I have a ton of work to get through today, but here are the readings that I found interesting . . .

• Grading Financial Regulatory Reform (TBP)

• WSJ gets surprisingly Bullish on the recovery:
. . . . .
-Factories Grapple With How Fast to Ramp Up (JUNE 20, 2010)
. . . . . -Seeing Economic Rebound, Firms Step Up Spending (JUNE 25, 2010)

• Martin Wolf: Why it is right for central banks to keep printing (FT.com)

• Fannie And Freddie: Where Do We Go From Here?  (NPR)

• Ben Bernanke needs fresh monetary blitz as US recovery falters (Telegraph)

• Jay Rosen on Why the American Press Sucks (Press Think)

• BP Oil Spill Boosts Infographic Industry, Creates Jobs (Reformed Broker)

• Scott Adam’s Exobrains (Dilbert.com)

• Cartography of the Strange: (Book at AMAZON, Review at GOOD)

• On the 1 year anniversary of Jackson’s death, The “Thriller” Diaries (Vanity Fair)

What’s on your weekend reading list ?

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.

30 Responses to “Weekend Reads”

  1. Jack Damn says:

    Reading:

    England: the Lehman Brothers of football
    http://www.bbc.co.uk/blogs/newsnight/paulmason/2010/06/england_the_lehman_brothers_of.html

    Germany 4 – England 1. Why were England so poor?

    It all goes back to the basic truth of modern tournament football: the well-coached sides win things. Now everybody can defend you have to be able to defend, break, find space but above all – in a tournament – adapt to new conditions like a team. You have to be a learning organism.

    This is what Capello tried to teach England: to play like a squad, adapt like a squad. But all that happened was that some of the players attempted a rebellion against his system. That is no surprise because it is exactly what happened with France as well. Italy too went home because they could not or would not play the system the manager wanted to play.

    Having tried and failed to impose their own system on Capello, the players then lost morale, self-belief and skill.

  2. MayorQuimby says:

    No doubt more printing attempts will be made but they will fail miserably. 90% of the money created via frac reserve ends up with 1% of the people. Dumping another $2 Trillion into the system via FEd balance sheet expansion and overpaying of assets simply means Warren Buffet gets another olympic-sized swimming pool of money and the sheeple get to survive for another 9 months before the next crisis. And $2T is only $6K per person to begin with.

    Hyperinflation and deflation are functions of the economy’s ability to both create and service new debt ON AN ONGOING BASIS. The Fed is powerless in point of fact and they know this. They can only:

    a. Buy themselves a tiny bit of time and hope for a miracle.
    b. Make things much worse.
    c. A&B combined.
    d. Come to their senses and stop the nonsense and embrace a deflationary episode, break up the TBTF banks, confront public sector unions and allow the self-correcting nature of economics to take hold. Of course this means they will need to cap interest rates on Treasury bonds at 2% on the long end of the curve but so be it.

  3. MayorQuimby says:

    And let’s look at some facts:

    1. State and local pensions are underfunded by $3.5T.
    2. National Debt is over $13T.
    3. Social Security is in the red for now and headed back into the red.
    4. Healthcare will only generate $600 billion in tax revenue by 2019.
    5. Banks are STILL most likely insolvent. Especially WFC, BAC, C, JPM, MS et al.
    6. Whatever deflationary holes have been filled the past 18 months by .gov intervention, we know new monster chasms have opened up. CRE, prime et al defaults have all magnified.
    7. Europe is broke and getting broker.
    8. Iran/Israel is a real problem.
    9. The GOM is toast for a very long time. If this spill makes it to the east coast of Florida, look out.
    10. Financial reform WILL limit certain banking functions and profitability.

    etc etc etc

    My guess is the market cries mommy by swooning in a huge way after which we get an incredibly contentious election-year debate as to whether or not we should dump another Trillion $$$ into the vortex. Any bounce by such legislative passage could be very short-lived.

    Now pay me my 2 cents. They might actually be worth something one day soon!

  4. “A Senate committee on Thursday approved a cyber-security bill that has prompted concern about a presidential “Internet kill switch.”

    The Homeland Security and Governmental Affairs Committee unanimously approved the Protecting Cyberspace as a National Asset Act of 2010 (S. 3480). It now moves to the Senate floor for a full vote.

    The bill is an over-arching cyber-security measure, which would, among other things, create an office of cyberspace policy within the White House, which would be led by a Senate-appointed director. It would also create a new center within the Homeland Security Department, which would implement cyber-security policies.

    A provision that got the most attention, however, was one that gave the president the power to “authorize emergency measures to protect the nation’s most critical infrastructure if a cyber vulnerability is being exploited or is about to be exploited.”

    Though the language is somewhat vague, this section was interpreted by many as giving the president an “Internet kill switch” that would effectively allow him to “turn off” the Web in an emergency…”
    By: Chloe Albanesius
    http://www.pcmag.com/article2/0,2817,2365709,00.asp
    ~~
    “The personal computer may soon be not-so-private, with the U.S. and some European nations working on laws allowing them access to search the content held on a person’s hard drive…”

    http://www.youtube.com/watch?v=fEu3XYc6VbE
    ~~
    http://whatreallyhappened.com/ (w/ the GOM Well out-of-control…)
    ~~
    The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government.

    Was the government to prescribe to us our medicine and diet, our bodies would be in such keeping as our souls are now.

    I would rather be exposed to the inconveniences attending too much liberty than to those attending too small a degree of it.

    “Laws that forbid the carrying of arms…disarm only those who are neither inclined nor determined to commit crimes… Such laws make things worse for the assaulted and better for the assailants; they serve rather to encourage than to prevent homicides, for an unarmed man may be attacked with greater confidence than an armed man.” (Quoting Cesare Beccaria)

    The beauty of the Second Amendment is that it will not be needed until they try to take it.

    The policy of the American government is to leave their citizens free, neither restraining nor aiding them in their pursuits.

    No man has a natural right to commit aggression on the equal rights of another, and this is all from which the laws ought to restrain him.

    To take from one because it is thought that his own industry and that of his father’s has acquired too much, in order to spare to others, who, or whose fathers, have not exercised equal industry and skill, is to violate arbitrarily the first principle of association—the guarantee to every one of a free exercise of his industry and the fruits acquired by it.

    I think myself that we have more machinery of government than is necessary, too many parasites living on the labor of the industrious. (Back then!)

    When the people fear their government, there is tyranny; when the government fears the people, there is liberty.
    http://jpetrie.myweb.uga.edu/TJ.html

    No wonder~ Jefferson is as reviled as Bastiat is unlearned..

  5. BuffaloBob says:

    I read the article by Ambrose-Pritchard right after listening to an interview with Robert Prechter. I need someone to talk me off the ledge.

  6. wunsacon says:

    MEH, by the time the 2nd Amendment becomes “important”, the country will be beyond repair. I wish half the 4m-strong NRA membership would expand their concern and influence by joining the .5m-strong ACLU, to fight some of the issues you raise from time to time.

  7. jeg3 says:

    Generation by Generation dumb down the serfs:
    Negative learning from high “value-added” teaching?
    http://nycpublicschoolparents.blogspot.com/2010/06/negative-learning-from-high-value-added.html

    Serfs don’t need guns:
    “Europe’s Fiscal Dystopia: The “New Austerity” Road to Neoserfdom
    By Michael Hudson”
    http://neweconomicperspectives.blogspot.com/2010/06/europes-fiscal-dystopia-new-austerity.html

    or retirement, so just privatize and give it all to billionaires via wall street (forget the other options):
    http://crr.bc.edu/special_projects/the_social_security_fix-it_book.html

    Math Surfing:
    http://emptywheel.firedoglake.com/2010/06/27/we-spend-1-billionyear-on-each-al-qaeda-member-in-afghanistan/

    and, Tuna Surfing:
    “Japan’s Waning Whaling”
    http://carlsafina.org/2010/05/19/japans-waning-whaling/

  8. wunsa-

    no doubt, the NRA is mis-guided, at best, and, in all probability, a Pro-Government “Command and Control”–front organization..

    see: http://gunowners.org/ for a different take on the NRA and the “2nd Amendment”.

    But, past that, you’re Correct, if the NRA wanted to, really, accomplish anything worthwhile, they’d focus on all 10 Amendments, in ‘the Bill of Rights’, esp. the 9th & 10th..

    http://topics.law.cornell.edu/constitution/billofrights

  9. Investradamus says:

    “USS Carrier Harry Truman Now Officially Just Off Iran, As Israel Allegedly Plotting An Imminent Tehran Raid”
    http://www.zerohedge.com/article/uss-carrier-harry-truman-now-officially-just-iran-israel-allegedly-plotting-imminent-tehran-

    “How Will We Know [When the Bear Market has Returned]?”
    http://smartmoneytracker.blogspot.com/2010/06/how-will-we-know.html

    “Frustrated by boycott over Gulf of Mexico oil spill, station owners want BP help”
    http://www.nola.com/news/gulf-oil-spill/index.ssf/2010/06/frustrated_by_boycott_protesti.html

    “[T] The World Cup as Communicable Disease Vector”
    http://paul.kedrosky.com/archives/2010/06/t_the_world_cup.html

    “Identifying business cycles”
    http://www.econbrowser.com/archives/2010/06/identifying_bus.html

  10. Transor Z says:

    Jay Rosen’s piece (and Jon Stewart’s McChrystal’s Balls segment).

    OK. It’s one thing when the majority of us TBP comment hacks regularly accuse the media of being more focused on “access” than carrying out their traditional Fourth Estate duties. It’s another thing entirely when Stewart, Rosen and others show us a parade of these WHORES wondering out loud, “Gee, doesn’t Hastings know that after a story like that he’ll never get access again?”

    AYFKM? So I guess we’ll never see a TV promo for Slamball! With Michael Hastings on CNN, MSNBC, Fox or wherever, with a montage of “hard-hitting newsmaker interviews” with the Greats. You poor twisted f*cks. You narcissistic pieces of shite. F*ck you all and the horses you rode in on.

    Why I am so outraged to see admissions of something I “knew” was going on, I don’t know. I’m sorry, but these people are just the dregs.

  11. Transor Z says:

    BTW, MSM shiteheads dude’s work just took down the #1 field commander in the world’s only remaining super power. Dude exposed McChrystal as insubordinate and as promoting insubordination in his closest aides against lawful civilian command.

    WTF have you assholes done for democracy lately?

  12. beaufou says:

    Transor:

    they work for TV, the worse kind of all.

  13. TakBak04 says:

    @Transor Z Says:
    June 27th, 2010 at 6:45 pm

    Jay Rosen’s piece (and Jon Stewart’s McChrystal’s Balls segment).

    OK. It’s one thing when the majority of us TBP comment hacks regularly accuse the media of being more focused on “access” than carrying out their traditional Fourth Estate duties. It’s another thing entirely when Stewart, Rosen and others show us a parade of these WHORES wondering out loud, “Gee, doesn’t Hastings know that after a story like that he’ll never get access again?”

    ———-

    That article Barry linked from Jay Rosen at Press Think was worth a read, indeed..

    Frank Rich in the NYT’s today takes on the subject of “Cozy Press” with the Administrations and folks they cover… Rich gives Kudo’s to Rolling Stone for three Articles. It was nice to see!

  14. TakBak04 says:

    @Transor Z Says:

    Link to Frank Rich’s article in today’s NYT:

    The 36 Hours That Shook Washington

    by Frank Rich

    http://www.nytimes.com/2010/06/27/opinion/27rich.html?adxnnl=1&adxnnlx=1277668801-52Dy/5kBB5q1MQnUVottUA

  15. alfred e says:

    America’s General, Afghanistan’s Friend
    By KHOSHAL SADAT
    Published: June 25, 2010

    Kabul, Afghanistan

    http://www.nytimes.com/2010/06/27/opinion/27sadat.html?th&emc=th

    I SERVE my country, Afghanistan, in uniform, as did my father and his father before him. I have known many military officers, but not one who better represents what soldiers stand for — honor, sacrifice and courage — than Gen. Stanley McChrystal, who until last week was the commander of American and NATO forces here.

  16. ToNYC says:

    Relax! Japan has been doing this since 1989 and saved lots of face. The same duration since October 9, 1989 when the Berlin Wall fell. His Story takes plenty of time, people think soooooooooooooooooooooooooo slowly.

  17. Transor Z says:

    @alfred e:
    I never had the opportunity to say goodbye to General McChrystal. I hope he will return when there is peace in Afghanistan, because he will be the father of that peace.

    Nice, because, you know, every bwana needs a grateful little indigenous buddy to say sentimental things about him when he’s gone.

    http://www.imdb.com/media/rm1802148096/tt0056897

  18. This was pretty good from Mauldin’s column:

    Econ Gangs of New York

    http://www.thereformedbroker.com/2010/06/24/econ-gangs-of-new-york/

    I’m trying to figure what you are Barry. I’m guessing either a double dipper or a mix of New Normal and Nihilist

    And this is both sad and funny. The law of unintended consequences in full force:

    Welfare recipients withdrew $1.8 million from casino ATMs

    http://latimesblogs.latimes.com/lanow/2010/06/welfare-recipients-withdrew-18-million-from-casino-atms-.html

  19. JustinTheSkeptic says:

    The whole system has gotten so discombobulated by government intervention, would the last one to leave proven reason please bring the Capitalist Flag back!

  20. Guillotin says:

    I am surprised the main media is silent about it.

    48 Hours Developments:

    Pannetta Warns … Pentagon confirmed that a fleet of 12 warships has passed the Suez Canal … Israel is massing warplanes in the Caucasus for an attack on Iran … Italian PM: Israel ‘will probably react preemptively’ on Iran

    Connect the dots folks!

    http://rawstory.com/rs/2010/0627/italian-pm-israel-will-react-preemptively-iran/

    http://www.bearmarketinvestments.com/uss-carrier-harry-truman-now-officially-just-off-iran-as-israel-allegedly-plotting-an-imminent-tehran-raid

  21. wunsacon says:

    >> Welfare recipients withdrew $1.8 million from casino ATMs

    Common Man, one of the comments offered a different slant, one I wouldn’t have thought of:
    ————————————————
    voiceofreason916 at 11:13 AM June 26, 2010

    This article says people withdrew money from ATMs. It DID NOT say that the cash withdrawn was spent at the casino or on gambling–we all just jumped to that conclusion.

    Welfare recipients must work or be training for work in order to receive benefits. Did it occur to anybody that if the casino is the main industry (and main employer) in a rural area, people who are working while receiving benefits would use a convenient ATM to get cash? If I worked at the casino, that’s the ATM I would use.

    In rural counties, there isn’t an ATM on every corner. Since the government puts cash benefits on a debit card, you have to go to an ATM somewhere to get cash to pay rent, buy clothes for your kids, and to get gas money. The ATM in the casino might be the safest, most convenient location for people who work there.

    Illegal aliens are not eligible for welfare cash benefits.

    The funds on the card for food stamps can only be used on food–you cannot withdraw cash with the food stamps amount.
    ————————————————

  22. Investradamus says:

    No more talking about economics for you, BR!

    “Bloggers Can’t Do Economics. Discuss”
    http://ftalphaville.ft.com/blog/2010/06/28/272021/bloggers-cant-do-economics-discuss/

  23. @waunsacon,

    I know, you can’t prove it either way. It would be a better story if the casinos were letting people buy chips with their cards. Then it would be easier to tell

  24. Oops, that should read wunsacon

  25. V says:

    @How the Common Man Sees It

    I’m surprised Barry wasn’t given his own gang. The photo is ready to go.
    http://www.ritholtz.com/blog/wp-content/uploads/2009/08/barry_l_ritholtz_03.jpg

  26. rootless cosmopolitan says:

    The previous one doesn’t seem to have come through. I’ll try again.

    Recession warning:

    http://www.hussmanfunds.com/wmc/wmc100628.htm

  27. rootless cosmopolitan says:

    @Guillotin:

    I am surprised the main media is silent about it.

    Perhaps, it’s because Israel’s alleged impending strike against Iran it’s not much more than a rumor like it comes up every few months (and spread by Zerohedge accordingly) and because claims like “Israel is massing warplanes in the Caucasus” don’t come from reliable sources, and the main stream media are still a tiny bit more reluctant than Zerohedge who spread any rumor, conspiracy theory, or propaganda (particularly if it’s directed against Israel), to spread this kind of “information”?

  28. rootless cosmopolitan says:

    @Mark E Hoffer:

    The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government.

    So, for the case of a civil war between opponents and supporters of the government? Or what would be a scenario you could outline here, in which this was an efficient and practical measure against a tyrannical government and not just suicidal?

    “Laws that forbid the carrying of arms…disarm only those who are neither inclined nor determined to commit crimes… Such laws make things worse for the assaulted and better for the assailants; they serve rather to encourage than to prevent homicides, for an unarmed man may be attacked with greater confidence than an armed man.” (Quoting Cesare Beccaria)

    Is this the reason why crime rates and the number of victims of homicides carried out with firearms is so much lower in the United States than in other countries, e.g., in Europe where there are much stricter firearm laws? Or what are the data with which this kind of rationale presented in your quote can be backed up so one could say it has substance?