A few interesting items for your reading pleasure:

China’s house prices jumped the most in 14 months, adding to concern that record lending is creating a bubble in the world’s fastest-growing economy (Bloomberg)

Year-End Audit Finds TARP Program Effective (NYT)

Lending Squeeze Drags On (WSJ)

A lonely voice against the Fed now leads a chorus (Washington Post)

We’re Not Done With The Jobs Report (Market Talk)

• MAP: The Rise of Foreclosure Filings (Kiplinger)

Our souring view of sweet reason (Dallas Morning News)

Which Retail Site Is Best for Shoppers? (WSJ)

How to buy on eBay (Clusterflock)

Why I Parted Ways With The Right (little green footballs)

~~~

What are you reading?

Category: Financial Press

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.

49 Responses to “Wednesday 10 Spot”

  1. rustum says:

    Walmart did amazing job in electronics this year with free shipping to store, 10-20% BCB and prices which are always few dollars less than every where.

  2. Climategate says:

    Re: “Why I Parted Ways With The Right”

    The tags expose that the so called fantasy defector (afraid to even use his/her real name) from the right is actually a hard core left-wing liberal with radical agenda (using a classic liberal “trick” of defaming people that disagree with his/her left-wing agenda by calling them “white supremacists” or “racists” ) .

    (Tags: Right Wing, Barack Obama, Bad Craziness, Far Right, Conspiracy Theories, Paranoia, Extremism, Glenn Beck, ADL) Isn’t it ironic that this individual who uses ADL (Anti-Defamation League — mission to stop the defamation) tag is defaming people (I guess in his little left opinionated mind it is OK to defame people from the right, but it is “racist” to disagree with the left)?

    Unfortunately, hypocrisy is way too common on the left. Sigh.. BTW, actually there are more people on the left who are “racists” and “white supremacists”. For example, the longest-serving DEMOCRAT, Senator Robert “Ku Klux Klan” Byrd.

    ~~~~

    BR: Would you like to explain how a long time poster on Little Green Footballs is really a left wing plant?

    Please use facts.

  3. Theliel says:

    Wow Climategate, way to actually know what you’re talking about and prove the guys point at the same time.

    Got any more random “This guy isn’t in lockstep agreement with me so i’m gonna throw out ever strawman talking about” spambot like one-liners?

    It’s twisted logic evidenced by the likes of Climategate, bithers, truthers, neocons, talevangicals and palinites that pretty much sums up the mood and method of 30 years of regulatory incompetance, media consolidation and legislative malice which has braught the country to where it’s at.

    There are racist democrats, but they arn’t party leaders (Rush), writing GOP celebraty books (Sarah’s Ghost Writer) or creating GOP talking points (Robert Stacy McCain). Hell half the GOP “leadership” either go on Alex Jones’ show or post on Stormfront.

  4. call me ahab says:

    alright-

    WPO- interesting that Paul has been bringing up legislation since 1983 to audit the Fed- and now it catches fire- gee- i wonder why- dude was definitely ahead of the curve

    NYT- China- that place is just plain scary- i wouldn’t put one dime in there

    little green footballs- obviously written by Janeane Garofalo I will save save everyone the time having to access the link- condensed it reads as follows- republicans:- mysogenist religious homophobes

    and who said you weren’t political BR

    ~~~

    BR: Its actually web designer Charles Johnson

  5. Mannwich says:

    The “Climategate” types are fast ruining this site.

    ~~~

    BR: I will look into setting up a plug in that allows you to eliminate seeing any commentator . . .

  6. Mannwich says:

    @BR: That would be fantastic. CR has this feature, I believe.

  7. call me ahab says:

    i have only one thing to say- and please- make it plural

    http://msghelp.net/images/stfu_noob.jpg

  8. MorticiaA says:

    Newsflash for Climategate: I, too, parted ways with the Right… not to join the “leftists” or “libruls,” but don’t allow that to stop you from passing judgement on me either. Go ahead and (incorrectly) dump all of us who left the party into the Dem party if that makes you feel better.

    By the way — the “Our Souring View” column fits perfectly.

  9. jack says:

    re: little green footballs

    I seem to remember this site being at the forefront of the political blogs during the election, digging deep into the background of Obama’s political history (full and fair disclosure – it was not on my usual list of sites I visit frequently – I usually only went there when it was referenced in another blog).

    All I can say is that if these are the reasons for abandoning the right, then they don’t know too many people on the right, and/or they don’t actually read or listen to anyone else than these chosen few they have selected to highlight.

    Every family has their crazy uncles. I consider myself a conservative, but agree with almost nothing that comes out of Pat Buchanan’s mouth. I am sure there are many voices on the left that make a moderate Democrat cringe every time they speak.

    If all of a sudden they had the epiphany that all people on the right are fascist,religious, racist homophobes, then I question the motives of the turncoat. Those are old and tired stereotypes that suggest laziness in the arguments. Can we find isolated cases of idiots who believe they are racially or religiously superior to others in our camp? Yes. Are we proud of them? No. Are they representative of our aggregate beliefs? I believe they are not.
    There are many proponents of fascism and racism from the left, it is just packaged differently.

    IMHO, not worthy of the top ten.

    ~~~

    BR: Here’s the wiki entry:
    Little Green Footballs (LGF) is a political blog run by American web designer Charles Johnson.

    Media observers have long described the site as “right wing”,[3] but since 2007, the site’s emphasis has changed, such that “LGF has become better known for the various fights it picks with many on the right.” [2]

  10. HarryWanger says:

    Mannwich: Never got to Broder’s. Hope you’re hanging in with the storm – I got out just in time.

    Looks like SPX has a magnet at 1097. I’m still short but am getting the feeling we may see a little run for the holidays. Might pull the plug tomorrow if it starts to run with a small gain.

  11. BTW, the point of these linkfests is to see what people are reading.

    I list 10 articles I think are interesting and you may have overlooked. Readers respond with what they have found.

    These thread hijhacks will not be tolerated.

    GYOFB

  12. call me ahab says:

    From the Urban Dictionary-

    noob- a person who is new or inexperienced in a subject. Noobs are usually annoying and excessively stupid. Do not confuse noobs with newbs, who are inexperienced players that tend to be more mature and strive to become better.

    there we have it- ties in nicely w/ my link above-

    Morticia- for you-

    http://www.mizchvz.com/wp-content/uploads/2007/08/morticia.jpg

  13. MorticiaA says:

    Ahab: Urban Dictionary rates right up there with the dictionary and thesaurus for reference IMO. I even went there to find out what Barry meant by “GYOFB” — now I know! Thanks for the picture. Moricia (the character) rocks — all the Brady Bunch, Father Knows Best-type shows bothered me because my family was quirky and much more like The Addams Family. Then I grew up and realized everyone probably felt that way.

    BR: I meant to post this on your thread regarding the free books online. That’s a great site. Another source for free online books is Project Gutenberg,
    http://www.gutenberg.org/wiki/Main_Page

  14. Marcus Aurelius says:

    RE: Climategate, December 9th, 2009 at 4:33 pm

    The best defense against a charge of defamation is the truth. I think it can be REASONABLY argued that the author speaks the truth (of course, the truth is morally relativistic and as Colbert says, harbors a liberal bias) for himself and also for a majority of Americans.

    As for having a radical agenda, it would seem that the term ‘radical’ is also relative. I would say that radical would be defined as being outside the mainstream (the mainstream being defined by majority consensus). It could also be defined by assuming that the observer is the norm, and that anything not in agreement with his or her perception or ideal of reality, regardless of mass, gravity, or evidence, is radical. (Of course, the latter definition is intellectually retarded, and should mark anyone relying on it as being teched in the freekin’ head).

    As Byrd has recanted his past association with the KKK repeatedly over the years, would you label him as a “defector” from racism?

    I can’t wait until the proposed conservative “Litmus Test” for candidates on the right decimates the Republican Party, and all that’s left is the hardest of the hard-core believers. Talk about radical.

  15. Transor Z says:

    A small positive for Massachusetts Chapter 13 filers.

    New bankruptcy rules from U.S. Bankruptcy Court in Massachusetts shift burden to creditors
    http://www.dolanmedia.com/view.cfm?recID=546089

    Chapter 13 creditors will have to produce documents. Here’s the main take-away, IMHO:

    “The real genesis for the changes in the local rules is because mortgage lenders have engaged in practices which have been less than transparent,” said Nina M. Parker, a Winchester attorney who co-chairs the Boston Bar Association’s Bankruptcy Law Section.

    Now, lenders attempting to collect from Chapter 13 debtors must “attach a copy of the original note and mortgage or security agreement to the proof of claim.”

    If the creditor was assigned the mortgage by another creditor, which was not an unusual occurrence during the last real estate boom, the rules state that the creditor shall provide documentation “sufficient to trace the chain of ownership of the mortgage or security agreement and to establish its standing.”

  16. Marcus Aurelius says:

    Sorry, didn’t read before posting I’m awaiting moderation. That’s a first.

  17. call me ahab says:

    BR-

    to clarify- my comment was in reference to the article and not the blog- i have never heard of it before now-

    much that same as i referenced WPO and NYT but not the name of the article when making my comment

  18. jack says:

    Sorry, Barry. I read you loud and clear. You are right, it is your blog, and a darn good one. I read it every day. Maybe my broader point is that I think your reading list is at it’s best when it stays away from the overtly political -although it is difficult to separate the financial world from the political world. I don’t always agree with all of your material, but I do like reading dissenting opinions to counterbalance my prevailing beliefs. The selection I referenced above I felt was a little over the top, and I took offense at it. I felt the need to respond, hopefully with more humbleness than than other posters. In the future I will try my best not to ‘hijack’, and instead submit an article worthy of your list.

    Keep up the good work.

  19. Moss says:

    Giant iceberg floating toward Australia
    KINGSTON, AUSTRALIA – Fifty-four-square-mile iceberg broke off Antarctica a decade ago.

    To read the rest of this article, go to:
    http://www.watertechonline.com/news.asp?N_ID=73076

  20. HarryWanger says:

    Didn’t read it but saw it on Bloomberg just not (if that counts) regarding Chinese wind farms cheating to get carbon credits. And somehow we believe the government growth figures???

  21. MRegan says:

    http://www.rickackerman.com/wp-content/uploads/2009/12/Dubai-Wipeout.htm

    Interesting riff on the Dubai Debacle ™, worth a peruse (vale un peruse…jajaja)

    As for an ignore feature, it’s your blog Mr. Ritholtz, and I am very grateful for it (that’s why I share my voodoo on occasion) but please reconsider. Currently there is a pirhana function among the commentariat that chews up the necrotizing flubbletittle ™ of some (I find f411 to be resilient beyond all description and salute his bonhomie-not a bitter or rancorous type a tall a tall) so let the silent hand of the keyboard do its work (also- climategate- please preface your comments with “you effin F a b i a n s_cial_sts”- trust me, we’ll get the point and come over to the dark, I mean, right side).

    As for tagyoureit- for the record I had been recommending a short (sceptical) position vis-a-vis the oil producers- such as PBR and CVX- dec puts @ 75 12/2 to 12/8- such a deal…

    Here is a gift- vena resources…find it yer own selves…

  22. franklin420d says:

    Whooooaaaaa So is it ok if I throw up a link to Hightimes and how to grow killer bud?

  23. Wes Schott says:

    wow, this is a strange construct -

    “If the best and brightest have lost faith in the power of critical reasoning to illuminate the way forward, we’re in trouble.”…

    lost faith in reason…to turn a phrase

  24. VennData says:

    “…China’s house prices jumped the most in 14 months, adding to concern that record lending is creating a bubble in the world’s fastest-growing economy…”

    House prices going up to much there, going down to much here. Sounds like the perfect opportunity for the media to get your attention.

  25. TakBak04 says:

    BR…

    “Little Greenies” is a POW….(Piece of Work) …hating Acronyms. I was surprised to see you post a link to them..

    If what you are saying is that there’s room for the “Far Left Libertarians” and many on the “Left Dems” to get together on “CERTAIN ISSUES” ….I’d say it’s worth going for some of it. Just like Ron Paul’s “Audit the Fed” has strong supporters on Left and “Far Right” …..there might be a few “feelers out” for agreement.

    Although…when we have folks like Cheney saying a Dem Elected President is “Giving Aid and Comfort to Terrorists”…one does wonder if there can ever be a “gathering together of opposing opposites long enough to do any reform.

    I don’t know. One always needs to be hopeful. But, I’m not yet believing that anything from those “Green Footballs” isn’t just a funding thingy from the KOCH Brothers. And “disinfo” is always something that’s ever there..from both sides of the spectrum and even the middle. Given Lobbyists, Think Tanks, Market Makers (BRANDING) and the MBA/Marketeers still being cranked out…. THE MESSAGE/THE WORD/THE BRAND/THE MONEY….. Well it will employ so many of the chose out of the “Top Schools” to Wall ST…but we gotta watch out for those “kids from emerging markets” who are the NEW TRADERS for the GIANT SQUID who read Ayn Rand and are 17-22 year old GENIUSES who have mastered it all and are hired by Goldman Squid and others.

    Kids like Gates and his buddies who as college drop outs managed to do “Windows 95″ are far different from young gifted math geniuses who can TRADE on ALGORITHMS or whatever…. One is Productive for Moving Commerce Forward…the other is just running a CASINO in LVEGAS or DUBAI! What is the difference. :shrug:

  26. Pat G. says:

    “Despite his unusual success in advancing the proposal, however, Paul is unlikely to cast a rare “yes” vote for it. That’s because it is part of the bill proposing broad new financial regulation, something Paul simply cannot approve.”

    So, I guess the Obama Administration, Timmy and Ben found a way to scuttle the bill to audit the Fed despite the fact that most taxpayers want to see it accomplished. Our government at work. Paul has been introducing this same bill since the ’80s. We will never have complete transparency in the U.S. The USD is going down..even further. I hope that some of you took this pullback in precious metals to get in. The train is about to leave the station.

  27. TakBak04 says:

    Correction:

    If what you are saying is that there’s room for the “Far Left Libertarians” and many on the “Left Dems”

    Should be “Far Right and Libertarians” getting to gether with many on the Progressive side of the “Left Dems.”

    Sorry…fingers faster than “link to the brain.” Disconnect…

  28. Wes Schott says:

    TakBak04@7:55

    wow,

    somehow that seemed to make sense to me

    for a change :-)

  29. TakBak04 says:

    You know…if you think about it…way back we used to have Congress filled with “people of principle” who wouldn’t budge until a CRISIS.

    Theres a bit of Ross Perot and Texas Politics to Ron Paul. But, remember that Lyndon Johnson was a big Texas Politics Insider…and so is Bill Moyers, and the Bushies and others who are “bigger than life.”

    I can’t stand Texas Politics…and wonder why the Southern Tier seems to still have ANY voice with what we’ve been through recently. But, a look at Lieberman and Dodd and Franks …and then move over to the “less populated states”…Harry Reid/Max Baucus and some of the others ruling health care from states that are so small as to be insignificant compared to Texas/NY/PA/NJ….

    Well…what I’m saying is that I don’t want to be POLITICAL…but doesn’t it seem to be an incredible thing that this new Obama critter has brought us to. Battling in Congress. He leaves it ALL to CONGRESS…while the CHICAGO CROWD…just sits and watches?

    Letting us all FIGHT IT OUT…while they stay above it? It’s either the default strategy of “Center for American Progress” fighting it out with “Heritage Foundation” or “Brookings Institute vs American Enterprise Institute.” Then there are the other Think Tanks I haven’t mentioned.

    I wonder if the Presidents we think we “ELECT” (and Bush II is totally questionable about whether we really elected or no)t….are not in the end….PRISONERS…to the “Special Interests” who truly are the ones who are the “Shadow President.”

    I don’t know…but it would seem that some things are “outta’ control” and so voices like Ron Paul on the Right and Dennis Kucinich on the Left might be some voices we should see as “Contrarian.”

    Just trying to keep an open mind….not trying to be doctrinaire…but thinking…WHAT’S IT ALL ABOUT?

  30. bsneath says:

    It appears the greedy are getting disgusted with themselves!

    GE chief attacks executive ‘greed’

    http://www.ft.com/cms/s/0/fe1e3f7c-e507-11de-9a25-00144feab49a.html

  31. Mannwich says:

    Bankers now held in less esteem than Congress, of all people/entities.

    http://www.bloomberg.com/apps/news?pid=20601087&sid=aqFLia4_lsEk&pos=8

    Surely nobody saw this coming though.

  32. bsneath says:

    We are fucked. The banks are in complete control.

    Bank-Friendly Dems Shut Down House, Threaten To Kill Wall Street Reform

    http://www.huffingtonpost.com/2009/12/09/bank-friendly-dems-shut-d_n_386200.html

  33. call me ahab says:

    bsneath @ 8:54

    awesome link!!!!!!

    thanks dude- got rid of my microwave years ago- but the canned tomatoes issue w/ the liners-

    whew- should have known

  34. farmera1 says:

    Just got my December 21, 2009 issue of FORTUNE, and guess who is a guest at the
    EXPERT ROUND TABLE. None other than our own BR. I knew him when…..

    http://money.cnn.com/2009/11/30/pf/stocks_roundtable.fortune/index.htm?postversion=2009120909

    I suppose it woon’t be long before he is too busy/important to waste his time here. Sigh.

  35. TakBak04 says:

    BR SAYS:

    Barry Ritholtz Says:
    December 9th, 2009 at 4:58 pm

    BTW, the point of these linkfests is to see what people are reading.

    ——–

    I read:

    • A lonely voice against the Fed now leads a chorus (Washington Post)

    • MAP: The Rise of Foreclosure Filings (Kiplinger)

    • Our souring view of sweet reason (Dallas Morning News)

    • Which Retail Site Is Best for Shoppers? (WSJ)

    • How to buy on eBay (Clusterflock)

    • Why I Parted Ways With The Right (little green footballs)

    They were the articles that caught my interest and thank you for posting so I got exposure to them in one place to some good reads. The “Little Footballs” thingy was sort of an abberation…thrown in which hit a nerve, I guess, with those of us across the political spectrum who knew what they were about. It caused a bit of a stir because….it’s not typical of your posts on this financial site. Posting anything from that site or perhaps the Left Version “Democratic Underground.com” is bound to bring out posters to this site which might deviate from the usual emphasis of this site on “non-political” and is bound to attract “trolls” and others who might want to interject some contention.

    That might be why this caused some “outbursts.” Would hate to have you have to put in an “ignore” function. Is it worth it because of one link to a notorious RW Knuckle Dragger site? Even if there’s a possibility of them reforming…do they ever do any reasonable articles focused on the kind of quality work you do here on “The Big Picture” day after day? Linking to that site means you will have a handful….”Green Footballs” brings in an element that doesn’t know how to play less than “dirty hard ball.”

    I hope you will reconsider…unless you figure this site now will go more political than in the past? Just asking…. It’s none of my business. I’ve liked this site because I can get away from the Political Partisan that get’s “down and dirty” and while your posters are very diverse the dialog is always contained by the quality of the site.

    Whatever….just saying…not my site and a newbie…so don’t really have any stake in this that matters.

    I

  36. VennData says:

    “…It’s widely known, of course, that many investors have yet to extend even diplomatic recognition to the bull market that, as of today, is nine months old…”

    http://www.marketwatch.com/story/top-ranked-advisers-prefer-bond-funds-2009-12-09

  37. TakBak04 says:

    ” Calls For Protectionist Retaliation Against China Rise”

    What is truly remarkable about two comments in the last two days in the august Financial Times, is that they both say protectionism against China is likely. One actually urges it, the other pretty much says it’s a-comin’ unless China mends its ways. And both pieces were written by reputable economists, the last people you’d expect to be talking about trade barriers as a last ditch option.

    But as the articles suggest, China’s intransigence has gone so far that a pushback is inevitable unless something gives, and China has signaled that it has no intention of blinking.

    The overly cheap peg for the renminbi is tantamount to having both large export subsidies and substantial tariffs in place. Even though China’s partners have various favored industries here and there, the scope and scale of these interventions pale next to what China achieves through its currency manipulation. Of course, the US has aided and abetted this practice by being unwilling to call China a currency manipulator long ago, before they got so deeply hooked on massive exports and the US became addicted to cheap capital.

    (Comments on article at Yves site are also worth read and the links)

    http://www.nakedcapitalism.com/

  38. call me ahab says:

    takbak-

    have you considered that the American multi-nationals would be extremely opposed to any tariffs or trade reprisals-

    yeah- all the shit we buy is made in China- but the companies are just as likely to be based in the USA

  39. DiggidyDan says:

    For dichotomous viewpoints:

    GE chief Immelt attacks executive ‘greed’
    http://www.ft.com/cms/s/0/fe1e3f7c-e507-11de-9a25-00144feab49a.html?ftcamp=rss&nclick_check=1

    ORLY! Honestly? Come on now, Jeffery.

    and. . . Bankers fury at UK bonus supertax
    http://www.ft.com/cms/s/0/c29c2988-e4fc-11de-9a25-00144feab49a.html?ftcamp=rss&nclick_check=1

    Now that’s more like it.

    Let them eat cake!

  40. DiggidyDan says:

    Bsneath beat me to the Immelt link, haha. Politics indeed, eh, bsneath?

  41. bsneath says:

    If you break it, you ought to have to pay for it. The bankers broke the economy – pun intended.

    Thumbs Up For the U.K. Bonus Tax
    http://online.wsj.com/article/SB20001424052748704240504574586090712007038.html

  42. Greg0658 says:

    MA at CG .. and at BR on GYOFB and “plug in that allows …” .. I wonder whether folks breeze over anything I say now .. (a crummy wordsmith, an idiot, a noob/newb, a rightie/leftie) .. already getting the feeling in that vote’g booth – that what I feel and want matters NOT .. if the feeling sinks in that interacting with words is also a NOT then why leave the farm

    ““defector” from racism” .. that is how I would characterize him

    paroorzing down the remaing thread .. heres a plug-in idea .. a timer in each post window for spent time over that post .. it would be like a voting machine of what people are intake’g … sort of like bars (wanna talk politics) just watch the game .. “how about that Tiger – he’s got game”

    ps OT:
    “Does Death Exist? New Theory Says ‘No” .. I found interesting .. follows a segment in my “Future Now”
    http://www.huffingtonpost.com/robert-lanza/does-death-exist-new-theo_b_384515.html
    (I’m compose’g a post for the 6:55pm poster in my head)
    went and spent time at HuffPo when my Win98se with no working flash was denied entry here at TBP .. (dont know why I can surf elsewhere and even here when I enter the threads from the backdoor .. Google into a thread .. but that wasn’t working either last night)

    TakBak04 at 10:02 pm .. “BR …” another thought on threads and posts .. wasted bytes on this before .. HuffPo and the 1060 comments in a single thread .. I can’t waste my time reading all of ‘em .. the thread lengths here are usually durable .. I don’t have a plug-in to sell for this either

    Seems the spiral in the sky above Norway may have been a failing Russian missle test .. good show tho and speculations

  43. [...] my post on the jobs report was part of Barry Ritholz’s links post at The Big Picture (not just trying to throw Barry traffic here, he certainly doesn’t need [...]