Here are the late afternoon reading material:

• Congress Continues Debate Over Whether Or Not Nation Should Be Economically Ruined (The Onion)
• Consumers Use Credit Cards for Necessities as Inflation Cuts U.S. Incomes (Bloomberg)
• Robert J. Shiller: Debt and Delusion (Project Syndicate)
• Mortgage pros lead investors from pit (Crain’s New York)
• People Support Higher Taxes to Reduce the Deficit by a 2-to-1 Margin (Capital Gains and Games)
• Elizabeth Warren Makes It Personal (The Atlantic) see also Will GOP Filibuster of Consumer Financial Protection Bureau Head Be The End Of The 2010 Voter Revolution? (Forbes)
• Stop Blaming Wall Street (The New Republic)
• What Is Reality? A BBC Horizon Documentary (Brain Pickings)
Awesome troll trashing:   Contrition (Reformed Broker)
• Radio Special: The Folly of Prediction (Freakonomics)

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 “10 Thursday Afternoon Reads”

  1. Wow, weird double post — I’ll fix

  2. From the Shiller article, should be a QOTD at some point:

    “Economists who adhere to rational-expectations models of the world will never admit it, but a lot of what happens in markets is driven by pure stupidity – or, rather, inattention, misinformation about fundamentals, and an exaggerated focus on currently circulating stories.”

  3. rip says:

    @BR: WOW. You should fix a special place in the archives for this list of articles.

    What a sign of disfunction. The Onion. I love. Irony. Too bad about the general American intellect, except for Jon Stewart. How much of his show do you think Americans even get?

    The only article I found to be BS was the one about Stop Blaming Wall Street. Don’t seem to mention how they sucked lots of little guys in and squeezed them out. And kept on keeping on.

    What ever happened to Jack Grubman? He had been on my BS list for decades. And yet he kept getting the press.

    So don’t tell me about how innocent WS is.

    And as long as I’m venting, I may as well empty my spleen totally.

    BS Obama is selling the little guys down the road.

    I will repeat: his defining moment was when he allowed the Bush tax cuts to continue.

    That and the ensuing consequences will flush us right down the toilet. If you are to the right of the GOPsters it makes perfect sense. If you are a man of your word “change you can believe in”, it works too. NOT.

    I find the notion of him getting re-elected totally depressing. A corrupt government comparable to the one Lincoln presided over with all his honorable piety and speaking eloquence.

    Guess that just goes to show you. The right righteous reverend Wright stated it best when BSO disavowed him: What do you expect, he’s a politician.

  4. Arequipa01 says:

    I’m still looking for any article or essay that describes the successful methods that los cubanos used to take wealth out of the country when Fidel and Che lowered the boom. You know, out of curiosity.

    Maybe I should go to a pawn shop and buy me and my family blinged out grills so we can smile pretty for the cameras as the TSA/Stasi boys are giving us one last bit of oligarchical love before we flee the widening gyre…

    for you melvins out there, when I say grill, I don’t mean:

    I mean:

    “Smile fo me daddy
    (What you lookin at)
    Lemme see ya grill
    (Let you see my what)
    Ya, ya grill ya, ya, ya grill
    (Rob da jewelry store and tell em make me a grill she said)
    Smile fo me daddy
    (What you lookin at)
    I want to see your grill
    (You wanna see my what)
    Ya, ya grill ya, ya, ya grill
    (Had a whole top diamonds and da bottom rows gold)”

  5. rktbrkr says:

    Hey, Greece avoided default – mostly, temporarily, again, 109B euros, now it’s time for the Irish,Ports, Spanish to shake down the Germans

  6. Petey Wheatstraw says:

    From MarketWatch:

    “Asia stock jump after Greek aid deal

    Asian shares join in a global rally triggered by news of a new aid package for Greece and plans to prevent sovereign-debt contagion spreading.”

    It’s contained.


    That should be good for another 300+ day.

  7. mote says:

    At Business Insider, two blogs by Luke Fuszard:

    Tease line: “The Democrats’ abandonment of the word “liberal” stands out as one of the classic case studies of cowardice in American politics.”


  8. GuinnessFan says:

    In the realm of “Duh” ,you gotta love the Bloomberg article “Consumers Use Credit Cards for Necessities”

    From the article. “Core customers of Bentonville, Arkansas-based Wal-Mart Stores Inc. (WMT) are “cash strapped,” William Simon, U.S. stores chief, said at a June 15 conference hosted by William Blair & Co. “The paycheck cycle is severe.”

    We’ve become a nation where every corporation wants to emulate the pay and benefits (if they’re generous) of Wal-Mart. So is there any wonder why consumers would be cash strapped?

  9. louis says:

    But everyone is buying Apple products, What’s the problem people? Quit worrying about your mortgage and buy an Ipad.

    “Steve were bigger than US Steel.”

  10. eliz says:

    From the Bloomberg piece on credit card use:

    Bernokio: “The anticipated pickups in economic activity and job creation, together with the expected easing of price pressures, should bolster real household income, confidence, and spending,” Bernanke said.

    When is this guy – either delusional or sociopathic – gonna be strung up?

  11. Thor says:

    The Elizabeth Warren article was excellent! Thanks BR!

  12. MayorQuimby says:

    That shiller article was one of the most pointless rantings I’ve ever come across.

    Entities are insolvent when they can no longer meet their obligations. Debt to GDP is a perfectly acceptable gauge. Ahhhhhh…the day is coming when the entire “old guard” is going to get thrown out and we will no longer have to hear these inane justifications for the perpetuation of “bad stuff”.

    I for one cannot wait.

  13. Julia Chestnut says:

    Here’s what I’m reading:

    “This is the way the world ends
    This is the way the world ends
    This is the way the world ends
    Not with a bang but a whimper.”

    Lost my patience and needed to refuel. I’m not quieted, however, by the historical parallels.

  14. wunsacon says:

    Nice post by the Reformed Broker. Yeah, if you ever read comments on Yahoo, you’ll see a part of the right-wing you wish didn’t exist. But, it’s there. Read it for yourself sometime, just to take a pulse.

  15. [...] yesterday’s afternoon reads, I linked to Bob Shiller’s article Debt and Delusion. The same paragraph (below) was emailed [...]