Clever rooks repeat ancient fable BBC
The itch without the pain Nature News
Pricing of interest rate risk in fed funds futures contracts Jim Hamilton
GE ‘Buy American’ Water-Filter Shortage Strands Work Bloomberg (hat tip DoctoRx)
The Town Hall Mob Paul Krugman
Stink boats and the forthcoming spectacular inventory bounce John Hempton. The one thing he misses is that even if the GDP impact is large, sales out of inventory are pure profit, so any resulting revenue increases will not see corresponding growth.
Wages and Salaries Fell 4.7%, Most On Record Michael Shedlock
Bankers Beat Odds in Toxic Pay Plan Wall Street Journal
The liquidity pipes remain clogged Gllian Tett, Financial Times
Antidote du jour:
President Obama has made the argument that bailouts are justified to stabilize the system long enough so that leaders can make fundamental changes to institutions and regulations, enabling the economy to then go forward healthier and more immune to similar crises in the future. But there is little to suggest that the kinds of systemic changes that are actually needed (ones that would enable the economy to function during a prolonged period of contraction) are under way or even contemplated.
I'll second the recommendation of Heinberg's new piece.
It's an excellent introduction to Peak Oil, resource depletion, and the real diagnosis and prognosis for the economic crisis.