Lunchtime Links 8-13
Must Read–Next bubble to burst is banks’ big loan values ( Jonathan Weil, ht AK) In their latest quarterly filings, banks were required to list the fair value of their loan books next to their carrying value. No surprise, most banks are carrying loans at far above their fair value. And the difference is enough to wipe out most of their capital. I’d been working on a table of this data in conjunction with my own column, should be coming shortly.
The Forgotten (Doug Glanville) Writing on the NYT op-ed page, former outfielder Doug Glanville writes about the plight of pro athletes trying to find a life after they fade from the spotlight. Glanville is a fantastic writer.
Cap & Trade’s Unlikely Critics: Its Creators (WSJ) The economists who first envisioned a cap and trade system doubt that it will work on a global scale. They argue a carbon tax would be a more efficient way to curb emissions.
Retail sales fall, jobless claims up (Reuters) Retail sales fell slightly, even when you include the big boost from Cash 4 Clunkers.
Bill Black on the bank crisis (GS666) I’d missed this. Thanks to Morgan for posting.
All you can fly for $599 (JetBlue) Interesting promotion. For $599, you can fly unlimited on JetBlue for a month. I wonder how many people would actually take more than 4 flights in a single month to destinations JetBlue flies? This is a great way to collect a lot of cash up front.
Great photo caption (smh.com.au)
The half-million dollar wiener (Slate) How can New York City hot dog vendors afford a monthly rent of $53,558? Unfortunately, the article doesn’t actually answer the question. But it is interesting…
Teen sets self on fire to imitate YouTube clip (wesh.com) Mom blames YouTube.
Does anyone know what this is? (Update: reader Danny W. may have figured it out)