News Links 10/12/2011
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Harrisburg, Pennsylvania, Files for Bankruptcy, Lawyer Says – Businessweek
The city of Harrisburg, Pennsylvania, facing a state takeover of its finances, filed for bankruptcy protection following a vote by City Council, according to a lawyer for the council.
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Paul Davidson: A response to John Kay | Institute for New Economic Thinking
Davidson takes issue with the “classical” axioms, in particular with what he calls the “ergodic axiom”: the notion that the future is predetermined by the past and present state of affairs, that past and knowable probability distributions govern future events. He praises rigor, consistency, and the deductive approach, but says the classical axioms are inapplicable to the world we live in: “The financial crisis of 2007-2009 should have been sufficient empirical evidence to indicate that the axiomatic basis of the mainstream theory needs to be replaced.”
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Rick Perry’s new ad about Mitt Romney and ‘RomneyCare’ – The Fact Checker – The Washington Post
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Romney’s Advisers Met With Obama To Help Craft ‘Obamacare’ | Fox News
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Republicans defeat Obama jobs bill in Senate | World news | guardian.co.uk
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Unemployment rockets past 2.5m to reach 17-year high – Telegraph
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BBC News – Eurozone industrial production sees surprise rise
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Families are facing the biggest fall in income since 1970s | Mail Online
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Slovakia rejects enhanced bail-out fund, government falls – Telegraph
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Eric Cantor tempers criticism of Occupy Wall Street – latimes.com
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Fans Of Victorious Nobel Laureates Riot In Stockholm | The Onion – America’s Finest News Source
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The Well-Off Shop While the Peasants Grab Their Pitchforks — DollarCollapse.com
The average American’s retirement savings is tied up in their home, which is still falling in price, while top-5% Americans are diversified in stocks and bonds, which had nice runs in the past few years. So (recent volatility notwithstanding) they’ve been gradually feeling more and more flush as the markets have recovered from their 2009 lows. It seems completely reasonable, when your portfolio doubles, to reward yourself with a new toy.
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Standard & Poor’s y Fitch rebajan la nota de la banca española de forma masiva · ELPAÍS.com
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Video: Occupy Wall Street protests: One hundred people arrested at Boston site – Telegraph
Protesters say that the police gave them an ultimatum on Monday night to return to their smaller original encampment by nightfall or be moved along.
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Yulia Tymoshenko trial verdict: Former Ukraine PM found guilty of abuse of office | Mail Online
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Exclusive: Europe hits banks with tougher capital test | Reuters
“Benford’s Law and the Decreasing Reliability of Accounting Data” https://economistsview.typepad.com/economistsview/2011/10/benfords-law-and-the-decreasing-reliability-of-accounting-data.html