Chinese survey finds prostitutes more trusted than officials Raw Story (hat tip reader John D) I don’t see why this is surprising. With ladies of the night, you at least get what you pay for.
The Wrong Direction Michael Panzner
Goldman CEO Tells Employees to Tone Down Spending CBS (hat tip reader John D)
US prime borrowers fall behind on payments Financial Times.
Buffett’s Betrayal Rolfe Winkler, Reuters. Good analysis of how much money Buffett has garnered from various rescue programs.
American Incomes Head Down, Threatening Recovery in Spending Bloomberg and Gallup Daily: Consumer Spending (hat tip DoctoRx)
For Health Insurers’ Lobbyist, Good Will Is Tested New York Times, Bears the hallmarks of a planted story, and agnotology to boot, but I lack the energy to shred it.
Ben Bernanke’s failure at the Fed Dean Baker, Guardian
Who’s Modifying Mortgages? Dealbook, New York Times
China’s growth figures fail to add up Financial Times
Markets can be wrong and the price is not always right Richard Thaler, Financial Times
The debt-inflation myth, debunked by UBS FT Alphaville (hat tip DoctorRx) Today’s must read. Refutes the idea that governments can inflate their way out of debt deflation. Key sentence:
The idea that governments can readily inflate their way out of their debt problems is a misnomer — arising, perhaps, from confusion between the fate of the individual bondholder and the response of the collective market.
Antidote du jour (hat tip reader Gregory W):