My morning reading material:

• Behold the incredible shrinking work force (NY Post)
• What happens in Europe won’t stay in Europe (Market Watch) see also The eurozone’s terrible mistake (Reuters)
• S&P Jumps Into Politics Again With EU Warning (Bloomberg)
• Financial Crimes Bedevil Prosecutors (WSJ)
• “Flip This House”: Investor Speculation and the Housing Bubble (NY Fed)
• When you depend on collateralised collateral (Alphaville)
• Analysis: “Cold War” with Iran heats up across Mideast (Reuterssee also Iran’s Revolutionary Guards prepare for war (Telegraph)
• Bernie Madoff Had Everything to Do With Reyes’s Leaving NYMets (NYT)
• New Approach to Climate Modeling (US News)
• Lap Dances Find Academic Champion as Cities Rein in Strip Clubs (Bloomberg)

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.

18 Responses to “10 Tuesday AM Reads”

  1. Raleighwood says:

    Comfortably Numb

    Americans have been snookered into renouncing their citizenship and converting to being mindless consumers. Citizenship requires a person to be actively engaged in the community with obligations to fellow citizens and future generations. Consumerism requires people to love things, embrace debt, worry about what others have, and become driven by the accumulation of possessions and the appearance of wealth.

    The American people cowered in fear as the 342 page Patriot Act was somehow written in a few weeks after 9/11, introduced in Congress on October 23, passed the House on October 24 with no debate, passed the Senate on October 25 with no debate, and signed into law on October 26 by George Bush. A law passed by the ruling elite that stripped Americans of their freedoms and liberties was passed using fear mongering false patriotism propaganda to squelch dissent and the American people had no say in the matter.

    http://www.theburningplatform.com/?p=25234

  2. Moe says:

    Raleighwood
    = that first paragraph pretty much says it all!
    thanks for link.

  3. Wiggs says:

    BR,

    Very curious to get your thoughts on Alan Reynolds OpEd in WSJ today on the “mismeasurement” of inequality.

    http://online.wsj.com/article/SB10001424052970204630904577062661910819078.html?mod=ITP_opinion_0

  4. Rick Caird says:

    The 10 commandments of Liberalism by Bertrand Russell. This was written in 1951, so the definition of liberalism has changed.:

    http://www.panarchy.org/russell/decalogue.1951.html

  5. Mike in Nola says:

    Re: NYFed paper on speculators

    Masters of the Bleedin’ Obvious

    And who had the ultimate power to stop the flipping?

  6. Taliesyn says:

    Raleighwood Says:
    December 6th, 2011 at 10:05 am

    Comfortably Numb
    ” Consumerism requires people to love things, embrace debt, worry about what others have, and become driven by the accumulation of possessions and the appearance of wealth. ”

    Hmmm , sounds like Beijing’s current vision of the *Great Society* , or as the then great leader , Jiang Zemin , announcing the *new way* as outlined by Deng Xiaoping , *Capitalism with Chinese Characteristics” , which means laying off being *actively engaged * citizens or be imprisoned.
    Quite the wake-up call.
    But even that Great Grinch can’t steal the experience of *true* Christmas.
    ( Thinking of instead of having the usual star atop the Christmas tree having some northern Virginian craftsman
    make a lighted ornament fashioned after the *Spirit of Freedom* statute the students created in the early days Tianannmen Square. )
    ‘Nough said.
    Merry Christmas to all.

  7. Arequipa01 says:

    AC over at jessescafeamericain provided a link to an interesting paper/thought piece titled:

    The Corporate Psychopaths Theory of the Global Financial Crisis

    http://www.springerlink.com/content/9072633443675517/fulltext.pdf

    It was an interesting read. Here’s the abstract:

    “ABSTRACT. This short theoretical paper elucidates a
    plausible theory about the Global Financial Crisis and the
    role of senior financial corporate directors in that crisis.
    The paper presents a theory of the Global Financial Crisis
    which argues that psychopaths working in corporations
    and in financial corporations, in particular, have had a
    major part in causing the crisis. This paper is thus a very
    short theoretical paper but is one that may be very
    important to the future of capitalism because it discusses
    significant ways in which Corporate Psychopaths may
    have acted recently, to the detriment of many. Further
    research into this theory is called for.”

  8. romerjt says:

    I too found this Burning Bush piece moving . . here’s more

    “There were 400 pages of Federal Tax rules when the 1% personal income tax was implemented in 1913. Did the 18,000% increase in tax rules since 1913 benefit the average American or did they benefit the 1% who hires the lobbyists to write the rules which are passed into law by the politicians who receive their campaign contributions from the 1%? Do you ever wonder why you pay more taxes than a billionaire Wall Street hedge fund manager? Do you think our tax system is designed to benefit billionaires and mega-corporations when corporations with billions of income pay little or no taxes? Complexity and confusion benefits those who can create and take advantage of the complexity and confusion. Corporations and special interests have used their wealth to bribe politicians to design loopholes, credits, and exemptions that benefit their interests. The corruption of the system is terminal.”

    http://www.theburningplatform.com/?p=25234

  9. interguru says:

    How about warning us when linked articles are behind a paywall, such as this link, http://online.wsj.com/article/SB10001424052970204083204577080792356961440.html

  10. VennData says:

    Verizon Blocks Google Wallet on New Smartphones

    http://online.wsj.com/article/SB10001424052970204770404577081610232043208.html

    Wow, the GOP is right, those big carriers would NEVER abuse a change in net Neutrality rules.

  11. AHodge says:

    Legislation proposed by Senate Democrats yesterday would cut the payroll tax paid by employees to 3.1 percent next year from the current 4.2 percent. The $185 billion cost would be covered by a 1.9 percent surtax on annual incomes exceeding $1 million AND

    by raising the fees charged to lenders by government-owned mortgage giants Fannie Mae (FNMA) and Freddie Mac.

    so this part of fannie freddie is now to be counted as govt revenue?
    it would be nice instead to cnarge for at least a small part of their ongoing likely losses

  12. VennData says:

    Fox News viewers less informed than those who don’t watch news at all: study

    http://articles.nydailynews.com/2011-11-22/news/30431182_1_fox-news-results-show-viewers

    ~~~

    BR: Its really that they are Misinformed, not less informed . . .

  13. VennData says:

    Fans get a chance to buy stock in Green Bay Packers

    “…But be aware that Packers stock isn’t like regular stock. The value doesn’t go up, there are no dividends and it has virtually no resale value…”

    http://www.usatoday.com/money/perfi/stocks/story/2011-12-02/green-bay-packers-stock-sale/51587896/1

    Cheeseheads, indeed.

  14. willid3 says:

    thoughts on law school?
    http://baselinescenario.com/2011/12/05/thoughts-on-law-school/

    and wall street firms don’t learn from their mistakes even when they break the law. they make the same errors over and over again. makes one wonder if they treat this exercise as just a cost of doing business. even though they promise to not break the law again
    http://www.nytimes.com/interactive/2011/11/08/business/Wall-Streets-Repeat-Violations-Despite-PromisesStsssss.html

  15. Joe Friday says:

    Behold the incredible shrinking work force (NY Post)

    Funny how the American RightWing has suddenly discovered the National Labor Participation Rate.

    But after rising every year during Clinton’s two terms, it went over a cliff at the start of the Chimpy Bush administration way back in 2001 and has never returned to those 2000 levels:

    http://www.princeton.edu/~pkrugman/sixteen.png

  16. Giovanni says:

    RE: “Flip This House” piece from NYFRB. “Effective regulation of speculative borrowing… may be needed to prevent this kind of crisis from recurring. Yes, it was all those evil borrowers forcing banksters to make loans at gunpoint that caused the financial crisis. Apparently they’re still cruising down that big river in Egypt.

  17. Giovanni says:

    Sorry, left off the close quote after: … crisis from recurring.”