Noam Scheiber on Richard Koo's balance sheet recessions. Rortybomb.
The housing double dip is here. Pragmatic Capitalism.
never mind today's existing home sales release, which, at 4.53 million, was both up from last month and beat expectations of 4.3, because (a) it, plus the previous 2 months, represent the worst 3 months on record (albeit back to only 1999); (b) this September data precedes foreclosuregate, and given that 1-in-3 existing home sales was a distressed sale, this portion of the market can be expected to be less busy if rights to title are questionable; and (c) with inventory still at double-digit levels (10.7 months), pressure on prices will persist (Case-Shiller and Core Logi data both suffer a lag, as each of their reports due this week will represent 3mth weighted averages of June, July and August)
other fare:
about the rally in D.C. on Saturday:
Can Jon Stewart restore our sanity? Olivia Scheck, 3QD.
Of course this tendency isn’t new or unique to American politics. My own view, best articulated by the psychologist Jonathan Haidt, is that humans are actually wired to behave this way during instances of disagreement, acting more like lawyers, committed to defending their own moral and political intuitions, than like scientists in search of truths about the world. We see this tendency – to search for evidence that proves our point rather than that which might undermine it – in our own discussions with friends and colleagues, but nowhere is it more overt than in partisan politics.
E-mail auto-response. Martin Marks, The New Yorker.
The origin of complex life: it was all about energy. Discover.
The poetry of science: Richard Dawkins and Neil DeGrasse Tyson. 3QD.
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