Lots of interesting reading to start the week:

• Once bullish, contrarian Jim Grant likes cash now (Aleph Blog)
• In defence of the Shiller p/e (The Economist)
Yes, This Is Called the Dismal Science. Why Do You Ask? (Delong)
• Caroline Baum: Both Parties Wrong on Tax Breaks for Big Oil (Bloomberg)
• China hit by worst energy crisis in years as drought compounds chronic power shortages (Washington Post)
• Agreeing on Groupon (HBR)
• The Wave-Maker (Vanity Fair)
• How spam works, from end to end (BoingBoing)
• Fantasy Island – Are Republicans losing their grip on reality? (Slate)
• How our bits shape us: James Gleick’s “The Information” (Nieman Lab)

What on your browser?

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.

16 Responses to “Monday Morning Reads”

  1. David Merkel says:

    Anna, looks like you mislabeled the tag for the Aleph Blog — just FYI

  2. VennData says:

    For the Highest Fliers, New Scrutiny

    http://online.wsj.com/article/SB10001424052748703551304576260870733410758.html

    Of course Rupert Murdock chooses his arch enemy, the Google founders, to reveal the feckless use of private jets. How transperently partisan, and when Democrat Buffet owns a jet company… this information MUST be spun.

  3. The three-day weekend: a dream deferred – The Globe and Mail

    So here’s the real question du jour: Why aren’t there more of them? What’s so sacred about the five-day workweek, a regimen set in place in North America seven decades ago that has been virtually immoveable since (unlike in many European countries)? In an age of high-tech efficiency and higher productivity, why isn’t the working world organized to provide us with more leisure time?

    http://www.theglobeandmail.com/life/relationships/the-three-day-weekend-a-dream-deferred/article2030623/

    A blonde and a lawyer

    A blonde and a lawyer are seated next to each other on a flight from LA to NY. The lawyer asks the blonde if she would like to play a fun game. She thanks him but declines, explaining that she is tired and just wants to catch a few winks.

    The lawyer persists and explains that the game is easy and a lot of
    fun. He says, “I ask you a question, and if you don’t know the answer, you pay me $5.00, and vice versa.” Again, she declines and tries to get some sleep.

    The lawyer says, “Okay, if you don’t know the answer, you pay me $5.00, and if I don’t know the answer, I will pay you $500.00.” This catches the blonde’s attention and she agrees to play the game.

    The lawyer asks the first question. “What’s the distance from the
    earth to the moon?” The blonde reaches into her purse, pulls out a
    $5.00 bill, and hands it to the lawyer. “Okay,” says the lawyer,
    “your turn.”

    She asks the lawyer, “What goes up a hill with three legs and comes
    down with four legs?” The lawyer takes out his laptop and searches all his references, no answer. He taps into the air phone with his modem and searches the Internet and the library of congress. Still no answer. He sends e-mails to all his friends, to no avail. After an hour, he wakes the blonde, and hands her $500.00. The blonde says, “Thank you,” and turns back to get some more sleep.

    The lawyer, who is more than a little miffed, asks, “Well, what’s the answer?” The blonde reaches into her purse, hands the lawyer another $5.00, and says, “OK, that makes it my turn again.”

    Cocaine Economy

    Amazing revelation that the credit crash of 2008 was triggered by the Mexican drug cartels.

    Prior to this, Wachovia had laundered $378 billion in drug money but, when it finally came under investigation, began to reduce the amounts it would accept in drug deposits. In retaliation, the drug cartel withdrew all its money. Suddenly, Wachovia, and other large banks as well, found they had insufficient cash to operate. The financial crisis began precisely at that point.

    http://lifeinthekeyofc.waterforlife.ws/index.php/archives/1127

    Gasoline at 20 Cents a Gallon….if purchased with silver coin

    http://lifeinthekeyofc.waterforlife.ws/index.php/archives/1122

  4. RandyClayton says:

    Interesting NY Times article on the growing foreclosure backlog. I appreciated seeing the info graphic for current and pending foreclosures. Grim indeed.

    http://www.nytimes.com/2011/05/23/business/economy/23glut.html?_r=1&ref=business

  5. willid3 says:

    a cool solution our energy problem

  6. machinehead says:

    According to the NYT article about foreclosure backlogs posted by RandyClayton, the New York and Los Angeles metro areas both have a foreclosure inventory of just under 100,000 properties. But New York’s backlog is projected to require more than four times longer to clear than in Los Angeles (129 vs. 30 months), at current sales rates.

    Do houses in L.A. really turn over at four times the rate in N.Y.? Flippers all live on the west coast, not the east? Dunno, just asking. These numbers look weird.

  7. DeDude says:

    Krugman is again hammering the austerity crowd with some facts:
    http://www.nytimes.com/2011/05/23/opinion/23krugman.html?_r=1&hp

  8. MorticiaA says:

    Bloomberg Markets story about how wealthy donors are telling schools what to teach. John Allison -former BB&T chair, and working through BB&T Charitable Foundation – wants to promote teaching Ayn Rand so gifts come with strings attached.

    http://www.bloomberg.com/news/2011-05-05/schools-find-ayn-rand-can-t-be-shrugged-as-donors-build-courses.html

  9. Joe Friday says:

    “Fantasy Island – Are Republicans losing their grip on reality? (Slate)”

    Losing ?

    Somebody show me where they’ve ever had a grip on reality since before 1980.

  10. Joe Friday says:

    FROM ‘Caroline Baum: Both Parties Wrong on Tax Breaks for Big Oil (Bloomberg)’:

    “The tax deduction in question was enacted in 2004 and applies to all domestic manufacturers, not just oil and gas companies. It was designed to increase competitiveness in the face of the U.S.’s 35 percent corporate tax rate, among the highest in the developed world.”

    Too bad corporations don’t pay it.

    What’s the point of arguing that we have one of the highest corporate tax rates in the developed world when more than 60% of Corporate America pays ZERO taxes, and the rest pay about a 5% tax rate ?

    THEN she went on to quote a hack from the RightWing front group Cato Institute.

    Don’t get me started.

  11. post apocalypsed american says:

    I WROTE IN 2008 that Romney looked like that type of doctor who’ll often say, “We may have to order more test, because I’ll be damned if I can find anything wrong”. So yeah, it looks like if the GOP ticket for 2012 is Romney/Bachmann, they’d succeed in skewing the presidential debates towards the political-right, in what would otherwise probably be a losing camapign to dislodge Obama/Biden. However, in listening to reporters on ‘Morning Joe’ earlier today, they described how Jon Huntsman, of all the viable and/or potential candidates, he seems able to capture the voters imagination. Something Obama also was able to do in 2008, but has since faded away. As noted on ‘Morning Joe’, Huntsman could lbring some added civility to the political dialog. So the question now may be, where does Huntsman stand (relative to Obama) on major issue like war(s), deficits, greenhouse gas pollution and Medicare.