The Bottom Line
Cut to the chase, my brother, speak on it!
The Minyanville.com take on news, commentary and opinion from around the world:
Egotism Wrong, Says Politician
Russian President Vladimir Putin picks up a pen for the Wall Street Journal editorial pages and writes that energy egotism is a road to nowhere. "It is our strong belief that energy redistribution guided wholly by the priorities of a small group of the most-developed countries does not serve the goals and purposes of global development," he says.
Bottom Line: Skimmed article and it doesn't mention me or America by name. Boring.
I Want You...to Want...Me!
Money Ain't a Thang? East Coast vs. West Coast
With the exception of international trade, no topic in economics contains more myths than monetary theory. But what do we mean by money? East Coast rapper Jay-Z says "Money Ain't a Thang." But economics professor (and West Coast sympathizer) Robert Murphy steadfastly disputes Jay-Z's view, and instead says that, among other things it "ain't," money is not a claim on goods and services.
Bottom Line: Jay-Z got more hit records, but Murphy got more science.
SEC Subpoenas First, Asks Questions Later
Securities and Exchange Commission Chairman Christopher Cox implied on Monday that the agency's San Francisco office acted without permission when it sent subpoenas to two financial journalists, including Herb Greenberg, demanding records of their phone and e-mail communications with sources, according to the San Francisco Chronicle.
Greenberg disclosed his subpoena in a column this past Friday. The subpoena demanded unpublished notes and communications between Greenberg and five sources regarding five stocks, including Overstock.com, whose chief executive, Patrick Byrne, has publicly accused Greenberg of helping others trade illegally in his company's stock.
"As I take a sip," Byrne wrote to Greenberg in an e-mail quoted by the New York Times this weekend, "I find myself curious: do you guys know? Are you sitting somewhere, blithely oblivious, still chuckling about Whacky Patty, and all that? Or do you understand now that this is going to end badly for you?"
Bottom Line: After reading Byrne email, Bottoms Up. Also, free Herb!
India is the New Nasdaq
First, President Bush decides to pay India a visit, only the second visit to the country by a U.S. President in more than two decades. The Economist gives the President's visit top billing. Now, Newsweek gets involved and declares "India Rising."
- Bottom Line: See chart below...
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