Lunchtime Links 10-8

October 8, 2009

Palestinian investors in bombed Gaza smuggling tunnels demand make-goods from Hamas (Bloomberg)

Caveat EmptorTreasury hails milestone in home loan modifications (NYT) The milestone is that 500,000 mortgage modifications have been started. But that’s not a very big number and it doesn’t mean that many will actually end up in a modification. And relatively few involve principal reductions, which is what’s necessary for home prices to find a stable floor. That can happen via foreclosure, short sale or outright principal forgiveness. But someone will eventually have to recognize the loss due to the declining value of collateral.

House Republicans press Obama on jobs creation (WSJ blogs) Republicans want deficit reduction, but they also want tax breaks. Sorry guys, the Laffer curve ain’t rescuing us from hole we’re in.

Saudis ask for aid if world cuts dependence on oil (AP)

Happy birthday Dennis Kucinich! (House.gov) To send personal greetings, his office number is (202) 225-5871.

Consumer credit declines sharply in August (CalculatedRisk) Bad news short term, good news long term.

China has lots of colorful tanks (Boston.com)

The details of your abortion online? (Salon)

The world’s longest insect (BBC)

Burglar robs caricaturist, who draws profile in seconds for police. Perp caught 15 minutes later (theage.com.au)

Bill Nye, the….Math Guy? (PBS)

Metronome Sync (ht Tom Parsons)

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