Wednesday, August 21, 2019

2:00PM Water Cooler 8/21/2019

By Lambert Strether of Corrente Readers, I had a schedule debacle and so this Water Cooler is at present shockingly truncated. I’ll update in a rolling fashion section by section. I hope there’s enough here to get you going. –lambert UPDATE All done. Politics “But what is government itself, but the greatest of all reflections […]

It’s Official: Parts of California Are Too Wildfire-Prone To Insure

California is leading a trend of climate-change-induced insurance redlining.

Links 8/21/19

Crooked Conflict of Interest: CalPERS Board Member Lisa Middleton Pushed Radical Changes to Board Schedule to Solve Her Personal Schedule Conflict

New CalPERS board member Lisa Middleton behaved dishonestly by failing to recuse herself and worse, advocating for massive changes to CalPERS board meetings to solve a personal scheduling issue.

CalPERS’ Secret Investigation of Hiring Practices Shows Glaring Deficiencies; Has the Board Been Kept in the Dark?

CalPERS set out to hide the results of an audit of its hiring practices. That not surprising, since we have the key pages that show it got bad grades.

Shale Bleeds Cash Despite Best Quarter In Years

Quelle surprise! The shale industry is still a big loser.

2:00PM Water Cooler 8/20/2019

Today’s Water Cooler: The dollar, Biden, Harris, Inslee, Sanders, Trump, Warren, Williamson, Obama’s first film, Susan Sarandon Derangment, Epstein, redistricting, Amazon, WeWork, Apple, Boeing, consumer data, vaping, climate and teeth, gut microbiota, cannabis, self-citing scientists

‘The Next Flint,’ and America’s Problem with Lead in Its Water

What city will be next to admit it has a lead problem? Why yours might be closer than you think.

Links 8/20/19

CalPERS Engineering Board Resignation: Underhanded, Dishonest Plans to Cut Investment Meetings of Poorly Performing Fund by More Than 50%, Shrink Investment Committee

The first of a two-part series describing the process and substance with which CalPERS staff is trying to engineer a de facto resignation of its board.

CalPERS Engineering Board Resignation: “Attempted Coup” via Unconstitutional, Fiduciary-Duty-Violating “Code of Conduct”

Just when you think CalPERS can’t sink any lower, it manages to outdo itself, this time, with an illegal governance monstrosity masquerading a code of conduct.

CalPERS Board President Henry Jones Exposed for Leaking Confidential “Closed Session” Information; Board Member Theresa Taylor Gives Factually-Challenged Denial of Her Closed Session Leak

The hypocrisy of CalPERS’ board is on full display yet again.

Is the So-Called “Manufacturing Renaissance” a Mirage?

38 manufacturing industries continue to decline and nine of 10 of these industries are the critical industries that are fundamental to the manufacturing process

2:00PM Water Cooler 8/19/2019

Today’s Water Cooler: Polling, Buttigieg, Harris, O’Rourke, Sanders, Warren, 2018 and 2020 post mortems, evangelicals, e-commerce, ethanol, AI in China, robot trucks, bees and regenerative farming, Arctic wildfires, California regulators, Harlan County miners, deaths of despair, selfies, birth photographers, customer service chatbots

Externalities – And Cheating – in the Financial Crisis

The magnitudes of booms and busts are amplified by two significant externalities triggered by aggregate shocks: the endogeneity of bank equity due to mark-to-market accounting and of bank liquidity due to ‘fire-sales’ of securitised assets. In addition to economic models, legal and political factors should also be considered.