My Instapaper is loaded for bear for the ride home:

• Washington’s battle is a diversion (FT.com)
• Market’s major trend now down (Marketwatch)
• The U.S. economy needs to break its stimulus habit (Fortune) see also U.S. Economy Needs a New Business Model (WSJ)
• Deficit-Cutters Ignore El-Erian’s Growth ‘Denominator’ (Bloomberg)
• Chinese Hackers Assault USA: Enter the Cyber-dragon (Vanity Fair)
• Getting Bin Laden (New Yorker)
• Murdoch Hacked Us Too: How News Corp Corrupted The USA  (NY Mag)
• Match.com: Taking the world’s biggest dating site to a new level (FT.com)
• That’s Not Funny, That’s C.K. (GQ.com)
• Drunken Ben Bernanke Tells Everyone At Neighborhood Bar How Screwed U.S. Economy Really Is (The Onion)

What are you reading?

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Delightful cartoon, circa December 2008, via Guidepostings

We obviously are not quite there yet . . .

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.

24 Responses to “10 Wednesday PM Reads”

  1. SINGER says:

    that would have been us if there was no massive flood of liquidity to drive nominal asset prices higher… what is the “real” value of either equities or real estate? can anyone answer that question?

  2. Lariat1 says:

    I’m disgusted with our government from my little town through to DC. If you like Norwegian punk music and a fearless skateboarder in NYC, then have a look. Taxis and buses and cars, oh my. http://www.huffingtonpost.com/2011/08/03/josh-maready-strapped-cam_n_917101.html

  3. swag says:

    Most excellent flowchart – how to deal with arguments online:

    http://laughingsquid.com/comic-flowchart-on-how-to-deal-with-internet-arguments/

  4. illoguy says:

    The cartoon made me laugh out loud. Put that in the “I wish it was my idea” file.

  5. willid3 says:

    guessing that the deficit battle was just a diversion to keep every one from looking at the real problem. lack of jobs.
    and nothing from DC is being done to fix it.
    in fact they seem to be working on making the jobs picture even worse.
    as every layoff of a state worker subtracts customers from some one’s business. which of course leads to even fewer jobs as they layoff folks also.
    but that is the course we are on.
    politics only in DC. scams from wall street

    failure and famine on main street

  6. machinehead says:

    The ‘drunken Bernanke’ story is linked at The Onion. But I do not believe it is a spoof.

    However, the setting seems to have been transposed to western Nebraska, to conceal the fact that these troubling events occurred within ten blocks of the Marriner S. Eccles building.

    It is entirely plausible that an inebriated Bernanke refused to pay for a round of drinks with U.S. currency, claiming that it was ‘worthless.’

  7. farfetched says:

    Bernanke gets drunk and plays Dire Straits “Money for Nothing” on the juke box? Hilarious!

  8. machinehead says:

    This is the news I’m reading: US debt hits 100% of GDP.

    http://news.yahoo.com/us-aaa-rating-still-under-threat-204040123.html

    As Bernanke said, this calls for another drink!

  9. rktbrkr says:

    wonder if Ben got any chicks for free?

    funny story, love to hear Ben say “transitory” all shitfaced

  10. Mike in Nola says:

    Thought this Onion story was better. And more realistic:
    http://www.theonion.com/articles/obama-debt-ceiling-deal-required-tough-concessions,21067/

    BTW, CR has some more cheery news. States are cutting unemployment benefits.
    http://feedproxy.google.com/~r/CalculatedRisk/~3/KyUUkIdEdfc/states-cutting-unemployment-insurance.html

    Soup lines soon.

  11. willid3 says:

    some thing different
    manufactured fish. we can’t have no studies to see if there could be a problem now could we?
    http://www.latimes.com/news/opinion/opinionla/la-ed-salmon-20110802,0,6590519.story

  12. Bill in SF says:

    Just a little more than a week ago, Krugman asked in a morning post; “Is it too early to start drinking?”

    http://krugman.blogs.nytimes.com/2011/07/25/the-fatal-delusion/

  13. ilsm says:

    Since 2001 DoD spending has increased 74%, in adjusted dollars that is the US spends more in 2011 than during the Vietnam war.

    The debt ceiling “deal” cuts $350B from the 10 year inflated dream scheme that CBO used to evaluate the “cuts”.

    To return to the levels of spending during the Clinton years when the war burdens were not so depressing on a good economy would run around $2000B in cuts over that 10 year CBO budget, around $6500B summed pentagon budgets.

    The debt deal as well as pentagon spending are cons.

  14. M says:

    Kewl (but strangely depressing) chart porn from the Economist. “Owe dear” World Debt Guide:
    http://www.economist.com/blogs/dailychart/2011/07/world-debt-guide?fsrc=scn/tw/te/dc/owedear

  15. BTW, that science fair kid talking about being on ‘magical’ google when he was six or seven ten years ago……mind blowing.

    I’m thinking a whole wave of creativity is about to break out from these smarter than average kids that have been incubating on the internet ‘their whole lives’

  16. Desi Erasmus says:

    Ben at the bar was just warming up for his gig at Jackson Hole. I’m reading about the “new civility”

    http://hotair.com/archives/2011/08/03/this-new-civility-sure-is-impressive-no/
    http://hotair.com/archives/2011/08/01/biden-these-republicans-certainly-have-acted-like-terrorists/

    and wondering how all the commentary (at least all I’ve seen so far) seems to be missing the huge “Freudian slip” that emerged from one of the iconic examples of this phenomenon:

    “We have negotiated with terrorists,” an angry [Rep. Mike] Doyle said, according to sources in the room. “This small group of terrorists have made it impossible to spend any money.”

    Set aside for a moment the question of whether pundits and pols are being civil or vile. This comment, made in a setting where we are moving into the second (or is it third?) year with no federal budget in place, and the national government set on “autospend” to consume about 25% of GDP every year, is a ‘tell’ about the intent of these guys. No matter how much they may swear that “we need a balanced approach of spending cuts and tax increases to get the deficit under control”, give them more money and they will spend it. Taxes, fees, more borrowing? They don’t care, any more than a meth addict cares where the scratch for his next fix comes from. Conclusion: give them as little as possible; they’ll only piss it away to buy votes for the next election cycle. That’s all they know how to do.

  17. [...] although not international, a big hat tip to Barry Ritholtz for bring this piece from the Onion to our attention: Claiming he wasn’t afraid to let [...]

  18. [...] although not international, a big hat tip to Barry Ritholtz for bring this piece from the Onion to our [...]