Last week, Ira Stoll took issue with Dennis Berman’s column on SharesPost and SecondMarket, on the grounds that Berman lied about his own identity: he pretended to be his late grandmother. Stoll likened Berman’s behavior to Project Veritas’s entrapment of NPR — something the WSJ itself said failed to “meet the ethical standards of elite journalistic institutions, including of course The Wall Street Journal”.
Paul Krugman, looking at Japan, says that today’s S&P news is “no big deal”, based on the fact that Japanese long-term interest rates stayed low even after the country was downgraded in 2002. But of course if the fate of the US over the next 9 years is remotely similar to the fate of Japan over the past 9 years, that’s going to be a very big deal indeed — for the US economy, for its fiscal ratios, and for the entire world.
Did Cisco kill Flip to prevent it from cannibalizing Webex? — Rexblog
For the 400 U.S. taxpayers with the highest adjusted gross income, the effective federal income tax rate—what they actually pay—fell from almost 30 percent in 1995 to just under 17 percent in 2007 — BusinessWeek
I had dinner at Apiary last night, and I can recommend it: the food is spectacularly good. But, go on a Monday — free corkage night — and bring your own wine. Because the wine list — which the restaurant describes as “well-rounded and approachable” — is anything but.
A couple of years ago, Ezra and I examined Gary Gorton’s love of what he calls “informationally-insensitive financial assets” — financial assets which (normally) don’t change in price when new information about them emerges. Gorton thinks that such assets play an important role in the financial system, and he reprised that view in a short paper which makes the same claim for corporate debt. Matt Yglesias is buying it: