Economist's View: BP Advertisement from 1999

Economist's View: BP Advertisement from 1999

There Was 'Nobody in Charge'

Flawed social interactions among the various organizations on the rig was a cause of the disaster.

BP Decisions

There Was 'Nobody in Charge' - WSJ.com

Morgan Stanley Holiday Weekend SEC Filing: Mack’s Salary Doubled - Deal Journal - WSJ

Hubris unabated.

Morgan Stanley Holiday Weekend SEC Filing: Mack’s Salary Doubled - Deal Journal - WSJ

The Worst Cell Phone Dead Zones

Iphone works except as a phone.

The Worst Cell Phone Dead Zones - WSJ.com

New proposal would require identification to buy prepaid cellphones

Willing to regulate cellphones...but not guns?

Crazy state of American politics.

New proposal would require identification to buy prepaid cellphones

Commander Cites Progress and Frustration in Afghanistan

The U.S. military with 100,000 troops in Afghanistan cannot hold a province of 600,000 people against 1,000 insurgents.

Commander Cites Progress and Frustration in Afghanistan - At War Blog - NYTimes.com

The Last Hold Out: Senator Blanche Lincoln Against 13 Bankers � The Baseline Scenario

The Last Hold Out: Senator Blanche Lincoln Against 13 Bankers � The Baseline Scenario

Structural Unemployment and Technology | Angry Bear

Is unemployment structural due to increases in technology?

If so you have to believe that things really are "different this time".

Structural Unemployment and Technology | Angry Bear

The Gulf Deepwater Oil Spill - the Top Kill Attempt

Good graphics on the complex work of trying to control an oil spill. There was not adequate preparation for anything of this scale.

The Oil Drum | The Gulf Deepwater Oil Spill - the Top Kill Attempt

Bridgewater - Philosophy

Ray Dalio Principles.

Bridgewater - Philosophy


And an alternative take on it.

Japan economic performance is better than advertised

If you look at GDP per working age adult, the growth rate of Japan is in top tier of developed nations.

Super-Economy: Japan's problem is supply, not demand

The absence of debate over war -

The absence of debate over war - Glenn Greenwald - Salon.com

SEC -CFTC Joint Report

SEC -CFTC Joint Report

Cattle

Where do people talk about cattle?

Lexicalist.com - Demographic analysis for "cattle"

The problem with Libertarianism

Rand Paul is No Barry Goldwater on Civil Rights | Capital Gains and Games: "n short, the libertarian philosophy of Rand Paul and the Supreme Court of the 1880s and 1890s gave us almost 100 years of segregation, white supremacy, lynchings, chain gangs, the KKK, and discrimination of African Americans for no other reason except their skin color. The gains made by the former slaves in the years after the Civil War were completely reversed once the Supreme Court effectively prevented the federal government from protecting them. Thus we have a perfect test of the libertarian philosophy and an indisputable conclusion: it didn't work. Freedom did not lead to a decline in racism; it only got worse."

Preliminary Findings Regarding the Market Events of May 6, 2010

Joint Report of SEC and CFTC explains the causes and proposed remedies of "flash crash" of May 6. Good reading.

Accountability

This set of letters is encouraging. Maybe the corporations will be held accountable.

ataxingmatter: There's a tax angle to everything--including the DeepWater Horizon oil spill

Guide to Academic Research

A guide to how to write in the academic style.

The Visual Guide to Cognitive Biases | The Big Picture

The Visual Guide to Cognitive Biases | The Big Picture

Where is the strategic reserve

My favorite line from Churchill's autobiography.

Winston Churchill Liveblogs World War II: May 16, 1940 - Grasping Reality with Both Hands

Garnett on loyaty

Garnett stands tall after sitting - The Boston Globe: "“Loyalty is something that hurts you at times, because you can’t get youth back. I can honestly say that if I could go back and do my situation ... over, and knowing what I know ..., I’d have done it sooner."

Tyler Cowen

One of my favorite bloggers.

Tyler Cowen's appetite for ethnic food -- and answers about his life: "all stories follow seven templates: 'monster, rags to riches, quest, voyage and return, comedy, tragedy and rebirth."

Frank Partnoy Has Bad Day, Attacks Goldman Persecution in Financial Times � naked capitalism

The power of GS lobbiests.

Frank Partnoy Has Bad Day, Attacks Goldman Persecution in Financial Times � naked capitalism

Not your Father's Cadillac

YouTube - Cadillac V Day in Shanghai

Allen Enterprise

RealClearPolitics - The Harvard Way of Life

An Analysis of the Thursday Meltdown � naked capitalism

An Analysis of the Thursday Meltdown � naked capitalism: "It boils down to this: this episode exposed structural flaws in how a trade is implemented (think orphaned algo orders) and it exposed the danger of leaving market making up to a network of entities with no mandate to ensure the smooth and orderly functioning of the market (think of the electronic market makers and high freqs who can pull bids instantaneously as opposed to a specialist on the floor who has a clearly defined mandate to provide liquidity)."

Gulf Coast oil spill map

This application compares the sizeof the spill to anywhere you place it.

Gulf Coast oil spill map

Bernanke on Happiness

FRB: Speech--Bernanke, The Economics of Happiness--May 8, 2010

“A Process That Only We Fully Understand” � The Baseline Scenario

The hubris that was Alan Greenspan.

This is prime reason that the Fed needs an audit.

“A Process That Only We Fully Understand” � The Baseline Scenario: "“We run the risk, by laying out the pros and cons of a particular argument, of inducing people to join in on the debate, and in this regard it is possible to lose control of a process that only we fully understand.”"

Kass: Quants Causing Trouble

More quants are momentum based than fundamentally based.

Kass: Quants Causing Trouble | Market Features | Financial Articles & Investing News | TheStreet.com

Climate Change and the Integrity of Science -- Gleick et al. 328 (5979): 689 -- Science

Climate Change and the Integrity of Science -- Gleick et al. 328 (5979): 689 -- Science

Glen Beck moment of Sanity

A Renewed Debate Over Suspect Rights - NYTimes.com: "“He’s a citizen of the United States, so I say we uphold the laws and the Constitution on citizens,” Mr. Beck said. “He has all the rights under the Constitution. We don’t shred the Constitution when it’s popular. We do the right thing.”"

Fix the Rating Agencies

The primary cause of the crash was poor underwriting.

How much of this can be fixed by tinkering with the rating agencies? It is really a business issue that must be addressed firm by firm.

Alford: Fix the Rating Agencies By Making Them Less Essential � naked capitalism

10 Ways the American Economy Is Built on Fraud | Economy | AlterNet

Depressing reading for a gloomy morning.

10 Ways the American Economy Is Built on Fraud | Economy | AlterNet

Incentives, Complexity, and the Blame Game

Use of illiquid assets increased risk while seemed to dampen it.

Incentives, Complexity, and the Blame Game � naked capitalism: "And too much risk is a no-no too, but the measurement of risk was volatility of returns. So what did we see in the crisis just past? A rise in popularity of strategies that used illiquid assets….which were therefore marked to model…which therefore did not show much (any) price volatility until their credit quality decayed."

"Reputational Capital and Incentives in Organizations"

"Reputational Capital and Incentives in Organizations"

More Dilemmas for Omnivors

American Meat Is Even Grosser Than You Thought | Food | AlterNet

How to Solve the Fiscal Crisis

Greg Mankiw's Blog: How to Solve Inbox Congestion