My afternoon reading material:

• A ‘no-growth’ boom will follow 2012 global crash (Market Watch)
• El-Erian Joins With Feldstein-Fels on Prospect of New Core Euro (Bloomberg) see also Spend Now, Save Later, Bond Fund Leaders Say (NYT)
• NY Fed Director Kathryn Wylde Provokes Accusations Of Conflict Of Interest (HuffPo)
• Investors Call for 4-Way Breakup of McGraw-Hill (Deal Book) see also S&P President to Step Down (Deal Book)
• Against “Japan-ification” ( see also Mistaken policy lessons from Japan? (Vox)
• The Rich Can Afford to Pay More Taxes (Economix)
The Corruption of Darryl Issa: Regulator, Lawmaker and a Quandary (NYT)
• Tabloid’s Pursuit of Missing Girl Led to Its Own Demise (WSJ)
• Slip-Up in Chinese Military TV Show Reveals More Than Intended (The Epoch Times)
• Rick Perry’s Scientific Campaign Method (NYT)

What are you reading?


Devastation from East Coast 5.9 Earthquake

Source:  jmckinley’s posterous

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.

31 Responses to “Tuesday Afternoon Earthquake Reads”

  1. dougc says:

    Where is FEMA when you need them.

  2. Chief Tomahawk says:

    Yeah, that downed chair surely merits a FEMA trailer!

  3. Jojo says:

    I think you need a new chair now!

  4. Sechel says:

    From the article on Wylde:

    Wylde, whose duty at the Fed is explicitly “to represent the public,” said in an email that she is not a bank regulator, that she does not have a conflict of interest and that her role as a New York Fed director is “to provide input to the Fed on regional economic conditions.” Despite the fact that the New York Fed itself regulates banks, its board does not, Wylde explained.

  5. JerseyCynic says:

    oh that’s just too perfect!

  6. Greg0658 says:

    1st a bit of levity – LOL at the beer summit pic from the Martha’s Vineyard Golf Club
    2nd – the tape will seemingly provide a view into todays real world event at 13:51ET .. proof for Jackson Hole how fickle to the human struggle the Wall Street House is .. when industries may have needed cash most, the lemmings (most likely HFT) ran for the exits as fast as they could – leaving regular folks to fend for themselves (as expected with human nature in FMCitBPtP)

  7. Chief Tomahawk says:

    Just saw Brian Wesbury on Fox Business. Says the DOW will break 13,000 on the next move up because of favorable interest rates, etc., are such that the DOW should really be 15,000 now. This is the same Brian Wesbury who made TV appearances calling for a suspension of mark-to-market accounting of tier 3 assets during the dark days of 2/09…

  8. Nuggz says:

    How’s that gold to the moon workin fer ya…?

    Just sayin’

  9. New National Debt Data: It’s Growing About $3 Million a Minute
    August 23rd, 2011

    Via: Los Angeles Times:

    Swallow all liquids in your mouth before reading any further.

    Updated numbers for the national debt are just out: It’s now $14,639,000,000,000.

    When Barack Obama took the oath of office twice on Jan. 20, 2009, CBS’ amazing number cruncher Mark Knoller reports, the national debt was $10,626,000,000,000.

    That means the debt that our federal government owes a whole lot of somebodies including China has increased $4,247,000,000,000 in just 945 days. That’s the fastest increase under any president ever.

    Remember the day the Democrat promised to close the embarrassing Guantanamo Bay Detention Facility within one year? That day the national debt increased $4,247,000,000. And each day since that the facility hasn’t been closed.

    Same for the day in 2009 when Obama flew all the way out to Denver to sign the $787 billion stimulus bill that was going to hold national unemployment beneath 8% instead of the 9.1% we got today anyway? Another $4,247,000,000 that day. And every day since, even Obama golfing and vacation days.

    Same sum for the day Obama flew Air Force One nearly four hours roundtrip to Columbus, Ohio for a 10-minute speech about how well the stimulus was working in the politically crucial Buckeye state. Ohio’s unemployment rate just jumped to 9% from 8.8% anyway.Obama stops his tour bus to Eat some Ice Cream in Iowa 8-16-11

    Or last week’s three-day Midwestern tour in the president’s new $1.1 million Death Star bus? National debt went up $16,988,000,000 while he rode around speaking and buying ice cream cones.

    Posted in Dictatorship, Economy, Elite |

  10. rktbrkr says:

    +300 = things are bad enough to justify QEIII

  11. MikeG says:

    Hoffer: Let me guess — you cheerled for the Bush tax cuts, the war in Iraq and the ideological gutting of financial industry regulation, all of which massively expanded the debt you now complain about.

    And I could search the Big Picture archives and find no complaint from you of Bush’s record-setting vacation days and trips to Texas, and cross-country AF1 forays for brief speeches conveniently paired with fundraising dinners.

    When presidents travel, it costs a lot of money. Grow up.

  12. “MikeG”,

    the QOTD: “It is a far, far better thing to have a firm anchor in nonsense than to put out on the troubled seas of thought. —John Kenneth Galbraith

    seems to be Tailor-made for you..

    but, past that, to your insinuations, two things..

    1.) What I posted was Sourced from the LA Times–thought it was interesting, for, ‘they’ seemed to willing to swallow, all manner of, Bilge, henceforth..that, potential, ‘Sea-change’, could augur poorly for #44 in ’012..

    and, 2.) with ‘cheerled’, hardly..

    LSS: to this ” I could search the Big Picture archives and find no complaint…”, do, yourself, One better..feel free to see my Opinion, as well as the ‘net has maintained, by using My Name, in a Search query, as, generally, Mark E Hoffer, or M E Hoffer … w/that, please do, Come with the Instance(s) that Prove ‘your Case’ ..~

  13. Petey Wheatstraw says:

    Gold dropped $68/oz., today — all the way down to $1845.70/oz., right now.

    Wake me up if it drops to anywhere near $600.

    Just sayin’, too.

  14. though, if you may deign, excuse..

    from this time forward; from now on

    “henceforth”, like your assumptions, was misplaced—used in Error..

    Go with 1/”henceforth”, for the Intent..

  15. Porsche87 says:

    Regarding the article on Darrel Issa, the San Diego Union Tribune so far has refused to publish the original NYT article, saying it was checking some of the facts with Issa’s office. Bought and paid for – banks, check, media, check, voters, check…

  16. Rouleur says:

    …”Mr. Sharma will be replaced by Douglas Peterson, a top executive at Citigroup, the company said on Monday.”

    …say no more…

    …luv ya MEH…it is Wes, BTW

  17. Rouleur says:

    Petey/Marcus…and MEH — what was Au last month?…it is getting ahead of its self, as usual…NBD…

  18. AHodge says:

    Ah if hacking was our only chinese prob
    There’s th nukes and rockets for the north koreans

    And most others that want?

  19. Mike in Nola says:

    So, Soylent Green really is going to be made from people? Farrell sounded good until he mentioned Friedman, a man with the fuzzy thinking of an economist. Another of the idiot establishiment intellectuals who supported the invasion of Iraq.

  20. Mike in Nola says:

    Didn’t realize El-Erian bailed out of running the Harvard Management Company in 2007 to join Pimco just before Harvard lost lost billionsfund management in 2007. Took credit for a 23% return at the top of the bubble, but not for putting it into investments that cost it 30% in the crash after he left. Certainly makes me want to watch him pontificate on CNBC.

  21. Mike in Nola says:

    Looks like Kubrick should hold the patents over which Apple is suing Samsung:

  22. mitchw says:

    On the future of chips. Who will be able to make those fast chip making machines?

  23. Mike in Nola says:

    Where’s Waldo? er, Gaddafi?

  24. smedleyb says:

    In other news, several million Haitian, Japanese, Pakistani, and Chinese refugees fail to laugh.

    Hey, somebody had to say it.

  25. ga082003 says:

    champions league graph

  26. JerseyCynic says:

    “Seismologists have determined that the earthquake in Washington, DC was not caused from a fault line, but by the Founding Fathers turning over in their graves”

  27. MikeDonnelly says:

    I am stealing that picture and reposting to FB as my own. Very funny, thanks! When you talk to Ben this weekend at Jackson Hole (assume you are invited?) tell him lawn chairs from helicopters aren’t a bad idea.

  28. Desi Erasmus says:

    “Regarding the article on Darrel Issa, the San Diego Union Tribune so far has refused to publish the original NYT article, saying it was checking some of the facts with Issa’s office. Bought and paid for – banks, check, media, check, voters, check…”

    Perhaps the Union Tribune is fact checking because the NYT cannot be trusted to do so.

    Someone asked me whether the recent error-riddled New York Times hit piece on Rep. Darrell Issa, chairman of the House Committee on Oversight and Government Reform, could subject the NYT to a libel suit. Theoretically, the article is so bad that it could warrant a complaint, but as a practical matter, a lawsuit would be a waste of time. Assuming Issa could convince a judge that there was a genuine issue of material fact regarding whether Eric Lichtblau and the NYT acted with “actual malice” in publishing the story, Congressmen are not sympathetic plaintiffs.

    Notably, the hit piece is one of the very few things the NYT has written about Issa. The NYT has also written next to nothing about Operation Fast & Furious, the Obama administration scandal currently in Issa’s crosshairs. Indeed, the NYT editorial board does not seem to think it’s worth investigating, let alone covering, if it does not advance the paper’s crusade for gun control.

    Of course, Issa is far from the only Republican to get smeared by The New York Times. The past weekend brought us the headline “Perry Mines Texas System to Raise Cash for Campaigns,” followed by a story that doesn’t support the charge. Indeed, the story goes on for paragraphs about the Texas Enterprise Fund and the Texas Emerging Technology Fund before noting: “[Perry spokeswoman] Ms. Nashed said that grants from both funds must be approved by the speaker of the Texas House and the lieutenant governor and that all recipients go through rigorous reviews.” It would have been easy for the NYT to verify that Nashed was right — but that would not advance the NYT narrative. Mind you, there is a legitimate debate to be had about not only funds of this sort, but also potential crony capitalism generally. But if the NYT were genuinely interested in crony capitalism, they would be rooting it out in the Obama Administration as well. Suffice it to say the NYT has avoided the issue like the plague.
    Examples of the NYT modus operandi abound in election cycles, the bogus McCain-Iseman affair being a classic of the genre, right down to the “correction” essentially repudiating the story — made 364 days (and an election) after the original story ran.

    It is tiresome to write about the bias of the establishment media in general and the NYT in particular. I have previously described it as the political version of bad weather — something the right must be aware of, but largely beyond their control. I have also written time and again about the tendency of the establishment punditry to hype “epistemic closure” on the right, when the establishment media engages in magical thinking about the biggest issues of the day. Given Big Media’s twin failures on the Great Recession and the debt bomb, perhaps it should be obvious that the NYT would be more interested in smearing Issa than covering Operation Fast & Furious. However, much of the history of the 21st Century is shaping up to be about the institutional failures of 20th Century progressivism — so-called Keynesian economics, the over-promising Ponzi schemes of the welfare state, and so on. In this sense, the decrepitude of establishment journalism is not simply another feature of the weather report, but part of a larger, more important story — a scandal establishment journalism inherently won’t cover.

  29. Julia Chestnut says:

    Well apparently, me going on vacation doesn’t hurt markets — just the Mid-Atlantic. I leave for a week, and we get an earthquake and a hurricane.