Some morning reads to end your week with:

• 3 reasons why the EU wants rating agencies to shut op for a while (Econo Shock) see also European debt crisis talks plunged into chaos as leaders announce another summit (Telegraph)
• Consumers Most Negative Since Recession (Bloomberg)
• Could ‘Twist’ Really Be Working? (WSJ) but see Fed Told Us 2012 Economy is Ugly (Alhambra)
• Millionaires Control 39% of Global Wealth (WSJ)
• M.B.A.s Seek to Occupy Wall Street (WSJ) see also Advisers split on Occupy Wall Street (Investment News)
• Steve Jobs Threatened ‘Thermonuclear War’ on Google (Bloomberg)
• New Politics: Secret Cash Baiting Officials Leaves No Trace in U.S. Attack Ads (Bloomberg) see also Price of Power: Congressional Leadership Positions for Sale to the Highest Bidder (AlterNet)
• Dropbox Will Simplify Your Life (NYT)
• The “Last Place Aversion” Paradox (Scientific American) see also Why We Can’t Let Go of Our Losers (WSJ)

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.

22 Responses to “Friday 10 AM Reads”

  1. mathman says:

    pardon the interruption, but you might wanna see this:
    http://www.youtube.com/user/dutchsinse#p/u/0/WZi43ZLsT1Y

    oh, and a little closer to home (2 hr from my house by car):
    http://news.yahoo.com/driller-wins-approval-halt-water-pa-town-182239526.html?bouchon=504,pa

    Ye see? Sooner or later it comes right to your doorstep. Pay attention folks, it’s gettin’ serious.

    sorry if this is off-topic

  2. machinehead says:

    1. Six days till ‘final euro summit’ — check
    2. Six percent yield on Italian bonds — check
    3. Six AAA credits left in eurozone [Germany, Austria, Netherlands, France, Finland, Luxembourg] — check

    My ’666′ plan to destroy the euro is in place!

    All your euro are belong to us!

  3. willid3 says:

    maybe the reason we didn’t fix the financial system and don’t care if the banks to TBTF?

    http://content.usatoday.com/communities/ondeadline/post/2011/10/preacher-harold-campaing-who-warns-today-is-end-of-world-keeps-low-profile/1

    after all if the world ends today. who cares?

    2nd verse, same as the 1st?
    same source too

  4. VennData says:

    French Jet Halted Qaddafi’s Escape From Stronghold – Bloomberg

    ‘…On March 10, after a meeting at Sarkozy’s Elysee presidential palace with leaders of the TNC, organized by French philosopher Bernard-Henri Levy, France became the first Western government to recognize the council as the representatives of the Libyan people… Once they’d define the terms ‘recognize,’ ‘Western,’ agreed to social structure model framing the “leaders” and formalized a systemic simulacrum of non-arbitrary truthfulness used to determine the ontological framework of ‘first’…”

    http://www.bloomberg.com/news/2011-10-20/french-air-power-begins-ends-nato-air-campaign-over-libya.html

  5. VennData says:

    Koch-Bros.-funded Climate Change study shows … gulp… climate change.

    http://berkeleyearth.org/

    Are The Koch’s falling for science? WTF is going on here?

    Mitch McConnell and John Boehner had better hope the brothers don’t do a study of the marginal job-creation under the those horrifying Clinton tax rates we’re all trying to avoid returning to at any cost.

  6. machinehead says:

    It’s the end of the world as we know it … and the banks feel fine!

  7. MorticiaA says:

    http://www.nytimes.com/2011/10/13/us/politics/herman-cains-tax-plan-changes-gop-primary-math.html

    The brains behind the Cain 9-9-9 plan is an FA with no background in economics, but Cain is calling him his “lead economist.”

  8. MorticiaA says:

    Also reading my ISI emails. Today’s tidbit: Super committee not on track for $1.2 trillion in genuine deficit reduction

    Color me shocked.

  9. acai says:

    The news over the past week that Obama is sending 100 troops into Uganda, which are being sent on this “humanitarian” mission as “advisers” only, got me curious about what is happening in Uganda.

    Turns out there is a lot of oil in Uganda.

    April 2011
    “The centerpiece of Uganda’s nascent oil industry is the Lake Albert field that holds at least 2.5 billion barrels of oil. Some estimates go as high as 6 billion barrels”
    http://www.upi.com/Business_News/Energy-Resources/2011/04/07/Museveni-tightens-grip-on-Ugandas-oil/UPI-94521302211453/

    May 2010
    “A Bonanza Beckons”
    http://www.economist.com/node/15825780

    September 2009
    NY Times
    http://green.blogs.nytimes.com/2009/09/29/uganda-oil-find-stirs-hope-and-conflict/

    January 2009
    The Times of London reprinted
    Fresh Uganda Oil Find ‘Africa’s Biggest’
    http://www.informationclearinghouse.info/article29410.htm

    October 1, 2011
    “Oil Could Cause War”
    http://www.independent.co.ug/cover-story/4683-oil-could-cause-war

  10. BusSchDean says:

    One more read or article to share: Stiglitz speech last March on the factors contributing to the crisis. He hammers it, imo.

    http://onlinelibrary.wiley.com/doi/10.1111/j.1749-124X.2011.01256.x/pdf

  11. BusSchDean says:

    When I was in the military we might have described the EUs continuing discussion, and discussion, and discussion of their situation as a “circle jerk” though as a business school dean it would be undignified for me to use such a term.

  12. jaymaster says:

    BusSchDean,

    A better analogy to me is Nero fiddling while Rome (and Athens, and….) burns.

  13. readerOfTeaLeaves says:

    In the spirit of that magnificent cartoon this week at BP showing God introducing Moses to Steve Jobs for a tablet upgrade, here’s a link to this week’s New Yorker cover. (FWIW, why, oh why is it so tempting to now type NewYorker, and think the traditional spelling is ‘wrong’?)

    http://www.newyorkerstore.com/invt/137418/?utm_medium=referral&utm_source=NewYorker

    I’ve not yet nabbed the iPad app for NY, so still get the hard copy. This cover may get a special place on a wall somewhere…possibly in the ‘computer cemetary’ part of the basement, where an old Apple IIe monitor still remains. Too sentimental to part with those old Apples and Macs, while loads of other things have gone to the Goodwill through the years…

  14. Brett Tibbitts says:

    WILL THE UNITED STATES GO THE WAY OF GREECE?

    The Tea Party gives me hope that we will not. The Occupy Wall Street movement inclines me to think we will.

    This article says it all:

    http://pointsandfigures.com/2011/10/20/will-the-us-be-different-from-greece/

  15. dougc says:

    It looks like the European debt problem solution boils down to this: who will eat the sh4t sandwich? The obvious choices are the German taxpayer, the French banks, the ECB or the IMF. I have a feeling it will be our Fed and actually the American people.

  16. Francois says:

    Stumbled upon a tweet mentioning my fav NY Federal Judge Jeb Rakoff.

    Turns out he has to approve the Citi deal:
    http://dealbook.nytimes.com/2011/10/20/citigroup-deal-to-go-to-judge-critical-of-s-e-c-practices/

    However, the SEC, in their desire to prove stupider than the OCC ( a rather difficult feat) insist in using the extraordinarily offensive formula “without admitting or denying” wrongdoing.

    Judge Rakoff warned the SEC two years ago about that; Alas, (or should I say “fortunately”?) the fuckers won’t listen.

    Hence, the deal could be trashed.

    Ooooops!

    Wouldn’t that be sooooo sad?

  17. willid3 says:

    Brett Tibbitts, no the US won’t go the way of Greece. even though we have some characteristics in common (democracy, folks who won’t pay taxes, etc).
    mainly because we have our own currency. and our debt is in that currency.
    not sure the tea party or ows will have much impact on that.
    while some can come up with scary sounding debt (70 trillion in unfounded deb, in 70 years, what they forget is the US economy is 14 trillion. a year. now if they think the econ0my is going to collapse all together. that would make a big difference. but if thats what you think can or will happen, one could also make the argument that capitalism would be doomed. like it almost was after the great depression. and people are lot less patient than they were then ).

  18. FNG says:

    “I am the 1%. Smithers, release the hounds.” Classic dude! Have a great weekend!

  19. VanL says:

    Here is Burns’ response to the Occupy Wall Street sign that you posted a few days ago:
    http://www.quickmeme.com/meme/357b54/

  20. jd351 says:

    @ Brett Tibbitts

    Really A speculator. I have seen you post before this applies to you:

    Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

  21. hazeleyes says:

    There are a lot of millionaires in the world! If everyone of them has at least 1m, that’s a lot of cash, and “millionaires” takes in billionnaires, trillionaires, etc. The 39% -of-the-whole seems conservative.

    http://statspotting.com/2011/05/number-of-millionaires-in-the-world-38-million/

    Number Of Millionaires In The World: 38 Million
    We spotted this stat today:


    The number of millionaires is forecast to rise 72.5% to 65.5 million worldwide by 2020 from about 38 million this year. In the United States, home to nearly half the world’s millionaires, the increase is expected to be even sharper: a 96.2% jump to 20.6 million. The estimates of household wealth are based both on financial assets such as stocks and bonds, and nonfinancial assets like primary residences and business ownership.

    How much wealth are we talking about? Trillions upon trillions of dollars. Worldwide, the value of assets held by millionaires is $92 trillion this year, and that figure is expected to more than double to $202 trillion in 2020. For U.S. millionaires, total wealth is also predicted to more than double, from $39 trillion today to $87 trillion by the end of the decade.”

    See full article from DailyFinance: http://srph.it/lrcBgG