Disaster brewing as cyclone stalks Queensland ABC (hat tip reader Skippy). This looks like a BAAAD one.
Google would (just) beat Bing at Jeopardy! TechBlorge (hat tip reader Sugar Hush)
What happened to CNN? Nemo (hat tip Richard Smith, who just finished moving into a new, well actually really old, house)
Sunday Fun: How To Keep Up With the Latest News on Egypt The Disciplined Investor
Moody’s downgrades Egypt to Ba2 FTAlphaville
Update on conditions in Ireland…another letter from Ireland rdan, Angry Bear
Underground world hints at China’s coming crisis Telegraph (hat tip reader Michael Q)
The China domino MacroBusiness
Misusing House-Price-to-Income Multiples MacroBusiness
Commodities: This Time is Different Paul Krugman (hat tip reader Matt). *Groan*. Long established readers will remember I had a long running argument with Krugman (not that he deigned to pay attention to me although he had previously taken note when I said things more to his liking) during the 2008 oil bubble (which I also shorted when oil was over $140, one of the few times I caught a peak pretty well). Krugman simply refused to consider that oil pricing does not hew to the classic “futures are just hedging/speculation” story, a great deal of oil is sold on contract with prices set by the BWAVE, which is an average of futures prices. And why did a lot of oil move to this pricing scheme? Due to manipulation of the cash market! There are more legs to the argument re oil, but here we see Krugman again insisting all commodities are the same and the prices all reflect fundamental forces. Help me.
Gross Derivatives Exposure jck. OMG, a random outbreak of serious regulation?
Bank legally bound by loan-modification promise SFGate (hat tip reader Lisa Epstein)
Fitch on Spanish mortgage walkaways FTAlphaville
Second-guessing the WaMu seizure and sale: FCIC report HousingWire (hat tip Richard Smith)
Don’t Look Back, New Yorker (hat tip reader bob). This is a must read. Don’t be fooled by the tame first 40%.
Antidote du jour: