Now raising intellectual capital
from Rolfe Winkler:
Living on nothing but food stamps (Deparle/Gebeloff, NYT) The safety net of last resort: 2% of U.S. households report zero income other than a food stamp card.
Twenty years on Japan is still paying its bubble era bills (Economist) Heard on the Street also writes today that Japan is looking at its third consecutive lost decade. Copious amounts of deficit spending and money printing hasn't worked for Japan. It won't work for us.
Petition halts Iceland's repayment plan (UPI) Icelanders want bank creditors -- in this case foreign depositors -- to eat the loss of bank failures. Probably sensible. Depositors were foolish to chase returns in Iceland to begin with. Putting Icelanders into debt slavery to pay them off does little good.
Lessons learned but not applied (Simon Johnson) Summers/Geithner know the right prescription to handle bank failures. They just aren't willing to follow it themselves... (ht Walker Todd)