These are what I read, skimmed, excerpted and digested this AM:

• The big news is obviously the European Bailout:
…..-EU Sets 50% Greek Writedown, $1.4T in Rescue Fund (Bloomberg)
…..-Europe’s problems, the long-historical perspective (Daily Reckoning)
…..-Eurozone bailout questions, so little time (Alphaville)
…..-Europe’s grand gamble risks failure without ECB (Telegraph)
• Transcript of “Lost Decades: The Making of America’s Debt Crisis and the Long Recovery” (IMF)
• Fed Won’t Share Internal View Underlying Risks (Bloomberg)
• In Fight Against Securities Fraud, S.E.C. Sends Wrong Signal (DealBook)
• How GE ensures that its best employees keep getting better (Smart Blog)
• Can a monkey pick a hedge fund? (Market Watch) see also Rule Allows U.S. a Close Look at Big Hedge Funds (NYT)
• Special Report: Harrisburg, Pa: a city at war with itself (Reuters)
• China Suspected in Attacks on U.S. Satellites (Bloomberg)
• Warren Takes Credit for Occupy Wall Street (Daily Beast)
• Facebook by the Numbers (Mashable)

What are you reading?
>


Hat tip Jim Bianco

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.

17 Responses to “10 Thursday AM Reads”

  1. machinehead says:

    If today is not THE quintessential ‘buy the rumor, sell the news’ trade … then everything I know is wrong!

    When does the lawsuit against ISDA get filed?

  2. Francois says:

    Reading Yves Smith’s take on the Eurozone “deal”. Man! Stating this whole deal is underwhelming is the euphemism of the year. Bluster and bullshit galore, posturing and quasi-panic are rampant.

    http://www.nakedcapitalism.com/2011/10/eurozone-leaders-agree-a-few-rescue-details-like-50-haircut-on-greek-bonds-plan-to-develop-a-plan-gooses-markets.html

  3. Francois says:

    Forgot to mention an extraordinarily hilarious read:

    Charlie GasBagRhino on how the political and corporate elites are (ready for this?) “kissing up to Occupy Wall Street as they attack the Tea Party”. http://t.co/y2Ud59t3

    ROFLMAO!!

  4. deanscamaro says:

    I ran across this article that discusses the hot button that sets me off about the Republicans. They constantly beat the drum about “uncertainty of government regulations” as being the cause in everything related to the present economic situation/joblessness problems. Are they blind to the fact that until consumer spending starts up again, businesses are not going to increase hiring and start producing? They remind me of a bunch of blind pigs, wandering around and bouncing off walls. They are really struggling to find their own relevancy.

    http://www.bloomberg.com/news/2011-10-26/reducing-red-tape-is-great-but-it-won-t-solve-jobs-problem-view.html

  5. NoKidding says:

    Re: Merkel pictures…

    Thanks for the new desktop wallpaper. ROTFLMAO!

  6. Mike in Nola says:

    @NoKidding

    So which one is Sarko, which is Mr. Bunga Bunga and which is Jean Claude?

  7. Mike in Nola says:

    In case anyone missed it, even Pat Robertson thinks the Republican candidates have gotten into a way-too-extreme pissing match.

    http://www.youtube.com/watch?feature=player_detailpage&v=TyQ7LaaZsds#t=2s

  8. dead hobo says:

    God, those Merkel pictures are wall paper for a vomitorium.

    But I must thank her for making Sarkozy the new shoe shine boy for the Chinese. (I even upped my initial buy back to over 30%)

    Congrats to the Chinese for waiting patiently. Soon they will control European banking, cause the euro to have greater world stature, have secure and prosperous trade routes, and control 2/3 of the world’s commerce and finances.

    I really thought Europe would create a meltdown of some kind and the Fed would start QE3. Not now. Somebody must have told them to shit or get off of the pot yesterday, as it looked dismal at end of day. Without last night’s commitments, we might have seen an end of world event over the weekend or soon after. Now, back to the melt up … until the next correction.

  9. dead hobo says:

    Also, it is within the realm of possibility that this is the sequence of events that ultimately causes Pimco and their earlier analysis of UST bond rates to be right. They were possibly a year too early.

    This is, of course, speculative, but China sells US debt to raise cash for European assets. Operation twist ends, although it doesn’t look effective at this time anyway. UST buyers have already bailed for a rising equity market. UST rates rise significantly to prior levels and above. If oil stays high and goes higher (likely) employment stays low because spending remains concentrated on necessities. Thus, Govt revenue receipts remain lowered and expenditures remain elevated. The cost to borrow money rises and the deficit likely does not shrink. The US goes Greek, or at least tilts Hellenic. Who knows how the S&P will react, but savers who know how to buy long term debt will finally have a decent rate to buy into.

  10. formerlawyer says:

    Bankers arrested 0; Protesters Arrested 2,511 & counting…

    http://www.newdeal20.org/2011/10/27/unequal-justice-banker-arrests-0-protester-arrests-2511-62928/

    If you want to get rich – don’t follow the herd..

    http://www.floatinguniversity.com/lectures-ackman

  11. rktbrkr says:

    Re Yves Smith piece: If only 75% of the bankers volunteered for a 21% haircut I can’t imagine more than 75% being willing to take a 50% haircut (at 50% there will be some bloody scalp on the floor). If 60% haircut was needed who makes up the shortfall – especially if less than 75% volunteer? More pay & benefit haircuts for the Greek workers?

    This is a great solution except for the details.

  12. jlj says:

    Barry:

    When they talk a 1.4 trillion euro bailout, is there a convention in international finance that the trillion is a US trillion (10to 12th) or is it european trillion (10 to 18th)? or have they translated a 1.4billion euros into the american units of 1.4 trillion euros?

  13. LLouis says:

    The Fukushima nuclear plant disaster probably released more than twice the amount of radiation estimated by the Japanese government, and 20 times more than estimated by the plant operator TEPCO !!! …says Institut français de radioprotection et de sûreté nucléaire (IRSN)

    The amount of radioactivity released is now estimated at 42 percent of that released at Chernobyl in 1986.
    The radioactivity comes mostly from Cesium137.

    ” Cesium 137 is a source of concern for public health because the radioactive isotope has a half-life of 30 years. ”

    ” Areas around the Fukushima Dai-Ichi plant, which is still emitting radioactive materials, may be uninhabitable for at least two decades ”

    ” «Les organismes benthiques (vivant près des fonds marins) et filtreurs ainsi que les poissons au sommet de la chaîne alimentaire», sont, dans la durée, les plus sensibles à la pollution au césium, relève l’IRSN ”

    Translation : bottom feeders and top fish predators will be mostly impacted by cesium contamination…

    http://www.bloomberg.com/news/2011-10-27/fukushima-plant-may-have-emitted-double-radiation-than-estimated.html?pid=bit

    http://fr.canoe.ca/infos/environnement/archives/2011/10/20111027-104136.html

  14. DJM18 says:

    Highly recomend a series that is just coming out in Bloomberg:

    Kahneman: Bias, Blindness and How We Truly Think

    Here is the link to Part I

    http://www.bloomberg.com/news/2011-10-24/bias-blindness-and-how-we-truly-think-part-1-daniel-kahneman.html

    About the author:

    Daniel Kahneman, a professor of psychology emeritus at Princeton University and professor of psychology and public affairs emeritus at Princeton’s Woodrow Wilson School of Public and International Affairs, received the Nobel Memorial Prize in Economic Sciences for his work with Amos Tverksy on decision making. This is the first in a four-part series of condensed excerpts from his new book, “Thinking Fast and Slow,” just published by Farrar, Straus and Giroux. The opinions expressed are his own.)

  15. MikeW says:

    Nice shots of “Angle-Ahh”.

    Hard to tell if Frau Merkel is re-enacting a hold-up, practicing Karate, or describing her likes & dislikes in men.