My afternoon train reading on this day when stocks had their biggest rally since March 2009:

• Central Bank Intervention Round Up:
…..-Welcome to the Great Global Easing (Fortune)
…..-Pain Killer, Not Cure (WSJ)
…..-Bank Intervention Raises Questions (Forbes)
• On Wall Street, Some Insiders Express Quiet Outrage (Dealbook)
• For S.E.C., Court Ruling on Penalties Ties a Hand (NYT)
• The Personal Computer Is Dead (Technology Review)
• Stress kills, so try a new action-meditation (Market Watch)
• Dallek: Kennedy, Reagan Loved for All the Wrong Reasons (Bloomberg)
• Standup Comity (The Morning News)
• Slice of Life: a Quest to Try All the Pizza in the Big Apple (WSJ)
• When Apartment Rents Climb, Landlords Can Say ‘The Computer Did It’ (NYT)
• The Math Changes on Bulbs (WSJ)

What are you reading?

Masters of the Universe, Unite!

End the occupation, free Bernie Madoff, and leave Wall Street alone.

Source: Khalil Bendib

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 Mid-Week PM Rally Reads”

  1. JohnnyVee says:

    Does all this CB coordination mean that a decision about the Euro has been made? If so, what do you think the decision is?

  2. JimRino says:

    I Laughed Out Loud!

  3. RW says:

    Lost Decades: The Making of America’s Debt Crisis and the Long Recovery

    Welcome to Argentina: by 2008 the United States had become the biggest international borrower in world history, with almost half of its 6.4 trillion dollar federal debt in foreign hands. The proportion of foreign loans to the size of the economy put the United States in league with Mexico, Pakistan, and other third-world debtor nations. The massive inflow of foreign funds financed the booms in housing prices and consumer spending that fueled the economy until the collapse of late 2008.

    The authors explore the political and economic roots of this crisis as well as its long-term effects. They explain the political strategies behind the Bush administration’s policy of funding massive deficits with the foreign borrowing that fed the crisis. They see the continuing impact of our huge debt in a slow recovery ahead. Their clear, insightful, and comprehensive account will long be regarded as the standard on the crisis.

  4. Jojo says:

    Fidelity: 401(k) balances drop 12 pct in 3Q
    November 30, 2011

    BOSTON (AP) — Workers continued to stash more money in their 401(k) plans in the third quarter, but the stock market’s sharp decline only left them further behind in reaching their savings goals.

    The average balance in Fidelity Investments’ plans dropped nearly 12 percent, falling to $64,300 by the end of September from $72,700 three months earlier, the company said Wednesday.

    That setback snapped four consecutive quarters of increases, and even put investors behind where they stood a year ago. Their balances were down 2 percent compared with September of last year, according to Fidelity, the largest workplace savings plan provider, with 11.7 million participants.

    Blame the 14 percent decline in the Standard & Poor’s 500 index in the third quarter. Investors worried about the European debt crisis and slow economic growth at home, leading to the stock market’s worst quarterly loss since the financial crisis in late 2008.

  5. Mike in Nola says:

    I see we have yet anothe explanation about how those several hundred million pc’s sold each year don’t matter because there are iPhones and iPas and that Steve Jobs triumphed in death.

  6. SOP says:

    Infographic Of The Day: The Metals That Enable Our Gadgets Are Vanishing

    Jevons Paradox is probably the world’s least appreciated Big Idea…

  7. Mike in Nola says:

    Two articles on bad stuff about Android phones:

    First, they all appear to be running spyware put there by either the carriers or Google. Watched the video. Convincing. Speculation it may be on Blackberry’s but not Apple or Windows Phone 7. My guess is Google requires it to help them sell ads. Maybe greedy plaintiff lawyers will kick there butts good; DOJ can’t be bothered unless they are Arabs or part of OWS.

    Second, security vulnerability allows eavesdropping on Android phones

  8. Robespierre says:


    Last year Steve referred to any attempt to raise taxes on his income via changes to the 15% rate on carried interest as ‘a war,’ the equivalent of ‘Hitler invading Poland in 1939.’ This was said in a private meeting, and was a big departure from his smoothly polished public persona.

    His solution to the financial deficit is to have poor and lower income people pay more federal income taxes, in addition to state, sales, gasoline, and payroll taxes, to ‘broaden the tax base’ as it were, so they can have ‘more skin in the game.’ His own taxes should obviously remain unchanged.

    I was intrigued by this particular general principle that Steve shared: “Whenever credit is more constrained, it is extended to someone. The key is to be that someone.” No matter what it takes. And at advantageous rates I presume, in order to buy distressed assets like sovereign assets on the cheap.

    Steve strongly endorsed Mitt Romney for President as a personal choice saying, “I’ve made money with that man.” 16x their money on the first, and 24 x on the second to be exact. And he hopes to make and keep even more with Mitt as President.

  9. gman says:

    Saw the same interview… I’m just a member of the 1% club, Schwartzman makes at least 100x what I make and I am sure thanks to “carried forward” his effective tax rate is substantially lower than mine. In spite of that he repeatedly brought up the canard of “45% of the public paying NO TAXES”..THE NERVE! It almost makes me empathize with..well Ropespierre.

  10. gman says:

    Mike in NOLA,
    Big tobacco would have gotten away w/ 50 years of deception if is wasn’t for the “ambulance chasers”. I say anyone who was sold toxic stew by the banks should get their own “ambulance chasers” and class action the mofos!

  11. Mike in Nola says:

    gman: to a certain extent even airbags in cars are the result of plaintiff lawyers. Late one night in the 1970′s I saw a short by Allstate promoting airbags: GM put prototypes on 10,000 vehicles and they worked, including 2 women who survived a head-on with an 18 wheel tank truck. The car insurance industry was behind them in a big way since they saved injuries, lives and insurance payouts. But, GM figured that it would raise the average cost of a vehicle by about $500 and put them at a competitive disadvantage so they killed the project.

    There was also the attitude of otherwise safety-minded engineers to the effect of: if people are too stupid to wear seatbelts, then f*ck ‘em.

    During the 1980′s, lawyers started filing suits alleging that cars were defectively designed if they didn’t have airbags. There was plenty of evidence that they worked. I think mine was one of the first. It settled. No way to prove it, but I think that this nudged the Big 3 into consenting to airbags becoming mandatory because it protected them from these suits while not allowing anyone, like the Japaneses, to gain a competitive advantage by omitting them.

  12. Frwip says:



    Yet another guy who doesn’t understand what proven reserves mean. In many cases, it just mean that the resource is so abundant and so cheap that no one has bothered to identify new reserves. There’s just no point. What’s true for major economic drivers like coal, oil or gas doesn’t apply at all for minor minerals.

    A good example, the notion that we are running out of titanium is laughable. That stuff is everywhere. It’s the 9th most abundant element at Earth’s crust, behind potassium. Titanium dioxide is making up 1% on average of any piece of rock you can find. We’re not running out of it any time soon…

  13. SOP says:


    I completely agree – we are not “running out” anytime soon. I believe that applies to all of our resources – including fossil fuels.

    “Proven Reserves” are the two birds in the bush. The key metric is rate of production, not reserves (probable, proven or imaginary – imaginary as in the Arctic Oil Reserves… OMDog what a wild goose chase).

    The best analogy I’ve seen (from – original author unknown):

    Asthma Attack: Proven Reserves vs Rate of Production –

    You are in an Ocean of Air – no reserve limits. But you cannot get enough air into your lungs to maintain the System (in this case, your body). If the system dies, the proven reserves, iron, calcium etc. no longer matters.

    Likewise for global industrial civilization – one big Asthma Attack in-progress.