Links: 2009-07-07

• U.S. office market continues to spiral down – Reuters

  Vacancy rate is now 15.9%

• Surprise drop in UK output hits recovery hopes – Guardian

  Data in UK missing expectations now too.

• Close Relationship Between Past Warming And Sea-level Rise

  520,000 years of data

• More Steve McNair Revelations And Fallout – Steve McNair murder

  Rodney Peete better watch out.

• Ricardian Equivalence makes comeback – The Globe and Mail

  This theory says stimulus is doomed.

• Justice Department to Investigate AT&T-iPhone Exclusivity?

  Anti-trust is more active now.

• Missing the Point on High-Speed Rail – Ryan Avent

  This seems like the perfect infrastructure project.

• Robert McNamara – Karen Tumulty, Swampland

  Here he is in his own words on Vietnam

• Fitch Downgrades State of California GOs to ‘BBB’; Maintains Rating Watch Negative

  Next stop junk. Hat tip CR.

• Pequot’s Wien Speaks Out on His Firm’s Closure – DealBook

  Insider trading allegations to blame.

• Refiners Set for Lower Margins – Barrons.com

  This is a bad sign regarding recovery.

• Fears for the world’s poor countries as the rich grab land to grow food – Guardian
• Hedge funds post best monthly performance for 10 years – Telegraph

  Good omen for banks?

• Prius tops Japan’s car sale chart – BBC News

  22,292 vehicles in June versus 6,231 last June

• Fallout from WaPo salon disaster continues – Lynn Parramore

  No patients invited, just lobbyists

• Looks like the Fed is taking its foot off the gas pedal – James Pethokoukis

  The monetary base is contracting

• Société Générale warns on €1.3bn CDS hit – FT

  Is another wave of writedowns coming?

• China launches yuan trade scheme – BBC News

  More moves by China away from the dollar

Distraction of the Day: Ice Age: Dawn of the Dinosaurs (take the kids)