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Sunday, July 14, 2002

Harken Energy Roundup

Didn't I say this scandal was over? Hmm, could it be I don't trust my "Issue-Skipper", which is still in beta-testing? Prof. DeLong has two posts on this subject. If you read one, check out "The Aloha Petroleum Deal". Evidently, the Aloha transaction was non-recourse seller financing. Hmm, that type of deal can be very light on economic substance, as Krugman alleged last Friday. But DeLong does not provide a source for his info, so suspense builds. Not a lot of suspense, DeLong provides lots of details so he must be looking at something, but hey - maybe his dog will eat it.

DeLong's second post, "Selling Into Good News?" is inspired by a Salon look at Bush's stock sale. Salon gives different emphasis to what seem to be the same facts presented by Byron York at NRO, and fails to excite me.

Do I want to hedge my bet on the Harken Energy issue fading? No. In response to Charles Murtaugh, I suggested that, even if these allegations amount to anything, the White House can fall back on a "takes a thief to catch a thief - Nixon to China, Bush to Corporate Reform" argument. OK, who am I? But when I tell you that both William Buckley and Rush Limbaugh are peddling a similar view, you will tremble. Whether your trembling is caused by awe, or laughter, I will not speculate.

UPDATE: DeLong and "The Other Sullivan" slug it out in the comments section of DeLong's "Aloha" post. When does "the other Sully" get a blog?

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