Inaugural Otter Photo Megan McArdle
Isn’t It Ironic? Maureen Dowd, New York Times
Dismantling Factories in a Dreamweaver Nation Caixin (hat tip reader Don B)
New Hips Gone Awry Expose U.S. Kickbacks in Doctors’ Conflicts Bloomberg (hat tip reader Buzz Potamkin)
A Waning of Controversy among Economists Econospeak. Picks up on a tidbit some readers may recognize.
Finally, Borrowers Score Points Gretechen Morgenson, New York Times
“Strange Arguments For Higher Rates” Mark Thoma
BP oil spill: coastguard chief launches fresh attack over clean-up failure Telegraph. Some interesting tidbits:
Last night, David Cameron, the Prime Minister, spoke to President Obama amid concerns that the £49bn decline in BP’s value is hurting both British and US financial interests. Downing Street said the US leader “made clear that he had no interest in undermining BP’s value”.
Yves here. I see, BP is trading down, not because is has a colossal big mess in the Gulf, but because Obama is criticizing the company. I was also not aware of this:
BP has pledged to refine and sell the oil [recpvered], donating its proceeds to restore wildlife on the coast of the four affected Gulf coast states. However, it only owns 65pc of the field and its co-owners, Anadarko and Mitsui, have not made any similar commitment.
Both the Texan and Japanese oil companies are understood to be considering legal action against BP, since they are passive partners in the field but still liable for 35pc of the clean-up costs.
Too Big to Fail? The BP Bailout as Corporatism Douglas Rushkoff (hat tip reader John D)
Ghost Town Detroit Ed Harrison
Antidote du jour: