Excerpts from Ron Suskind’s new book somewhat damn Obama’s economic team — Brad Delong
This post originally appeared on Edward Harrison’s blog Credit Writedowns
I just want to highlight three things here from Wolfgang Munchau on the euro zone because he reaches conclusions I have reached.
Christopher Mims makes a really good point:
It makes no sense that writers like Felix Salmon, who is generally excellent on just about everything, describe Netfilx, even pre-split Netflix, as an inexpensive alternative to cable. It’s not. It’s only inexpensive if you take fast broadband at home for granted — you know, like every tech pundit and journalist on the planet.
By Ryan McCarthy
We have a severe shortage of information about a $10.5 trillion market.
Jesse Eisinger has a great column at ProPublica about just how inscrutable bank data is — if you haven’t read it, you should. A short summary: even the simplest of big bank statements amount to “guesswork,” Eisinger writes.
By Barbara Kiviat
Consumer advocates have been worrying for a while now that the rapid rise of reloadable prepaid cards will lead to a two-tier financial system. There will be folks with bank accounts, and then there will be folks with prepaid cards.
By Mark Dow
The opinions expressed are his own.
While Felix is away, I will be posting off-and-on, as my day job permits. I hope to be able to put out at least a couple of posts more thoughtful than a market update, but let me at least start with an update for the time being.
This post was originally published at Kid Dynamite’s World.
There are a lot of people out there who deride Wall Street as a bunch of loose canons gambling with other people’s money. Others think that Wall Street traders are dangerous psychopaths, where any one maniacal gunslinger can take insane risks and blow up the global financial system. As I’ve written numerous times: in all of my experience, this has not been the case. Now, however, we have the CEO of a major investment bank basically confirming those views. UBS CEO Oswald Gruebel was quoted today, in the wake of his firm’s $ 2.3B loss in a “rogue trader” scandal: