The story, “Support for SIV superfund grows,” in today’s Financial Times, is curious. Let’s give you the key bits and then go over why it’s odd: The plan for a $75bn superfund to buy assets from cash-strapped structured investment vehicles appears to be gaining support among sceptical institutions, amid concern that SIVs might start dumping […]
Read more...Before I raise your expectations unduly, I am not saying that Ben Stein’s entire “Everybody’s Business” column today is intelligent. However, this week’s piece, “It’s Time to Act Like Grown-Ups,” had some sensible moments, and I want to give Stein his due on those infrequent occasions when it is merited. I am not parsing the […]
Read more...It is scary what a slick and captivating piece of progaganda this is. Rather than try to hide the big reason not to join the National Guard, namely, that you will go to Iraq, this video instead glamorizes the war and links it (among other things) to the National Guard acting as militia in the […]
Read more...A story highlighted on the first page of the Wall Street Journal and slotted to appear on page A3, “Fidelity Succession Plan Weighs Splitting Chairman, CEO Posts,” has the earmarks of being a PR plant by the Boston-based company. And the Journal appears to have featured it as served up in return for getting the […]
Read more...I will confess to being cynical about the reporting in the Wall Street Journal. As we have noted repeatedly in the past, it generally goes overboard to stress the positive its market-related reporting. That says the reporters too often lack the time or savvy to go beyond their sources’ spin. Now Thursday was undeniably a […]
Read more...There is a very critical page one story in the Wall Street Journal, “Bear CEO’s Handling of Crisis Raises Issues,”wrapped in the veneer of balanced reporting, on Bear Stern’s chief James Cayne. Let me be clear about one thing: I am in no position to judge whether the charges made against Cayne are accurate. But […]
Read more...One of my pet peeves is lousy research, and even worse is lousy-with-intent pseudo-research. The airwaves are filled with fake factoids crowding out real information. I was once tempted to write a post on what it takes to do good survey research, simply because surveys are widely cited and most people probably mistakenly think they […]
Read more...I do not want to step on the turf of fellow blogger Felix Salmon, who has established a new feature, the Ben Stein Watch, to commemorate the generally deranged and uncomfortably close to stream-of-consciousness output of the Sunday New York Times columnist who styles himself as “lawyer, writer, actor and economist.” Well, at least he […]
Read more...Even though I have said some unkind things about the Economist, once you get outside the world of politics, it is a very good guide to leading edge conventional wisdom. What do I mean by “leading edge conventional wisdom?” It is the sort of thinking dispensed by well regarded think tanks and private sector experts […]
Read more...Although riding herd on the Wall Street Journal is one of our favorite forms of recreation, we missed a couple of misstatements that were noticed by more alert eyes. Katie Porter at Credit Slips, caught two instances in two days in which the Journal mischaracterized bankruptcy practices, first pending legislation, and second, an unproven assertion […]
Read more...I assume that a high proportion of readers of this blog also follow Calculated Risk. I nevertheless wanted to comment on a particularly good post by Tanta on a favorite topic of mine, the efforts of the financial services industry to maintain that Suprimes Are Good For The Poor. Extensive news coverage of on-the-ropes borrowers […]
Read more...Hank Paulson must be very unhappy with the Wall Street Journal. While the newspaper briefly fell into line and issued one story that reported that the his pet project, the structured investment vehicle rescue plan, was getting traction, pretty much all its news coverage coverage has been skeptical, and its editorial comments have been downright […]
Read more...I’m pretty amazed at the tone and some of the content of the report on Bloomberg about the fact that Microsoft decided not to appeal the decision of Europe’s second highest court and worked out a settlement. Not only does Bloomberg seem not to appreciate that even Microsoft is subject to the rule of law, […]
Read more...Last Sunday, we made this observation about the SIV rescue plan, the so-called Master Liquidity Enhancement Conduit (MLEC), sponsored by Citigroup, JP Morgan, and Bank of America: Yesterday, we voiced doubts that this program could get done. Now that we understand that the primary goals is legerdemain, we think that it is likely that some […]
Read more...An excellent post, courtesy Mark Thoma at Economist’s View, from FactCheck.org, on why its efforts to correct the record are too often counterproductive. In essence, if ideas are falsely linked (say “Saddam Hussein” and “Al Queda”), further discussion preserves the false association. The entire post is very much worth reading; it’s a primer on how […]
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