I’m sitting on the beach today. Much to Mrs Big Picture’s consternation, here’s what I am reading on the iPhone:

• HP Committed Corporate Suicide (Research Puzzle)
• Germany fires cannon shot across Europe’s bows (Telegraph)
• How to Get the Money Moving (Capital Gains and Games)
• Subprime Mortgage Bonds Getting AAA Rating S&P Denies to U.S. Treasuries (Bloomberg)
• Are there a whole lot more stupid people than there used to be? (Stonekettle Station)
• Welfare Rates Almost Unchanged During Recession (Miller McCune) see also Study confirms child hunger is a growing problem in rural areas (KansasCity.com)
• U.S. Moves Closer to Minority Majority (WSJ)
• An Accidental Housing Chief Embraces the Power of ‘No’ (WSJ)
• Reference Resources for the Budding Know-It-All (NYT)
• OnStar for All Who Have the Wherewithal (NYT)

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.

14 Responses to “Late Afternoon Reads”

  1. just, to Chisel this–in Pixels..

    “Before you speak, listen. Before you write, think. Before you spend, earn. Before you invest, investigate. Before you criticize, wait. Before you pray, forgive. Before you quit, try. Before you retire, save. Before you die, give.” —William A. Ward

    ~~

    btw, BR, this “..on the beach ..”, esp. in Consultant-landia, has a couple of different, potential, definitions..

  2. James says:

    > Germany fires cannon shot across Europe’s bows

    This is enough, thank you very much.

  3. paulyarbles says:

    I’m reading ‘A Guide for the Perplexed’ by E. F. Schumacher. Jesus, there has to be an intellectual justification for there being more to life than the meaningless nothing that Scientism promises!

    And for entertainment: various lefty bashings of Obama. Well deserved bashings. What a plutocratic tool he turned out to be!

  4. Mike in Nola says:

    Another reason we need pikes and guillotines.

    http://money.cnn.com/2011/09/01/pf/debt_death/index.htm?hpt=hp_c2

  5. Joe Friday says:

    Galaxy Note

    Samsung releases larger format smartphone with a 5.3″ HD screen:

    http://global.samsungtomorrow.com/?p=5334

    Sweet.

  6. ilsm says:

    “Subprime Mortgage Bonds Getting AAA Rating S&P Denies to U.S. Treasuries.”

    The government allowing the insolvent AAA ABS holders to exist and not be liquidated does not deserve a AAA.

  7. RW says:

    Regulations, taxes aren’t killing small business, owners say. (McClatchy)

    “Politicians and business groups often blame excessive regulation and fear of higher taxes for tepid hiring in the economy. However, little evidence of that emerged when McClatchy canvassed a random sample of small business owners across the nation.”

    Surprise, surprise.

  8. Bob A says:

    4″ and larger screens definitely make browsing more enjoyable on the go.
    sooner or later apple will catch on. ;)

  9. Ridge Runner says:

    Mathematical Linguistics blog
    http://mathematicallinguistics.blogspot.com/
    This archive begins with a systematic review of a book on the topic, which is also online (at least in draft form): http://people.mokk.bme.hu/~kornai/termeszetes/ml.pdf
    A nice entry point for those interested in becoming more familiar with the subject.

    http://seekingalpha.com/article/290591-these-3-mortgage-insurers-will-likely-retest-lows
    The reader comments are illuminating. One needs more than poker skills to navigate this treacherous sector.

    An old book: “The Central Bankes” by Deane and Pringle
    http://www.amazon.com/Central-Banks-Marjorie-Deane/dp/0670848239
    It verifies a seemingly “too good to be true” statement by Paul Volker that one sees on various “gold bug” sites. He did indeed say this in his Forward to the book:

    ‘It is a sobering fact that the prominence of central banks in this century has coincided with a general tendency towards more inflation, not less. If the overriding objective is price stability, we did better with the nineteenth-century gold standard and passive central banks, with currency boards, or even with `free banking.’ The truly unique power of a central bank, after all, is the power to create money, and ultimately the power to create is the power to destroy.” ‘

    http://www.washingtonpost.com/opinions/why-the-fed-is-still-in-a-financial-fog/2011/08/31/gIQAOaDysJ_story.html , which in some way echoes Nolan’s earlier piece: http://www.prudentbear.com/index.php/creditbubblebulletinview?art_id=10565

    WAPO:
    “A political economic policymaking is a chimera. The Fed will always have its critics, internal as well as external, and that is as it should be in a democracy. It would be more honest, though, if purveyors of economic solutions — whether in Washington, on Wall Street or in the media — displayed a little more humility and a little less certitude. ”

    This many be true, but a social order’s soothsayers can’t afford to back off from their assigned role: creating an image of certitude and informed control of events where none really exists. When you shoulder the role of “opiate of the (investing) masses”, that’s the expectation. Shedding the faux certitude sheds the role for some new set of poseurs, since honesty is exactly what’s not in demand for this role.

    NOLAN:
    ‘And the PhDs? They stick steadfastly with their doctrine, not for a minute admitting the experimental and theoretical nature of their policy prescriptions. And I see no willingness on their part to question their view that contemporary monetary management is enlightened and superior to the past. There is an element of hubris that gets in the way of objectivity.’

    ‘I have for years now referred to this theoretical framework – both from an economic doctrine and policymaking perspective – as little more than a sophisticated version of “inflationism.” And we are increasingly witness to the age-old Scourge of Inflationism. And as we’ve already witnessed recently, the inflationists will warn about the dangers of not being bold – of losing resolve. “Don’t repeat the mistakes of Japan!” As it’s been throughout history, it always seems to be a case of “just one more bout of money printing” and government spending – and then we’ll get monetary religion. Did I really hear and read this week that the remedy for our nation’s problems is to be found with one more economic stimulus package coupled with additional measures ensuring long-term deficit reduction? ‘

    Fiscal and monetary policies are rapidly losing credibility. Treasury prices may be inflated, but don’t mistake this for confidence in our system’s “core”. It may exist completely outside of the PhD’s sophisticated framework, but the markets and regular folk are feeling the ill-effects of currency debauchery.

  10. DrungoHazewood says:

    Mike

    When they first started calling my mother it was all hearts and flowers, but then it turned dark and threatening. I told her to tell them she was sick: cancer, blind, diabetic and bed ridden. I heard her one day yelling into the phone that she had terminal cancer and that she had no money. That seemed to cool them off a little. Now that she’s passed, my sister still gets calls from time to time. Each time she tells them that my mother is just as deceased as the last time they called and to please make a note of such in their records. After about 8 calls they seem to have given up.

  11. LLouis says:

    The federal agency that oversees the mortgage giants Fannie Mae and Freddie Mac is set to file suits against more than a dozen big banks … (article by Nelson D. Schwartz of the New York Times)

    http://www.nytimes.com/2011/09/02/business/us-is-set-to-sue-dozen-big-banks-over-mortgages.html?_r=1

    I just found this site which shows the U.S. debt in real time in various categories. After a search, I saw it was mentioned in 2009 here in the Big Picture. It seems much more detailed than it was according to the screen pic in the 2009 Big Picture post.
    The screen if filled with infos about debt, revenues, expenses… also possible to check states debts, other countries debts, and travel in time (past or future, debt clock time machine).
    Its quite disturbing to see that while the population increases by 1, the debt increases by about $500 000.

    http://www.usdebtclock.org/

  12. foolish.child says:

    Bob Cringely’s (Tech reporter/ investor/ blogger) latest blog. The dirty tricks from BoA to sabotage his mate’s mortgage modification are ridiculous – like something out of a John Grisham novel. Interesting theory – the banks won’t change people’s high-interest mortgages as they give a better return to investors than most stocks/bonds/whatever.

    http://www.cringely.com/2011/08/mortgage-reality-distortion-field/

  13. Neildsmith says:

    Are there more stupid people in the world? Of course… there are more people, ergo more brilliant people and more stupid people. So this guy hates kids and fat people so he goes to the Alaska State Fair… Hmmm. Stupid indeed.

  14. Joe Friday says:

    Bob,

    4″ and larger screens definitely make browsing more enjoyable on the go.
    sooner or later apple will catch on. ;)

    Ah yes, the new iPhone 5 will have a 4″ screen, of course last years Droid X has a 4.3″ screen.

    Way to stay cutting edge there Apple….