Calculated Risk’s primer on what indicators to watch during this credit crisis.
From the HuffPost:
Dr. James Zogby, President of the Arab American Institute, says, “Enough is enough! From the beginning of this campaign there have been those who have used ‘Muslim’ and ‘Arab’ in an effort to smear Barack Obama. This exploitation of bigotry and the stoking of racist fires to forward an agenda is reprehensible. This is not only offensive to Arab Americans, but to all Americans. As any ethnic group who has ever been used to scare the electorate knows, this is a dangerous game that, tragically, can get innocent people hurt.
“And while we are pleased to see that the senator is trying to dispel rumors about Senator Obama, we feel the need to point out that Arab Americans are also decent men and women with full rights of citizenship as enumerated under the Constitution. Arab Americans are part of the great melting pot that is this country’s strength. We work towards peace in the Middle East along side our Jewish partners. We raise our sons and daughters to be model citizens of this nation. We serve this country with honor. The suggestion that any ethnic group is treacherous and Anti-American is unacceptable, dangerous, and unbecoming of such a great nation.”
From Serious Eats:
A little more than a week ago, A Hamburger Today introduced the world to the Hamburger Fatty Melt, a burger with grilled cheese sandwiches as its bun.
And what did the world do?
It spit in our face. Here on this site, and on other sites where it was blogged about, all we heard was, “Where’s the bacon?”
Talk about looking a gift horse in the mouth. I went through several iterations of the sandwich, trying different breads and different patty sizes, to find the proper beef-to-bun ratioâ€”to create a burger you could actually fit in your mouth and one that a glutton of normal proportions might actually make.
But I guess with something like this, more is more, and so I heeded the call of the internets, and decided to make a second version of this burger with what you all said was the missing ingredient. What you are looking at above, ladies and gents, is the new, improved Bacon Hamburger Fatty Melt.
From Nobel laureate Paul Krugman’s Op-Ed:
But when Henry Paulson, the U.S. Treasury secretary, announced his plan for a $700 billion financial bailout, he rejected this obvious path, saying, â€œThatâ€™s what you do when you have failure.â€ Instead, he called for government purchases of toxic mortgage-backed securities, based on the theory that … actually, it never was clear what his theory was.
Meanwhile, the British government went straight to the heart of the problem â€” and moved to address it with stunning speed. On Wednesday, Mr. Brownâ€™s officials announced a plan for major equity injections into British banks, backed up by guarantees on bank debt that should get lending among banks, a crucial part of the financial mechanism, running again. And the first major commitment of funds will come on Monday â€” five days after the planâ€™s announcement.
At a special European summit meeting on Sunday, the major economies of continental Europe in effect declared themselves ready to follow Britainâ€™s lead, injecting hundreds of billions of dollars into banks while guaranteeing their debts. And whaddya know, Mr. Paulson â€” after arguably wasting several precious weeks â€” has also reversed course, and now plans to buy equity stakes rather than bad mortgage securities (although he still seems to be moving with painful slowness).
As I said, we still donâ€™t know whether these moves will work. But policy is, finally, being driven by a clear view of what needs to be done. Which raises the question, why did that clear view have to come from London rather than Washington?
STOCKHOLM, Sweden (AP) — Paul Krugman, the Princeton University scholar and New York Times columnist, won the Nobel prize in economics Monday for his analysis of how economies of scale can affect trade patterns and the location of economic activity.
Krugman has been a harsh critic of the Bush administration and the Republican Party in The New York Times, where he writes a regular column and has a blog called “Conscience of a Liberal.”
He has come out forcefully against John McCain during the economic meltdown, saying the Republican candidate is “more frightening now than he was a few weeks ago” and earlier that the GOP has become “the party of stupid.”
“Krugman is not only a scientist but also an opinion maker,” economics prize committee member Tore Ellingsen said. He added that Krugman’s analyses tend to back free trade and his research gives no “support for protectionism.”
The 55-year-old American economist was the lone winner of the 10 million kronor ($1.4 million) award and the latest in a string of American researchers to be honored. It was only the second time since 2000 that a single laureate won the prize, which is typically shared by two or three researchers.