(Reader note: it occurs to me that referring to my links as “lunchtime” links probably discriminates against readers on the West Coast and in Europe who aren’t operating on EST. I’m trying to think of another name. Would love to hear ideas from readers. Send me an e-mail or leave a comment)
newsfrom1930.com (ht Steve Keen) “a daily summary based upon my reading of the Wall Street Journal from the corresponding day in 1930.” Note that on August 24th 1930, the Dow made a new high for the year…
Tax Penalties and the health care bill (WSJ) “Under current law, taxpayers who lose an argument with the IRS can generally avoid penalties by showing they tried in good faith to comply with the tax law. In a broad range of circumstances, the health-care bill would change the law to impose strict liability penalties for income-tax underpayments, meaning that taxpayers will no longer have the luxury of making an honest mistake. The ability of even the IRS to waive penalties in sympathetic cases would be sharply curtailed.”
A second case against Bernanke (Evans-Pritchard) “The thrust of [Bernanke's] academic writings is that the Depression was a “financial event” that could have been avoided if the Fed had flooded the economy with money (by bond purchases) to prevent a banking crash. This theory – half-Friedmanite – has merits. The Fed made horrible mistakes. But it neglects other causes of the slump: industrial over-capacity created by the 1920s bubble, so like today.”
Rakoff not satisfied (Reuters) This is not really a surprising move. At the hearing on August 10th, Rakoff said he wanted initial briefs filed on the 24th and then responses on the 9th. He’s now asked for those responses. A second hearing, if he wants to schedule it, will be announced after that.
Web-browsing makes workers more productive (University of Melbourne) So stop feeling guilty about reading these links!
Downturn dims prospects even at top law schools (NYT) This fall, law students are competing for half as many openings at big firms as they were last year in what is shaping up to be the most wrenching job search season in over 50 years.
Dealer poll calls Cash 4 Clunkers a “nightmare” (autoblog) Gives you an idea of how well this program was managed by the administration…
Chopper + Dust + Static Electricity (for my sis in the Air Force)