Some interesting reads for Saturday afternoon:

• Market Rout Claims New Victim as Investors Dump Gold, Silver to Pay for Losses (WSJ) see also Gold Rush Wanes as Hedge Funds Sell (NYT)
• Is stock market replaying decade of the 1930s? (Market Watch) see also Art Cashin: Eye Of The Storm (WSJ)
• Greek Crisis Comes 24 Centuries After First Default (Bloomberg)
• ‘Buffett Rule’ Is More Complicated Than Politics Suggest (NYT)
• China, Driver of World Economy, May Be Slowing (NYT)
• Bank Mortgage Kickback Scheme Thrived Amid Regulatory Inaction (American Banker) see also Countrywide protected fraudsters by silencing whistleblowers, say former employees (I Watch News)
• Amazon’s Next Kindle May Challenge IPad’s Reign (Bloomberg)
• Particles Moved Faster Than Speed of Light? (National Geographic) see also Speedy Particles Put Einstein to the Test (WSJ)
• Suit Throws Open Window Into Mets Owners’ Holdings and History (NYT)
• R.E.M. In the Real World – Rolling Stone’s 1987 Cover Story (Rolling Stone)

What are you reading?

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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.

16 Responses to “10 Weekend Reads”

  1. Jojo says:

    September 24, 2011
    Speculators Get a Break in New Rule
    By GRETCHEN MORGENSON

    A LOAF of whole wheat. A gallon of gasoline. A pair of Levi’s. Americans are paying more for many basic items this year, making tough economic times even tougher.

    But these hardships for consumers provide another reason to check in on Dodd-Frank, that package of financial reforms that Congress passed in 2010. Here’s why:

    Congress told federal regulators to write rules that would ensure that Dodd-Frank does what it’s supposed to do, which includes protecting consumers. But the Commodity Futures Trading Commission has proposed rules that critics say might actually encourage speculation in the commodities markets, rather than reduce it.

    Senator Bill Nelson, a Florida Democrat, says that as things stand, the C.F.T.C.’s plan could cost ordinary Americans.

    “Despite a clear directive from Congress to rein in excessive speculation, regulators still are listening too much to Wall Street and not acting quickly enough to protect American consumers,” Mr. Nelson said last week.

    http://www.nytimes.com/2011/09/25/business/economy/new-rule-gives-commodities-speculators-a-break.html

  2. A Scotsman, an Englishman, an Irishman, a Welshman, a Latvian, a Turk, an Aussie, a Yank, a Canadian, a Brazilian, an Egyptian, a Japanese, a Mexican, a Spaniard, a Greek, a Russian, an Estonian, a German, an Italian, a Pole, a Lithuanian, a Swede, a Finn, a Norwegian, an Israeli, a Romanian, a Bulgarian, a Serb, a Czech, and a Swiss all went to a nightclub…..

    The doorman said: “Sorry, I can’t let you in without a Thai.”

    Extreme Sheep LED Art

    WOW! This is amazing work. Who knew you could do this with sheep?

    http://lifeinthekeyofc.waterforlife.ws/index.php/archives/1794

    For Generation X, it’s all work and no kids, study finds

    http://www.theglobeandmail.com/life/the-hot-button/for-generation-x-its-all-work-and-no-kids-study-finds/article2174324/

    Welcome to Boston, Mr. Rumsfeld. You Are Under Arrest.

    Former Secretary of Defense Donald Rumsfeld has been stripped of legal immunity for acts of torture against US citizens authorized while he was in office. The 7th Circuit made the ruling in the case of two American contractors who were tortured by the US military in Iraq after uncovering a smuggling ring within an Iraqi security company. The company was under contract to the Department of Defense. The company was assisting Iraqi insurgent groups in the “mass acquisition” of American weapons. The ruling comes as Rumsfeld begins his book tour with a visit to Boston on Wednesday, September 21, and as new, uncensored photos of Abu Ghraib spark fresh outrage across Internet. Awareness is growing that Bush-era crimes went far beyond mere waterboarding.

    Republican Senator Lindsey Graham told reporters in 2004 of photos withheld by the Defense Department from Abu Ghraib, “The American public needs to understand, we’re talking about rape and murder here…We’re not just talking about giving people a humiliating experience. We’re talking about rape and murder and some very serious charges.” And journalist Seymour Hersh says: “boys were sodomized with the cameras rolling. And the worst above all of that is the soundtrack of the boys shrieking that your government has.”

    read more….

    CAUTION: Link contains disturbing images

    http://www.alternet.org/newsandviews/article/668680/welcome_to_boston,_mr._rumsfeld._you_are_under_arrest./

  3. NoKidding says:

    Suit Throws Open Window Into Mets Owners’ Holdings and History…

    All those moves you tell people you would never be dumb enough to make right out in the world to see.

  4. MayorQuimby says:

    Can we PLEASE stop pretending the 1930s parallel our current situation?! If both crashes were caused by excess credit then we STILL have yet to experience our Depression because we have not allowed any deleveraging to occur!

    1937? No.

    It is still 1928.

  5. tnatza says:

    Would you say that the sentiment is now negative enough and the markets are oversold enough that your ideal situation you reflecting on in your Sept. 15, 2011 comments have been met?

  6. eliz says:

    As for “Particles Moved Faster Than Speed of Light,” I’m very skeptical, and sticking with Einstein unless this result is replicated by another lab. But I AM worried that if this is ultimately found to be true, it will become a technology swooped up by the banksters and evolve as the next version of HFT: PPTT (pre-people-time trades)! LOL.

    From the article:

    To the astonishment of the OPERA team, the particles appear to have reached their destination about 60 nanoseconds faster than expected.

    A nanosecond may not sound like much, but “the effect is quite large,” said Fermilab’s Parke, who was not part of the CERN team.

    The extra speed would mean that, over a distance of 621 miles (1,000 kilometers), neutrinos travel about 66 feet (20 meters) farther than light travels in the same amount of time.

    The results would be “revolutionary” if true, Parke said, but he added that he highly doubts the findings will hold up under closer scrutiny.

  7. theexpertisin says:

    I am reading an exhaustive circa 1899 biography re-issued by Barnes and Noble, The Life of General (CSA) Nathan Bedford Forrest. Written in the style and social view of the times, the author, Confederate soldier turned physician turned New Yorker turned President of the American Medical Association turned, in 1917, enlisted surgeon for the AEF in Europe John Allan Wyeth brings home the incredible suffering, valor, honor and self-taught brilliance in a plethora of endeavors that characterized the American Age and the men and women whose self-reliance dwarfs in many ways our current dependence upon government and the service economy that many would argue has made us both vulnerable as a country and “soft” in many ways. It is not so much a biography than a social history as viewed by hundreds of leaders and others of less consequence living those times.

    The book does not trivialize the (at the time) moral quandry of slavery, slave speculation in both North and South, the so-called Lost Cause and the initial rise of the Klu Klux Klan, which Forrest, it’s founder, disavowed in 1869. Period racial and social assumptions present within the covers will not fail to raise blood pressure. This does not detract from the scores of well-researched takeaways in the words and deeds of those of common and uncommon valor that are both inspiring and wonderous.

    Well worth the time for retrospective reading. A satisfactory “twist”, say I.

  8. Mike in Nola says:

    Skynews said plans for Greek default in advance stages:

    http://news.sky.com/home/world-news/article/16076510

  9. budhak0n says:

    Hey now, little speedyhead,
    The read on the speedmeter says
    You have to go to task in the city
    Where people drown and people serve.
    Don’t be shy. Your just deserve
    Is only just light years to go.
    Me, my thoughts are flower strewn
    Ocean storm, bayberry moon.
    I have got to leave to find my way.
    Watch the road and memorize
    This life that pass before my eyes.
    Nothing is going my way.
    The ocean is the river’s goal,
    A need to leave the water knows
    We’re closer now than light years to go.
    I have got to find the river,
    Bergamot and vetiver
    Run through my head and fall away.
    Leave the road and memorize
    This life that pass before my eyes.
    Nothing is going my way.
    There’s no one left to take the lead,
    But I tell you and you can see
    We’re closer now than light years to go.
    Pick up here and chase the ride.
    The river empties to the tide.
    Fall into the ocean.
    The river to the ocean goes,
    Afortune for the undertow.
    None of this is going my way.
    There is nothing left to throw
    Of Ginger, lemon, indigo,
    Coriander stem and rose of hay.
    Strength and courage overrides
    The privileged and weary eyes
    Of river poet search naivete.
    Pick up here and chase the ride.
    The river empties to the tide.
    All of this is coming your way.

    RIP R.E.M. Have a great weekend all.

  10. Mr. Wonderful says:

    Reading

    The Fifteen Biggest Lies about the Economy: And Everything Else the Right Doesn’t Want You to Know about Taxes, Jobs, and Corporate America,

    by Joshua Holland.

    Taxes kill growth. Labor unions hurt their members. Government regulation destroys jobs, etc.

  11. number2son says:

    Good cartoon as it accurately reflects a typical Tea Bagger: uncritical, stupid, malleable and easily manipulated by their bigotry toward their own self-destruction.

  12. VennData says:

    Saudi women given right to vote

    http://www.reuters.com/article/2011/09/25/us-saudi-king-women-idUSTRE78O10Y20110925

    …great, but when will the men get it?

  13. NoKidding,

    re: Wilpon y Co.

    “…“You can’t run those businesses and be successful, and pretend you are a rube,” one said…”

    what they are trying to put over is, just, a different form of the “I do not recall..”-Defense..
    ~~~

    see some of..

    “…We invest in industries with positive, long-term trends and bring our experience, expertise, and network in driving value to our portfolio companies. Our continued success is driven by Sterling’s investment in an operationally-focused strategy, and by our unique team of industry veterans, operators, investors, strategy experts and human capital professionals.

    Sterling’s founders are entrepreneurs who have remained together since the firm’s inception 25 years ago. With 11 Managing Directors with an average of 18 years at the firm, Sterling is rapidly expanding and now has nearly 50 professionals in the U.S., Latin America, and Asia. We leverage our organizational expertise and our core competencies to focus on growth funds that encompass small and middle-market buyout transactions. We focus on high-growth industries including education, healthcare, business services, direct marketing, specialty manufacturing and distribution, and technology.

    Since the founding of our firm, we have partnered with superior management teams, leveraging our experience and proprietary methodologies such as our Business Value Accelerator (BVA) tools. Our philosophy emphasizes the development of our management teams, while providing our portfolio companies with proven best practices that maximize their core strengths. Our approach enables entrepreneurs and management teams to stimulate and sustain significant growth—yielding outstanding returns for our investors. Rather than operate the companies in which we invest, we prefer to serve as a resource for management—building long-term partnerships that accelerate growth and result in world-class organizations…”
    http://www.sterlingpartners.com/about_sterling/index.asp

    One of those things, is not like the other, yes?

  14. kenny powers says:

    Uh-huh. Right. Everyone who doesn’t support QE^N must be an idiot. Uncle Ben said so.

    The debate on govt stimulus might benefit from a little less yes-no and a little more nuance. Not all stimulus is bad. Not all taxes are bad. A lot of regulations and bureaucracy is not necessarily a good thing. This blog is usually good because the debate on various subjects tends to be nuanced and not simplistic. Nobody holds all tthe answers to the problems the us economy faces. And polarization of left vs right is certainly unlikely to provide any.

    I have previously written here that a targeted fiscal stimulus focusing on natural gas would have both short and long term benefits for the us as it boosts activity in the short term, provides jobs and most importantly improves your energy policy and your terms of trade. I also think the US tax system is a bad joke. You have low taxes, both in absolute terms and relatively speaking. They must and will rise. But entitlement spending might still pose a problem in the future. And your budget deficit is unsustainable. That is not right-wing propaganda. That is arithmetic.