Readings 02/03/09

  • Default swap spreads increase markedly on Japanese electronics names, led by Toshiba (DW)
  • Fitch downgrades California 2008/09 RANs  (Fitch)
  • Foreclosing the Crisis (TNR/Glaeser)
  • Pershing Square’s Annual Investor Presentation (Dealbreaker)
  • Debt detox, purging and parasite cleansing. (Debtonation)
  • Veneroso: Japan on the Edge of the Abyss (Naked Capitalism)
  • Market, Malthus & the Moneymen (Satyajit Das)
  • Reasons for optimism during this protectionist redux … (Popular Delusions)
  • Manager Makes Big Bet SPY Will Fall By 17% (IU)
  • The myth of moral hazard  (The New Yorker)
  • Tyler Cowen argues the economy needs a placebo (and I think he is being serious)  (Economist)
  • Self-fulfilling policy pessimism? (Economist)
  • Beyond the age of leverage: new banks must arise (FT/Ferguson)
  • How to fix the liquidity leak (FT)
  • Scenes from Indonesia (

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  1. The Moral Hazard with the Moral Hazard Problem
  2. More Members of "Shut Up About Moral Hazard" Club
  3. Bob McTeer Joins "Shut Up About Moral Hazard" Club
  4. Bill Poole: The Fed "Put" Exists
  5. First, We Kill All the Economists