Links: 2009-06-28

• Bank of NY Mellon sees writedowns, 2009 profit: report – Reuters

  This is what I expect many banks to be saying later this quarter.

• Is Obama Edging Towards Bush-Like Indefinite Detention? – Michael Scherer, Swampland

  This is very disappointing. We now have some serious political compromises on finance, civil liberties, health care, and the war on terror. At some point Obama needs to make a stand that is true to his convictions.

• A Risky Choice for A Risk Czar – Mark R. Warner, Washington Post

  The Federal Reserve is not likely to have its powers increased and its focus distracted given the resistance to this within Congress.

• The Global Crisis: Is It Over Yet? – Simon Johnson

  Hat tip Lynn Parramore.

• Renters Get Swindled and Scammed – NY Times

  "New York City’s tough rental market can make scams harder to spot"

• Central banking as partisan politics – Willem Buiter

  "Once central banks get involved in lender-of-last resort operations, recapitalisor-of-last-resort operations and other rescue operations of banks and other financial institutions deemed to big, too complex, to international, too interconnected or too politically well-connected to fail, centrals banks and central bankers become normal political actors, indeed partisan political actors. They should not be surprised to be treated as such."

• 2,5 miljard steun van Financiën voor ABN Amro – NRC Handelsblad

  The Dutch are bailing out ABN Amro to the tune of another 2.5 Billion. It’s not just the U.S.

• Top analyst Montier quits SocGen for Grantham’s GMO – Reuters

  Great combination! Good luck all around.

• Spain launches $12.7bn bank fund – BBC News

  Just in case. Very ominous news for Spanish banks.

• Our Bear Market Rally Is an Enduring One By 1930s Standards – Market Beat

  Nice chart showing our rally today in comparison to bear market rallies from the 30s.

• The Chinese Proposal for a New Global Super Currency – Nouriel Roubini

  Roubini discusses currencies, inflation, deficits and more.

• The recession and pay: The quiet Americans – The Economist

  While average Americans take huge pay cuts without a peep, Citigroup raises salaries by 50%. Nice. And, by the way, lower real incomes is a recipe for recession and debt deflation.

• Not Enough Audacity – Paul Krugman

  "But on the other side there’s Barack the Post-Partisan, who searches for common ground where none exists, and whose negotiations with himself lead to policies that are far too weak."

Distraction of the Day: Weekend Cinema – ‘Public Enemies’ with Johnny Depp