My late afternoon reading:

• Here’s One Way to Beat the Market: Cheat!  (WSJ)
Wolf: The road to recovery gets steeper (FT)
An Economy that works: Job creation and America’s future (McKinsey)
Baum: Economy’s Naysayers Hold a Reunion (Bloomberg)
• Pimco Adjusts Holdings to Show Gross’s Fund Owns U.S. Debt (Bloomberg)
Stoller: Public pays price for privatization (Politico)
• Why Bankers Need to Be Put Into Little Boxes (Harvard Business Review)
• The Secret History of Boeing’s Killer Drone (Wired)
• How Markos Moulitsas’s website (Daily Kos) changed politics (City Pages)
• Patent talk: Apple sticks up for apps developers, while Microsoft loses in Supreme Court (Silicon Valley)

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.

17 Responses to “Late Afternoon Reads”

  1. Greg0658 says:

    US World Trade in The Great Recession .. wonder what it’ll be in the next good times?

    $48.2B deficit in March from $45.4B Feb’11
    Exports totaled $172.7 billion in March, a 4.6% rise from Feb’11 .. but Imports grew faster @ $220.8 billion, or up 4.9% from Feb’11, driven by oil prices
    .. non-petroleum trade deficit actually narrowed to $16.9 billion in March from $20 billion in February


    The goods and services deficit increased $2.2 billion from April 2010 to April 2011.
    Exports were up $27.8 billion, or 18.8 percent, and imports were up $30.0 billion, or 15.9

    The April 2010 to April 2011 increase in imports of goods reflected increases in industrial
    supplies and materials ($11.4 billion); consumer goods ($6.1 billion); capital goods ($5.7
    billion); automotive vehicles, parts, and engines ($1.6 billion); foods, feeds, and
    beverages ($1.5 billion); and other goods ($0.9 billion).

  2. Lebowski says:

    BR’s tweet brought our attention to Dan Rottenberg’s ignorant take on Lara Logan’s rape. Sorry, I’m not trying to pump our blog, it’s just that Rottenberg’s article is very disturbing. Want everyone to know what an a-hole he is. Language may offend some. NSFW.

  3. VennData says:

    On the “…Public pays price for privatization…” the author claims…

    “…Privatization takes inherently governmental functions — everything from national defense to mass transit and roads — and turns them over to the control of private actors, whose goal is to extract maximum revenue while costing as little as possible…”

    What proof does he offer that these functions are “inherently” gov’t? Are we supposed to accept his word? Privateers, private toll roads, private airlines are a counter example to each of his examples.

  4. VennData says:

    Canadian Chamber of Commerce, no better than our Chamber of Lobbyists… er… a… Commerce

  5. Seaton says:

    Lebowski—why is D.R.’s opinion any less valid than your criticism of him for having it? I agree with his opinion, I simply choose to restrain myself more than some culture’s men that have less discipline & restraint. Similarly, I recall my wife telling our daughter, “club rules,” when she went off to college. “Can’t wear these” and “Nothing good comes to anyone after 1 a.m.—and especially as you leave a bar/club.” The last paragraph’s are the best instructional example of how women, especially young idealistically-motivated ones might want to consider as personally useful:

    Back in the 1980s two single women lived at opposite ends of my block in Center City. One, whom I’ll call Ann, spent 18 years on our block without any problem. The other, whom I’ll call Sarah, was the victim of four burglaries, one attempted rape and one molestation of her young daughter, all within a year of her arrival.

    The difference in their stories seemed obvious to me. Ann kept a low profile, dressed conservatively, installed a burglar alarm, locked her sturdy front door at all times and kept a gun her front hallway. Sarah, on the other hand, dressed like a flower child (she wasn’t a druggie, but she looked like one), had no burglar alarm and only the flimsiest of front doors; and in any case she often kept her front door ajar, where she could be seen puttering around her living room in shorts and a halter.

    At one of our block meetings, when Sarah was haranguing us neighbors for the umpteenth time about the dangerous conditions on our street, I gently suggested that perhaps she should take a few precautions. It was the opportunity Sarah had long been waiting for.

    “I’ve done nothing wrong,” she scolded me. “Why should I have to change my lifestyle? Let the creeps and muggers change their lifestyle.” (Why? yes, why. Until that day that all men are equal…beware…)

    Ann, you see, saw crime as a personal issue to be solved through her own ingenuity. Sarah perceived it as a political issue to be solved by changing the world. And surely political solutions can be valuable over the long run. In the short run, I would suggest, it’s usually easier to change your own behavior than to change someone else’s.♦

  6. mathman says:

    more happy economic news:

    so much for the boomers reaping all the rewards . . .

  7. Arequipa01 says:

    I found this article informative:

    American Banks ‘High’ On Drug Money: How a Whistleblower Blew the Lid Off Wachovia-Drug Cartel Money Laundering Scheme

  8. Arequipa01 says:

    From the article above:

    ["]Antoino Maria Costa, former executive director of the United Nations Office on Drugs and Crime said in 2008, “there’s evidence to suggest that proceeds from drugs and crimes were the only liquid investment capital for banks in trouble of collapsing [during the financial crisis].”["]

    And Allen Stanford was handed a big ole plate of brain damage while in custody- kind of like El Vaticano won a surprise electroshock treatment about 15 years ago down in Lima.

  9. rktbrkr says:

    Bush tax cuts favored the rich, duuuh…$890 for the proles 129K for the country clubbers.

    I understand why Bush did it but harder to understand why O’Bama signed continuation.

    Height of fiscal irresponsibility to have massive tax cuts while conducting two wars. I often asked my Iraq war loving friends how much they’d love the war if there was a tax to pay for it, silence would follow.

    We’re sailing into defacto devaluation/default with Ben Shalom’s “no way out” currency printing and FED balance sheet explosion, there’s no imaginable way out.

  10. Jim67545 says:

    Read the article on putting banks in boxes and then follow the link to the annual report from the CEO of M&T Bank. About half way down he gets into the state of the banking industry and regulation.
    In my opinion, this is a “must read” in that he puts a spotlight on the problems in the entire banking industry and problems it creates for the economy at large. He also clearly differentiates between the distinctly different parts of the industry. (Failure on the part of many of the bloggers here to understand the different parts of the banking industry fuels a lot of misplaced anger.) VERY informative and provocative.

  11. buddhabucks says:

    To Seaton Says

    I agree with almost all of what you conveyed. And I guess it is just a matter of degree, that I take exception to your statement;

    ” In the short run, I would suggest, it’s usually easier to change your own behavior than to change someone else’s.♦”

    For how far do you go and for how long (I know you said short time… years???) give up your life or freedoms because of others. I believe that is the attitude many Germans had at the time Hitler was taking power.

  12. Anchard says:

    …..aaaaaaand we have Godwin in 11 comments. Is this a new record?

  13. Seaton:
    I am sure a gun at the door did a lot of good. You do realize your story is a metaphor for the country as a whole, right? How we left the door open and the banksters raped and pillaged this country? And what do you suggest then? Is a gun by the front door good enough? See the problems with your conclusions?


    A maid asked for a pay increase.

    The wife was very upset about this and asked: “Now Maria, why do you want a pay increase?”

    Maria: “Well Senora, there are three reasons why I want an increase. The first is that I iron better than you.”

    Wife: “Who said you iron better than me?”

    Maria: “Your husband said so.”

    Wife: “Oh.”

    Maria: “The second reason is that I am a better cook than you.”

    Wife: “Nonsense, who said you were a better cook than me?”

    Maria: “Your husband did.”

    Wife: “Oh.”

    Maria: “My third reason is that I am a better lover than you.”

    Wife (really furious now): “Did my husband say that as well?”

    Maria: “No Senora, the gardener did.”


  15. Seaton says:

    buddhabucks: “(Why? yes, why. Until that day that all men are equal…beware…)” Nice, inflammatory quip, per your next point to consider—I was addressing only the narrow point of the rebuttal, “a**hole”, of poster-Lebowski.
    Yes, next ,I agree with you: How on Earth does it benefit some 50% of the world’s population, to continue to abuse women of all ages?? (to say nothing of races, cultures, etc.) So, with this in mind, how well is it progressing towards educating all cultures towards the somewhat universally agreed-upon level of perspective of the afore-mentioned Sarah? I’m referring to both within the USA, and, say Egypt as in the case of Lara Logan? Worse, I’ve not a clue what she was wearing that day, so that “factor” I must restrain comment. Assume (ah, we know what that spells…) she wasn’t enticing the mob/crowds of Egyptians—with its myriad numbers of well-motivated & ill-motivated participants. Assume further that “others” merely picked her because she was handy—nearest handy foreign (American??) female, this still doesn’t condone the rogues’ actions.

    I again state narrowly, perhaps it would be wiser individually to be more like Ann in the before mentioned example…seems to incur less physical abuse, expense, etc. Imperfect, I agree, but then again the Hitler reference? Sure is strange how still there are Neo-Nazis around the world, some misguided people still pursue what they perceive of Nazis’s “good”. Burkhas common in parts of the world. For my daughter, I still advise her the same.

    Gladly, let’s push some Congressional Legislation outlawing….uhm…brazen attacks upon females, Lara Logan, etc. Hmm…

    I’m still looking forwards to perp walks for the guilty, stopping the political B.S., cutting the “pork”, & progressive tax structures to resolve the country’s huge debt problems. I’m not so sure desirable human (well, sort0f) behaviour that’s unacceptable by billions can get changed within a lifetime—world-wide. IMHO