Night time reading: 2009-08-05

  • Apple’s new low: censoring a dictionary

    The anti-Apple backlash is on.

  • Ten mysteries of you – New Scientist

    Very good series on the science behind human eccentricities.

  • Xabi Alonso completes move to Real Madrid

    If Madrid fail miserably, it will be just desserts

  • Latest Google Chrome Beta Is “30 Percent Faster,” Supports HTML5, And Is Prettier Too

    I will give it a test run

  • China suffers largest suspected bank fraud – FT

    Not Madoff size fraud. HSBC involved.

  • Goldman Faces Inquiries on Pay and Derivatives – DealBook Blog –

    In its Form 10-Q filed early Wednesday, Goldman said that some of its affiliates “have received inquiries from various governmental agencies and self-regulatory organizations regarding the firm’s compensation processes

  • Citi plans to sell 20 consumer finance businesses: report | Reuters

    Citi needs to sell assets unlike no other big American bank

  • Ben Bernanke’s failure at the Fed – Dean Baker

    Baker suggests Bernanke does not deserve re-appointment

  • The debt-inflation myth, debunked by UBS – FT Alphaville

    Can one inflate away debt deflation problems?

  • Buffett’s Betrayal – Rolfe Winkler

    Yes, like PIMCO, Buffett has invested to gain from government largesse. But most of his financial investments are well-run institutions that pre-date the crisis. They received government funding because of systemic risk. M&T and US Bancorp are perfect examples of this. As for the stress tests, they were a sham, used to induce investors to pony up more capital. I see nothing wrong in criticizing them. So, I like this provocative analysis but must quibble on several points and I think it falsely paints all TARP recipients with the same brush.

  • When Does a Depression or a Recession End? – Richard A. Posner

    Exactly my point about a technical recovery i.e. recession ends from a lower base.

  • More than 12,000 Northern Rock ‘125pc mortgage’ borrowers in arrears – Telegraph

    Again, Northern Rock was a reckless lender

  • Lloyds slumps to loss as bad debts soar to £13.4bn – Telegraph

    £4bn loss in the first six months of the year

  • Automakers Give Rave Reviews to ‘Cash for Clunkers’ – TIME

    July auto sales up from program


    Distraction of the Day: Brazilians urged to conserve water in a strange way.

  • About 

    Edward Harrison is the founder of Credit Writedowns and a former career diplomat, investment banker and technology executive with over twenty years of business experience. He is also a regular economic and financial commentator on BBC World News, CNBC Television, Business News Network, CBC, Fox Television and RT Television. He speaks six languages and reads another five, skills he uses to provide a more global perspective. Edward holds an MBA in Finance from Columbia University and a BA in Economics from Dartmouth College. Edward also writes a premium financial newsletter. Sign up here for a free trial.