There's a strain of triumphalism coursing through the blogosphere today, on the grounds that the bonkers wing of the Republican party is going to have achieved exactly none of its own goals, while inflicting upon itself a massive black eye. The markets are feeling vindicated too: over the past week of DC craziness, the stock market has risen, pretty steadily, a total of about 2.5%. As a trading strategy, "tune out all news from inside the Beltway" seems to have worked very well -- it's a complete vindication of the Nassim Taleb idea that investors shouldn't read the newspaper. On top of that, the potential debt default was by its nature almost impossible to trade: outside a few obscure instruments like US CDS, it's very difficult to make money from a trade betting that tails are going to get fatter, for a short while.
from Felix Salmon:
Have you been involuntarily furloughed today? Are you looking for a good way to spend some of your newly freed-up time? And do you want to understand what's really going on in Washington? In that case, I can highly recommend that you read John Powers's brilliant article, The Political Economy of Zombies, over at The Airship.
from Unstructured Finance:
Quantum Dawn 2 is coming to Wall Street.
No, it’s not a video game or a bad zombie movie; it’s a simulated cyber attack to prepare banks, brokerages and exchanges for what has become an ever-bigger risk to their earnings and operations.
from Photographers' Blog:
By David Moir
The post-apocalyptic horror novel, ‘World War Z’, by Max Brooks, has been adapted into a film starring Brad Pitt and Mireille Enos and directed by Marc Forster. It has started filming in Scotland. The set is mainly on the streets in and around George Square in Glasgow, with its open space and architecture, substituting for Philadelphia.
from Oddly Enough Blog:
We may have hit the acme of absurdity. We should plant our flag and turn back.
Let me explain. I work at home, and I am interrupted daily by automated calls trying to fool me in some way. I don't believe it should be legal to intrude on privacy like this, but I don't make the laws.