Today’s reading list brought to you politics-as-usual:

• Smoke, Mirrors, and Obama’s Humbling (New Yorker) see also Taibbi on Debt Ceiling Deal: The Democrats Take a Dive (Rolling Stone)
• Deficit-Cutters Ignore El-Erian’s Growth ‘Denominator’ (Bloomberg)
• Why We Deregulated the Banks (NYT) see also Revolving Door at S.E.C. Is Hurdle to Crisis Cleanup (Deal Book)
• Opinion: GOP’s ‘alternate universe’ (Politico)
• NYT:
….-That Monolithic Tea Party Just Wasn’t There (NYT)
….-Tea Party’s War on America (NYT)
• Twitter gets $800m investment (Times Live)
• How Dell Has Reinvented Itself (Fast Company) see also Apple Reveals iCloud Details and Pricing (NYT)
News Of The World Also Accused Of Computer Hacking, Mass E-Mail Deletion (Talking Points Memo)
• Dan Ariely on Behavioural Economics (The Browser)
Amusing: Matrimonial Moneyball (Grantland)

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.

28 Responses to “Tuesday AM Reads”

  1. Francois says:

    Re: Revolving Door at S.E.C. Is Hurdle to Crisis Cleanup.

    Is it just me or it is becoming shockingly obvious that, when it comes to sensible regulatory system, Singapore is the only place on this planet where authorities have been endowed with any meaningful capacity to think?

    “Meaning what?” you ask?

    In Singapore, the total compensation of regulators with either valuable expertise or positions of significant responsibility is aligned with the private sector domain they regulate.

    I understand that such a common sense approach may deeply shock the herd of punditopolitico-fuckheads everywhere, but hey! As I wrote above…some can and do think.

    BTW, they do not have this revolving door problem either. Gee! What a surprise!

  2. JerseyCynic says:

    Rare, Powerful Tornado Hits Russian City

    and — not sure if this is legit or not — (USGS ruled out volcanic origin of plume-like features seen in NEXRAD in Mojave Desert -California)

    Six plumes erupt over 12 hours – California and Nevada – ALL VOLCANO SITES -7/29/2011

    ?? 8/2/2011– HAARP Rings = SEVERE weather coming to CA, WA , IL, WI and, MI within the next 24-48 hours ?

  3. algernon says:

    Barry, do you really mean to be endorsing that absurd ‘Tea Party’s attack on America’ by spreading it forth in this way? Our country verges on bankruptcy with with explicit burgeoning debt & unfunded liabilities several multiples of that. The Tea Party sticks their necks out to do something about it. They are heroes & have nothing for which to apologize.

  4. daviddaly5 says:

    Seems one-sided


    BR: What makes you think the real world is evenly balanced

    I look at actual data, and that forms the basis of my opinions.

  5. michaelb says:

    Michael Pettis, China Financial Markets: No hard landing but no solution

  6. MayorQuimby says:


    What sort of deal (numbers wise) would you have liked to have seen?

  7. Greg0658 says:

    come’on Barack .. MattT (and I ) want you to get some __

    “Mayor Zuokas hopped into the military machine with his cronies and took out his anger on a blue Merc”

    2nd to last feature .. and an old tale from the Infantry Center USAIC
    “Patton personally drove a tank through the “strip” of bars and cat houses across the river at Phenix City Alabama whose residents frequently robbed, beat and even murdered soldiers on weekend pass.”

  8. Raleighwood says:


    Thirty years of Labor being convinced to vote for Capital and the jobs have been obliterated and abortion is still legal.

  9. DrungoHazewood says:


    I remember a few months ago when you said you owned DELL, that you caught a lot of heat. “Why would you want to own that?’ the talking heads asked you like you were insane. I know you were thinking ‘this is great-everyone thinks its a mistake’. It wasn’t more than a few weeks later and DELL was up nicely. Still learning.

  10. Greg0658 says:

    JerseyCynic fill us in on your HAARP link .. the CliffNotes version .. I’m aware of the Alaska antenna array and the space station generation plant as possible manipulation systems – add in the solar Sun as an energy source … are folks out there claiming radar proof of storm activity is man-made?
    our air-raid siren works here .. as the 1st Tuesday test went off 1/2 hour ago just fine (or was it real oh-no duck & cover)

  11. Robespierre says:

    @algernon Says:

    “Our country verges on bankruptcy with with explicit burgeoning debt & unfunded liabilities several multiples of that.”

    algernon please explain:
    How does a country that controls its own currency and issues all its debt denominated in such currency goes defaults?

    @MayorQuimby Says:

    “What sort of deal (numbers wise) would you have liked to have seen?”

    Don’t know about Barry but I would have picked the MMT just because it has never been tried.

  12. Petey Wheatstraw says:


    Answer me this: Who stood to benefit had the “Tea Party” gotten everything they wanted (while you’re at it, can you point me to a legislative platform)? If you think it would have been the middle class taxpayer, you’re wrong.

    From what I’ve seen, the tea party is notable only for its corporate funding and almost nonexistent base of easily manipulated, lower middle class, farthest right, white people who feel they have been victimized by anyone who doesn’t believe as they do regarding many issues, and who consider themselves uber-patriots while vowing to destroy their own government.

    I have heard the birther and Muslim arguments come from tea party “spokespersons.” While Obama is what he is, and that ain’t so good for America, he’s not a Muslim and he is an American (and qualified to be President), yet those two arguments have apparently attracted and are widely held by the core of the “party.” They also assert that Obama has increased regulation on businesses (false), and that he has raised taxes (also false). Of course, they scream for lower taxation, yet we already pay some of the lowest taxes in the developed world. They see no relationship between their decreasing fortunes and the kind of unchecked capitalism they support. They completely ignore the fact that countries with small, weak governments and in which the vast majority of wealth is concentrated among a few entities, seldom have anything other than a small bureaucratic/security middle class, with the rest of their populations living in relative poverty.

    Why should the tea party be taken seriously on any issue?

  13. Dogfish says:

    “They are heroes”

    That is one of the more laughable statements of my week. Thanks.

    Currently they are fact-averse stooges embracing a continuation of the oligarchic supply-side corporate bullshit that got us into this mess. Cut taxes for rich, claim budget crisis, use crisis as justification for cutting social programs.

    That said, I do support the populist streak of the Tea Party. If/when these folks start becoming more informed about the root of the problems and how those they support are the ones raping them… well, then we’ll see what happens.

    If/when the Tea Party starts fighting to end our imperial foreign policy and CORPORATE welfare… then I will begin to take them more seriously. Until then it’s mostly angry old white men shitting a blend of NIMBY, greed, and racism across the whole whole policy spectrum.

  14. Dogfish says:

    Vote Petey Wheatstraw 2012. (Did you use to go by Marcus Aurelius? If so, you are consistently my favorite commenter on here. If not, you are tied for the spot. And where did leftback go.)

  15. singfoom says:


    Engagement with algernon will just lead to head shaking. Ignoring the actual evidence and factual analysis is part & parcel for Tea Partiers. They yearn for an America that their representatives in Congress helped destroy. See for a good article on that score.

    The only thing that should be taken seriously about the Tea Party is their ability to channel white resentment into political gains for conservative politicians while simultaneously being shortchanged in economic terms by those politicians who they supported.

  16. machinehead says:

    ‘Terrorists,’ rants Joe Nocera about a political faction he doesn’t like. ‘Wagers of jihad,’ he adds, taking it right to the borderline of a racist slur.

    As the NYT sinks into bankruptcy, its dinosaur columnists — relics of a forgotten political Pleistocene age — are reduced to slinging feces in impotent rage.

    No wonder they stink so bad.

  17. NMR says:

    It seems to be contrary to popular wisdom (and admittedly the numbers are blurry in places) but it seems to me that the administration gave away very little. The process by which we get there bears more than a passing resemblance to a camel is horse designed by a committee, but when it comes to the substance a default is averted and the the debt ceiling DOES get raised by sufficient to take us well into 2013. For this we have a back loaded committment to cut $1.1 trillion over ten years (that’s 3% of annual GDP and a third is coming from defense). Then there’s “the committee” which if it doesn’t arrive at a formula for a further reduction of $1.4 trillion over ten (a formula which could include tax changes although Boehner is claiming it doesn’t it clearly does because if it’s not enacted it activates “the trigger” which compels cuts of $1.2 trillion HALF of which fall on the defense budget and would cause major ructions in the militarist wing of the party). Major programs are basically off limits apart from a committment to reduce Medicare payments to providers which based on previous evidence will never happen. Unaddressed is the issue of the expiry of ALL the Bush tax cuts which is well nigh inevitable. And on the political front it seems to leave the Republicans having to fight the election on pledges to dismantle Medicare and SS. Despite the wailing from the usual suspects like Krugman and Reich I’d say Obama has pulled a fast one here.

  18. JerseyCynic says:

    Grego658 — I’m not able to find any “credible” sources on this so not sure how legit it is – the link could not be found. An avid sky watcher – I am fascinated with the contrails (?chemtrails) that I have been seeing for years over my skies in Hartford.
    My jury is still out on what these marks in the sky are — some planes make them — some planes don’t. They ALL seem to be flying at the same altitude though.

    I came across that HAARP link in the comment section here: — I’m also suspicious of “the sky is falling” sites that follow Rense, Infowars, WRH, etc. I read some of the youtube comments on this guy’s video and pretty much all are calling him a kook.

    I am, however, starting to believe that Global Warming/Climate Change — whatever we’re calling it today — is not entirely caused by humans. I’m leaning toward the cosmic ray theory ever since CERN ordered their scientists not to “interpret” recent findings from their cloud experiment –“no-you-mustnt-say-what-it-means”/

    The fact that half of my family is in CA this week is most likely adding to my paranoia.


  19. BARNSTORMERS.COM eFLYER – Under the Net

    During WW II Lockheed (unbelievable 1940s pictures). This is a version of special effects during the 1940′s. I have never seen these pictures or knew that we had gone this far to protect ourselves. During World War II the Army Corps of Engineers needed to hide the Lockheed Burbank Aircraft Plant to protect it from a possible Japanese air attack. They covered it with camouflage netting to make it look like a rural subdivision from the air.

  20. Petey Wheatstraw says:


    Yes, I was MA. Site stopped accepting comments under that name, and no one could figure out why, so I became PW. Thanks for the compliment.

  21. JSchmid says:

    REPORT: Fiscal Conservatives Barred from Spending Cuts Committee…

  22. JerseyCynic says:

    Oh JSchmid!! “…and for everything else, there’s MasterCard”

    The comments are killing me!

    check out the Hitler Is Informed That Peter Schiff Was Right video” (Poor Adolf was apparently not Austrian enough)

  23. Fredex says:


    One man’s terrorist is another man’s freedom fighter.

    Remember that? It was very popular with the left when it was untrue. You don’t hear it anymore when we have legitimate heroes.

    Keep the faith.

  24. Dogfish says:


    Who would you define as “legitimate heroes” of your side? (please note I am saying your side only due to your usage of “we” and “the left”)

    I’m a bit curious what sort of credentials are required to gain entry into that potentially distinguished circle.

  25. Dogfish says:

    Also, kudos for claiming the moral high horse with “when it was untrue”.. It’s either true all the time or none of the time… or you’re a hypocrite.

  26. DiggidyDan says:

    Petey/MA & dogfish. . . Thanks for clearing that up! Now who is Steve Barry and what short etf should I be in? No worries. . . I’ll decide to sell myself when QE3 arrives!

  27. rdhall3637 says:

    Great cartoon!! Sharing some new ones that will help everyone laugh at the heat instead of complaining about it.