Extra Credit, Monday Edition

Richard Bookstaber’s Senate testimony on risk management and its implications for systemic risk: Very sensible stuff.

Calvo on commodities: Krugman disagrees with Guillermo Calvo on the role of "global liquidity" in driving oil prices. Thoma commentates.

Microsoft to Internet: Drop Dead: Ballmer still doesn’t get Google.

The Trouble With Markets for Carbon: I’m a supporter of cap-and-trade, but James Kanter has a clear-eyed view of the problems with such a system.

Offsetting distributional effects of a cap-and-trade program: Peter Orszag on the options.

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