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London links, Aug 27
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Benjamin Friedman: “Perversely, the largest individual returns seem to flow to those whose job is to ensure that microscopically small deviations from observable regularities in asset price relationships persist for only one millisecond instead of three. These talented and energetic young citizens could surely be doing something more useful.” Harvard professor argues that finance has become too big.
Ian King: Thanks to the stock market rally, the British government is sitting on a small paper profit on the £35bn it has injected in Lloyds and Royal Bank of Scotland. But there’s no prospect of an early exit.
Liam Halligan: “Britain is sleepwalking towards a decade of economic misery.”
How the British government stared down Tata’s demands for support for Jaguar-Land Rover (Economist)
Japanese and Korean carmakers gained most from the US cash-for-clunkers programme. (Reuters)
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The Wall
‘Harvard professor argues that finance has become too big.’ – I cannot agree more. At the rate it is going now, soon we will ‘Pasts’ on carbon derivatives…
‘Britain is sleepwalking towards a decade of economic misery.’ – serves them right for the misery they have caused in colonies, why do you think the Pound is so strong?