Your humble blogger needs some R&R. My own posts may be light for the next few days.
Escaped penguin outracing Tokyo authorities in bid for freedom Yahoo (hat tip reader Valissa)
Women Who Took the Pill Had an 8 Percent Higher Income by Age 50 Atlantic Wire (hat tip Lambert). Wow, does the headline misstate the study findings. And it looks at women aged 18 to 21 in 1970. The problem is that this may all be false causality, that states that gave better access to contraceptives back then (which was when women were just starting to get into serious careers) were probably more receptive to women getting educations and jobs.
Anonymous hacker turns FBI informant Financial Times
EU May Seek Tougher Rules for Repos Bloomberg
Athens issues threat to bond holdouts Financial Times. Hahaha. The threat to default is like threatening to throw Br’er Rabbit in the briar patch. What did anyone with an operating brain cell think would happen when ISDA deemed the restructuring not to be a credit event for credit default swaps? So anyone with a CDS against a Greek bond has every reason not to participate. The assumption is no way can ISDA deem a bona fide default or involuntary restructuring not to to be a default, it would completely discredit CDS as a product (Felix works through some scenarios where that might happen, although I don’t see his core assumption, that the new bonds trade at par, although I could see a call option being introduced). This is gonna be fun. The powers that be knew damned well that CDS are a huge source of interconnectedness and systemic fragility (they are underpriced insurance, which means that any player that writes a lot is likely to eventually go boom). They chose to do absolutely nothing about it. Now they are going to see how bright it was to accede to the demands of fee addicts. Either having meaningful CDS payouts on Greek bonds or having none, which discredits CDS, will have unexpected but likely significant outcomes, so pick your poison.
Dutch Freedom Party pushes euro exit as €2.4 trillion rescue bill looms Ambrose Evans-Pritchard, Telegraph
Two UK Murdoch journalists in apparent suicide bids Reuters (hat tip Lambert)
Leveson inquiry: concern over police evidence Guardian (hat tip Buzz Potamkin)
The Australian economy is not growing at trend MacroBusiness
The 0.01 Per Cent: The Rising Influence of Vested Interests in Australia The Monthly (hat tip reader skippy)
Web Sites Shine Light on Petty Bribery Worldwide New York Times
Dire Poverty Falls Despite Global Slump, Report Finds New York Times
Model on food prices and social unrest predicts crisis in 2013 Edward Harrison
Did Fear of ‘Mic Check!’ Make Obama Move G8 to Camp David? Susie Madrak (hat tip Lambert)
Mitt Romney’s worst night yet Joan Walsh, Salon
Schneiderman Event in NYC Tonight. $5 to attend, and you get to submit a question. Give him hell. I can’t go but Matt Stoller will be there. If you do submit tough questions and he gets only softballs, write me at firstname.lastname@example.org
The Black Bloc and the Cargo Cult Solidarity (hat tip Lambert)
Young Adults See Their Pay Decline Wall Street Journal
Undocumented Foreclosure Victim Deported After Protesting Illegal Foreclosure Dave Dayen, Firedoglake
Black Students Face More Discipline, Data Suggests New York Times and Are black and Hispanic students singled out for punishment in school? Report shows minorities receive harsher discipline than white peers Daily Mail (hat tip reader May S). I know some readers are allergic to the Daily Mail, but I have to admit I like its use of long headlines, particularly since a lot of people don’t get past headlines these days.
Wall Street’s Broken Windows Bill Black, New Economic Perspectives
The Value Added Teacher Model Sucks mathbabe. This is important. Read and circulate.
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