Economy Blog

So, what happens next? Microsoft has walked away from Yahoo, or at least from its current takeover offer, and is saying it will move forward organically  — and said word with its reek of cattle feces is appropriate here. Yahoo, for its part, cites — with less specifics than my six-year-old gives at day-end when claiming "good behavior" — the many golden wonders ahead of it in its post-Microsoft future. I don’t buy either argument. Here is why, in two parts: …
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This is rapidly turning into post-tryst teens texting one another hate messages — u suck! no, u suck! — but Yahoo is now out with a response to Microsoft’s decision to terminate its takeover offer for Yahoo. Here is the release in its entirety: Yahoo! Issues Statement in Response to Microsoft SUNNYVALE, Calif., May 03, 2008 (BUSINESS WIRE) — Roy Bostock, Chairman of Yahoo! Inc. (Nasdaq:YHOO), a leading global Internet company issued the following statement today in response to Microsoft Corporation’s announcement that it has withdrawn its proposal to acquire Yahoo!: …
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I figure $24-$25.
Take your best guess in the comments and the closest can pick a shirt from SpiritualGangster.com and I will send it.
The drama is far from over. Yahoo was played. That says something about Jerry Yang giving a shit about shareholder value, because Balmer is a sweaty putz who was willing to overpay. While others write about trade and gamble on these useless common stocks, you will be styling if you win.
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(May 3, 2008 10:07 PM, by Arnold Kling) Imagine in 1958 an innocent Associate Professor of Political Science spending a summer in Mexico and getting mixed up with……
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Here is my first cut analysis of what has happened here: On the friendly front, Yahoo drew a hard line at $37 per share, well above the $33 that Microsoft now says it told Yahoo this week it was willing to go On the hostile front, Yahoo apparently told Microsoft — as I surmised and said early on — that it was prepared to take steps to mess itself up to prevent a hostile acquisition or proxy battle. In particular, Yahoo was prepared to outsource key search terms to Google, which is, in my mind, goofy, mischievous, and unlikely to stand up to regulatory or legal scrutiny. …
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Here is my first cut analysis of what has happened here: On the friendly front, Yahoo drew a hard line at $37 per share, well above the $33 that Microsoft now says it told Yahoo this week it was willing to go On the hostile front, Yahoo apparently told Microsoft — as I surmised and said early on — that it was prepared to take steps to mess itself up to prevent a hostile acquisition or proxy battle. In particular, Yahoo was prepared to outsource key search terms to Google, which is, in my mind, goofy, mischievous, and unlikely to stand up to regulatory or legal scrutiny. …
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Here is the full press and "Dear Jerry" letter from Microsoft’s Ballmer on calling it quits on the Yahoo acquisition. Via PR Newswire: Microsoft Withdraws Proposal to Acquire Yahoo! REDMOND, Wash., May 3 /PRNewswire-FirstCall/ — Microsoft Corp. (Nasdaq: M…
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Altucher: End-of-the-World Stocks

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Microsoft is walking, it says, from its Yahoo bid. Not a surprise given the history and given Ballmer’s confused approach, but it is an open questions whether this is mere stratagem, a "for keeps" move away from the entire transaction , or presages an eventual hostile follow-up. The full release and letter are h…
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Nice acoustic version on Colbert:

My friend Gene represents her, REM, Joe Cocker, a bunch of other artists.  Hey, Gene, I ordered the new R.E.M. today . . .

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For anyone with a creative flair you can turn your own ideas into money with Ponoko.  The site is worth a look if you’re looking for some extra money and want to sell to an international audience.  The process looks easy enough but once you drill down into the FAQ’s you soon realize that you’ll…

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(May 3, 2008 07:23 PM, by Bryan Caplan) Matthew Connelly’s outstanding Fatal Misconceptions: The Struggle to Control World Population nearly brought a pro-democratic tear to my elitist libertarian……
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(May 3, 2008 07:18 PM, by Bryan Caplan) From Matthew Connelly’s Fatal Misconceptions:X was asked whether this was fair to the poor. "Well, as you know," he replied,……
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Its not you, its me . . .

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Is that it? After all that sturm und drang, …
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According to several sources, Microsoft (MSFT) has dropped its offer to buy Yahoo! (YHOO). The Wall Street Journal writes that “Microsoft said it had increased its offer to $33 a share, but said Yahoo wanted at least $37 a share.” Executives at both firms had meetings several times over the last few days. Douglas A. McIntyre
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Texas Two-Step Into These Stocks

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Karen Richardson reports from the Berkshire Hathaway annual meeting.
Starting up a municipal-bond insurance is as close to a no-brainer as business gets, if Warren Buffett’s experience is any guide.
His new four-month-old municipal-bond insurance business, Berkshire Hathaway Assurance Corp., racked up premium volume in the first quarter of more than $400 million, which Mr. Buffett said wasn’t only bigger than that of its biggest competitor, but possibly more than all of the premium volume of all of its rivals combined.
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Karen Richardson reports from the Berkshire Hathaway annual meeting.
The Olympic torch would be welcome on Warren Buffett?s street. In his wide-ranging Q&A with shareholders at his annual meeting in Omaha, Mr. Buffett said efforts to withdraw corporate or political support for the Beijing Olympics are “a terrible mistake.” “I think the more people who participate in them the better. I wouldn?t start getting punitive about it,” he said.
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In the comments of an earlier post, Roman asks "If you are going to not consider the birth/death adjustment, then its only fair to not count the seasonal adjustment. If you take that out, then the report shows a large gain of jobs. Why does no one here want to talk about that?"…
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Starbucks Fruit Smoothie? That’s Bananas

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