My afternoon train reading:

• American Airlines: Living By Default (New Yorker)
• The Latest Central Bank Critique:
…..-The Fed as the New Global Aristocracy (Institutional Risk Analyst)
…..-Bankers are the dictators of the West (Independent)
• Stiglitz: The Book of Jobs (Vanity Fair)
• We need a new Volcker rule for banks (Fortune)
• China Marks 10 Years as WTO Member Amid Calls to Open Its Market Further (Bloomberg)
• Euro lacks a government banker, not lender of last resort (FT.com) see also Eurozone crisis: who will be the losers in the ratings war? (Guardian)
• Jeff Bezos Owns the Web in More Ways Than You Think (Wired)
• Ron Paul Holds Crucial Card in GOP Race (WSJ)
• My Occupy LA Arrest, by Patrick Meighan, Family Guy writer (My Occupy LA Arrest)
Good long read: The Future of U.S. Health Care (WSJ)

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.

20 Responses to “Monday PM Reads”

  1. blr says:

    http://www.nytimes.com/2011/12/10/your-money/why-drivers-get-more-commuter-tax-benefits-than-bus-riders.html?_r=1&ref=your-money-email&nl=your-money&emc=your-moneyema2

    Without action: Mass transit pretax discount: 125, Parking pretax discount: 240
    How does this make sense? (politics) Shouldn’t mass transit be encouraged for many reasons? Contact your representative now!

    Write a letter: http://act.commuterbenefitsworkforus.com/5239/tell-congress-to-support-transit-benefit/?m=2568169

  2. willid3 says:

    not sure that is was only the manufacturing jobs that we exported. we also exported the services job too. or at least any and all that don’t require human interaction.

  3. beaufou says:

    Stiglitz is great, I would add to those concerns the need to manage resources and rethink the GDP idea which is essentially obsolete.

  4. rktbrkr says:

    Ohhh Barry, You’re looking like the Grinch that stole shopmas

    After early bird discounts fueled a Black Friday buying boom, retailers are seeing sales dry up halfway through the holiday sales period, a consumer survey completed Sunday showed. The trend may force discounts as deep as 70 percent on coats and flat panel TVs as Christmas Eve approaches.
    Forty percent of consumers are completely done with their holiday shopping at this point, up from just 28 percent who were finished at the same time last year, according to the America’s Research Group/UBS Christmas Forecast Survey.
    What’s more, only half of consumers hit the malls this last weekend, meaning those that are left are sitting on their hands awaiting bigger mark-offs, the survey showed.
    “You could push them over the edge at this point with a 60 to 70 percent discount,” said Britt Beemer, CEO of ARG, who has been conducting the phone survey and marketing research for 27 years. “But most would probably use a credit card, as their budgets are depleted.”

  5. Global Eyes says:

    Sometimes all I need is TBP’s daily reading list. Stiglitz’s Book of Jobs makes me wonder if America’s $15 trilllion debt prevents a new New Deal.

  6. Giovanni says:

    RE: Sheila Bair’s Fortune piece. We don’t need a new Volcker rule, we need the old one. It was called Glass-Steagall and it kept our a$$ out of the fire until we started thinking this time was different and repealed it.

  7. kaleberg says:

    Stiglitz’s Book of Jobs is basically right, but he ignored the two to three order of magnitude productivity increase in manufacturing. We’ve been seeing more of an increase in the service sector than we tend to recognize. There are those of us among the living who remember manually updated savings passbooks. The problem is, as Stiglitz noted, productivity went up, but no one had a way of turning that into increased wages. That’s our problem now as well.

  8. ashpelham2 says:

    Oh wow, that Living by Default article in the New Yorker hit home, so to speak. All of this Occupy movement stuff has been a great attempt, but carried out incorrectly. The only way to truly effect change in this great nation of ours with the almighty dollar. And while the Occupy movement has been trying to do things that require money, when fundraising has been tough, they should have been focused on doing damage by withholding MONEY: stop paying these mortgage notes that are hopelessly upside down.

    In the absence of money, let that absence be your guide. Want the bankers to listen to you? Speak their language – money.

  9. jaknap says:

    @ http://www.newyorker.com/talk/financial/2011/12/19/111219ta_talk_surowiecki

    Based on the ‘companies are people’ law people can also do a “strategic default” like companies when their mortgage is under water.

  10. Topspin says:

    My Occupy LA Arrest, by Patrick Meighan

    The scariest part of the piece is…the addendum.

  11. ToNYC says:

    Stiglitz’s analysis has the dynamic down but he stops short at the point where the Entitlement society needs to morph into the Incentive Economy. Tax credits for smallest businesses to hire and train US workers rather than outsource and whine is one way to kick start the human infrastructure to own a bit of their outcomes.
    Get going with Bill Still reporting:

    http://www.youtube.com/watch?v=7gzbq-rZiIQ

  12. mathman says:

    Don’t look now (’cause it’s too late), but all that formerly locked up in ice methane (that’s far worse for the atmosphere and our climate than CO2), it’s now gushing out:

    http://www.independent.co.uk/environment/climate-change/shock-as-retreat-of-arctic-sea-ice-releases-deadly-greenhouse-gas-6276134.html

    “Dramatic and unprecedented plumes of methane – a greenhouse gas 20 times more potent than carbon dioxide – have been seen bubbling to the surface of the Arctic Ocean by scientists undertaking an extensive survey of the region.

    The scale and volume of the methane release has astonished the head of the Russian research team who has been surveying the seabed of the East Siberian Arctic Shelf off northern Russia for nearly 20 years.

    “Earlier we found torch-like structures like this but they were only tens of metres in diameter. This is the first time that we’ve found continuous, powerful and impressive seeping structures, more than 1,000 metres in diameter. It’s amazing,” Dr Semiletov said. “I was most impressed by the sheer scale and high density of the plumes. Over a relatively small area we found more than 100, but over a wider area there should be thousands of them.”

    Scientists estimate that there are hundreds of millions of tonnes of methane gas locked away beneath the Arctic permafrost, which extends from the mainland into the seabed of the relatively shallow sea of the East Siberian Arctic Shelf. One of the greatest fears is that with the disappearance of the Arctic sea-ice in summer, and rapidly rising temperatures across the entire region, which are already melting the Siberian permafrost, the trapped methane could be suddenly released into the atmosphere leading to rapid and severe climate change.

    Dr Semiletov’s team published a study in 2010 estimating that the methane emissions from this region were about eight million tonnes a year, but the latest expedition suggests this is a significant underestimate of the phenomenon.

    In late summer, the Russian research vessel Academician Lavrentiev conducted an extensive survey of about 10,000 square miles of sea off the East Siberian coast. Scientists deployed four highly sensitive instruments, both seismic and acoustic, to monitor the “fountains” or plumes of methane bubbles rising to the sea surface from beneath the seabed.

    “In a very small area, less than 10,000 square miles, we have counted more than 100 fountains, or torch-like structures, bubbling through the water column and injected directly into the atmosphere from the seabed,” Dr Semiletov said. “We carried out checks at about 115 stationary points and discovered methane fields of a fantastic scale – I think on a scale not seen before. Some plumes were a kilometre or more wide and the emissions went directly into the atmosphere – the concentration was a hundred times higher than normal.”

    and locally:

    http://thinkprogress.org/romm/2011/12/12/387811/2011-sets-us-record-for-wet-dry-extremes-wettest-philadelphia-wettest-december-day-in-dc/

    If you think this has nothing to do with the stock market and the business of humanity, you’re delusional.
    Make it while you can people because things are about to change dramatically in the coming years.

  13. rktbrkr says:

    Flip this house!

    I sent this to a friend of mine who continues to blame Clinton for what happened during the Bush era.

    http://www.housingwire.com/2011/12/08/house-flippers-contributed-to-bust-and-boom-fed-bankreport

  14. rd says:

    This is a subtle but big story: http://www.telegraph.co.uk/news/worldnews/asia/china/8951602/China-blows-up-suspension-bridge.html

    The Chinese just blew up one of their biggest bridges after it had been in service for less than 20 years because it was unsafe. We have crumbling infrastructure problems, but most of our infrastructure with serious problems is over 50 years old (a typical minimum public works design life) and some is 100 years or older (especially buried pipes). Many of our major bridges are well over 50 years old.

    The bridge that they blew up looks like a cable stayed bridge, similar to the Zakim Bunker Hill Bridge in Boston. That new bridge in Boston replaced one built in the 1950s and was completed in the mid 2000s.

    If the Chinese need to be replacing their infrastructure in 20-25 year cycles, it is going to be VERY expensive for them.

  15. Greg0658 says:

    thanks for the methane story there mathman .. wondered if the methane is old old sediment now allowed to surface .. not sure on “methane gas creation process”
    http://en.wikipedia.org/wiki/Methane_clathrate

    but rktbrkr got me to sign in .. press on > what’s a locality of people* to do when the good jobs diminish … umm what’s the word ie: productivity, anti-lazy, raked over the system
    http://www.ritholtz.com/blog/2011/12/italy-works-over-20-more-hours-than-germany-and-france/

    * I know, you don’t need to tell me > get a haircut, a real education, and then comes the real good job … (or push piles – works too)

    ~~

    along the same line of thought – watched the Huntsman Gingrich roundtable last nite .. they seemed sharp in that forum .. but I was overwelmed with > how we as a people bring folds of other people into the game, sorta buy friends .. and then it seemed like reflecting in hindsite “what have we done at home?” .. so elect us now – we have the fix you need

  16. ToNYC says:

    “If the Chinese need to be replacing their infrastructure in 20-25 year cycles, it is going to be VERY expensive for them.”

    au contraire, mon frère:

    They have domestic-sourced labor as cheap as a Chinese ” Chainsaw Al” can deliver and they have the Incentive part we are missing very much working. It’s more their custies in US that are blowing chunks having bought security rather than freedom.
    The local and rural Chinese feedstock are trained to be of greater value to the big enterprise on a intellectual-talent metric.
    On the other hand, we have the rule of law and especially Intellectual Property protection so we are the better bet from this angle.

  17. VennData says:

    The IRA writes…

    “… In the case of the US, does anyone think that Barack Obama would be seeking a second term as POTUS had the largest banks been restructured by free market forces? The US housing sector would already be recovering, in part because the political shock wave of restructuring would have forced Congress to act long ago. Bank America and Citigroup would have been broken up and sold to new investors, and the US economy would be growing again without fiscal stimulus….”

    Prove any of that..

    “…does anyone think…” is not a proof.

    What righ-wing simpleton(s) They were wrong every step of the way since 2008.