Afternoon Links 8-11
Food among the ruins of Detroit (Guernica) Previously I linked to an article noting Detroit no longer has a single major grocery store within city limits. Keeping that in mind we have this very interesting article. One tidbit: “There is such a dire shortage of protein in the city that Glemie Dean Beasley, a seventy-year-old retired truck driver, is able to augment his Social Security by selling raccoon carcasses (twelve dollars a piece, serves a family of four) from animals he has treed and shot at undisclosed hunting grounds around the city.”
The continuing threat of troubled assets (Congressional Oversight Panel) More good work from Elizabeth Warren’s group.
China rising, rent-seeking version (Baseline Scenario) This post from Simon is a bit scattershot, but his description of rent-seeking as it relates to American finance is well worth the read…
Madoff aide DiPascali pleads guilty (Reuters) Apparently DiPascali told the judge that Madoff hadn’t made any trades for his accounts going as far back as the late ’80s. We knew he hadn’t made trades in a long time. But 20 years? Wow.
Tough times in porn industry (LA Times) Free content isn’t just killing newspapers…
The final days of Merrill Lynch (The Atlantic) A decent piece. Nothing really new that I saw. But it tells the whole story, and how Paulson and Bernanke forced Lewis to go through with the deal.
Zillow: U.S. Underwater mortgages may reach 30% (Bloomberg)
Fo drizzle? (imgur)
Best fake punt ever…