Why Liberals and Atheists Are More Intelligent Reason (hat tip reader John D)
Noah’s ark was circular Guardian (hat tip reader John M)
New home sales fall to a record low CNN (hat tip reader John D)
Banks Bet Greece Defaults on Debt They Helped Hide New York Times
Martin Wolf Makes Me Look Like Pollyanna Paul Krugman (hat tip Swedish Lex)
Financial Innovation Pt. 1: Two Problems and TRACE Mike Konczai, New Deal 2.0. This is a great case example, although Konczai does not hit the punch line hard enough (maybe that comes in Part 2). What Wall Street has defined as innovation is precisely the opposite of this sort of activity, which increased liquidity, transparency, and lowered dealer spreads. Heavens, we can’t possibly apply the positive brand of “innovation” to anything that reduces our profits!
Goldman Is Unpopular Because ‘It Brings Envy,’ Corzine Says Bloomberg. I had to resist the impulse to post on this. On the one hand, harping on Goldman seems to be getting a bit tired, and other parties were plenty culpable too. The high end of finance was a criminogenic environment. But then you read idiocy like this, and it demands a retort of some type. Goldman people are standing up and ASKING to be whacked thought their hopeless arrogance and astonishing capacity for denial
No, people are NOT mad at Goldman because it is “successful”. Americans love success, look at Steve Jobs, Oprah, any one of a dozen rags to riches stories. What they hate about Goldman is:
1. That the taxpayers rescued it at considerable expense, everyone there seems ever richer than before, there has not been an iota of shame, apology, change in behavior. The teeny weeny bit of restraint around bonuses was only due to a firestorm of protest. This is socialism for the rich, and the public has every reason to be upset
2. Goldman has again and again been the leader in shady behavior. Yes, it may not have been illegal, technically, but much of it OUGHT TO HAVE BEEN illegal. The fact that Goldman could get away with so much stuff that does not pass the smell test simply confirms the suspicions of favored treatment and special dealings (which is actually correct, but the only error is suspecting it happened on specific deals, as opposed to being the result of a concerted, long-standing lobbying effort by the industry to weaken regulations).
3. Goldman is persistently arrogant and tone deaf. They insist on rubbing your fact in 1 and 2, and add insult to injury by trying to assert that their profits are the result of “talent” when from 2006 to 2009, looting was a major source of earnings.
Antidote du jour: