Today’s afternoon train reading :

• U.S. Incomes Seen Stagnant Through 2021 (WSJ) see also Growing Income Gap May Leave U.S. Vulnerable (Bloomberg)
• Tips from a top stock market contrarian ? (Market Watch)
• Little Banks vs. Big Banks (Slate) see also Florida says more work needed in foreclosure talks (Reuters)
• In a Down Economy, Fewer Birth (Pew Social Trends)
• The book-cooking index (Economist) see also Benford’s Law and the Decreasing Reliability of Accounting Data for US Firms (Studies in Everyday Life)
• Pogue: A Look at Apple’s iCloud  (Pogues Post)
• NY Tops Massachusetts in U.S. Venture Deals for 1st Time (Bloomberg) see also Web Start-Ups Hit Cash Crunch (WSJ)
• 12 Extremely Disappointing Facts About Popular Music (Buzz Feed)
• The GOP ties itself up in knots (Washington Post) see also Supply-Sider Investment Advice (The Mess That Greenspan Made)
• New Tumblr: (Shit That Siri Says) see also Could an Apple iTV really succeed? (Digital Trends)

What are you reading?

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Occupy Wall Street Comes to Boston

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 “10 Thursday PM Reads”

  1. Jojo says:

    Felix Salmon
    How macroeconomic statistics failed the US
    Sep 27, 2011 11:51 EDT

    There’s one big reason why the current economic weakness in the US has come as such a shock. It’s not the only reason, but it’s an important one, and it hasn’t gotten nearly the attention it deserves: the state of macroeconomic data-gathering in the US is pretty weak.

    In particular, the data coming out of the Bureau of Economic Analysis at the beginning of 2009 was way off. Here’s Cardiff Garcia, introducing an interview with Fed economist Jeremy Nalewaik:

    The initial GDP estimate for the fourth quarter of 2008 showed that the economy contracted by 3.8 per cent. It was released on January 30, 2009 — about three weeks before Obama’s first stimulus bill passed. That number was continually adjust down in later revisions, and in July of this year the BEA revised it all the way down to a contraction of 8.9 per cent.

    The BEA is happy to try to explain what happened here — but whatever the explanation, the original 3.8% figure was a massive and extremely expensive fail. It was bad enough to be able to get a $700 billion stimulus plan through Congress, but if Congress and the Obama Administration had known the gruesome truth — that the economy was contracting at a rate of well over $1 trillion per year — then more could and would have been done, both at the time and over subsequent months and years. Larry Summers warned at the time that the risks of doing too little were much greater than the risks of doing too much; only now do we know just how right he was on that front. (And even he didn’t push for a stimulus of more than $700 billion.)

    http://blogs.reuters.com/felix-salmon/2011/09/27/how-macroeconomic-statistics-failed-the-us/

  2. formerlawyer says:

    Paul Simon is 70 today. It makes his Song “Old Friends” written in 1967 prophetic.

    http://www.youtube.com/watch?v=HH7Ub3DgY4o

  3. TraderMark says:

    To the birth rate issue, I wrote ‘are Kids Becoming a Luxury Good in the U.S.’!

    http://www.fundmymutualfund.com/2011/09/are-children-becoming-luxury-good-in-us.html

  4. A says:

    RE: popular Music

    The commercial music industry, Hollywood and Washington D.C. have proven time and again, that there can be no relationship whatsoever between popularity and quality.

  5. MikeInSF says:

    Charts and graphs – OWS explained (by a mainstream business source, no less):

    http://www.businessinsider.com/what-wall-street-protesters-are-so-angry-about-2011-10?op=1

  6. SAWSTOP in TimeWarp

    This is like air bags for the table saw. Great invention. Should save fingers

    http://lifeinthekeyofc.waterforlife.ws/index.php/archives/1836

    BOATLIFT, An Untold Tale of 9/11 Resilience

    Every once in a while human beings do something that makes you want to like them again…..so where are these people in rush hour!

    Tom Hanks narrates the epic story of the 9/11 boatlift that evacuated half a million people from the stricken piers and seawalls of Lower Manhattan. Produced and directed by Eddie Rosenstein. Eyepop Productions, Inc.

    In nine hours, boats streaming in from all over the Northeast evacuated 500,000 people trapped on Manhattan Island by the complete shutdown of all trains and bridges in the wake of the fall of the twin towers. (Compare that with history’s second-biggest evacuation, of 339,000 soldiers and civilians from Dunkirk, in WWII, which took nine days.)

    http://lifeinthekeyofc.waterforlife.ws/index.php/archives/1851

    Full HD High Speed Movie – Eagleowl

    Beautiful creature

    You’ll probably want to full screen this

    http://lifeinthekeyofc.waterforlife.ws/index.php/archives/1838

  7. peep, should be thankful for EFF, at the min. ..

    Facebook Reportedly Can Track Web Browsing Without Cookies
    October 13th, 2011

    This is related to browser uniqueness. See How Unique – and Trackable – Is Your Browser? and Network Device Fingerprinting for the background on how this works.

    Again, Facebook widgets must be blocked from loading by default, unless, of course, you’re ok with this nonsense.

    Ghostery is the easiest solution. AdBlock+ and NoScript will also work. The article below mentions other tools as well.

    Via: Reader Supported News:

    The Electronic Frontier Foundation cites a September 25th, 2011 blog post by hacker and writer Nik Cubrilovic that proved Facebook’s session cookie was not being deleted upon log-out. Facebook responded with a “fix-it,” but it raises serious concerns about whether one can effectively log-out of Facebook and whether or not Facebook can track users without the benefit of cookies.

    According to Cubrilovic, he waited for a year to hear from Facebook on this privacy issue that he discovered, emailing them and reaching multiple dead-ends.

    Two days later, on September 27th, Cubrilovic noted, “In summary, Facebook has made changes to the logout process and they have explained each part of the process and the cookies that the site uses in detail … They want to retain the ability to track browsers after logout for safety and spam purposes, and they want to be able to log page requests for performance reasons etc.”

    EFF, however, is unequivocal in stating, “Facebook can track web browsing history without cookies.”…”
    http://cryptogon.com/?p=25460
    ~~~

    Government Aims to Build a ‘Data Eye in the Sky’
    October 13th, 2011

    Do you notice how this technocratic theocracy is the same old snake handling and sky god worship, but with “science” and computers? Same result, it just doesn’t look like a Pentecostal revival. Instead of people speaking in tongues and waving bibles, technocrats in suits are telling us that the machines will find the terrorists who live amongst us by “pro-actively mining the data.”

    —One Magic 8 Ball to Rule Them All? Hallelujah, Brother, Praise the Lord

    Some related posts:

    Synthetic Environments for Analysis and Simulation

    Augmented Google Earth Gets Real-Time People, Cars, Clouds

    AT&T Invents Programming Language for Mass Surveillance

    Location Intelligence by TruePosition: System for Tracking People via Mobile Devices

    The Last Roundup: MAIN CORE

    NSA Intercepts of the Private Telephone Calls and E-Mail Messages of Americans Are Broader Than Previously Acknowledged

    General Council of U.S. National Security Agency: Americans Are Tracked Via Mobile Phones

    http://cryptogon.com/?p=25441

  8. Futuredome says:

    A, commercial music and Hollywood make what sells. Americans(really globally) have really gotten into sex and debauchery over the last 100 years. By the 1960′s the demand overwhelmed morals. Over the last 20 years, they have gotten into sex and violence turned stupid. If Hollywood makes anything “down to earth”, it doesn’t sell……….and they have tried. The music industry is burned out. Innovation is over and we are seeing the profit motive come again from mogul capital owners to what sells.

    We are a burned out culture. The party is over. I suspect this is a underground reason why the neo/paleo conservative has been trying to dismantle the reforms that began during the tailend of the long depression in the 1890′s. Having workers work less is a big reason why the fascination with sex has grown globally. With less time on your hands, it leaves time to pursue more “carnalistic” habits. Bringing back the 70 hour work week including Saturday would help rebuild judeo-christianity into the system. Whether they can get there without a big body count is questionable. Not all reasons for debauchery come from labor reforms, some of its technology. Building “facades” like the 50′s didn’ t work long term(the 80′s attempt failed miserably to even build the facade). So you have to make the people suffer. Having depression and population declines would probably help, but then you are forced with terrible decisions. It is why the American version of “kosher konservatism” is in crisis and acting out with no real aim. The middle class is acting like the old aristocracy did.

    FWIW, Romny is a idiot not taking “Romnycare” national while filling in the cost part. He would be highly popular as a reformer and would easily win the Presidency. Everybody knows he is a reformer Republican. Trying to act like a neo-con/supply-sider incarnate doesn’t work for him. Running on it in the general campaign would kill him even going against a wimp, “mixed-race” guy like Obama. Especially if the economy picks up speed before the election. Funny thing is, OWS may force capital owners hands into spending more money boosting the economy for Obama.

  9. dpharris says:

    Re: 12 Extremely Disappointing Facts About Popular Music

    US Population growth (let alone Napster-style piracy) renders “records sold” a pretty awful all time benchmark. As for number one hits, well clearly music is marketed (and consumed) quite differently than in those days.

    http://www.census-charts.com/Population/pop-us-1790-2000.html

    http://www.ritholtz.com/blog/2011/09/the-myth-of-cash-on-the-sidelines/

  10. MayorQuimby says:

    “U.S. Incomes Seen Stagnant Through 2021″

    That pretty much tells you all you need to know about housing.

  11. scottinnj says:

    “From 2000 to 2010, median income in the U.S. declined 7% after adjusting for inflation, according to Census data. That marks the worst 10-year performance in records going back to 1967. On average, the economists expect inflation-adjusted incomes to rise over the next decade, but the 5% projected gain isn’t enough to reach prerecession levels.”

    Obviously we need more tax cuts and maintain the 15% carried interest tax rate

  12. frodo1314 says:

    Wow – that WAPO article on the GOP is a bit partisan, no? Is there no merit to the other side of the argument of even some of the points rasied therein….?

  13. maddog2020 says:

    Frodo1314 – the piece in WAPO was an opinion piece, not an article, from a fairly well-known liberal-leaning columnist (Dionne).

  14. VennData says:

    Obama Vows to Punish Iran

    Raise their taxes. They’ll go absolutely nuts, call him a white, North-American, Baptist and hold up every gov’t initiative to the point of getting their bond rating dropped. It will decimate the mosque creators.

    http://www.nytimes.com/2011/10/14/us/obama-calls-for-iran-sanctions-following-alleged-plot.html