Links: 2009-04-02

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Before I provide the links I want to add some clarifying points about previous articles.

Regarding the story about Larry Summers, Summers did not dismiss the employee in question. So, the post title is rather misleading. My apologies. Rather, Summers condoned an environment in which large bets on derivatives were permitted. Harvard has since not done well on those bets. I draw conclusions from this; you may not.

Then, there was the article on the derivatives exposure: the $200 Trillion sum is a notional amount and is NOT net. Net exposure is considerably less.

Here are the top links. Many more links are available in the feed.

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China Boosts Yuan Swaps, Store Payments as Dollar Concern Grows – Bloomberg.com more stories on the China-hates-the-dollar meme

U.S. seen facing danger of 2nd recession next year – Reuters Currently, this mirrors my thinking for the U.S. i.e. cyclical rebound followed by a relapse.

New Japanese domestic car sales sink to 38-year low – The Japan Times Online remember, this is NOT just about American auto makers and it is also not just a U.S. problem. Arguably, GM is a victim of the recession more than anything else, despite its poor economics.

GMAC to resume car loans to subprime borrowers – Reuters hey. let’s reflate the bubble. This story shows why GM and GMAC are complicit in their own demise, recession or not.

AIG: Before Credit Default Swaps, There Was Reinsurance – Chris Whalen

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UK House Prices Unexpectedly Increased in March – Bloomberg – It’s not all bad news out there.

Harvard Begins Case Study as Tainted MBAs Reveal Damaged Brand – Bloomberg

Willkommen zurück Zeitenwende – Blick Log I happen to love the German-language blog Zeitenwende. I am happy to learn it is back. It is going back on my blogroll.

The Stunning Consequences of Sleep Deprivation – AlterNet

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