Today’s train reading :

• Satyajit Das: ‘Financial TV is pornography’ (The Globe and Mail)
• Unemployment Re-Emerges as Most Important Problem in U.S. (Gallup) but see Ferrari Proves Recession Proof as Luxury Sells Out (Bloomberg)
• A Battle of the Yields: Stocks vs Bonds (Bespoke)
• Fortress Investment Changes Course, Likes Resurgent Dollar (WSJ)
• ‘Banks Apply Lever to Cash Positions (WSJ) see also ‘Tackling Reams of Bank Data Can Take Diligence, and Trust (ProPublica)
• Richard Russell: 12 Tips For The New Normal (Pragmatic Capitalism)
• The Beginning of the End for Suburban America? (The Atlantic)
• How Hollywood Accounting Can Made Return of the Jedi ($450M box office) ‘Unprofitable’ (The Atlantic)
• ‘For morning TV’s ‘bookers,’ a constant race to secure ratings-grabbing guests (Washington Post)
• The Future of Light Is the LED (Wired)

What are you reading?


Source: John Sherffius

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.

22 Responses to “10 Thursday PM Reads”

  1. streeteye says:

    Soros –

    While the tone is optimistic, the obstacles to the remedies he proposes are pretty daunting, so the answer to the headline seems to be ‘No’, which is a scary prospect.

  2. to • The Future of Light Is the LED (Wired)

    see some of..(from a note to A. Friend..)

    Indoor Farming + LED Grow Lights

    I am, continually, amazed by those that cry: “Peak Food”..”Our *Farming is ‘maxxed-out’..”

  3. Generation X stymied by Baby Boomers refusing to give up jobs

    this cry will get louder as we move forward

    The group’s moniker was popularized by Douglas Coupland’s 1991 novel “Generation X: Tales for an Accelerated Culture,” and its members were epitomized as apathetic and directionless in films such as “Slacker” in 1991 and 1994’s “Reality Bites.” They long ago shed that image, Hewlett says, and as they approach middle age pose challenges to companies that need “bench strength for leadership.”

    They have different expectations — and demands — of employers, according to the report, prizing independence and flexible hours more than their predecessors.

    While their experiences and complaints are shared by other generations, the report says that for this group, trends such as the rising cost of higher education have hit particularly hard. It says those entering college in 1996 had average expenses more than four times higher than boomers 20 years earlier.

    Many began their careers as companies started cutting back on pensions and health care benefits, and while people in Generation X are more educated and more diverse than boomers, they have had “no welcome in the economy,” says Neil Howe, a demographer and co-author of six books on generations in the U.S., including 2010’s “Millennials in the Workplace.”

  4. B.C., Canada sitting on ‘massive’ store of geothermal energy: Report

    A “massive” store of clean, renewable energy is sitting at Canadians’ feet, according to a federal report on geothermal energy.

    Tapping into hot rocks that are tantalizingly close to the surface in western and northern Canada could generate more electricity than the entire country now consumes and generate few greenhouse gas emissions, says the report by a team of 12 scientists led by Stephen Grasby at the federal Geological Survey of Canada.

    “As few as 100 projects could meet Canada’s energy needs,” according to the team’s findings, to be presented at a geothermal conference in Toronto on Thursday.

    The 322-report suggests the clean, renewable source of energy could be a game-changer.

    “Canada’s in-place geothermal power exceeds one million times Canada’s current electrical consumption,” the report says.

    The heat is closest to the surface in large swaths of British Columbia, Alberta, the Yukon and Northwest Territories, but the report says geothermal energy opportunities exist across Canada.

    It notes that geothermal has distinct advantages over not only fossil fuels and nuclear energy but also wind, solar and biofuels, as the Earth’s heat is available 24 hours a day, year-round.

  5. Is Al Gore now a help or hindrance to the global warming cause?

    Death by Powerpoint. I have suffered this torture too many times over the years. We all probably have.

    So I was a little nervous this morning logging into Climate Reality – Al Gore’s 24-hour global-warming warning – as to what I might discover. And, I have to say, my heart immediately sank.

    A no-doubt sincere presenter from the Solomon Islands was showing slide after slide of extreme weather events around the world that have occurred over the past year and linking everyone, it seemed, to the rise in anthropogenic greenhouse gas emissions. As anyone who follows the climate debate closely knows, that is a very contentious peg on which to hang your hat. That kind of talk traditionally requires lots of caveats and careful explaining. Done with abandon and raw emotion – as this presenter seemed to be doing – and you are quickly labelled in some quarters as a climate “alarmist”.

  6. It seems a lot of Dems are in their season of implosion. Gore, Obama, you name it

    What should the White House do? Panic!

    Editor’s note: James Carville is a Democratic strategist who serves as a political contributor for CNN, appearing frequently on CNN’s “The Situation Room” as well as other programs on all CNN networks. Carville remains active in Democratic politics and is a party fundraiser.

    (CNN) — People often ask me what advice I would give the White House about various things. Today I was mulling over election results from New York and Nevada while thinking about that very question. What should the White House do now? One word came to mind: Panic.

    We are far past sending out talking points. Do not attempt to dumb it down. We cannot stand any more explanations. Have you talked to any Democratic senators lately? I have. It’s pretty damn clear they are not happy campers.

    This is what I would say to President Barack Obama: The time has come to demand a plan of action that requires a complete change from the direction you are headed.

    I don’t know how else to break this down.

    The best sound in war is the gunshots of the other side shooting its own

  7. machinehead says:

    One of the funds mentioned by Richard Russell is PRPFX, inspired by the late Harry Browne’s Permanent Portfolio which consisted of 25% each in bonds, stocks, gold and T-bills.

    PRPFX’s recipe is slightly different: 20% in gold, 5% in silver, 10% in Swiss francs and bonds, 15% in real-estate and natural-resource stocks, 15% in growth stocks and 35% in cash and U.S. bonds.

    Its return has just beaten the crap out of most pension funds, which went over the waterfall twice in the past decade with their stock-heavy allocations and dearth of alternative assets. This article quotes a 10.5% annualized return for PRPFX from mid-2000 to mid-2010:

    Harry Browne’s original Permanent Portfolio has a 30-year track record. In those three decades, there were only a few losing years, with losses well contained.

    How many Wall Street capital destroyers are going to clue you in to this simple, passive multi-asset portfolio that beats their recommended strategies hands down, decade after decade??

  8. overanout says:

    ” Beginning of the End for Suburban America?” Finally starting to see some discussion regarding the so called American Dream of home ownership. The reality is that tract homes built since the 70′s are poorly constructed, need constant upkeep or they look like shit and fall apart, are expensive, far from large employment centers, require multi auto, along with two wage earners to make ends meet. What they do provide is good jobs for those companies maintaining American roads.

  9. overanout says:

    “Financial TV is pornography” I like several pornography sites but never watch financial TV or even MSM news so I can’t comment as to how similar they might be but my guess is that I would enjoy my pornography sites way beyond anything the financial media can throw at me!

  10. overanout..

    obviously(?) you have a ‘one-track’-mind..


    por·nog·ra·phy (pôr-ngr-f)
    1. Sexually explicit pictures, writing, or other material whose primary purpose is to cause sexual arousal.
    2. The presentation or production of this material.
    3. Lurid or sensational material: “Recent novels about the Holocaust have kept Hitler well offstage [so as] to avoid the … pornography of the era” (Morris Dickstein).


    [French pornographie, from pornographe, pornographer, from Late Greek pornographos, writing about prostitutes : porn, prostitute; see per-5 in Indo-European roots + graphein, to write; see -graphy.]
    esp.def. #3 & note the ~recent advent of the term

    “…Painting by Anthony Freda:
    While the Rupert Murdoch scandal is justifiably front-page news, there is a much wider problem with the mainstream media.
    Purchasing Reporters

    Famed Watergate reporter Carl Bernstein says the CIA has already bought and paid for many successful journalists.

    A CIA operative allegedly told Washington Post editor Philip Graham … in a conversation about the willingness of journalists to peddle CIA propaganda and cover stories:
    You could get a journalist cheaper than a good call girl, for a couple hundred dollars a month.
    The Church Committee found that the CIA submitted stories to the American press: …”

  11. machinehead says:

    Dan Koeppel in ‘The Future of Light is the LED’:

    ‘There’s the public’s lingering distaste for compact fluorescent lamps, which failed miserably in their projected role as bulb of the future. The consumer backlash resonates, and not simply because CFLs are horrible, flickery, ugly, and unreliable. Problems of dimming, flicker, and light color remained. And manufacturer claims of bulb lifetime and quality were wildly exaggerated.

    No-name commodity [CFL] bulbs still perform poorly, and even the big brands continue to poison the well by selling, for example, CFL floodlights, which often wind up in outdoor motion-sensor systems. This is an absolutely inappropriate use, given how fast the bulbs expire when they have to flick on and off so quickly.

    All of this twisted rant is an immense load of grossly biased horseshit from a journo-ho who doesn’t know watts from lumens. Regardless of what Koeppel claims, we have dimmable CFLs in our dining room, with perfectly acceptable color. In the attic, we have 400 watts equivalent of CFL floodlights, which consume only the equivalent of one 100W bulb.

    It’s 10o-percent obvious that Koeppel is acting as a paid shill for Switch, the startup mentioned in the topic paragraph, and repeatedly glorified throughout the article for its vaporware product.

    Wired has descended a long way from its iconoclastic 1993 origins, to become just another eye-glazing MSM shill operation in the Conde Nast stable. Who has time to read such tendentious garbage?

  12. Rondy says:

    Copy you, Barringo

    Speaking of being distracted by the facts:

    I simply would not believe today’s market rise, after seeing that line up of Wounded Duck Econometrics play out, if I had not already made the assumptions I’ve made about what I expect from the market over the balance of S and into O.

    Can there be any doubt about the intentions of the central banks of the West?:

    Can there be any doubt that Geithner allowing himself to be interviewed by Cramer:

    …was probably evidence of his and Benber N. Anke’s act of sacrificing at the Alter of Cramer in order to gain his nod? They need Cramer on board and he’s been an errant child recently. Anke and Geithner want a little Boo-Yah! right about now.

    If we get Buffett in a sound-bite any time soon, it’ll be his age-old same style of commentary about equity values… That’ll be the trifecta. From the grave he’ll reach up a dead cold hand and put one last hotel on Park Place.

    Could my juxtaposition for expecting a poor economy, but a bully S and early O be any better illustrated?

    Now, let’s see if it holds today into the close and into tomorrow. A green close today and tomorrow would be quite good indeed for advancing my thesis.


  13. gremlin says:

    This was a good article about George W. Bush:

  14. maddog2020 says:

    Today’s train reading :

    • Satyajit Das: ‘Financial TV is pornography’ (The Globe and Mail)

    So on the web, can we expect http://www.foxbusiness.XXX soon?


  15. Jojo says:

    Carville for president! Almost any Democrat would work in place of Obama.

  16. maddog2020 says:

    Machinehead: agree regarding the CFL/LED article. We’ve done the same with CFLs (dimmer floods included), and while some definitely suck, with most name brands we’ve had no problems with color. We’ve had some for over 8 years! We tried two LEDs when they were on sale for $10 a piece and they are heavy as bricks, but put them in fixtures where we couldn’t put a dimmable CFL. We’ll see (ha ha) if they last as long as advertised.

    I did enjoy the next Wired article, though. (money saving ideas for when I need to replace some aging equipment)

  17. G Street says:

    I wonder if most people realize just how great of an effect this financial and cable news porn has on markets and the state of politics in our society. The average viewer falsely assumes that these outlets are providing a public service by reporting the ‘news’ when in fact these operations are 100 percent profit-driven and need sensational content to stir the angst of the people above and beyond all else.

  18. I wrote this was back in 2005, but its still just as valid today:


  19. tagyoureit says:

    I read somewhere that LED light results in a significant reduction in melatonin compared to incandescent. But I guess one could apply the cost savings towards sleeping pills.

  20. Greg0658 says:

    see Background page 4 .. for documentation on belief that LED lighting is crisper to our eyes because of the smaller spectrum of colored light output:

    see for yourself by .. reading under LED, tungsten, fluorescent lighting