Some interesting reads for Monday:

• How to Make Money in Microseconds (LRB)
This fact may not sit well: Americans are under-taxed (McClatchy)
• Investment and Capital Constraints: Repatriations Under American Jobs Creation Act (NBER)
• Stocks saw upturn in jobs. Now what? (LA Times)
• Million-Dollar Condos Bulge, Sway Above Manhattan’s High Line (Bloomberg)
• Google doesn’t get gadgets (CNNMoney)
• Is the federal dept unsustainable? (Lewy institute)
• A Veteran of SEAL Team Six Describes His Training (Vanity Fair)
• Gingrich’s Secret Weapon: Newt Inc. (WSJ)
• The Cost of Bin Laden: $3 Trillion Over 15 Years (The Atlantic)

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Category: Financial Press

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15 Responses to “Monday Reading List”

  1. What are you reading?

  2. contrabandista13 says:

    Bin Laden’s death doesn’t end his fear-mongering value
    BY GLENN GREENWALD
    http://www.salon.com/news/opinion/glenn_greenwald/2011/05/09/fear/index.html

    Barry: I need your opinion on something…. How stupid does one have to be to imagine that the entire country of Pakistan didn’t know that OBL was living in the country…. ? And a follow up…. How stupid does one have to be to believe that our government officials didn’t know that OLB was living in Pakistan… ? I mean really…. Please….

    Best regards,

    Econolicious

  3. What is eaten in one week around the world

    Pictorial of what the average family spends on food from different parts of the world

    The price discrepancies are incredible. The last four are quite shocking but the health of the people appears relatively stable. I would think this starts to impact on the life expectancy side of the equation

    http://lifeinthekeyofc.waterforlife.ws/index.php/archives/1009

    An oldie but a goodie. I watched this a few times because it was so funny. This is one you’d want to pull on someone. Maybe you could do it at a conference sometime Barry ;)

    Hidden camera prank

    http://lifeinthekeyofc.waterforlife.ws/index.php/archives/999

  4. dead hobo says:

    BR mentioned:

    • This fact may not sit well: Americans are under-taxed (McClatchy)

    reply:
    ————-
    I do volunteer tax returns for low income people. One thing that is common is they frequently get massive tax refunds due to the earned income credit and child tax credit. Using numbers of the top of my head, someone with maybe $15,000 income might see a $5000 refund.

    I am happy they get such large refunds due to the fact the economy is so mismanaged.

    The Fed’s devotion to 2% inflation has created an economy with rising prices not only built in, but now required because an economic catastrophe much larger than 2008 would result if prices fell to income levels. Thus we see commodities priced to unfordable levels. Housing was/is still priced to levels only a debt slave would consider. College is unfordable, but to some extent, only because so many students are poor shoppers of education. 4 year ivy league schools use the same texts as on line community colleges. They’re paying for the label and owing mega-thousands due to educational snobbery only.

    The US national debt would become an even more monstrous problem if deflation caused prices to fall to equilibrium levels. In the aftermath, prices would reflect utility to consumers, not utility to the speculator class.

    If prices reflected reality, everyone would pay taxes … even the poorest among us. But incomes would allow even the poorest to live a decent enough life and still afford to pay their fair share. The upper 2% would have a much different life from today, however. Their wealth would have to be based on a production value that supports income, not clever scams, not good salesmanship, not great middleman financial speculation, not QE2 gaming, not commodity bubbles.

    Since so many financial speculators have no otherwise gainful skills, most would probably have to work in the fast food industry or something similar to pay the rent.

  5. dead hobo says:

    unfordable: damn spell decker and my dyslexia.

    unaffordable, or “not affordable” to please my spell checker.

  6. dead hobo says:

    Last post:

    I said:

    The Fed’s devotion to 2% inflation has created an economy with rising prices not only built in, but now required because an economic catastrophe much larger than 2008 would result if prices fell to income levels

    addendum: This includes the changes necessary for the US to pay down the national debt AND live within its s means.

  7. Lariat1 says:

    Oldest son’s salary mid thirties, on retail management path ( hey, he likes it). Wife has health issues and can’t work for time being, two kids, three and eight. Earned income and child tax gets him a hefty refund which he then draws on throughout the year to help make ends meet due to unexpected expenses, car repairs, high heating bills etc. Usually it brings him almost to tax time again. It’s tough out there today if you’re young with kids. If his wife could work, day care expenses would just about nullify her paycheck.

  8. “…Rankings are an integral part of the media culture whether the subject is basketball or politics. There’s an innate desire to create external measures of other people’s values and decision-making. Economically such analysis is worthless, as Mises famously explained:

    It is customary to say that acting man has a scale of wants or values in his mind when he arranges his actions. On the basis of such a scale he satisfies what is of higher value, i.e., his more urgent wants, and leaves unsatisfied what is of lower value, i.e., what is a less urgent want. There is no objection to such a presentation of the state of affairs. However, one must not forget that the scale of values or wants manifests itself only in the reality of action. These scales have no independent existence apart from the actual behavior of individuals. The only source from which our knowledge concerning these scales is derived is the observation of a man’s actions. Every action is always in perfect agreement with the scale of values or wants because these scales are nothing but an instrument for the interpretation of a man’s acting.

    One can cite any number of metrics or intangible factors that might drive an individual’s decision to prefer one coaching job over another, but it is economic fallacy to try and create a universal scale of such values. All one can do is look at each coaching candidate’s decision and ascertain his values at the moment of his decision….”
    http://blog.mises.org/16850/the-real-question-is-was-mises-a-top-20-economist/

  9. rip says:

    How to make money in microseconds should be enough to scare every retail investor out of the market for good.

    Yeah, some day traders think they can beat the system. Maybe. But sooner or later they’ll get flushed whether they choose to admit or not.

    I suppose back when the American gov had an old antiquated set of values, such trading would have been declared illegal.

    Not anymore.

    Money talks. It takes a $B to get elected pres. Money has to come from somewhere.

    When Americans say we are on the wrong track, they get it right.

    We just don’t know how to fix it.

    One term we gave the Dems a crushing victory: Change you can believe in. Yeah right. Like how stupid can you be. His pastor said: What do you expect? He’s a politician. And the pastor is black. Or was.

    The next time, we tried to fix it again. IMHO we did stop lots of Dem funded fraud and corruption. Jefferson went to jail. But he was naive and stupid. Well duh, He was a congressman. He did not how to collect graft quite well. Just not as careful as most. He was too impatient. Hang around long enough (so few years) and you are set for life.

    But it just shifted to the Reps.

    America is one huge, singular corporatocracy. A cartel from top to bottom.

    Fewer big companies owning more of the gov. And they do own it.

    Newt wants to run? Not on a dare. This is the man that treated his cancer-riddled wife so lovingly.

    We are so, so ……

  10. gman says:

    McClatchey= American haters, are they owned by a French company? First they questioned the best presnet we ever had, in our hour of need, giving comfort to our enemies by suggesting that Iraq did not have WMD and was not behind 9-11. NOW THIS! Taxes are about to go to the highest level EVER! I mean c’mon…we DO have SOCIALIST PRESIDENT!

  11. beaufou says:

    It’s nuts when people are actually brave enough to seek justice:
    http://motherjones.com/photoessays/2011/02/bashir-afghanistan-burn-photos

    They must be crazy from the heat or not living in a real democracy.

  12. TripleB says:

    These articles are killing my blood pressure today:

    Bankrupt Bay Area homeowners shed second mortgages:

    http://www.mercurynews.com/real-estate/ci_18011666?source=most_viewed

    http://www.latitude38.com/lectronic/lectronicday.lasso?date=2011-05-09&dayid=580#Story6

    “The pilots who steer the big ships in and out of the Bay have been green-lighted for a rate hike that could have them making upward of $432,000 a year by 2015,” reported Phil Matier and Andrew Ross in the May 7 San Francisco Chronicle / S.F. Gate.

  13. Theravadin says:

    Galbraith’s article is good up to a point, but he fails to assess risk: as the conditions within which a system is stable (“sustainable”) become narrower and narrower, the risk of conditions falling outside that band increases, and the system becomes more likely to fail. The real measure of sustainability is a risk metric, as we found out with the housing/bond market, when risk assessments were not properly done, and the system became increasingly (or in that case impossibly) fragile. Thus his whole arguement on what is sustainable is wrongly based. He needs to use some concepts from ecology and systems theory to properly assess sustainability.

  14. carping demon says:

    “Is the federal dept unsustainable? ” Which department?