Energy bill means 80% of Nebraska corn will be used for ethanol
Graphic of the day: Internet Abuse
Economic need drives people to do extraordinary things
A long, coordinated effort within the Gaza Strip culminated in the destruction of huge portions of the wall separating it from Egypt today. Anyone analyzing current events in the Middle East who overlooks the effects of poverty (for instance, by dismissing it as a "generations-long conflict with no end in sight") is missing the big story.
It's a good time to run a newspaper
Why the Federal Reserve's surprise rate cut was a big mistake
It was too large (the largest since 1982) and it was instigated in a surprise session (which was last done following 9/11). And now the bond markets are trying to force the Fed to cut rates by another 50 basis points next week. The Federal Reserve has one job, and really one job alone: To keep the money supply steady and uninflated. Yesterday's decision really throws a monkey wrench in both of those. Sure, the Fed should act in times of extreme crisis (banking panics, for instance) -- but it shouldn't really be in the business of trying to tweak the business cycle. Speaking of bank panics, there's apparently a huge banking snafu going on in SecondLife, the preposterously overblown virtual world that uses a quasi-currency bought with real dollars.