Extra Credit, Wednesday Edition

No News, Little Movement: Lots of noise, no signal in July’s financial markets.

The Father of Wine Economics? "[Adam] Smith’s treatment of wine is not complete – there is no discussion of cork versus screw-cap, for example, and no treatment of en primeur wine futures, but what he does say shows pretty clearly how well he understood the political economy of wine."

Drilling in Alaska: Don’t Ask Don’t Tell: Rick Bookstaber comes out of blog-retirement to say that Alaska is big.

Paulson, Bernanke draw the line at Bennigans: Why no bailout for steak and ale?

Fraud in the 2008 Mortgage Vintage: Wells Fargo is the dupe.

“The Markets Can Stay Irrational ….” Did Keynes really say it? What’s the actual citation? (Update: According to Daniel Davies, Keynes didn’t write it, but he did most likely say it, the reliable source being Joan Robinson.)

Volunteer Bloggers: Stop Subsidizing the Entire Internet: A rant from Gawker after AOL Realizes Bloggers Will Work For Free; Stops Paying Them.

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