Some interesting reading to start off your week:

• Rating Agencies Exploit Debt Drama to Regain Trust (The Fiscal Times) see also Mr. Bond has no frets over debt (Chron)
Word herd: Financial journalists’ writing becomes more homogenous as markets rise (The Economist)
• Insiders selling at unusually fast pace (Market Watch)
• Soros Shows How Hard It Is For Hedge Fund Managers To Retire (Institutional Investor)
• A Mobilization in Washington by Wall Street (NYT) see also The Debt Ceiling Crisis And The Failure Of The Establishment (New Republic)
• EU: A hapless union has lost its direction (FT.com)
• Mineral-Rich, People-Poor Mongolia Prepares for Flood of Money Next Decade (Bloomberg)
• Apple Overtakes Nokia as Biggest Smartphone Maker With 18.5% Market Share (Bloomberg)
• How Google Dominates Us (NY Review Of Books)
• “The Believing Brain: Why Science Is the Only Way Out of Belief-Dependent Realism” (Brain For Business)

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.

12 Responses to “Monday AM Reads”

  1. rktbrkr says:

    Whatever impact Jap disaster had on 2Q GDP here in Debtland is likely to continue at least another Q, don’t expect a flood of Toyotas and hondas anytime soon.

    “New vehicle sales in Japan fell by a record in July, battered by production disruptions from the March 11 earthquake, while South Korean rivals extended their winning streak to report strong global sales. Sales of new vehicles, excluding 660cc minicars, in Japan fell 27.6 percent to 241,472 vehicles, with Toyota Motor Corp leading the decline. “Looking at the trend from April onwards, the situation hasn’t changed much from June,” said Michiro Saito, general manager at the Japan Automobile Dealers Association. “Vehicle supply won’t return right away and we’re looking forward to the production recovery at automakers from around September.”

  2. rootless says:

    That looks quite relevant to me. Another recession for the global economy soon seems to be somewhat likely:

    http://www.bloomberg.com/news/2011-08-01/manufacturing-weakens-from-china-to-u-k-as-global-recovery-loses-momentum.html

    The deterioration in economic indicators is not happening in US only. It’s a global phenomenon. And austerity in US and elsewhere will make the new global recession even more likely.

  3. Petey Wheatstraw says:

    As I’ve been car-bound, it’s been more listening than reading.

    Here in the DC area, Sunday nights on NPR (WAMU), feature a program called “The Big Broadcast,” which replays old radio shows, including the commercials, from the ’30s and ’40s. The typical schedule includes both serial and one-off radio shows. Last night’s round-up included the Texaco Star Theater (05/10/42 (Texaco) (CBS) (59:30).

    As this was the height of WWII, the war propaganda was obvious and understandable. Americans of that day always seem completely innocent and easily amused, by our standards, but what was shocking about this program was that most of the skits (which featured live acting and singing by Marlene Dietrich), were centered around wartime austerity and rationing programs. Skits included bits on sugar and gas rationing, registering for the draft, driving 40 mph or slower to increase tire life/save rubber, sewing needles being in short supply, and the $25K after-tax cap on net income.

    We don’t have the backbone or the wisdom to live up to the example our grandparents set (or even to protect the safeguards they put in place for us).

    Wish I could find a link, to a podcast, but can’t (there are out takes on youtube, but none in my quick search included the entire program with PSAs and commercials).

  4. A says:

    Everything must go, starts with the corrupt & inept politicians housed in the buildings.

  5. rootless says:

    @A:

    And what then?

  6. Mike in Nola says:

    HSBC cutting 30k jobs, including many in US where it’s closing half of branches.

    http://www.bloomberg.com/news/2011-08-01/hsbc-to-cut-25-000-more-jobs-by-2013.html

    The Bloomberg article says one factor is wage inflation in some countries. I think we all know whose wages are inflating and who’s getting cut.

  7. whskyjack says:

    “And what then?”

    Go long, pitchforks and tar?

  8. m111ark says:

    Petey Wheatstraw is onto something. We have been trained to think we live in an ever progressing world. When you understand our true history, with its numerous stops, restarts, and retrogression’s our current precipice is even scarier. Can we pull our civilization out of it’s tailspin… not by ourselves, the answer, as always, is in a search for Truth. This is NOT a financial crisis, it’s a crisis of spirit.

  9. rootless says:

    @whskyjack:

    And then what? People easily express their resentment against the “corrupt” and “inept” politicians. I’m always curious what they wish for instead. Has politics ever been different?

  10. streeteye says:

    Merely a coincidence the rating agencies bring up the US’s debt rating whenever the Administration takes up regs on rating agencies -

    http://firedoglake.com/2011/07/29/is-standard-and-poors-manipulating-us-debt-rating-to-escape-liability-for-the-mortgage-crisis/

    What happened to the guy who rated all the subprime CDOs AAA? Can we talk to him?

  11. dmeier says:

    I am reading “The Believing Brain” blog entry again and again, as there are some powerful ideas there. I am also reading “10 Lessons Learned From Poker.” (h/t Real Clear Markets)

    http://www.streettalklive.com/financial-blog/207-10-lessons-learned-from-poker.html

  12. kaleberg says:

    That signs a little late. Congress has already been sold to the highest bidder.