Write-Offs: 03.09.12

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$$$Greece Deal Triggers $3B in Default Swaps: ISDA [Bloomberg]

$$$What Mr Dalio calls the “timeless and universal” core of his economic ideas is set out in a 20-page “Template for Understanding” that he wrote shortly after the collapse of Lehman Brothers in 2008 and recently updated. The document begins: “The economy is like a machine.” This machine may look complex but is, he insists, relatively simple even if it is “not well understood”. Mr Dalio models the macroeconomy from the bottom up, by focusing on the individual transactions that are the machine’s moving parts. Conventional economics does not pay enough attention to the individual components of supply and, above all, demand, he says. To understand demand properly, you must know whether it is funded by the buyers’ own money or by credit from others." [The Economist]

$$$ Fixed-income traders, whose bonuses were cut last year by an average of 35 percent to 45 percent according to Johnson, are likely to see the biggest percentage gains this year, he said. Fixed-income “is doing better but it’s gone from very poor to poor,” Johnson said. “But that’s a pretty big change.” [Bloomberg]

$$$ A study by Penn State University assistant professor D. Lance Ferris found that the annual shift to daylight saving time, which occurs early this Sunday morning, and its accompanying loss of sleep, drives workers to spend more time than normal surfing the Web, resulting in potentially massive productivity losses. [CNBC]

$$$Slow refunds rile taxpayers [WSJ]

$$$ An American Airlines flight to Chicago was delayed at Dallas/Fort Worth International Airport Friday morning after crew members and passengers had to restrain a flight attendant who began ranting over the public-address system that the plane was going to crash, the Dallas Observer reported...Although another crew member told passengers to disregard her warning, the flight attendant kept ranting about technical problems. According to The Dallas Morning News, she also referred to the airline's bankruptcy reorganization during her tirade. [NYP]

$$$Rubin Says He Has Too Many Dollars 13 Years After Departing U.S. Treasury [Bloomberg]

$$$Dan Loeb Charts Plan to Revitalize Yahoo [Dealbook]

$$$Shia LaBeouf is Hipster Jesus Now [TS]

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Write-Offs: 10.01.12

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