10 Monday AM Reads
Here are your reads to start the week:
• Dividend stocks get new respect (Fortune)
• Hedge Funds Cut Bullish Bets by Most in Seven Weeks on Europe (Bloomberg) see also Stocks, So Far Resilient, Face a Week of Challenges (NYT)
• Idiosyncratic Risk Puzzle Solved: Not All Investors Are The Same (All About Alpha)
• I don’t buy this story in the least: Treasuries Rallying Most Since 2008 Amid Budget Paralysis Seen Cutting GDP (Bloomberg)
• Are Derivatives Contracts Nothing More than Unenforceable Gambling Debts? (Climateer Investing)
• How Would You React To The News Your Local Central Bank Just Went Bust? (Fistful Of Euros)
• 2021: The New Europe (WSJ) see also Should Asia Try to Rescue Europe? (The Diplomat)
• Occupy Wall Street! The Musical (The Reformed Broker)
• Mixed Results as Google Enters Microsoft’s Turf (NYT)
• Frum: When Did the GOP Lose Touch With Reality? (New Yorker)
What are you reading?
Source: Occupy The Hamptons
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November 21st, 2011 at 9:41 am
Congressional deal falls apart
“…on the fate of the tax cuts originally signed by President George W. Bush, which are now scheduled to expire at the end of 2012…”
So the GOP fails to agree to hike taxes on the folks earning a million a year, means YOUR taxes are going up.
Enjoy that.
http://www.nytimes.com/2011/11/21/us/politics/deficit-deal-fell-apart-after-seeming-agreement.html
November 21st, 2011 at 10:09 am
Re: Power Org Chart graphic
Global Banking clearly outranks corporation, media and politicians.
November 21st, 2011 at 10:17 am
+1 Frum
Billionaires sell shares, but avoid capital gains taxes with gimmicks
http://www.bloomberg.com/news/2011-11-21/billionaires-duck-buffett-17-tax-target-avoiding-reporting-cash-to-irs.html
November 21st, 2011 at 10:22 am
You’re still falling for this political theater. What good is paying taxes when its going out the back door even faster? We can’t shovel money into the maw of the beast fast enough. At this point, the elite are in delay mode as they make off with as much as possible, eventually leaving the whole country a smoldering crater. Right now union pensions are being looted, as the rank and file march for more benefits they’ll never get. Like your buddy Soros said-”the system has already collapsed”. We’re just propping up a corpse. I agree we need to raise taxes on the rich, but with the present system, it will just delay the inevitable. And they’ll avoid a large portion of those taxes.
November 21st, 2011 at 10:24 am
The Independent – GS alums assume leading positions throughout Europe – everyone else assumes the position
http://www.independent.co.uk/news/business/analysis-and-features/what-price-the-new-democracy-goldman-sachs-conquers-europe-6264091.html
Calls for QE in Europe
http://www.ft.com/intl/cms/s/0/85a717dc-11db-11e1-a114-00144feabdc0.html#axzz1e9ZbZfTu
http://www.nytimes.com/2011/11/21/opinion/central-bankers-stop-dithering-do-something.html
November 21st, 2011 at 10:29 am
so…if all this debt business is going to hell and causing a worldwide depression, why is oil still hovering near $100 a barrel? Are the oil markets even more manipulated than the others?
November 21st, 2011 at 10:34 am
” GOP Lose Touch With Reality?” The fight for power within the republican party is not new in fact the only difference today is that Wall Street Republicans have lost the ability to control the national election. What drives the Republican Party today is not thoughtful conservative thinking whatever that might be but rather the bible belt political forces that have joined the far right. It was ok to have bring in the old Southern and Bible belt Democrats into the Republican Party but it was never part of the deal that they would rule the party apparatus and drive its ideology. The current Republican Party ideology splits point towards a break up of the recent two party political system that has dominated American politics with the Republican Party breaking up with the Democrats following closely behind.
November 21st, 2011 at 10:36 am
U.S. DOJ extending its authority over the world in IP related matters. Impounding of web addresses without court hearing. Criminal indictment of English citizen and extradition process for an activity that was supposedly legal in the UK.
http://www.spiegel.de/netzwelt/netzpolitik/0,1518,773495,00.html
November 21st, 2011 at 10:37 am
Hurricaner,
Everything’s being diddled to death. They’re in the rinse cycle on stocks so they can buy them when everyone else panics. More money to the top as our portfolios and pensions crater, while at the same time, being ravaged by inflation. Why is oil up? You gotta expect a few weird things in a totally corupt system. Gas prices in my area are actually falling!
November 21st, 2011 at 10:44 am
Drungo….I just don’t know what to do anymore. Sell it all now and take my losses before they double…or “hang in there because everything will be OK in a year.” Market rallies and everyone screams “buy the dips” and now that we’ve dipped 5%, everyone screams “get out while you can.” I can’t buy anymore of anything – have no cash and will NEVER use margin.
November 21st, 2011 at 11:01 am
Hope this wasn’t linked here, but don’t remember seeing it on any of the major blogs. It’s a point I’ve thought was pretty obvious for awhile but no one commented on:
That huge pile of cash corporations are sitting on and that could be unleashed to create a recovery if only that Marxist Musliim Obama would remove regulatory uncertainty has been accompanied by an even bigger buildup of corporate debt.
http://hosted.ap.org/dynamic/stories/U/US_CORPORATE_DEBT?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2011-11-17-14-54-40
November 21st, 2011 at 11:28 am
Sacrafice? What great attention to detail! Why should I believe a person who can’t even spell check? If he/she missed such an obvious error as this, what other error(s) is he/she missing?
November 21st, 2011 at 11:40 am
I thought this was interesting and validates BR’s view that a default is a default whether voluntary or not and there will be consequences regardless:
“Europe bond dive rooted in Greek CDS deal
‘Voluntary’ writedown of bonds dents CDS’ value as a hedge ”
http://www.marketwatch.com/story/europe-bond-dive-rooted-in-greek-cds-deal-2011-11-18
November 21st, 2011 at 11:51 am
BR, regarding this:
I don’t buy this story in the least: Treasuries Rallying Most Since 2008 Amid Budget Paralysis Seen Cutting GDP (Bloomberg)
What is it that you dispute?
November 21st, 2011 at 11:51 am
In the chart, next to “corporate media”, we could add another box for “‘think’ tanks” — the groups paid to turn (good or bad) ideas into “marketing material”. (AKA, “public relations” firms, propaganda machines.) E.g., the guys described herein:
http://exiledonline.com/the-think-tank-archipelago-adam-curtis-on-how-libertarian-think-tanks-crippled-thinking
http://www.bbc.co.uk/blogs/adamcurtis/2011/09/the_curse_of_tina.html
“Think” tanks directly influence corporate media (partially via a revolving door), directly influence some voters, and supply marketing materials to lobbyists who then bribe politicians.
Then again, the chart is good as it is.
November 21st, 2011 at 11:54 am
Ditto dude. I really wish I could help you. Right now the ERCI says recession, and BR has pulled his horns in some, and I agree, so that’s where I am. Some times I disagree. A lot of times I am wrong. If I am right, oil should eventually fall. Don’t read too much-just smart people without an agenda, and then try to decide if they are right or wrong. There’s few enough of them so that there’s not much really much to read, and they should be right more than they are wrong.
I’ll be praying for you, well really for everyone. May God bless, and please don’t ruin your health worrying about this stuff.
November 21st, 2011 at 12:07 pm
Re: Frum
Did the GOP lose touch or is Frum starting to gain it?
November 21st, 2011 at 12:08 pm
the concept of stocks vs bonds .. to sell or not to sell ..
here are the facts corporations dictate > M&A, dividends, CEO pay, build here or there, layoff or hire
(wait remiss not to point out before submit – to scam or not to scam)
that is incredible power > as we can see (if we have our eyes open) :-|
~
good point Mike … should you allow the corporations to buy themselves private … good one
hahahahahha I’m laughing at my working for this empire … NOT at this moment
best wishes kids
~
having a job to capture AIR is the most important thing .. then an AIR storage chamber for when your old
unless the kids continue to pump the balloon
hahahahahha I’m laughing at my working for this empire … NOT at this moment
November 21st, 2011 at 12:35 pm
@hillcap – an honest question.
Why does it matter if someone mistypes a blog post?
I write 75+ e-mails a day. Countless reports and forms in my job etc. Do I really need to carefully proof read and copy edit a quick blog post to get me point across? Do written ideas fail if they aren’t carefully proof read and copy edit a quick post?
I’m always curious about people who write ZEAO blog posts a day, jump on BR who writes FOUR+ blog posts a day, when he has a typo, or cut/paste fragment.
November 21st, 2011 at 12:40 pm
I wouldn’t be all in, in bonds. Yields may still drop, portending still slower growth on the equity side but there will come a day when bonds won’t be able to hold their own and the SuperCommittee deadlock is just the beginning of this process.
The Frum article above has a quote that encapsulates the potential for another US debt downgrade:
“Rather than workable solutions, my party is offering low taxes for the currently rich and high spending for the currently old, to be followed by who-knows-what and who-the-hell-cares. This isn’t conservatism; it’s a going-out-of-business sale for the baby-boom generation.”
November 21st, 2011 at 1:14 pm
“Organized religion” probably deserve a spot in that chart. Except for some small-ish groups (e.g., Jesuits), organized religion divides the citizens and largely assists the ruling class. (Consider the interplay between religion and wealth in Murdoch’s sprawling “news” businesses.)
November 21st, 2011 at 1:57 pm
Gnormous graphic of money statistics and comparisons
————
Money
http://xkcd.com/980/huge/#x=-2924&y=-1564&z=5
November 21st, 2011 at 2:01 pm
The Frum article has a serious candidate for Quote of the Day:
Rather than workable solutions, my party is offering low taxes for the currently rich and high spending for the currently old, to be followed by who-knows-what and who-the-hell-cares. This isn’t conservatism; it’s a going-out-of-business sale for the baby-boom generation.
November 21st, 2011 at 2:16 pm
I’m looking for my congressperson — Have you seen them?
http://www.google.com/imgres?q=have+you+seen+your+congressman+lately&um=1&hl=en&client=safari&sa=N&rls=en&biw=1276&bih=715&tbm=isch&tbnid=b6ecO-IzVwtHpM:&imgrefurl=http://www.apfn.org/apfn/woes.htm&docid=bqUjy8nHN_6yVM&imgurl=http://www.apfn.org/images/images3/groupventfigures.jpg&w=651&h=723&ei=kqHKTrnPJofY2gX8iND9Dw&zoom=1&iact=hc&vpx=191&vpy=147&dur=2365&hovh=237&hovw=213&tx=117&ty=259&sig=115366154407302563522&page=1&tbnh=172&tbnw=155&start=0&ndsp=16&ved=1t:429,r:0,s:0
I just heard 12 of them can’t even find their way out of a paper bag.
November 21st, 2011 at 2:41 pm
Barry, when I clicked on your Twitter link, ‘Anyone but Romney?’ I was brought to TBP, but all I got was;
“Sorry, nothing was found here.”
… seems about right, I guess.
November 21st, 2011 at 3:26 pm
@Gordo
1) BR didn’t write it, I’m not talking about him.
2) Obviously the post wasn’t a “quick post” as a whole diagram was carefully created.
3) Spelling and grammatical errors hurt the credibility of the author which then reduces the credibility of the argument.
-It doesn’t change the message, just makes it less impactful.
November 21st, 2011 at 10:36 pm
For a moment I thought hillcap had violated Skitt’s Law; but then I saw that his second fragment contained no verb. There was no danger of me making the same mistake regarding his second post.