Dan Loeb is going to lose his latest fight, at Sotheby’s. That’s because it’s a Sony, not a Yahoo.
Matt Levine had an excellent post last week on the bizarre market in credit default swaps on the USA — a market which people only ever look at during times of crisis or potential crisis. The nihilists are out in force today, using this market to confirm their priors, but the problem is that it’s very, very hard to look at US CDS, or to look at the yield on short-dated Treasury bills, and draw anything much in the way of meaningful conclusions.
Did the FBI just deal a fatal blow to bitcoin? Zero Hedge is at his most apocalyptic this afternoon, saying that “the end may be nigh” for bitcoin now that Silk Road, the bitcoin-fueled drugs bazaar, has been closed down by the Feds. Even Adrian Chen, who has done most of the best reporting on Silk Road, was shocked by what the FBI found:
Have you been involuntarily furloughed today? Are you looking for a good way to spend some of your newly freed-up time? And do you want to understand what’s really going on in Washington? In that case, I can highly recommend that you read John Powers’s brilliant article, The Political Economy of Zombies, over at The Airship.