I hope all of you are having a wonderful day today. I want to thank you all for your continued interest and support.
Cognitive Commodities in the Neuro Marketplace h+ (hat tip reader David C)
Brewing Up a Civilization Der Spiegel (hat tip reader John D)
Animals ‘on the run’ from climate change Telegraph (hat tip reader John D)
S. Texas rancher sets aside 1,300 acres for ocelot Newsvine (hat tip reader John D)
Pentagon sees big savings in replacing contractors with federal employees Washington Post (hat tip reader John D)
Bernanke and the Corruption of Washington Culture Dean Baker, Counterpunch (hat tip reader DoctoRx)
Credit Cards Crank Up Abusive New Fees Bankaholic
Hamp, what is it good for? FT Alphaville
Fannie/Freddie support increased Rolfe Winkler. Really good detail here, bottom line, the stealth bailouts just keep getting bigger and bigger.
Norms of credit Steve Waldman. I’ve been distracted, and managed to miss this important post, which is a must read. I have only one minor quibble, which is this sentence:
But that doesn’t absolve a business from its responsibility to craft financial products in a manner that conforms to interpersonal expectations of fair-play.
Waldman posits a sharper distinction between legal and normative obligations than I believe exists. He does stress that even in a contractual context, norms are important (otherwise contracts would need to be specified to an absurd detail), but his sentence above implies, I think unwittingly, that businesses are not subject to standards of fair play (well, the conduct of plenty of firms over the past decade plus would seem to support that view). Their is a notion of good faith and fair dealing that is supposed to undergird contracts, and I’m aware of disputes where good faith arguments have prevailed (but my impression as a non-lawyer is that it is seen as a weak line of attack and therefore not often used)
Antidote du jour: