My afternoon train reading:

• 99% plan new tax war on Super Rich in 2012 (Market Watch)
• Philip Mirowski: The Seekers, or How Mainstream Economists Have Defended Their Discipline Since 2008 – Part I (Naked Capitalism)
• Multifamily Construction Drives Housing Starts Jump (WSJ)
• How Freedom Became Tyranny (George Monbiot)
• A boom in shale gas? Credit the feds (Washington Post)
• Jefferson County revisited (Self-Evident)
Nathan Myhrvold: Invention Is the Mother of Economic Growth (Bloomberg)
• The Gervais Principle (Ribbon Farm)
• A man, a ball, a hoop, a bench (and an alleged thread)… TELLER! (Las Vegas Weekly)
• Captured: The Pacific and Adjacent Theaters in WWII (Denver Post)

What are you reading?

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.

8 Responses to “10 Tuesday PM Reads”


    How Pay-Pal Squeezes Merchants with Unfair and Likely Illegal Business Practices
    A class-action suit charges Pay-Pal with some shady practices that leave small businesses in a jam.

    When Andrew Sauter decided to start taking online credit card payments for his small business, he didn’t think twice about PayPal, the dominant Web-based money transmitter in the United States….”

    if ‘dwolla’ can steer clear of that type of ____, they’ll have, even, a larger ‘Competitive Advantage’–over the likes of PayPal..

    by Stephen Lendman

    The late Georgetown University historian Carroll Quigley said in his book titled, “Tragedy and Hope:”

    “(T)he powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent private meetings and conferences.”

    By controlling democratic and despotic governments as well as others in between, they’ve moved closer to absolute global control of money, credit and debt to dominate economies, politics, commerce, and imperial adventurism. As a result, they’ve benefitted handsomely at the expense of nations and popular interests.

    Josiah Stamp, former Director of the Bank of England said:

    “Banking was conceived in iniquity and was born in sin. The bankers own the earth. Take it away from them, but leave them the power to create money, and with the flick of the pen they will create enough deposits to buy it back again.”

    “However, take it away from them, and all the great fortunes like mine will disappear and they ought to disappear, for this would be a happier and better world to live in. But, if you wish to remain the slaves of bankers and pay the cost of your own slavery, let them continue to create money.”

    Aesop said “We hang the petty thieves and appoint the great ones to public office.” Bankers with money power are the most pernicious of all…”

    “The Federal Reserve is the ultimate magician in concealing bad bets for the flawed banking system. Few in the history of the Federal Reserve have called them out on their shadow bailouts but people are starting to wakeup no thanks to the mainstream controlled media. Think about how insane it is to have a central bank that does not even report to the people of the country it serves and is able to destroy the currency by bailing out bosom buddy bankers at the expense of the population. How is that even possible? Since this is the architecture of the system it becomes possible to create mega shadow bailouts like that occurring in the commercial real estate market (CRE). The CRE bailout is largely a sign of what is wrong with our broken financial system. Sure, with residential real estate the argument can be made that this impacts most American families. Of course even in that arena it has been a failure for the public but the CRE market is strictly a big money and big banking issue. The market imploded from being valued at $6.5 trillion a few years ago down to $3.5 trillion today. Yet why is it the responsibility for average Americans to bailout banks for bad bets on luxury hotels and failed strip malls?

    The continuing bailout you are not hearing about…”

  2. Sechel says:

    Re Shale,
    There’s a huge difference in the government conducting basic research and sharing the results and financing start-up ventures.

  3. Frwip says:

    Shorter Nathan Myhrvold : “Whatever you do, pay me money for the bucket-loads of worthless, parasitic crap my Intellectual Ventures manage to get stamped every other day at the USPTO, when it should have been laughed out of the Patent Office, if the guys over there had any understanding of the adjective “novel”. I want money. Give me money. And I’m awesome even if you fail give me the respect and adulation I self-evidently deserve, you sniveling fools!”

    In Myhrvold’s narcissistic pseudo-history, the invocation of Silicon Valley is particularly humorous when one remembers the huge role of public investment in getting the whole thing started and sustained though military spending as early as pre-WWI and all the way to the Vietnam War and the end of the Cold War not saying a word of the massive DARPA, NSF and NASA grants and direct activities and everything in between. Even the effing NSA was there, buying equipments and services by the billions, creating ventures and companies wholesale, for Pete’s Sake!

    That guy is one true Buddy Pine.

  4. formerlawyer says:

    With respect to the Quote of the Day:

    Imperial Rome had a better Gini* co-efficent than the United States does today.

    *One measure of the income distribution in a territory.

  5. VennData says:

    A “war” on the rich?

    While progressive tax rates would be a nice change in the US, I don’t want a war on people who are following the rules. The old media penchant for loud headlines will be their undoin or is all that astrology finally put Farrell over the edge?

  6. GeorgeBurnsWasRight says:

    Re: formerlawyer’s post

    The article seems to ignore the impact of slavery on the income distribution, based on a quick glance at the text, I’ll admit.

    Of course, we don’t have slavery in the US today, though some might find some similarities with people with ARMs, huge student loans, and undocumented immigrants.

  7. thetruthseeker says:

    Barry, I love the work that you do, but when did you become such an apologist for the State and centralized government? It is like you have no concept of history and humanity and believe that governments will not descend into the tyranny that they always do. You might want to take a look at police-state America and the NDAA that was just passed before you think of granting more power to the federal government. Humanity has progressed to where we are now, not because of government, but in spite of it. For all your talk of being an objectivist, from the outside it appears that you truly just want a Harvard-educated East Coast liberal elite to rule over you as long as it seems trendy and intellectual. The thing that I find truly fascinating is the fact that most of you guys would not survive long after an EMP attack or some other electrical grid shutdown because you have become so disconnected from truly being able to take care of yourselves. Middle America and the redneck South which you seem to sneer down upon from the comments that I have read, will get by. You might want to listen to the song, “A Country Boy Can Survive” to understand what I mean.


    BR: Look at the reads in total, and you will see they represent a broad cross section of interesting ideas from a variety of political schools of thought.

    Its called “morning reads,” not ideology for the pure” for a “reason.

  8. rktbrkr says:

    Investors pulling funds from stocks…ironic timing with the big rally today.

    I don’t know if a larger than expected jump in housing starts, principally a one month spike in apartment construction, justifies a rally. Apartments are a normally a step down, a throwing in the towel, on the American dream of home ownership.

    Also Irene and the freak October east coast blizzard could have pushed back home starts into November which was better than average home starting weather at least in the northeast.