What we’re reading (10/7)
“U.S. Job Growth Eases, But Is Too Strong To Suit Investors” (New York Times). “Employers added 263,000 jobs on a seasonally adjusted basis, the Labor Department said Friday, a decline from 315,000 in August. The number was the lowest since April 2021 but still solid by prepandemic standards. The unemployment rate fell to 3.5 percent, equaling a five-decade low.”
“Is ‘Green Capitalism’ Total BS?” (Wired). “It seems like a self-evidently ridiculous question, borderline obscene—whales are majestic creatures whose worth transcends the human impulse to quantify, obviously! Yet it is one which has been seriously considered by economists in an effort to convince governments and corporations to value wildlife. In her new book, The Value of a Whale: On the Illusions of Green Capitalism, Adrienne Buller dissects the asinine logic of ‘green’ capitalist thinking, from putting a dollar value on cetaceans to carbon offsets to financial products like ‘sustainability-linked bonds.’”
“Global Fallout From Rate Moves Won’t Stop The Fed” (New York Times). “It is a recipe for globe-spanning turmoil and even recession. Despite that, the Fed is poised to continue raising interest rates. That’s because the Fed, like central banks around the world, is in charge of domestic economy goals: It’s supposed to keep inflation slow and steady while fostering maximum employment. While occasionally called ‘central banker to the world’ because of the dollar’s foremost position, the Fed goes about its day-to-day business with its eye squarely on America.”
“Holding Airlines Accountable For Flight Delays And Cancellations” (The Hill). “[F]light cancellations are at the highest they have been in more than a decade, and consumer complaints spiked by 270 percent in June 2022 compared to 2019. This is an absolute nightmare for travelers who were already paying more than they should because of fewer flights and a spike in demand. It should never have been allowed to get this bad.”
“Credit Suisse Ramps Up Efforts To Strengthen Finances” (Wall Street Journal). “Credit Suisse Group AG has intensified efforts to sell or shrink holdings in key businesses in recent days, part of a planned restructuring to remake the bank, people familiar with the matter said. Around 10 bidders have submitted offers for the bank’s securitized products group, some of the people said. The Swiss bank put the business, one of its most profitable, on the block in July, saying it wanted to find an outside investor to conserve capital.”
