President Obama’s electric car subsidies are snobby and foolish Charles Lane, Slate
Immigrant Maids Flee Lives of Abuse in Kuwait New York Times
La. fishermen wrinkle their noses at ‘smell tests’ Associated Press (hat tip Glenn Stehle). You cannot make this stuff up:
Even the people who make their living off the seafood-rich waters of Louisiana’s St. Bernard Parish have a hard time swallowing the government’s assurances that fish harvested in the shallow, muddy waters just offshore must be safe to eat because they don’t smell too bad.
JOHN PAULSON WILL BE WRONG THIS TIME Jim Quinn
Will Basel III Crush the Global Economy? Institutional Risk Analytics
Defining Prosperity Down Paul Krugman, New York Times
Microsoft Quashed Effort to Boost Online Privacy Wall Street Journal
Bernanke faces US growth mysteries Financial Times. Please, does anyone think the 2007-2009 growth revisions downward were “mysteries”? We’ve seen this movie before. In 2002, GDP estimates were successively cut from reasonable-looking to abjectly weak as revisions proceeded.
Goldman Details Its Valuations with AIG Wall Street Journal. Although we’ve been fierce critics of Goldman on many front, our analysis of AIG’s CDOs has indicated that Goldman’s marks of its deals pre the insurer’s failure were not unduly aggressive; rather, the insurer and the dealer community was in denial about how weak the market was for them.
Why financiers are leaders in drivel Lucy Kellaway, Financial Times
Buiter, gangsters and euros – oh my FT Alphaville
Hot political summer as China throttles rare metal supply and claims South China Sea Ambrose Evans-Pritchard, Telegraph. If the US responds (as it really ought to), this could trigger a full blown trade row. Also illustrates the abject stupidity of US industrial policy by neglect (as in we do have industrial policy, just look at which industries get big subsidies, but dream if they are part of a cohesive economic strategy)
Antidote du jour: