As you take refuge from the sweltering midsummer heat (or cold, if you’re super abroad) amidst frozen margaritas with friends or popsicles on a couch you haven’t left in three days, the world somehow manages to continue turning. Keep reading to find out in which direction.

  • Remember when J.P. Morgan lost more than $2 billion of other people’s money by irresponsible trading? Well that’s caused a lot of people, including politicians, to urge Jamie Dimon, the chief executive of the company, to step down from his position on the board of the Federal Reserve Bank of New York—but not PrezBo. He’s been subject of controversy, because he supports Dimon. He went as far as to say Dimon’s critics are “foolish” and posses a “false understanding” of how the board works. (NYT, LA Times, Business Week)
  • After Paul Krugman sarcastically insulted Estonia’s economy in a blog post, Estonian president Toomas Hendrik Ilves rebutted him on Twitter. Not only did he disparage Krugman’s Nobel Prize, but he bitingly accused him of reducing the conflict to a “Princeton vs Columbia thing.” (NYT, Twitter)
  • NYC taxis are getting rid of their rooftop light system (those mean things?). Originally designed to indicate whether or not cabs are in service, the existing system was found to be too confusing and will be replaced with a simpler system. Basically, the light will be on if the cab is occupied available and off if not it’s occupied. Genius. (Capital)
  • Floridita, a Cuban restaurant located on Broadway and 139th, was closed down as a product of the Manhattanville campus expansion. This is old news. New news: The Times published a City Room piece on it from the perspective of Ramon Henriquez, a handyman who worked in the restaurant since immigrating from the Dominican Republic in 1984. (NYT)
  • In a further attempt to take over the world Internet, Google is teaming up with Boingo to provide free Wi-Fi at select downtown subway stops until September 7th. After this date, Boingo expects to receive other sponsorship to keep the bytes flowing, gelling with the MTA’s controversial efforts bring internet service to the subway. Words with Friends vs actual words with friends: you decide. (Brokelyn)
  • The plans for a new med school building  have been released. Designed by Diller Scofidio and and Renfro, this “14 story glass tower” will have a 42 month construction period beginning in 2013. Boasting a crazy cascade design, this potential wonder raises the question: will it put NoCo to shame? (Curbed)