Tuesday Reads
Fascinating stuff on the intertubes today:
• Fischer Speaking Means Bernanke Listening When Rates Fluctuate (Bloomberg)
• Are the Dollar Bears Too Bullish? (Barron’s)
• Commercial RE Values Off 43% From 2007 Peak (Globe ST)
• Amazon vs Wal-Mart Price War (NYT) see also Round-Up of Holiday Spending Surveys, Reports (Panzner)
• Fed Said to Ask Banks to Submit Plans to Repay TARP (Bloomberg)
• Spitzer: The new AIG report reveals how the Treasury secretary—and U.S. taxpayers—were fleeced by Wall Street banks (Slate) see also AIG’s Rescue Bedevils U.S. (WSJ)
• How to shrink the banks (Prospect)
• Geithner Is Stalking Horse for Rage at Wall Street (Bloomberg) See also Could Wall Street Actually Lose in Congress? (New Republic)
• Paul Farrell: 15 signs Wall Street pathology is spreading (Marketwatch)
• Fixed-Schedule Productivity: How I Accomplish a Large Amount of Work in a Small Number of Work Hours (Study Hacks)
• Fine-Tuned With Age, Bryant’s Game Keeps Evolving (NYT) Can Kobe become the next Jordan?
• Narrative charts of Lord of the Rings, Star Wars Trilogy (Pasa la vida)
What are you reading?
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November 24th, 2009 at 4:25 pm
Rahm Emanuel’s Prediction for the President’s Agenda
MR. SEIB: What can you tell people in this audience that the president will say in January of next year in a State of the Union address that will make anybody feel any better about the deficit?
MR. EMANUEL: Well, first of all, I’m not going to steal his thunder. Number two, it is foremost on his mind and the mind of the economic team in the sense of dealing with the long-term fiscal health of the country. It’ll be a key component of the joint session of the State of the Union.
http://online.wsj.com/article/SB10001424052748704538404574541991906343228.html
Peter Orszag on the Budget Deficit
http://online.wsj.com/article/SB10001424052748704204304574544121475097430.html?mod=googlenews_wsj
Like Hell I’m Going To Let Some Black President Help Me Pay For Dialysis
http://www.theonion.com/content/opinion/like_hell_im_going_to_let_some
November 24th, 2009 at 4:25 pm
Entering the Holiday Shopping Season (Beware Surveys!)
http://www.ritholtz.com/blog/2009/10/entering-the-holiday-shopping-season-beware-surveys/
November 24th, 2009 at 4:27 pm
Here you go, Barry. Got this McLaren F1 on your Amazon wish list?
http://www.boston.com/video/viral_page/?/services/player/bcpid6936117001&bclid=1213891213&bctid=52202938001
November 24th, 2009 at 4:37 pm
Farrel’s article, “15 Signs” seems like more GS bashing to me — I guess they brought it on themselves by using the “G-word.”
Seems to me, if the GS shareholders don’t like how GS is behaving, or how their company’s profits are being distributed, they should sell off the shares, and nobody else should buy them.
Oh.
November 24th, 2009 at 4:37 pm
Here’s what I’m reading – from today’s Consumer Confidence report: “The present situation index remains near record lows, down 1 tenth to 21.0. The present assessment of the jobs market eroded slightly, with slightly more saying jobs are hard to get, now at 49.8 percent, and slightly fewer saying jobs are plentiful, at 3.2 percent.”
Seriously, who are the 3.2 percent that say jobs are plentiful? Really? That’s why it’s impossible to take these sentiment surveys seriously. 3.2 percent of those asked think jobs are plentiful = 3.2 percent of those asked are absolute complete morons.
November 24th, 2009 at 4:40 pm
HarryWanger,
Oregon Growers Collective.
http://oregongc.1colony.com/
November 24th, 2009 at 4:43 pm
bergsten-
not sure it’s the shareholders who care how GS makes its money- and CNBC definitely doesn’t care- but everyone else- yeah- they care
November 24th, 2009 at 4:47 pm
OK, then. Everybody who cares, should buy up all the GS shares and shut the place down.
Oh.
November 24th, 2009 at 4:48 pm
@ahab — sorry, what’s the emoticon for sarcasm? I forget…
November 24th, 2009 at 5:02 pm
Narrative charts of the movies is a riot.
November 24th, 2009 at 5:07 pm
Actual source for the Movie Narratives is an entertaining geek comic called XKCD.
Original: http://xkcd.com/657/
November 24th, 2009 at 5:13 pm
In the piece about the spread of Wall Street’s pathology, he notes that the Street sees anyone not part of the happy conspiracy as morally defective and in need of tough love. There is no better example of this than when Rick Santelli referred to underwater home buyers as “losers” on television. BR, if you ever meet Mr. Santelli, please spit in his face — tell him it was from me and feel free to give him my name.
November 24th, 2009 at 5:15 pm
the bailouts need narrative charts.
November 24th, 2009 at 5:18 pm
I think if Wall Street keeps poking the Main Street tiger with that stick, they may be in for a little “tough love” themselves. Could take a while though. Pull up a La-Z Boy, some popcorn and a kegerator and settle in.
November 24th, 2009 at 5:20 pm
Mmmm… kegerator…
November 24th, 2009 at 5:24 pm
Let’s face it, it doesn’t matter what “regulations” are put on these parasites. They will ALWAYS get theirs. The only way to shut them down is to simply refuse to play the game, but the Sheeple likes its material trappings (no matter the real cost) too much to do that.
http://www.nytimes.com/2009/11/25/your-money/credit-and-debit-cards/25card.html?hp
November 24th, 2009 at 5:24 pm
Tough love for Wall Street? I’m all in. Farrell’s article is 100% on target.
November 24th, 2009 at 5:26 pm
Frontline to look at credit card industry tonight:
http://www.boston.com/ae/tv/articles/2009/11/24/frontline_examines_the_dark_underbelly_of_the_credit_card_industry/
November 24th, 2009 at 5:31 pm
Amazon vs Wal-Mart Price War
This is very interesting. Walmart has raised prices to maintain profits and many other brick and mortar retailers are grateful for avoiding bankruptcy as a result. But Walmart sees its real threat is not in Dollar General, K-Mart or Target but on-line against Amazon.
Let the price wars begin!
November 24th, 2009 at 5:31 pm
Charlatan, a more appropriate word would have been moron, loser was too harsh.
Good luck with the house though.
November 24th, 2009 at 5:40 pm
Did someone just mention Wal-Mart? Boy, have I got a site for you…
Oh relax, MRegan. Never mind, I won’t do it this time. ;)
November 24th, 2009 at 5:42 pm
@CNBC: Please, nooooooo!!!!!
November 24th, 2009 at 5:43 pm
plantseeds-
lol :D
November 24th, 2009 at 5:46 pm
Reading about mutated H1N1D225G, similar to 1918 Spanish flu mutation….
http://news.google.com/news/search?um=1&cf=all&ned=us&hl=en&q=ukraine+h1n1&cf=all&scoring=n
Re-reading the Age of Turbulence by A Greenspin, 4 Days (JFK Assassination) and Rebol (rebol.com)
Otherwise getting ready to hibernate for the next 3 months here in east Texas.
November 24th, 2009 at 5:49 pm
what site is this you speak of Mr. Sucks :D
i think everyone should be made aware of any informative but entertaining site you may have knowledge of (did i just end that sentance w/ a preposition?)- anyway
please share :D
November 24th, 2009 at 6:00 pm
I don’t know if the dog is Wallstreet and the Uncle Sam is the man or vice versa. All I know is I feel like one of the sheep!
http://www.funnypictures.net.au/images/sheep-dog-trials-im-telling-you-the-man-and-the-do1.jpg
November 24th, 2009 at 6:00 pm
@Adult Franklin411:
Frontline also had an episode on credit cards 5 years ago (which may partially explain why they did not chose to repeat certain topics in this episode, per the Globe’s criticism):
http://www.pbs.org/wgbh/pages/frontline/shows/credit/view/
November 24th, 2009 at 6:13 pm
Spitzer makes it clear he always haggles on price.
November 24th, 2009 at 6:29 pm
Let Wall Street Pay for the Restoration of Main Street Act of 2009.
http://thehill.com//homenews/house/69295-dems-push-wall-street-150b-stock-tax
You’re not punishing WS, you fucking idiots! You are punishing main street who may dabble into stocks/options once in a while.
November 24th, 2009 at 6:44 pm
The “good war” just got escalated. Rich people to pay for the war.
http://www.telegraph.co.uk/news/worldnews/northamerica/usa/6646411/Barack-Obama-to-send-34000-more-troops-to-Afghanistan.html
http://airamerica.com/politics/11-24-2009/dems-propose-war-surcharge-tax/
November 24th, 2009 at 6:48 pm
Dylan R. should get Farrel and Bogel on his show one day.
Re: Santelli – he and others are still under the false impression that the system he calls capitalism is honest.
While Rick himself may be honest those that look for the facts know better. The system has clearly morphed into an indistinguishable racket. While Santelli may realize that, he can’t make the connection that it is the capitalists that are corrupt, having completely infiltrated the government. The government may be inept at certain things but it is the capitalists who seek the privilege the government can provide.
November 24th, 2009 at 7:26 pm
So while I am off investigating Monte Carlo simulations and proved reserves, a couple of wiseguys start flapping their gums about peopleofwalmart. Fer crissakes, trust me, I will never ever go to WM wearing my favorite thong! Happy now?!?
http://www.peopleofwalmart.com/?p=6868
November 24th, 2009 at 7:38 pm
Dead battery award for AG. There are some quotes from Barry book.
http://www.youtube.com/watch?v=9u4YHPpfAn4&feature=player_embedded#
November 24th, 2009 at 7:57 pm
Hah – walmart! The chick with tits on her back is my favorite this month.
November 24th, 2009 at 7:59 pm
Went over to website “Seeking Alpha” late today. And they had this video up… It was an interesting watch.
“The Creature from Jekyll Island about the founding of the Federal Reserve. I’m not a Ron Paul Groupie..(quite the contrary) …but the whole thing was an interesting watch. There’s been so much push back against those who are “anti-Federal Reserve” that it was interesting to see what caused the Push Back.
I highly recommend it as a watch after you are gathered with “Friends & Family” and filled with Turkey/Stuffing and the rest…and the games are over …..kids are in bed and you want a Dose of Reality…to fill your political “FIX.”
:D
It’s really a good watch whether one agrees or doesn’t. It get’s the “juices flowing” and “thought processes engaged.”
And…it’s continuous…so after the small musical interlude one can watch the WHOLE THING…just by waiting and not “reloading to video 1, 2, 3, 4, 5 which is the way “You Tube” makes one do it.
You can watch the WHOLE THING!
What am I talking about? “THE CREATURE FROM JEKYLL ISLAND!
Here:
G Edward Griffin – “Creature From Jekyll Island A Second Look at the Federal Reserve”
http://video.google.com/videoplay?docid=650713689169187..
It’s interesting…and I DO REALIZE there are folks out there saying that that Jekyll Island wasn’t what it’s said to be on “Conspiracy Sites”…but HEY…I believe in watching IT ALL and MAKING MY OWN DECISIONS. And the COUNTERS do have some legit complaints…but still….there’s an awful lot there that makes sense.
That’s what “I’m Reading.” And, I don’t think “Seeking Alpha” would be considered a “Fringe/Conspiracy Site.”
But who knows these days?
November 24th, 2009 at 8:15 pm
@Adult Franklin411 Says:
November 24th, 2009 at 5:26 pm
Frontline to look at credit card industry tonight:
http://www.boston.com/ae/tv/articles/2009/11/24/frontline_examines_the_dark_underbelly_of_the_credit_card_industry/
————-
Got the Popcorn out…and feet up…looking to watch what they say..
BTW…
WTF is this? “Adult Franklyn?” What the Hell were you BEFORE? the Juvenile Franklyn? Infant Franklyn?
WHA? :shrug:
November 24th, 2009 at 8:16 pm
Sorry…Put a ly in your handle instesd of “in” for Franklin…. Memory Fugue or sad ass illiterate spelling mistake.
My Bad.
November 24th, 2009 at 8:24 pm
mregan-
thanks for posting the Walmart link- in deference to you- Mr. Sucks decided not to take my bait-
in other news-
“Obama Vows Strategy Will ‘Finish the Job’ in Afghanistan War”
http://www.bloomberg.com/apps/news?pid=20601087&sid=aChfcwk0YDeg&pos=8
where is Code Pink when you need them-
well- at least we’re no longer in Iraq- whew- what a waste of time, money and men that was- what? We’re not out of Iraq?
we’ll at least we showed those banks whose boss . . what? . . .well . . .
November 24th, 2009 at 8:32 pm
(Some “Trends” we might to need to pay more attention to, here.)
——————
California university students protest tuition hikes
http://www.cnn.com/2009/US/11/18/california.tuition.protest/
AND ..DON’T MISS THIS ONE!
————-
CHIMERICA! A GOOD READ, INDEED…(even if one isn’t a fan of Ferguson)
DEATH THROES OF A MONSTER!
Niall Ferguson and Moritz Schularick
A FEW years ago we came up with the term “Chimerica” to describe the combination of the Chinese and American economies, which together had become the key driver of the global economy.
With a combined 13 per cent of the world’s land surface and about a quarter of its population, Chimerica nevertheless accounted for a third of global economic output and two-fifths of worldwide growth between 1998 and 2007.
But we called it Chimerica for a reason: We believed this relationship was a chimera – a monstrous hybrid like the part-lion, part-goat, part-snake of legend.
Now we may be witnessing the death throes of the monster. The question US President Barack Obama should have been considering during his visit to Asia this week was whether to slay it or to try to keep it alive.
In its heyday, Chimerica consisted largely of the combination of Chinese development, led by exports, and US overconsumption. Thanks to the Chimerican symbiosis, China quadrupled its gross domestic product between 2000 and last year, raised exports by a factor of five, imported Western technology and created tens of millions of manufacturing jobs for the rural poor.
For the US, Chimerica meant being able to consume more, save less and still maintain low interest rates and a stable rate of investment. Overconsumption meant that between 2000 and last year, the US outspent its national income by a cumulative 45 per cent. Goods imported from China accounted for about a third of that.
For a time, Chimerica seemed not a monster but a marriage made in heaven. Global trade boomed and nearly all asset prices surged. Yet, like many another marriage between a saver and a spender, Chimerica was not destined to last.
The financial crisis has put the marriage on the rocks. Correcting the economic imbalance between the US and China – the dissolution of Chimerica – is now indispensable if equilibrium is to be restored to the world economy.
China’s economic ascent was a result of a strategy of export-led growth, following the earlier examples of West Germany and Japan after World War II. But there was a key difference: China made a huge sustained effort to control the value of its currency, the renminbi, resulting in a huge accumulation of reserve dollars.
http://www.theaustralian.com.au/news/world/death-throes-of-a-monster/story-e6frg6ux-1225800664251
November 24th, 2009 at 8:39 pm
MRegan Says:
November 24th, 2009 at 7:26 pm
So while I am off investigating Monte Carlo simulations and proved reserves, a couple of wiseguys start flapping their gums about peopleofwalmart. Fer crissakes, trust me, I will never ever go to WM wearing my favorite thong! Happy now?!?
—————
I’ve been to WallMart seeking Spring and Fall Plants……I wouldn’t go anywhere near there in a thong..I’d wear my worst sweats and worn sneaks…and I get in and get out as fast as I can. There’s no service…it’s “stand in line” and lots of screaming/screaching kids.
Kind of reminds me of back in the early 80′s when many of Corporate America’s “Jr. Product Directors” wives had to shop in “Thrift Stores” buying the clothes of the Wealthy so their Hubby could look good for their Boss at the “Family Picnic.” They could buy “cast off Gucci and Coach and cast off Designer clothes for our kids” so we could look good to get our Hubbies “up the promotion ladder.” It used to be like that back then.
November 24th, 2009 at 8:56 pm
bsneath Says:
November 24th, 2009 at 5:24 pm
Tough love for Wall Street? I’m all in. Farrell’s article is 100% on target.
———-
Farrell has been in a “Tear” doing some interesting “Push Back” these days. I do wonder why he doesn’t get more press action on his articles…or appearances on CNBC…but then…I realize what passes for “Media” these days.
What’s amazing is that CNBC has been “pushing back” over folks wanting Geithner and now Summers FIRED.
Seems to me just a few months ago they couldn’t stand them, because they were Obama Hires. Maybe they are so clueless they didn’t realize they were Goldman Hires! Doesn’t Goldman ever invite the CNBC crew out to “POWER LUNCHES” with lots of Booze and Women?
What gives with their 360 turn around. Ahhhhh, but then I remember when Pelosi’s House voted DOWN the Bailout and they trashed her and it went to the Senate and Dodd and Schumer pushed back and rammed the POS TARP/BAILOUT down their throats and they went BACK TO PELOSI and SAID…”GET IT DONE.” Next vote in HOUSE PASSED IT.
Maybe it was all “smoke and mirrors” (I’m not so much a Pelosi Fan but less a fan of our Banking Owned Senators) …but still…the House STALLED. Just like the House barely squeaked through Iraq Invasion! Senate came back and rammed through.
November 24th, 2009 at 8:58 pm
“Farrell has been on a Tare..” Whatever….
November 24th, 2009 at 9:02 pm
@Adult Franklin411 Says:
November 24th, 2009 at 5:26 pm
Frontline to look at credit card industry tonight:
http://www.boston.com/ae/tv/articles/2009/11/24/frontline_examines_the_dark_underbelly_of_the_credit_card_industry/
————-
THANKS…just tuned it in…If one misses it…it’s available on their site. Google “Frontline” …should be up there with video and transcript tomorrow.
November 24th, 2009 at 9:35 pm
From the Desk of SVP Bank of America Credit
Note to self: Next time Frontline calls to interview for a credit card story, do it.
Call ABA. Get VP spokeswoman fired.
November 24th, 2009 at 10:11 pm
People of Walmart….that’s a really funny blog….thank for that link MRegan.
November 24th, 2009 at 11:26 pm
“Mr. Sucks, does the Andy T comment rankle?” our hero inquired.
“Mebbe ah leigh-tuhl…” he intoned bitterly, like a man who knows he has been cheated.
Ahab-
Afghanistan, we can not compete biologically in that environment. The inhabitants have an advantage derived through millenial adaptation that no amount of money can overcome. We could send a million of the most psychopathic, Oakley sunglass-wearing, black-hearted Blackwater (Xe*) and there would still be zero chance of victory(tm).
*that name change reveals something so deeply blasphemous about Cofer BLACK and Eric PRINCE, that I am stunned the fundie Christianists haven’t been targeting them for protests (or wait, no I am not).
Anyone ever heard of Eye Recognition Technologies (used to be Tactical Solutions Inc)?
November 24th, 2009 at 11:44 pm
ahab, are there wars going in Iraq and Afghan? i’ve been shopping following dubya’s advice. http://bit.ly/4Qhd73
November 24th, 2009 at 11:56 pm
Re: “What are you reading?”
Global Warming With the Lid Off
The emails that reveal an effort to hide the truth about climate science.
http://online.wsj.com/article/SB10001424052748704888404574547730924988354.html?mod=rss_Today‘s_Most_Popular
Senator James Inhofe Seeks Probe of Climate Science
http://greeninc.blogs.nytimes.com/2009/11/24/inhofe-seeks-probe-of-climate-science/
Obama’s Science Czar Holdren Involved in “Climategate” Scandal
http://canadafreepress.com/index.php/article/17183
Time to short alternative energy companies?
November 24th, 2009 at 11:56 pm
what would touchdown jesus do? http://bit.ly/6keit8
November 25th, 2009 at 12:13 am
I just read this today Fed officials Said Low Rates May Fuel Speculation
O RLY?
November 25th, 2009 at 12:22 am
Meanwhile, backtesting data for contrary indicator modifiers. My latest effort is in an algorithm based upon the StDev of CCI. Trying to show that Real S&P 500 prices on a natural log scale correlate inversely with a multiplier based upon the number of Standard Deviations the current CCI deviates from historical average and median. Seems to hold true. FWIW, my other 2 proprietary modifiers indicate that the market is slightly overvalued currently, while this contrary CCI indicator would still point to BUY.
November 25th, 2009 at 1:02 am
WF swallowing hard…
http://www.bloomberg.com/apps/news?pid=20601109&sid=apIj87yPcV3I&pos=15
November 25th, 2009 at 3:05 am
I would not be surprised to see the US dollar strengthen against the Euro over the next couple of weeks, especially if any decision on Afghanistan is announced.
admin
http://invetrics.com
November 25th, 2009 at 5:14 am
Protectionism 2009-style, the race to debase: Vietnam’s third devaluation in two years
http://online.wsj.com/article/SB125912411180263533.html
Albert Edwards Calls For The Next Black Swan: Expect Yuan Devaluation Following Deep 2010 Downturn
http://www.zerohedge.com/article/albert-edwards-calls-next-black-swan-expect-yuan-devaluation-following-deep-2010-downturn
Geithner goes gospel (funny video)
http://www.huffingtonpost.com/2009/11/24/glimmers-of-hope-geithner_n_369465.html