Links 7/12/09

Elephant carwash raises zoo cash BBC

Searchers shovel Northwest dirt seeking giant worm Associated Press (hat tip reader John D)

Geithner: Too soon to decide on more stimulus Reuters. Obama is too chicken to go to Congress, so we’ll leave this operation to Helicopter Ben.

To Control Bubbles, the Fed Must First Control Itself David Merkel

When Will The Recovery Begin? Never. Robert Reich

Ed Lazear on the Stimulus Package Menzie Chinn, Econbrowser,IEven a takedown is probably attention more than Lazear warrants.

Ben Stein Has Not Heard of Global Warming Dean Baker. Same issue as Lazear…

“Trumped by Darwin?” Mark Thoma

Guest Post: China Panic Tyler Durden (hat tip reader yves d)

Toxic Equity Trading Order Flow on Wall Street Sal L. Arnuk and Joseph Saluzzi (hat tip reader Barbara)

Have a Problem With Paying Attention to the Details, Ms Fiorina? TobyWollin, Firedoglake (hat tip reader John D)

Freddie Buys in its Sub Debt – Heinous! Bruce Krasting

Antidote du jour:

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  1. attempter

    They're digging in the Northwest looking for a worm?

    Judging by the other links, and the links every day, they'd have better luck on Wall St or in Washington.

  2. Richard Kline

    On toxic order flow . . . I got my answer to my question of yesterday. Awful. This isn't a casino, its a carny sideshow where everything is fixed so that the rubes lose just slowly enough they don't know they've been had until their pockets are empty. Like slicing a sliver off their hide with a knife so sharp they don't even know they've been nicked. I'm beginning to think that those nineteen guys in airplanes definitely hit the wrong buildings . . . .

    But the proposed solutions sound both efficacious and readily implementible; not that implementation will come readily. Sal and Joe, nice work.

  3. Richard Kline

    Reich's remarks are totally right on. He was the only person ever seduced by Clinton who ever had any credibility to me, and he is talking plain, sober, sense these days every time I come across his pixels. Keep after it, Bob. We need more folks with their thinking caps on these days. Not like all those dunce caps pointint up at the non-existent recovery.

  4. D

    The situation in China is far more dire than even the official figures let on.

    Severe resource depletion – especially of coal – is sapping the nation's ability to continue on any growth path.

    China is reputed to have as little as 40 years of coal left at 2007 rates of consumption.

    However, the industry is rife with rumors that in fact, depletion is far more advanced, with the quality of coal mined declining sharply as the best deposits have been mined out.

    With exponential growth, Chinese coal stocks will not last anywhere near 40 years.

    Imagine the turmoil if China even came to the world markets to replace 50% of their current consumption of coal within the next 15 years.

    Virtually entire fleets of ships will have to be built to import coal, LNG, etc. from around the world, and entire new railway / pipeline systems that tap into virgin Siberian deposits.

    Even with these mega projects, Chinese demand would cause global energy prices to sharply rise.

  5. DownSouth

    @ Richard Kline

    I also found Reich's remarks to be right on.

    My brother alerted me to a story in the Texas press yesterday that provides some rather sobering anecdoctal evidence that bolsters Reich's argument:

    Dallas, other cities see sales tax revenues drop

    Texas was thought to be immune to the downturn, but it looks like that might have just been wishful thinking.

    When I was in the U.S. a couple of weeks ago I had lunch with a friend of my brother's who works for a large construction company. They do curbs, streets, sidewalks, etc. for new real estate developments, mainly in Dallas, Austin, and San Antonio. My brother's friend said their business had "ground to a halt." So far they've laid off about half of their 1,800 workers, and are now down to 900.

    Texas was one of the few remaining bright spots in the country, but maybe it was just late getting to the party. Can we all say, "Hello California! Here we come!"???

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