The first sukuk (Islamic bond) defaults have arrived, and no one has a clue how they’re going to shake out. Which might actually be a feature rather than a bug, going forwards.
Noam Scheiber asks how Sheila Bair seems to have managed not to hold on to her job (that can be explained by reference to the fact that she has powerful protectors in Chris Dodd and Barney Frank) but on top of that seems set to emerge the big winner from the coming regulatory overhaul — despite the fact that few senior administration officials seem to like her very much.
My fingers weren’t crossed hard enough. I did end up buying a folding bike this weekend — a Montague DX — and proudly carried it, folded in half, into 3 Times Square this morning, after having been told by a security guard that folding bikes were OK to bring in to the office. Except, it turns out, they’re not. The only way you’re allowed to bring a folding bike into the building, it turns out, is if it’s packed up into a bag. Otherwise, no dice.
It’s probably inevitable that all presidents reach the point at which they run into Congressional roadblocks. But given the mandate which was handed to Barack Obama in November, and the fact that Democrats control both the House and the Senate, it’s disappointing to see the way in which both cap-and-trade and regulatory reform are being changed out of all recognition in a desperate attempt to make them acceptable to the Senate.