Report’s stark warning on climate
By Robert Peston
Business Editor, BBC News
The Stern Review says that climate change represents the greatest and widest-ranging market failure ever seen. And on the basis of this intellectually rigorous and thorough report, it is hard to disagree.
Sir Nicholas Stern, a distinguished development economist and former chief economist at the World Bank, is not a man given to hyperbole.
Yet he says “our actions over the coming few decades could create risks of major disruption to economic and social activity, later in this century and in the next, on a scale similar to those associated with the great wars and the economic depression of the first half of the 20th Century”.
His report gives prescriptions for how to minimise this economic and social disruption.
The mainstream media (Wall Street Journal) is finally noticing that MySpace has peaked, which I noted two weeks ago in this posting The AOL-ing of MySpace. Also see my post October 10th posting, Does the YouTube Acquisition Mark a Web 2.0 Peak?. Yes indeed folks, MySpace is officially on the downward slope and sites like BuzzPal will be the beneficiaries, as the never-ending cycle of creative destruction continues. Click through to read today’s WSJ article in its entirety. Cheers!
That’s why the yield curve has been inverted and why the current bull market extension is just that, an extension of an old, tired bull market, not the begging of a new one. With a very high probability, we can’t have a new bull market until after we have a new bear market. See my Housing Market Article Index, which goes back to October, 2004, just after I put my money where my mouth was and…
The Economic Miracle as an Economic Mirage
By ROGER LOWENSTEIN
WHATEVER happened to the good old days of cradle-to-grave security — of a steady job, a lifetime pension and paid-for health care along the way? This is the question at the heart of “The Great Risk Shift: The Assault on American Jobs, Families, Health Care, and Retirement–And How You Can Fight Back, by the political scientist Jacob S. Hacker, and his answer is impassioned and angry.
A senior U.S. State Department diplomat causes embarrassment in Washington after telling Arab satellite network Al Jazeera that there is a strong possibility history will show the United States displayed “arrogance” and “stupidity” in its handling of the Iraq war. The White House has distanced itself from the comments.
I don’t hold out much hope for Bush ever admitting a problem, at least not a real problem like this. Remember during the presidential candidate debates when he was asked to recall something he did wrong or could have done better? He was stumped. The man cannot admit mistakes. It’s ironic because his name is the very definition of “failure” just do a Google search under the word “failure” and see for yourself. Anyway, here’s the story, from the front page of CNN.com on October 22, 2006:
[click through to read the full CNN story]