1
Automobiles
Digging Beyond the Headlines at the Monterey Classic-Car Auctions
Rob Sass offers his views on some notable, if not record-setting, cars auctioned during the week of the Pebble Beach Concours d’Élégance.I do try.
Headline writers don't think.
2
Business Day
Fresh Data Reflect Anemic Growth in Eurozone
A survey from Markit Economics of purchasing managers showed that the bloc’s output barely edged up this month in both services and manufacturing."Heinrich Brüning (
listen (help·info)) (26 November 1885 – 30 March 1970) was Chancellor of Germany during the Weimar Republic from 1930 to 1932. He was the longest continuously serving Chancellor of the Weimar Republic.Shortly after Brüning took office he was confronted by an economic crisis caused by the Great Depression. Brüning responded with tightening of credit and a rollback of all wage and salary increases. These policies increased unemployment and made Brüning highly unpopular, losing him support in the Reichstag."
Europe discovered deflation is disastrous policy.
It has been forgotten.
Inflation hurts fixed incomes.
Deflation ruins earnings.
Krugman:
The Euro Catastrophe
Matt O’Brien
points out that Europe really is doing worse than it did in the Great
Depression. Meanwhile, Francois Hollande — whose spinelessness and
willingness to buy into austerity doomed his presidency and quite
possibly the European project — is finally, tentatively, suggesting that
maybe further austerity isn’t the answer.
Simon Wren-Lewis thinks that the European embrace of austerity was a historical contingency;
basically, the Greek crisis strengthened the hand of the austerians at a
critical moment. I don’t think it’s that easy to explain; my sense was
that there was powerful anti-Keynesian sentiment in Europe even before
the Greek crisis, that macroeconomics as Anglo-Saxon economists
understand it never had a real constituency in Europe’s corridors of
power.
Whatever the explanation, we are now, as O’Brien says, looking at one of the great catastrophes of economic history."
3
U.S.
California: Shootout and Chase End in One Death and Arrest
A chase that began Monday with two men in an S.U.V. firing on pursuing police officers ended several hours later with one suspect dead, another arrested and a SWAT officer with a gunshot wound to the leg.U.S.
North Carolina: Lawmakers Pass Coal Ash Restrictions
Following a spill at a power plant this year, the bill would clean up decades of toxic waste generated by coal-burning electricity plants.Opinion
What Are the Best Small Towns in America?
Americans looking to live in big cities have any number of “livability indexes” to choose from — but what are the options for small-town fare?Business Day
Fed Dissenters Increasingly Vocal About Inflation Fears
The group believes the Federal Reserve has nearly exhausted its ability to repair damage caused by the recession.An increasingly vocal minority of Federal Reserve officials want the central bank to retreat more quickly from its stimulus campaign, arguing that the bank has largely exhausted its ability to improve economic conditions.
Is this really true? Of course, they are being very vocal — but when didn’t they call for monetary tightening?
The article highlights
Charles Plosser of the Philadephia Fed; if you’ve been following these
things, you know that Plosser has been warning about imminent inflation
since the beginning of the crisis. He did it in 2008; he did it in 2009; he did it in 2010; he did it in 2011;
I’m getting tired here, but you can easily find him doing the same in
2012 and 2013. And he has of course been wrong all the way — but he’s
doing it again. This is news?
U.S.
Friend of Boston Bombing Suspect Changes Plea to Guilty
After seeing another friend of Dzhokhar Tsarnaev charged with obstructing justice get convicted, Dias Kadyrbayev had little reason to expect a better outcome.
World
In Russia, Scenes From Ferguson Are Played as Nothing Shocking: It’s America
Events in Missouri are the latest opportunity for news media and the government to portray the United States as a hypocritical critic of speech restrictions.
The Supreme Court has not changed.
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N.Y. / Region
Teachout Can Stay on Ballot Against Cuomo, Appeals Court Says
The decision upheld a lower court’s decision that rejected Gov. Andrew M. Cuomo’s effort to disqualify Zephyr Teachout, a law professor, from the Sept. 9 Democratic primary.N.Y. / Region
A Fire in Manhattan Kills One and Injures 12
The blaze tore through the six floors of an apartment building on West 136th Street near Amsterdam Avenue; the cause was under investigation but was considered suspicious, an official said.The Upshot
Alaska Might Be More Friendly to Democrats Than It Appears
Dan Sullivan won the Republican primary and will face off against Mark Begich. Republicans have dominated federal offices in Alaska since it became a state in 1960.Dining & Wine
Brisket Is Worth the Wait
Brisket, part of the Texas Trinity of barbecue, has been enthusiastically embraced by New Yorkers.N.Y. / Region
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