My afternoon train reading:

• Three reasons why the job market still stinks (Fortune)
• What makes a rogue trader? (FT.com)
• Yahoo Battles Brain Drain (WSJ)
Michael Lewis: Advice From the 1%: Lever Up, Drop Out (Bloomberg)
• Apple: The most undervalued large cap stock in the S&P 500 (Fortune)
• Gasoline: The new big U.S. export (CNN Money)
• 5 tips for entrepreneurs building a patent portfolio (Gigaom)
• Hank Paulson’s Crony Capitalism (Rolling Stone) see also Dudley Should Resign as New York Fed President: Simon Johnson (Bloomberg)
• Is Newt Gingrich the GOP candidate Obama prefers to face? (CS Monitor)
• Modest Bonus Year on Wall St., but Stock Could Yield Fortunes (DealBook) see also “Taking stock” of Wall Street (Information Arbitrage)

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Panic in the Euro Zone

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.

26 Responses to “10 Monday PM Reads”

  1. DeDude says:

    Another great one from Krugman about Europe

    http://krugman.blogs.nytimes.com/2011/12/05/lake-wobegon-europe/

    What he forget to mention is that the reason Germany could convert itself to such an export machine was the creation of a Euro that captured the low currency value of the weaker sisters in that alliance. So Germany artificially anchored their currency to a lower value than it should have been; and only because of that could they get such a high current account balance. The other Euro countries cannot repeat that trick. As a matter of fact they face the reverse. They are anchored to a stronger country and have had their competitiveness weakened by this.

  2. nofoulsontheplayground says:

    Grantham: This Is How The Market Could Look From Now Until 2021:

    http://www.businessinsider.com/jeremy-grantham-projected-sp-through-2021-2011-12

    A very astute chart showing a projected path for the S&P 500 based upon 10 prior historic bubble recovery patterns. Do not dismiss this, as I’ve been following this theory since 2001 with excellent results.

  3. nofoulsontheplayground says:

    “Demark Sees S&P 500 at 1330 by Christmas Before Gain Evaporates”

    http://www.businessweek.com/news/2011-12-05/demark-sees-s-p-500-at-1-330-by-christmas-before-gain-evaporates.html

    “The market should top out around Dec. 21,” DeMark said today. “The market rhythm and market balance equilibrium all require the market rally. Once that’s completed, the market will have a vacuum on the downside and we should have a sharp decline.”

  4. nofoulsontheplayground says:

    From Mail Online: “D.B. Cooper Case Solved: FBI tells niece of skyjacking suspect they are ready to close one of America’s biggest mysteries after ‘matching’ fingerprint”

    http://www.dailymail.co.uk/news/article-2070038/DB-Cooper-case-solved-FBI-tells-niece-skyjacking-suspect-matching-fingerprint.html

  5. singfoom says:

    “Iceland Arrests Former CEO Of Failed Bank”
    http://www.businessinsider.com/iceland-glitnir-bank-larus-welding-2011-12

    We can only hope for such a thing to happen here. Where to begin? So many choices.

  6. wunsacon says:

    >> Is Newt Gingrich the GOP candidate Obama prefers to face? (CS Monitor)

    Of course! Newt is unelectable. Even a loser like Obama would wipe the floor with him.

    http://www.rawstory.com/rs/2011/12/05/gingrich-file-charges-against-pelosi-if-she-releases-dirt-on-me/

    Go RP!

    http://www.rawstory.com/rs/2011/12/05/iowa-poll-finds-ron-paul-in-second-edging-past-mitt-romney/

  7. Sechel says:

    Regarding Rogue trading, the young guys are rogue traders, the old guys are experienced risk takers. Truth is there are no rogue traders, just rogue firms with weak risk controls. In the end there’s little to no difference between a Nick Leeson and a Jon Corzine

  8. DebbieSmith says:

    Here is an article that shows how Europe’s debt crisis could well float right across the Atlantic and impact the banking system in the United States:

    http://viableopposition.blogspot.com/2011/12/european-debt-credit-default-swaps-next.html

    It’s starting to look like 2008 all over again.

  9. Joe Friday says:

    Crazy Is As Crazy Does:

    FOX BUSINESS SAYS THE MUPPETS ARE COMMUNISTS

  10. howardoark says:

    How many times have you heard wingnut-government-regulation-is-killing-the-country reactionaries (like my Dad, for example) bring up that statistic that there haven’t been any new gasoline refineries constructed in the US since the 1980s? Of course they weren’t building new refineries because they were quadrupling the capacity of the existing ones.

  11. rootless says:

    Huber, M. and R. Knutti, “Anthropogenic and natural warming inferred from changes in Earth’s energy balance”, Nature Geoscience (2011), doi:10.1038/ngeo1327
    http://www.nature.com/ngeo/journal/vaop/ncurrent/full/ngeo1327.html

  12. Jojo says:

    Is Newt Gingrich the GOP candidate Obama prefers to face?
    ———
    I think Romney is where Dean and then Clinton were on the Democratic side in 2008. After Dean imploded, it sure looked like Clinton was a shoo-in. But then an inexperienced, unknown named Obama surged to the lead with an inspired message of real hope and change (subsequently proven to be just smoke and mirrors).

    It seems to me that so many Republicans dislike Romney (he is already a once failure in presidential politics and the butt of so many jokes) that they are going to choose someone else. Paul is a non sequitur and Gingrich is their shoot-themselves-in-the-foot candidate (there is no way that he could ever win). Maybe Hunstman has a chance? He sounded rational on Kudlow today.

  13. Joe Friday says:

    howardoark,

    How many times have you heard wingnut-government-regulation-is-killing-the-country reactionaries (like my Dad, for example) bring up that statistic that there haven’t been any new gasoline refineries constructed in the US since the 1980s?

    Actually, the oil companies INTENTIONALLY closed down over 200 gasoline refineries in this country. In 2000, there were more than 350 gasoline refineries, but by 2003 there were only 149 gasoline refineries, a 60% reduction in refining capacity.

    The fact that there have been no new gasoline refineries built is because the oil companies DO NOT WANT THEM BUILT. They WANT a restricted supply of gasoline because it drives the price up.

    ABC News Business Correspondent Betsy Stark on the April 29th, 2008 ABC World News:

    experts say it’s the big oil companies that are reluctant to build any new refineries

  14. ottnott says:

    What makes a rogue trader?

    You are “rogue trader” if the trade goes bad, “wealthy trader” if it goes good.

    I don’t remember any reports of a “rogue” traders that won big, yet the odds make it almost certain that there has been a trader that made a huge, unauthorized, risky bet that paid off.

  15. [...] – Further, further reading. [...]

  16. SOP says:

    A Reality Check on U.S. Oil Imports and the Shale Revolution for Mortimer Zuckerman

    …He has attempted to make a case that natural gas is somehow reducing our dependence on foreign oil today and is causing the price of oil to fall. While I am as hopeful as he is that these may become long-term outcomes, his position does not stand up to basic fact-checking.

    http://www.theoildrum.com/node/8677

  17. SOP says:

    Gasoline: The new big U.S. export

    NEW YORK (CNNMoney) — The United States is awash in gasoline. So much so, in fact, that the country is exporting a record amount of it…

    http://money.cnn.com/2011/12/05/news/economy/gasoline_export/index.htm?iid=Lead

  18. mathman says:

    Nofouls: the FBI, which wrongly convicted the anthrax guy, causing him to off himself, wildly speculating about a long-dead case. i wouldn’t put too much stock in that. Why don’t they go after the real criminals who stole the $7.7 billion from us? Justice is a sick joke in this country.

    http://thinkprogress.org/romm/2011/12/05/381681/un-climate-official-blasts-us-climate-policy/

    We keep ignoring this issue at our own peril (just look at this past year: Texas drought, midwest flooding, Missouri tornados to get the picture of where we’re headed, and the rest of the world is suffering too).

    http://globaleconomicanalysis.blogspot.com/2011/12/daily-show-on-free-money.html

  19. number2son says:

    Tell me again why Hank Paulson isn’t in jail?

  20. Greg0658 says:

    on gasoline and our world .. OR .. on the electric car and our world

    the electric car* is the greatest invention for world peace & overall prosperity to come our way
    .. to balance a daily need with another commodity/supplier .. in true capitalist non monopolist fashion

    * coupled with a wind generator spinning in your backyard

    ps – before submit – that Keystone pipeline – why does Texas have to be the refining capital of the US – I thought they’ve been having trouble with age & obsolescence .. just like nuke plants, I’m for smaller less centralized mini plants … I know that M&A has a power about it (so hense these words)

  21. wunsacon says:

    >> The United States is awash in gasoline. So much so, in fact, that the country is exporting a record amount of it…

    Some crude exporters lack enough capacity to satisfy their own gasoline needs. That’s one way to keep them “dependent” on external parties. If/when we want to “sanction” the exporter, we can leverage this dependency…

  22. DeDude says:

    @howardoark;

    tell them that there hasn’t been any gas shortages either, so the markets work.

  23. DeDude says:

    “wrongly convicted the anthrax guy, causing him to off himself”

    With the new homeland security laws the FBI would have spared him the bullet – THEY would have off’ed him.

  24. Joe Friday says:

    SOP,

    NEW YORK (CNNMoney) – The United States is awash in gasoline. So much so, in fact, that the country is exporting a record amount of it…

    But that’s from a lack of demand.

    Completely different issue.