Weil's View on Finance, Afternoon Edition
The big news: Thousands of airplanes landed safely. And the Nasdaq Stock Market didn't crash. Good thing Steve Ballmer disclosed his retirement today instead of at noon yesterday so he didn’t have to wait to watch Microsoft’s stock jump 7 percent on the news that he’s leaving the company. Anyway, now on to your afternoon links. Have a good weekend.
The inky wretch from the U.K. says the rout threatens the wider global economy. The Princeton ideologue with a Nobel Prize who told the Fed in 2002 to “create a housing bubble to replace the Nasdaq bubble” says no big deal (with his fingers crossed behind his back). I’d go with the Brit on this one.
Binyamin Appelbaum of the New York Times has a well-researched opus on Ben Bernanke. It might come across as a bit too flattering, depending on what you think of the Fed’s easy-money policies. But it’s worth reading. So is Caroline Salas Gage’s piece for Bloomberg News on how U.S. central bankers “had better get their communications right should they decide to taper their bond purchases.”
Calling an end to the rally in Spanish and Italian bank stocks
From Bloomberg’s Charles Penty and Sonia Sirletti: “The longest rally in southern Europe’s banking stocks since the sovereign debt crisis began may prove unsustainable as the region’s economies lag behind a recovery in Germany and France. Economic woes in Italty and Spain persist, meaning banks will probably be forced to set aside more provisions as consumers and businesses fall into default.”
Snowden documents hitch a ride to the New York Times
The Guardian and the Times are teaming up, now that the British government has reminded the editors in London that their country doesn’t really have press freedom. Or at least nothing quite like the First Amendment. Ben Smith of Buzzfeed has the story about the collaboration.
Where in the world is the Epicurean Dealmaker?
E.D. has been gone for about a week, and I need my fix. Anyway, here’s his last post, listing 10 reasons why E.D. isn’t posting anymore. Someone please e-mail this “pseudonymous investment banker” a clever idea to steal and end his boredom so we can start reading his stuff again.
(Jonathan Weil is a Bloomberg View columnist. Follow him on Twitter.)