News from around the web: 2009-09-16

"For an executive at the US bank Wells Fargo, a repossessed $12m beach house in southern California proved just too tempting. The financial institution has fired a top loans officer for using a luxurious Malibu property for a series of family getaways, culminating in a summer party at which guests arrived by yacht."

"we ignore the waste this Great Recession has laid to much of the developed world’s labour force at our peril. Maintenance of a healthy—and open—market economy will be difficult, if millions of workers are once again left behind by recovery. "

The economic and political relationship between china and the U.S. is complicated

"There is no grand, unifying theoretical structure in economics. We do not have one model that rules them all. Instead, what we have are models that are good at answering some questions – the ones they were built to answer – and not so good at answering others."

The house at 5040 South Greenwood Avenue, next door to the Hyde Park residence of President Obama and his family, hit the market here over the weekend. And in a summer of real estate doldrums, it is causing quite a stir

Recent studies, however, have uncovered new instances of a counting skill in different species, suggesting that mathematical abilities could be more fundamental in biology than previously thought. Under certain conditions, monkeys could sometimes outperform college students.

"When you here this kind of quote in context with the mortgage business it should be clear that in the not so distant future another not so "insignificant" bailout is already in the cards….. Looks like the Phony Mae & Fraudie Mac pain wasn´t enough……."

"Asian shares hit their highest levels for 2009 on Wednesday after upbeat U.S. economic news gave riskier assets leveraged to global growth a boost, while the U.S. dollar slipped to a one-year low."

A group of American Indians who find the Washington Redskins’ name offensive wants the Supreme Court to take up the matter. The group late Monday asked the justices to review a lower court decision that favored the NFL team on a legal technicality.

Bailouts are the effective equivalent of a subsidy or a tariff. The G20 has secretly been engaging in protectionist behavior by propping up businesses artificially. The dispute in the EU between Germany and Belgium over Magna’s acquisition of Opel is all about this kind of soft protectionism.

The audio was recorded just before Obama went on camera to do an interview with CNBC. Before the interview began, Obama — referring to Kanye’s antics on stage — said "I thought that was really inappropriate," then adding, "He’s a jackass."

This Spanish-language article says Spain will be the only large EU country to contract in 2010. Obviously this includes France, Germany, the UK, Italy and Poland. Am I missing anyone?

I was disappointed by Obama’s speech on financial reform. It is clear that, despite the rhetoric, the reforms will be timid and that the time has passed for true reform with other policy items now taking star billing.

As I have posted, cash for clunkers will put Q3 over the top. But, it is a one-off and sales are down 5.3% year-on-year. Good numbers, but they say nothing about sustainability over the long-term.

A new study demonstrates the power of music to alter our emotional perceptions of other people

Canadians love American health-care debates because it means you notice us. Much like Tennessee or North Dakota, we like just being mentioned. But your debates allow us to replay our own debates about health care and their relationship to national myths.

"Until yesterday’s defeat of Roger Federer in the final of the US Open at Flushing Meadows, the most disappointing development this year was the performance of president Barack Obama and his administration – and my expectations were modest to begin with."