Felix Salmon


Nick Rizzo
Nov 23, 2011 23:19 UTC

Izzy Kaminska has an intriguing post on what happened with today’s bund auction — FT Alphaville

European banks are avoiding regulations with “false deleveraging” — Bloomberg

Hungary has asked for a “precautionary credit” from the IMF — Telegraph

The “darker side” of US GDP has some bad news for us — WSJ Real Time Economics

America faces two big “fiscal cliffs” in the next 14 months — The Economist Free Exchange

The big rumored mortgage settlement might not include California — Reuters

“How to steal money from Manhattan, with Columbia’s pro-biz think thank” — The Awl

And Tyler Cowen has a great idea for how to handle the NBA strike — Marginal Revolution

Many more links are available at Counterparties.com. Have a great Thanksgiving, if you’re in a country where that’s done.


Nick Rizzo
Nov 23, 2011 03:09 UTC

Izzy Kaminska cleverly argues that Swiss bonds are now Giffen goods — FT Alphaville

“France isn’t trading like a AAA” — Bloomberg

Latvia and other European periphery countries are looking like coal mine canaries — FT

A European bank flaps it wings, a loan is denied in Australia — WSJ

Predicting the depressing future of economic policy decisions — Credit Writedowns

8 reasons extending unemployment benefits will boost the economy — Rortybomb

How “long-term unemployed” became synonymous with “unwanted” — National Journal

Problem with thinly traded companies: “eventually they’re no longer thinly traded” — Dealbook

And Errol Morris has a great little documentary about the “umbrella man” and JFK’s death — NYT


Groupon is now trading below its IPO… Buy a share quick as a souvenir!

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Nick Rizzo
Nov 21, 2011 23:22 UTC

Some fresh links selected today from Counterparties.com:

Credit Suisse: The “last days” of the Euro are here — FT Alphaville


FMCN’s stock dropped 40% on this Muddy Waters report calling them lying liars — Zero Hedge

MF Global trustee: Actually, we think we’re missing $1.2 billion — Market Watch

“Mr. Nocera – You have destroyed everything and everyone related to Steven J. Baum PC” — Dealbook

A really big visualization of money — xkcd

Fresh off its pension overhaul, Rhode Island experiments with “work sharing” — WSJ

The continuing hunt for Anyone But Romney, illustrated graphically — National Post

And The Atlantic is now making more from digital than print advertising — NYT



“MF Global trustee: Actually, we think we’re missing $1.2 billion”

Let’s be accurate: after the “collateral” was taken to cover 100% of financial institutions–ignoring whether the collateral was client or firm money–the clients are short.

Welcome to BidenVille, MF Global investors. Those of you who thought the 2005 R&P Act wouldn’t affect you because you would never have to declare bankruptcy are reaping the whirlwind.

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Nick Rizzo
Nov 19, 2011 00:24 UTC

Europe’s web of debt, illustrated — BBC

S&P makes a bit of an error with a headline about Brazil’s credit rating — Bloomberg

Miners in Australia can earn $200,000 annually — WSJ

The new head of the FDIC “could make Sheila Bair look like a kitty cat” — WSJ

The “do-nothing” economic budget plan that would save us $7.1 trillion — Washington Post

Krugman: let the Supercommittee fail — NYT

Nate Silver on which economic indicators best predict Presidential elections – Five Thirty Eight

Sean Parker’s thinking of Thanksgiving, says the tech “gravy train” is almost over — CNET

Newsweek staffer: “I mean, Regis Philbin is our cover this week” — WWD

One of the worst parts of the euro zone crisis, for me, is watching the televised vindication of that nut Nigel Farage — Zero Hedge


chris9059, it’s not a horror, but they are engaged in extraction. And since the natural resources existed in the ground without someone creating them, in the Ricardian economic sense we can refer to the ownership of those resources as giving rise to “rents”. So it just strikes me as funny you used that phrase.

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Nick Rizzo
Nov 18, 2011 00:24 UTC

Banks “are devising complex and potentially risky” deals to keep borrowing from the ECB — WSJ

Congress’s 10 favorite stocks, and which members hold the most (it’s mostly Kerry) — Ritholtz

Why the missing MF Global customer money is like a “lost child” — Dealbook

The Nevada AG brings felony charges in a robo-signing case — WSJ

26 reporters arrested in the Wall Street protests and what they do — The Awl

TechCrunch’s CEO is leaving AOL — BI

2.5 stars: Yelp files for a $100 million IPO — Fortune

And the ECB releases an iPhone game, but the whole goal is keeping inflation low. Of course — Reuters Macroscope

Many more great links are available each day from Counterparties.com.


I realised as soon as I was notified regarding the debit card substution that it was another plot to line the pockets of BofA, since there are financial penalties for making mistakes with debit cards and would definitely be harmful to people with no bank accounts-in other words, people who can least afford it. I immediately signed up for direct deposit as I didn’t want BofA to have my money for one minute more than was absolutely necessary, but they still have it for at least 24 hours for “processing”. I was so incensed at the blatant and shameless rip-off that this scheme represented that I called Representative Jerry McNerney’s office and e-mailed Senators Barbara Boxer and Diane Feinstein to complain although this doesn’t harm me as much as it would the people in dire straits (I am currently on unemployment but have no dependents). Let’s see whether or not the California legislature addresses this issue-the Democrats might but the Republicans sure won’t.

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Nick Rizzo
Nov 17, 2011 00:07 UTC

Evans-Pritchard: EU leaders are bypassing democracy to save the Euro — Telegraph

Both parties are reaching for accounting gimmicks as Supercommittee nears failure — WSJ

Federal prosecutions are up, except for bank fraud — NYT Economix

Congress declares pizza a vegetable — AP

Congress is less popular than BP during the oil spill, or worse, Paris Hilton — Washington Post

Your middle class neighborhood is probably disappearing — NYT

“Blink” your small business worries away with Malcolm Gladwell and BofA — Market Watch

We shouldn’t have said Fannie Mae paid Gingrich $300K. It was actually $1.6M — Bloomberg


Re: Evans-Pritchard, The Great Euro Putsch

IMF dirty MF
Takes away everything it can get
Always making certain that there’s one thing left
Keep them on the hook with insupportable debt
– Bruce Cockburn, “They Call It Democracy” (25 years ago)

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Nick Rizzo
Nov 16, 2011 00:08 UTC

An audit says that it’s nearly even money the FHA runs out of cash next year — WSJ

Struggling cities are paying more and more to ratings agencies — Bloomberg

Gingrich called Freddie Mac “insane,” was later paid $300K to lobby for them — Bloomberg

70% of the top 1% have been employed by their father’s firm — milescorak

Even Glenn Hubbard is calling for “radical change” — Washington Post

Even as one of their reporters is arrested by the NYPD, the Daily News says “Bravo” to Bloomberg’s eviction of Occupy Wall Street — NYDN

Short sellers are “waiting and watching” for a chance to all make a killing on Groupon — Reuters

And Netflix takes up 32.7% of all internet bandwidth — Mashable


dsfan, what’s interesting about the 70% figure is not so much the number itself, as the fact that it’s so much higher for the top 1% than for everybody else. Look at the graph in the full article — for most of the income scale, the percentage is 35-45%. Then suddenly at the very high end, it spikes. IOW, the very wealthy use their connections to help their kids get a good start. Not surprising, and not even necessarily immoral or anything like that — but it should make us doubt the “I got my wealth by lifting myself by my bootstraps” rhetoric that the wealthy use to justify their anti-tax zealotry. Nobody becomes wealthy SOLELY through their effort — they rely on many other factors, including the luck of being born into the right family, the physical and legal protections of the gov’t, and so on.

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Nick Rizzo
Nov 15, 2011 00:41 UTC

Angela Merkel hints at a fiscal union for the Eurozone — Bloomberg

Meanwhile, her party votes to allow voluntary exits from the Euro — Bloomberg

The United States has youth unemployment in line with Arab Spring countries — Rortybomb

The SF Fed thinks there’s more than a 50% chance of a US recession next year — FRBSF.org

All the key fiscal drags the President will face in the next two years – FT Alphaville

It turns out that Wall Street fleeced municipal governments roughly $50 billion — Businessweek

Banks are trying to recoup $15 to $20 monthly per depositor — NYT

Like a man biting a dog, farmers are buying up foreclosed housing developments — WSJ

What “stock and flow” means for the future of online media — AdAge

Very few places in America have lots of bars and cheap marijuana — Atlantic Cities

And Michael Lewis is still using poop analogies, this time about transatlantic journalism — LAT


Nick Rizzo
Nov 11, 2011 23:57 UTC

Paul Krugman explains the Euro crisis in one sentence — Business Insider

An interesting attack on ECRI’s recession call — Stone Street Advisors

Pretty much everyone at MF Global was fired en masse — Reuters

29% of all US mortgages are underwater — Ritholtz

And the gigantic foreclosure settlement won’t give homeowners very much — Huffington Post

Unemployment for young veterans is 30% and rising — Businessweek

While homelessness for female veterans has increased each of the last six years — LA Times

UK MPs will probably find James Murdoch “ill-informed” but not “mendacious”.  They’ve got it reversed — Guardian


So what I don’t understand, with all this talk of “underwater” mortgages, is what happens if some entity happens to take your underwater property through imminent domain?

How much is “just compensation”? Do you get stiffed? Does the lender? Are you happy or sad?

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