It’s time for a reminder of what I mean when I say that this blog is about life, the universe, and everything.
posted @ 12:57 PM EDT
about life, the universe, and everything
In the American Scholar, University of South Carolina law professor William Quirk provides a straightforward analysis of the recent financial crisis; its causes and effects, as well as the bailout of the giant investment banks, which in his view have become thinly veiled hedge funds following their historically recent incorporation and deregulation. He convincingly recommends re-regulation—returning these rogue institutions to the traditional banking role—and limiting their size, so that we will no longer fear the failure of any one, a measure I heartily endorse.
posted @ 06:50 PM EDT
The New York Times finds preliminary answers to many of the questions about the failure of the Deepwater Horizon blowout preventer. Two things in particular standout: the blowout preventer has only one blind shear ram (that failed to seal the well) while many underwater wells have blowout preventers with a second, backup, blind shear ram; blowout preventers are known within the industry and government regulating agencies to be unreliable, suffering from design deficiencies and inadequate maintenance.
posted @ 08:57 AM EDT