a good point.
The hedge fund of Foggy Bottom Economist
Antidote du jour. NPR did not give raccoons the credit they deserve (I first heard about their musical skills from an algorist):