NUTHIN' BUT 'NET
Posted: Tuesday, August 14, 2007 2:28 PM by Petra Cahill
Filed Under:
Nuthin' but 'Net
By Chris Colvin, News Writer, Nightly News
Hi. It's a short one today, starting for a change with politics and Rove's departure, then back to our favorite (gulp) topic: the credit crunch/crisis and a warning bell from a money market fund called, aptly, Sentinel. And scouring the financial blogs can also yield other kinds of good advice, including some witty life lessons for middle-aged men.
Might as well kick things off with Adam Nagourney's take on the lasting influence of Rove as he leaves the WHU.. I'd like to link to the NYT OpEd by fortuitously-timed Rove profiler Joshua Green but I can't find it on their site (even behind the SelectWall..) but blogger Mark Thoma at Economist's View excerpts Green and rebuts his idea of Rove's theory of government.
Now to the beat-downs. Darksyde at DailyKos, Arianna Huffington, Andrew Sullivan (careful this one might burn your eyeballs. Ouch.) Digby with embedded links galore. Rove biographer Wayne Slater via RawStory, Josh Marshall, Sidney Blumenthal. And ThinkProgress has a newspaper roundup
Now to today's bad news on the credit market front, and a small financial services fund that holds reserves for commodities traders which suspended redemptions today. Its name.. Sentinel.. may end up being prescient, in terms of what it tells us about contagion in credit risk. (It ain't just mortgage backed securities anymore.) It may also point to a coming "run on the bank" when it comes to hedge funds.. tomorrow is an important deadline for Q4 redemptions. Minyanville sums up. For a more meta view.. our favorite bearish economist Nouriel Roubini discusses the difference between a liquidity problem and an insolvency problem. Roubini's view critiqued by Portfolio's Felix Salmon The New York Times editorial page notes the Bush administration's response to the credit problems has been lacking. And to get even more meta.. the head of the federal Government Accountability Office says the U.S. is going to fall the way Rome did. Now that's not something you hear a U.S. government official say every day. And here's a well-timed study that says the correlation between high IQ and financial success is.. uhh.. low.
And hey not everything you read in the financial press is depressing. Here are some rules for middle-aged men from the FT's Peter Apsden.