Extra Credit, Tuesday Edition

Schmalpha: "Defer to Napoleon’s Law, that, in the absence of empirical data on skill, persistent luck is the best quality to look for in a general, and in a trader".

Why Would Presidents Envy Bad Growth? "President Bush’s growth record is better than his father’s, but it is worse than the record of every other president in the last half century."

Beyond Payday Loans: Bill Clinton and Arnold Schwarzenegger try to stop the usury.

Do Resets No Longer Matter? Since Libor has fallen, so have reset rates.

Christmas shopping and the chowkidar: On lies, damn lies, and retail sales statistics.

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