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Monthly Archives: February 2008
When Numbers are Hard to Read
One of the more annoying quirks of New Yorker house style is this kind of thing: A few weeks ago, the Bureau of Economic Analysis released its figures for 2007. They showed that Americans had collectively amassed ten trillion one … Continue reading
Posted in Media
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Small Feet, Large Footprints
Tyler Cowen explains why those of us without children should be less worried about our carbon footprint: Your net carbon impact depends far more on the number of children you will have than any other variable; remember good environmentalism uses … Continue reading
Posted in climate change
1 Comment
Blackstone to Banks: We Don’t Need You
Blackstone has decided to disintermediate its banks when it comes to raising money for leveraged loans. Hell, Blackstone is a bank, I’m just surprised it’s taken them this long to take this step. Yes, it’s easier to just mandate a … Continue reading
Posted in banking, bonds and loans
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One Question for John Carney
I don’t want to drag this debate over municipal bonds on too long: I’ve pretty much said my piece. But I would like to ask John Carney just one question. Today, he says this: Investors in municipal bonds are interested … Continue reading
Posted in insurance
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How I’m Helping Mike Moffatt Lose Weight
Mike Moffatt is trying to lose weight, and has part of his weight-loss plan he’s going to give me $100 if he doesn’t lose at least one percentage point in body fat in March. Which is nice for me: all … Continue reading
Posted in economics
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The Psychology of Google Stock
When do stock investors feel good? Kevin Maney thinks it’s when their holdings have gone up in value: Google shares are off their highs by so much, the AP writes today that Google’s "once-robust stock is looking haggard." Haggard? Well, … Continue reading
Posted in stocks
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Brit Art at Rockefeller Center: Disappointing
I popped over to Rockefeller Center this morning to check out the new Electric Fountain by Tim Noble and Sue Webster. Rock Center has a long history of fabulous public-art installations: Jonathan Borofsky, Louise Bourgeois, Nam June Paik, and Takashi … Continue reading
Posted in art
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Paying M&A Bankers by the Hour
Should M&A bankers be paid by the hour? William Cohan thinks so, on the grounds that they would then give more impartial advice, rather than being incentivized to close every deal. The Epicurean Dealmaker, naturally, begs to differ: The average … Continue reading
Posted in banking
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When Trusted Advisors Have Their Clients Over a Barrel
When times are good, investment bankers love to shower their clients with relationship guff. "We’re not just selling products," they say, "we’re building a relationship". They talk a lot about being a "trusted advisor," and the older ones might even … Continue reading
Posted in banking, bonds and loans
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Microsoft: Where Fines are a Cost of Doing Business
Neelie Kroes ain’t pulling her punches: "Microsoft was the first company in 50 years of E.U. competition policy that the commission has had to fine for failure to comply with an antitrust decision," Ms. Kroes said. …and so did Microsoft … Continue reading
Posted in regulation, technology
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Blogonomics: When a Salary Becomes an Advance
At the beginning of the year, Gawker Media moved to a new pay scheme where writers were paid based on their pageviews. According to the memo, the new scheme was pretty simple: While your base monthly pay remains the same, … Continue reading
Posted in blogonomics
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Extra Credit, Wednesday Edition
Global carbon market up 56% in 2008 The Latest Carbon Prices The Logic of Privatization Ain’t That Inexorable, Bud Chart of the Day: Why Didn’t People Watch the Oscars? Elliott Sues Cedar Hill For Spying, Stealing: "An overt act of … Continue reading
Posted in remainders
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How the Optics of Wealth Fuelled the Argentine Debt Boom
Megan McArdle and Tyler Cowen are talking today about the optics of wealth, concentrating on Cuba. Why would people think that Cuba is doing better than northern Mexico, when the opposite is true? And more broadly, why do rich countries … Continue reading
Posted in economics
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Municipal Bonds: Eisinger’s Response to Carney
Jesse Eisinger is of course eternally grateful for my defense of his article against the imprecations of John Carney. But he has more to add: I’m grateful that John took some time out from reporting on the toilet situation at … Continue reading
Posted in insurance
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Dependent Variables in Political Prediction Markets
There’s a great example of the mathematics of dependent and independent variables over at InTrade right now. The betting company has just launched a CLINTON.LIFELINE contract, which reflects her chances of winning all three of the Ohio, Texas, and Pennsylvania … Continue reading
Posted in prediction markets
1 Comment
In Defense of the Patriot Employer Act
Willem Buiter and Anne Sibert are really tough on Barack Obama today, calling his Patriot Employer Act "reactionary, populist, xenophobic and just plain silly". Andrew Leonard doesn’t even attempt to defend Obama on the merits, instead painting this Act as … Continue reading
Credit Cards Around the World
Ronald Mann’s credit-card infographic in Foreign Policy has been getting a lot of attention in the econoblogosphere today. It’s a great little piece, but a little unclear on some things, especially sources. So I sent off an email to Professor … Continue reading
Posted in personal finance
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Letter Writer of the Day: Jay Brown
I think I’m falling a little for Jay Brown, now on his second tour of duty as MBIA CEO. From his letter to shareholders: As the leading monoline, we are also a convenient and attractive target for self-interested parties such … Continue reading
Posted in insurance
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Chart of the Day: Real Earnings
This chart, from the NYT, shows annual growth in real wages. What that means is that workers today are earning significantly less, in real terms, than they were a year ago: their January 2008 earnings were down 19 cents per … Continue reading
Sovereign Wealth Funds: Hard to Regulate
Bob Davis has an excellent front-pager in today’s WSJ on the dance between sovereign investors and sovereign investees. Both the US and the EU are looking for sovereign wealth funds to become more transparent, although it’s far from obvious what … Continue reading
Posted in economics
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Why the Web won’t Kill Television
Print media were the first victims of the World Wide Web – something which makes sense, given its text-heavy nature. Now that video is increasingly important to the Web, will television be next to implode? I don’t think so. Sophia … Continue reading
Posted in Media
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Why Yield Spreads Aren’t the Same as Credit Risk
John Carney is one of those people who seems to think that if you’re contrarian you must be right. His latest broadside is directed against Jesse Eisinger, of all people; in it he tries to assert that there’s really nothing … Continue reading
Posted in bonds and loans
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Extra Credit, Tuesday Edition
Fun with I-Banker Compensation Morgan Stanley Balks at New CICC Bids: They fell to $600 million from over $1 billion. Greenspan’s Oil Call: And all the other times he’s been wrong. Vegetable Capital Ripens: Equity Private on hedge-funders in Hollywood. … Continue reading
Posted in remainders
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Tilda Swinton: Upset of the Night
How did InTrade do at the Oscars? Pretty well, it turns out. All the favorites – anybody trading above say 65 – won in their category. Immediately before the announcements were made, No Country For Old Men was trading in … Continue reading
Posted in prediction markets
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Monolines: S&P to the Rescue
Now that S&P has affirmed the triple-A ratings on both MBIA and Ambac, Bill Ackman et al are going to have to start playing the long game. With their triple-As seemingly firmly in hand for the time being, any implosion … Continue reading
Posted in insurance
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