Readers beware. Brad DeLong delivers a comparative analysis of competing models for measuring the impact of fiscal policy (read: the stimulus package). DeLong seems to liberally apply algebra, abbreviations, and indecipherably wonkish phrases to repeat his case that the stimulus isn't having much of an effect: "I don't think we have big expectations of deflation right now. And I don't think fiscal policy moves right now are having a great deal of effect in reducing expected deflation," he argues.

Paul Krugman held his tongue today.

Barry Ritholtz took aim at the notion that economic crises "don't offer identifiable villains," as Megan McArdle stated in her recent Atlantic story. While McArdle argued that there is "no one person ... powerful enough to take down an entire system" Ritholtz pointed out that there are, in fact, several people who "engaged in utter recklessness when it came to risk management" or "remained slavishly devoted to an outmoded and disproven ideology." Ritholtz seems right on point here. While he's on the hunt, we'd like to nominate Joe Nocera's "Madoff Victims, Get Over It" as a next easy target.

Felix Salmon faces mutiny from readers for his analysis of Berkshire Hathaway's reduction in sales of reinsurance (financial insurance for insurers). Salmon attributes Berkshire's drop in inventory of the product to the firm's concern that its recently lowered risk-rating will lead purchasers to drive share prices down by simultaneously purchasing credit-default swaps against the risk of the powerhouse's defaulting. But Salmon's "commenters are saying that insurers don't hedge their counterparty risk to reinsurers: Either you trust a reinsurer or you don't," he paraphrases in a (somewhat) concessionary update.