Afternoon Links 9-24
(Reader note: yeah, R.I.P. in two successive headlines is problematic. My bad. Next time we’ll plan our headlines a bit better.)
Volcker criticizes Obama plan on “systemically important” firms (Bloomberg) The guy is on fire here. Though he’s an adviser to Obama, he’s clearly willing to criticize many of the flaws of Obama’s financial regulatory overhaul. Here is the full text of Volcker’s speech. Worth reading on your commute home…
Lost Vegas (Sun UK) The tunnel people…
Twitter to raise $100 million, values company at $1 billion (Deal Journal) But still no revenue. A good excuse to repost this video.
White House pares its financial reform plan (NYT) Regarding compromise financial reform legislation, Barney Frank is quoted saying this, which I don’t exactly follow: “We will be providing for mechanisms for putting financial institutions out of their misery. There will be death panels enacted by this Congress, but they will be for large institutions that are seen as too big to die. We are talking here about dissolution, not resolution. We are talking about making it unpleasant for these institutions to die.” Are you going to kill them or not Barney?
Fed extends (but doesn’t expand) support for mortgage markets (Federal Reserve) Money printing to buy MBS and agency debt will be limited to the original target of $1.45 trillion, but remaining purchases will be spread out through the end of the first quarter. As Peter Eavis notes, the Fed has bought $850 billion worth of MBS so far this year, 80% of the total. That’s a pretty stunning statistic when you think about it.
A $4 billion bailout for the postal service (Politico)
Rare earths are vital, and China owns them all (Marketwatch)
Very luck guy (YouTube) Why you probably shouldn’t shoot at steel plates for target practice…
This photo is from 1999. The firefighter had just rescued this pregnant doberman and she wanted to say thank you. I repost because a couple months ago he was back in the news for saving 9 puppies.