Quite a few interesting reads today:

New York Fed’s Secret Choice to Pay for Swaps Hits Taxpayers (Bloomberg)

Bill in works to let U.S. dissolve failing firms (WAPO)

Grantham: Just Desserts and Markets Being Silly Again (GMO)

Rumors of Credit Crisis’s Death Are Overdone (Hussman)

IRS to rich tax cheats: Be afraid. Be very afraid (CNN/Money)

Goldman Sees U.S. Housing ‘False Bottom,’ Merrill Sees ‘Treat’ (Bloomberg)

• Simon Johnson: The home-buyer tax credit: Throwing good money after bad (WAPO)

10 things Google has taught us (Fortune)

The (free) Prints & Photographs Online Catalog (PPOC)

Mac vs. Windows 7: Four new videos (Brainstorm Tech)

What are you reading?

Category: Financial Press, Markets

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

28 Responses to “Tuesday Reading”

  1. Mannwich says:

    Bill floating around that would extend AND EXPAND the housing credit to anyone buying a home until June of next year. I’m sure that will just be re-extended and re-expanded next June. The extend and pretend gravy train economy rolls onward.


  2. Amos Satterlee says:

    Got the Tinfoil Hat on today. On one hand, toxic drywall from China leaves 100,000+ homes unlivable. Amazingly cost effective economic sabotage. Then embed control circuitry into US military equipment. Why spend on your own military when you can take over theirs for a fraction of the cost?


  3. HCF says:


    Doesn’t matter… Lawmakers are playing with Monopoly money at this point in time. I wouldn’t be surprised if policymakers are TRYING to debase our currency at this point in time. “Hey, my house hasn’t gone down in (nominal) value. Never mind that it costs $10 for a loaf of bread now!”


  4. ZackAttack says:

    The proposal to extend the homebuyer tax credit has me livid. Obviously, unemployment’s not the problem; it’s that asset prices are too low.

    Anybody have an HR and/or Senate bill number so I can go get myself on a couple of Special Lists?

  5. DL says:

    “IRS to rich tax cheats: Be afraid. Be very afraid”

    Horsesh*t. There’s probably tons of undeclared money out there in the Caribbean, Central America, and Singapore.

  6. The Curmudgeon says:

    While you’re at it ZackAttack, the real obscenity is the Fed’s brazen manipulation of housing prices through subsidizing the mortgage backed securities markets with about a trillion and a half of newly-created pixels (representing money) just for that purpose. The homebuyer tax credit is overtly obscene. The printing of money to buy down interest rates is just as obscene, but less obviously so.

    As Manny sez, it’s extend and pretend, 24/7.

  7. bsneath says:

    Grin and bear it. It is “good for the team”.


  8. rootless_cosmopolitan says:

    Pool Shark,

    “Mr. Grantham might actually have a better chance of winning a Nobel Prize if he learned to spot the difference between a“dessert,” and a “desert.””

    It rather looks like you are the one who is mistaken here. “Just deserts” is the correct spelling.



  9. willid3 says:

    even Texas has gotten into the down ward trend, even though we really never joined the upward trend either


  10. leftback says:

    The homebuyer tax credit should be scrapped, it is already being abused by fraudsters and REALTARDS.

    The Resolution Trust Corp. is on the way, 2010 edition. You know it’s going to be a lot more expensive than it was with the S&Ls.

    BR, I know you don’t comment on bonds much but the direct bid for 2y was important today, a possible indication that domestic investors are taking over from foreign purchasers as US savings increase. A sign of things to come?

  11. Bruce in Tn says:


    Seniors squeezed as doctors shun Medicare

    If a proposed 21% cut in payment rates goes through in 2010, it could spark a physician boycott against new enrollees.

    “As many as 75% of patients at his group practice are Medicare beneficiaries who are treated for problems such as glaucoma or undergo cataract surgery. And if payment rates are cut 21%, after already being reduced to about half the going $1,200 rate for cataract surgery and care in Missouri, Hagan said he won’t be able to see more Medicare patients because he won’t be able to cover his expenses.

    But Hagan himself became Medicare-eligible this month — and he’s nervous. “If I accept Medicare for myself and my wife, I’m fearful I won’t be able to stay with my cardiologist and my wife won’t be able to stay with her physicians,” he said.

    Hagan has elected not to enroll in Medicare. Instead, he’s paying extra out of pocket for his company’s insurance coverage.

    “At some point I won’t want to work,” said Hagan. “At that time, I will be on Medicare, and I am scared to death.”

    …This is why the public option will result in a national horror show. If you can’t fund medicare well enough to make it profitable for physicians to see patients, what makes you think the public option will fare any better? No, instead of reforming private coverage, most likely the public option will be the only option in a few years, and physicians will be retiring in droves. Read the article carefully….Listen to the quotes of the physicians interviewed for the article. Careful what you wish for. If there is a 21% cut in medicare reimbursement, you will be amazed at the result. Put it in your book.

    B in T

  12. Pool Shark says:

    Mr. Grantham might actually have a better chance of winning a Nobel Prize if he learned to spot the difference between a“dessert,” and a “desert.”

  13. Bruce in Tn says:


    Web Alphabet Set to Change

    “The World Wide Web is about to start using the languages of the world.

    Leaders of the private body that oversees the basic design of the Internet are expected to decide at a meeting here Friday to let Web addresses be expressed in characters other than those of the Roman alphabet.”

  14. willid3 says:

    BnT at 5:54…i wonder just how long the companies will keep the health benefit at all. already we getting really close to 50% of them having dropped it. and with costs expected to hit 30K with no changes at all in a few years, its likely nobody will have insurance at all long before then . what pray tell will we do then? as it is we 47 million without. and 60% of the rest have inadequate coverage as shown by all of the medical bankruptcies.

  15. AdmiralDmoney says:

    Gotta love the Hoffman Brothers. Atleast they didn’t stoop to Cramer’s low declining levels:

    Sorry, Cramer … We Will Not Bow Down:


  16. Bruce in Tn says:


    You may have a health benefit and not nearly enough doctors. Or hospitals. Pass the law, and try to do it on the cheap…should be fun to watch…

  17. willid3 says:

    So we might as well close the health industry because we can afford we have today, and we won’t change it. no change ends up with .
    the worst of all possible scenarios, no doctors, no hospitals, and no insurance.
    and really really high mortality rate.

  18. Mike in Nola says:

    Not to diss the hard work of MD’s, but in this economy, everyone but bankers are taking a hit in income. Expect the same. There’s just not enough money for things to continue as before.

  19. bman says:

    @DL, Don’t know about horse dudu, but that is one change that I have noticed with this administration.
    They seem to be putting some law enforcement people to work and starting to enforce some laws that were previously ignored. Think of it this way, if you can’t control or tax the greedy people, because that will make you look socialist, because this is america, and you still have to run for re-election, well you might as well just bust them. I prefer the tax their greed until it helps the common weil, but you can always just jail the most blatant ones, and that helps to keep everyone else in line.

  20. State Department Official in Afghanistan Resigns Over U.S. Strategy
    October 27th, 2009
    Via: ABC News:
    A key U.S. official in Afghanistan has resigned in protest over U.S. policy in the war-torn region, as the Obama administration deliberates its future strategy there.

    Matthew Hoh, 36, a senior foreign service officer, wrote a four-page letter to Ambassador Nancy Powell, director general of the foreign service at the State Department, to express his “doubts and reservations about our current strategy and planned future strategy,” as first reported by the Washington Post today.

    “To put simply, I fail to see the value or the worth in the continued U.S. casualties or expenditures of resources in support of the Afghan government in what is, truly, a 35-year-old civil war,” the former Marine wrote in the emotional letter.
    Hoh spent six years in Iraq, where he served as a Marine Corps captain and then as a civilian for the Department of Defense.

    Hoh told the Washington Post he decided to speak out publicly because “I want people in Iowa, people in Arkansas, people in Arizona, to call their congressman and say, ‘Listen, I don’t think this is right.’”

    The U.S. ambassador in Afghanistan, Karl W. Eikenberry, and Richard Holbrooke, the special representative for Afghanistan and Pakistan, apparently tried to talk Hoh out of resigning. The latter even offered him a job but Hoh declined, according to the Post…
    a good reminder that if We want ‘Change’ it’ll, only, come from our doing..
    This item:

    Toxic Sludge is Good For You: Lies, Damn Lies and the Public Relations Industry by John Stauber

    Trust Us We’re Experts: How Industry Manipulates Science and Gambles with Your Future by Sheldon Rampton

    Propaganda by Edward Bernays
    a good reminder that those that are lying to us, have had long-practice/are well-trained..

  21. VennData says:

    Jeremy Grantham’s ability to indict the morals of Bush years without ever mentioning the man and his administration once, is uncanny.

    His hackneyed re-visit of the late-night comedy gags: that Norwegians, relieved of the specter of the the worst US President in history, felt they had to send a message. But the hundreds of millions of people who get up and go to work everyday disprove his point that it’s all Easy Street out there.

    Jeremy Granthan would rather the gov’t let all the people who followed the Bush year’s advice to get whatever punishment comes, whether it’s too much or not. Grantham doesn’t care. But Obama and his people do care, and if you only want to help people like me who didn’t go hog wild but have benefited from having cash at the end of ’08, you’re missing the point of life. We need to fix the system and help the people who suffered. Got it Grantham? Sticking the skewer in further gets what? Your sour little article? Congratulations. You’re a curmudgeon. How cute.

    Easy to say when you’re rich, old man. Oh and what’s your alpha? Negative? Just your value add to the debate. Punishment is what he wants. And deflection of support from the ones who are going to raise his taxes a little.

    Screw you Grantham.

  22. VD,

    take direction from sandy_lafave@wvmccd.cc.ca.us :

    I’d like you to read this famous story and think about whether Nietzsche wasn’t on to something when he criticized the naive idea of human equality.

    Harrison Bergeron by Kurt Vonnegut (1961)

    something tells me that you won’t be *happy until a “Ms. Glampers” is, in fact, a sitting “Handicapper General”..you know, to make ‘things *fair’..