Links 5/8/09

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Giant spiders invade Australian Outback town Times Online

Meet the brains of the animal world BBC

Fuel for deep space exploration running low Associated Press

The SEC is unsalvageable Felix Salmon (hat tip reader Andrew)

Friedman quits New York Fed Financial Times. His resignation letter was a tad defensive.

How Useful Were Recent Financial Innovations? There is a Reason to be Skeptical Adam S. Posen and Marc Hinterschweiger (hat tip Mark Thoma)

U.S. Banks’ Not-So-Stressful Test Wall Street Journal

China fears disastrous steel oversupply Steel Trade Today (hat tip reader Michael)

Stressing the Positive Paul Krugman

What Keeps Me Awake At Night: Economy Edition Roger Ehrenberg

Preliminary Q1 2009 Stress Test Results: Significant Increase in Stress Across the Banking Industry Institutional Risk Analytics Blog. These guys crunch FDIC data.

Antidote du jour (hat tip reader Ernesto):

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  1. Richard Kline

    Re: the Affair of Friedman at NYFED, it is literally unbelievable to me that a senior government or even quasi-government regulator should be allowed under law to buy shares in a concern under his supervision. All that liquid crap we’ve sloshed to the RoW regarding the probity, lawfulness, and transparency of American financial practices are now more than a used toilet tissue of lies. This guy should consider himself lucky that he escapes prosecution, forget about creditiblity. As far as one can tell reading this, he gets to keep the money, too. Bananna republics look orderly compared to us at this stage.

  2. Richard Kline

    Glum puss: “They told me mousing was lifetime employment, and like a mook I bought it. If I’d just’ve sharpened a pencil, I could have a billion in 5-year Treasuries under my pillow too, free and clear. I just can’t believe it.”

  3. Harlem Dad

    Friedman said something in his defense that he “followed the rules.”

    By this comment and his actions I deduce that the “rules” at the NYFED include using your “public service” position to grab every dollar for yourself that you can.

    Someone should check the silverware drawer in the executive dining room.

    On the plus side, it looks like we won’t have Steve Friedman to kick around anymore.

    Tim in Sugar Hill

  4. Harlem Dad

    Re: Roger Ehrenberg’s Nightmare:

    To answer his question, I know there’s a monster in my closet.

    After reading Ehrenberg’s column, i now know exactly what it looks like.

    Tim in Sugar Hill

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