Evening links 6-2
Quote of the Day: Absolving Moody’s for failing to see the housing bubble, Warren Buffett employed the “who-could’ve-known” defense when he told the Financial Crisis Inquiry Commission today that “rising prices are a narcotic” that corrupt the critical thinking of rational people. To that Chairman Phil Angelides responded that rising prices may be “a narcotic, but don’t we expect ratings agencies to avoid it? You don’t want [the credit] police trading crack.”
BofA admits foreclosure can be appealing (CR) The bank acknowledges the obvious, that if you’re not concerned about a hit to your credit rating–or losing your house–you can live rent free for more than a year waiting for the repo guy to get to you. On a related note…
Owners stop paying mortgages, and stop fretting (Streitfeld, NYT)
CDS spreads for oil companies blow out (Alphaville) This matches the huge drop in the share prices of companies that are attached to the spewing Macondo well in the Gulf. If the spill can’t be contained, will the liability?
Buffett expects “terrible problem” for municipal debt (Frye/Selway, Bloomberg) The Oracle did offer some wisdom about municipal issuers…
“People become immune to coffee boost,” experts say (Roberts, BBC)
Visualizing the BP oil disaster (ifitwasmyhome)
Lego printer uses world’s cheapest ink cartridge…LOL!