Audit Notes: The Rich and the Ruthless, Twin Otter, Luskin

Holly Yeager dinged The New York Times earlier today for its story on how the rich are defaulting on their homes more than the rest of the population.

While it was thinly supported, the piece did pull off the quote of the day:

“The rich are different: they are more ruthless,” said Sam Khater, CoreLogic’s senior economist.

Playing off Fitzgerald and Hemingway—pretty nifty for an economist.

The Wall Street Journal had an interesting Marketplace story yesterday. I like the headline, too—one of those old-school ones:

Viking Air Breathes New Life Into Old Plane

The Twin Otter, Last Built in 1988, Rises Phoenix-Like From Memories, Old Engineering Drawings

Why go through the trouble of designing a new one from scratch when there’s a perfectly good one on the shelf?

David Curtis, Viking’s chief executive officer, said designing a plane from scratch would cost his company up to $200 million in start-up expenses, creating pressure to sell many planes. Instead, “we’re probably into this thing for a third” of that cost, he said. Viking’s planned production of just 24 planes a year by 2012 will be better suited to its “niche market” demand.

— Donald Luskin hacks his way onto the friendly confines of the WSJ editorial page to tell us “Why This Isn’t Like 1938—At Least Not Yet.”

This guy may be eve more of a a contrarian indicator than Larry “Goldilocks” Kudlow, and he’s still touting the discredited efficient markets theory (he calls the stock market “that great self-organizing supercomputer that weighs all possible futures”).

Head for the hills!

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Ryan Chittum is a former Wall Street Journal reporter, and deputy editor of The Audit, CJR's business section. If you see notable business journalism, give him a heads-up at Follow him on Twitter at @ryanchittum.