Still Looking for Good MSM Coverage of Indian Microfinance Crisis: Are we ever going to get a good article on the hugely important microcredit crisis in the Indian state of Andhra Pradesh? The WSJ took a stab, but rehearsed facts in the FT’s earlier report. Now the NYT has published its own attempt to cover the story, under the striking headline “India Microcredit Faces Collapse From Defaults.” The story does a good job of bringing us rapidly up to speed on the extent of the crisis but leaves out troves of information available outside the MSM.
Small Deficit — or Government? The most clear-eyed view of the silliness of the deficit commission report came from Kevin Drum, who points out that at heart it says much less about reducing the size of the deficit than it does about reducing the size of the government. The distinction is a crucial one, since the mathematics of the deficit are simple, and overwhelmingly a function of Medicare expenditures.
PR Power: In September, one Benjamin Wey, calling himself “Chinese American Financial Expert Foremost Expert On Chinese Business in U.S.,” put out a press release announcing that he’d engaged a PR company. And it wasn’t just any old PR company: it was 5WPR. Go on, look them up. Amazingly, the gambit worked. Before you knew it, Wey was on Fox Business! He was on TheStreetTV! He was a speaker at the Bloomberg Hedge Funds Asia conference! Wey Who? Read on.