Google gets consumer service ultimatum from German consumer groups PCWorld. Long overdue.
Reasons behind emerging markets correction Sober Look
Cyprus bail-out vote stirs fresh jitters Telegraph
Italy: Lost in stagnation Financial Times (Scott)
Are Germans really poorer than Spaniards, Italians and Greeks? VoxEU (EmilianoZ)
Many options exist for raising revenue in a smart and progressive manner Economic Policy Institute (Carol B)
Income inequality: Why cutting Social Security is the last thing we should do Daily Kos (Carol B)
FBI releases photos of marathon suspects. Vindication for surveillance video? Christian Science Monitor
Is missing student Sunil Tripathi Marathon Bomber #2? Reddit (Lambert)
Boston bombings: one suspect killed, one on the loose – live updates Guardian. Holey moley, this got a Guardian live blog??? BTW @AKitz tweeted it.
Explosives Detonated in Massachusetts Standoff New York Times
Watertown shooting may be linked to Boston bombing, 1 suspect arrested – police RT. The right is going crazy over the Che T-shirt
Arizona Bill Bans Cities From Destroying Surrendered Guns, Forces Police To Sell Them Instead Addicting Info (Chuck L)
Episcopal Church wins Virginia Supreme Court ruling Washington Post (Lambert)
More Reinhart/Rogoff fallout:
George Osborne’s case for austerity has just started to wobble Polly Toynbee, Guardian (YY)
Debunking austerity claims makes no difference to Europe’s monks and zealots Ambrose Evans-Pritchard, Telegraph
The Fed’s Foreclosure-Relief Fail Dave Dayen, American Prospect
Eminent domain to fix troubled mortgages makes a Calif. comeback Reuters (Lisa Epstein). We discussed this idea at length earlier. It’s dreadful, yet it had become a pet of liberals who’ve been marketed to by the well-funded private equity fund promoters, Mortgage Resolution Partners. This is a gimmie for people who are current. The program details are also inconsistent with how public domain works in CA (we’ve discussed this in nauseating detail in earlier posts) and so investors have a very good chance of beating it back in court (the assumption is investors won’t mobilize because they were so inactive when they were raped by servicers, but the investor community was united in its opposition the first time around). The promoters fail to grok that a mortgage that has been performing for five+ years can be worth more than the market value of the house. Oh, and this scheme is also based on gaming the FHA. If they were forcing mods of non-performing mortgages, this might pass the smell test. But this is just another PE enrichment scheme that exploits overly aggressive Federal housing subsidies.
Pirate Democracy? Daron Acemoglu and James Robinson (Chuck L). Fails to pick up on the fact that there is a long-standing tradition of not-big disparities in the division of returns for maritime entrepreneurs. In Maine in the same period, sea captains (who organized fishing expeditions that typically took 4-6 weeks) and the cook got 2 shares of the haul, and everyone else got one share.
Pulling the Trigger Yasha Levine, NSFW (mookie). A must read and you need to read it today, since it is outside the paywall temporarily
Antidote du jour. Josh lost his 15 year old cat to cancer. He now has a new kitten, Soba: