How many people, when looking at a wine list, would spend $80 on a timorasso, or $90 for sagrantino? (No, I’ve never heard of them either.) According to Stephen Mancini, the 28-year-old wine director for Union Square Cafe, as channeled by Ryan Flinn, it’s a sizeable number: “drinkers are apt to try something they’ve never heard of if it’s less than $100″.
Steven Rattner’s first-hand account of the automaker bailout is self-serving (of course), but still very much worth reading. He’s very much the office-bound technocrat: “we recognized the importance of a trip to Detroit,” he writes at one point, “so in March, several of us made the journey”. Well, yes, that would probably make sense.
There’s a curious coincidence of newspaper stories today: just as the NYT’s Louis Uchitelle writes a long piece about Paul Volcker being marginalized, the WSJ runs a story about how he could end up being responsible for what would arguably be the single most important piece of economic policy implemented by the Obama administration.
Reuters is reporting today that Congress has “watered down” the bill regulating the ratings agencies. What’s unclear is whether there’s anything left at all: