Some reads for your second cup of Joe:

• S&P 500 Rallying Most Since 1987 as Fed Helps Offset Europe (Bloomberg)
• U.S. losing high-tech manufacturing jobs to Asia (Washington Post)
• Google Protest of Anti-Piracy Upends Lobbying (Bloomberg) see also With Twitter, Blackouts and Demonstrations, Web Flexes Its Muscle (NYT)
• JPM Chase Quietly Halts Suits Over Consumer Debts (American Banker)
• IMF seeks $600 billion more in funds (Reuters)
• Requiem for David Kotz, Who Made the SEC Squirm: The Ticker (Bloomberg)
• Five ways the digital camera changed us (BBC)
• What Romney Doesn’t Want You Talking About — Except In ‘Quiet Rooms’ (TPM) see also When Mitt Romney Came To Town (King of Bain)
• Under New Leadership, Will Yahoo Find Its Way? (The Knowledge Behind The News)
• Truth and consequences: FRONTLINE’s brilliant documentary on Fukushima (BoingBoing)

What are you reading?
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As Dow Climbs, Worries Persist

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 Thursday AM Reads”

  1. xatta says:

    Here’s your WTF headline for today:
    Czech police arrest post-op Slovak transsexual posing as gynecologist
    http://www.ceskapozice.cz/en/news/society/czech-police-arrest-post-op-slovak-transsexual-posing-gynecologist

  2. dougc says:

    According to AAR.ORG, container shipments are down 10.9% in Jan.
    According to WSTS.ORG semi billing 3mo average has plateued
    Strong economy?

  3. this, from the TPM-link, is, but one piece of G*rbage to found there..

    “…Thirty years ago, the U.S. underwent a shift — from an economy that grew in a way that lifted all segments of society, to an economy that gives heavy preference to the wealthy. That’s the broad story of the last three decades, but as Krueger pointed out, policy has a role to play. The trend abated temporarily in the 1990s, when the country returned to an era of fairly uniform income growth distribution. That all changed for most people, and their lost income has instead trickled up the ladder…”
    “… [T]he period from 1992 to 2000 was an exception, when strong economic growth and the policies of the Clinton Administration led all quintiles to grow together again. Indeed, all income groups experienced their fastest income growth in years….”
    ~~

    nary a mention of NAFTA..

    maybe We can find /another/ Manufacturing Sector to “Hollow-Out/Sell-off/Export”, and, then, it’ll be the ‘Gay ’90′s’ all over again..

    http://search.yippy.com/search?input-form=clusty-simple&v%3Asources=webplus-ns-aaf&v%3Aproject=clusty&query=the+cost+of+NAFTA

    http://search.yippy.com/search?input-form=clusty-simple&v%3Asources=webplus-ns-aaf&v%3Aproject=clusty&query=NAFTA+decimation+of+American+Manufacturing

    to say nothing of ‘China & its MFN-”Trade”-status’

    http://search.yippy.com/search?input-form=clusty-simple&v%3Asources=webplus-ns-aaf&v%3Aproject=clusty&query=China+MFN+decimation+of+American+Manufacturing

    We’d do well learnin’ some of http://mises.org/daily/5710/Averages-and-Aggregates

    “…Hayek has remarked that ” … neither aggregates nor averages do act upon one another, and it will never be possible to establish necessary connections of cause and effect between them as we can between individual phenomena, individual prices, etc. I would even go so far as to assert that, from the very nature of economic theory, averages can never form a link in its reasoning.”[1]

    Now, any serious doubt concerning the validity of aggregates and averages is a dagger aimed straight at the heart of much current empirical research and statistical analysis in economics. Therefore it deserves close and systematic attention…”

  4. beaufou says:

    “Hedge funds have been known to use hardball tactics to make money. Now they have come up with a new one: suing Greece in a human rights court to make good on its bond payments.”

    http://www.nytimes.com/2012/01/19/business/global/hedge-funds-may-sue-greece-if-it-tries-to-force-loss.html?hp

    Whatever happened to “investors are risk takers”?

  5. Moss says:

    Economic ‘theory’ and economic statistics are two very different talking points.

  6. dougc says:

    It’s hard for Greece to default in a manner that doesn’t involve CDS payouts, the hedge funds are going to force the EU to either allow a plain default or pay off on the bonds held by hedge funds. Not sure if there is a good side in this fight.

  7. forwhomthebelltolls says:

    So much for Newt and “winning our future” keeping it above the belt.

    “When Mitt Romney Came to Town” is quite a price of work.

    What doesn’t look evil in black and white slow mo?

  8. AHodge says:

    Romney and Bain in the Ft
    the Key is Private Equity and what Romney did
    private equity is a PR term promoted by the industry about a decade ago
    to combine leveraged buyout
    a rightly ugly image– and venture capital– nice image
    the FT gave me one of their prissy assed yellow flag blog last warnings
    when i complained about this a yr a go
    and said call their deal in question leveraged buyout
    there is a lot of press about govt subsidies, and the pension guarantees paying when Bains deals went broke–but its deeper
    the whole levering concept and big corporate debt loads- especially to pay these guys
    is bankrupt–and helped made their victims bankrupt
    you should always ask why they company itself could not have done what the LBO guys did
    the answer is often the huge CEO stock payouts that the CEO must sign off on while agreeing on the rest
    would look unseemly if the CEO ordered it without a big LBO moment of theater and other moving parts
    You always need to ask
    why coulnt the company itself do what the Bains do
    and not pay them their hundreds millions
    the other things they “offer” include
    finding bondholders to buy the LBO dream (and often get hosed later)
    and finding Govts to give subsidies and breaks because the buy the dream
    now in the main north carolina case the steel company workers didnt mind so much
    the 1/4 billion leveraged bonds partly did pay for plant moderization
    the plant went bust 5 years later
    but pensioners still got paid and
    the plant was bought for “nothing” by Mittal and is operating now with its new machinery
    but this aint Ayn Rant atlas shrugged capitalism
    so there has been a hilarious STFU set of orders from the planet R paymasters to Newt etc–
    immediately obeyed–dont get out tea partiers actually thinking about this

    Bain actually did a few VC deals like Staples
    which is a legitimate– promote a business model– equity capital
    but not much as i make out?

  9. jaymaster says:

    One certain bright spot in the economy: Gun sales are way, way up.

    http://www.forbes.com/sites/frankminiter/2012/01/18/why-u-s-gun-sales-are-shooting-for-the-moon/

  10. VennData says:

    Bain Capital Saved America

    http://online.wsj.com/article/SB10001424052970204555904577169032997242246.html

    How DARE you laugh at this moderate, non-partisan headline, from this colorful, upbeat, telling-like-it-is journalist of impeccable, unimpeachable, telling-the-whole-story-the-story-and-nothing-but-the-story credentials.

  11. Irwin Fletcher says:

    “King of Bain” got four Pinocchios from Washington Post Fact Checker.
    Bloomberg also exposed the lies in the film.
    Really surprised and disappointed you would peddle something like that. Here are links if
    you want truth vs. bulls**t.

    http://www.washingtonpost.com/blogs/fact-checker/post/four-pinocchios-for-king-of-bain/2012/01/12/gIQADX8WuP_blog.html

    http://www.bloomberg.com/news/2012-01-11/anti-romney-film-stretches-truth-while-taking-his-comments-out-of-context.html

  12. Jojo says:

    January 18, 2012
    Cruise Lines Use Law and Contracts to Limit Liability

    The wreck of the Costa Concordia has attracted those habitual companions of disaster: lawyers.

    An Italian consumer and environmental group, Codacons, has announced that it is preparing a class-action lawsuit and that more than 70 passengers who were on board the ship that ran aground late Friday off the Tuscany coast have already signed on as plaintiffs. Other suits are sure to come.

    Anyone trying to sue Costa Concodia’s corporate parent, Carnival Cruise Lines, though, will find that the company is stoutly protected by international law and by a carefully worded contract that passengers accept when they buy their tickets.

    ………

    http://www.nytimes.com/2012/01/19/world/europe/cruise-lines-use-law-and-contracts-to-limit-liability.html

  13. Sayitisntso says:

    The Fukushima thing is largely a waste of time. Those (majority) who don’t understand nuclear power won’t gain any understanding.

    Simple test if you are capable of understanding: How well does seawater conduct electricity? The answer should be blatantly obvious to you.

    Then you can laugh at how ridiculous the cause of Fukushima. Lets put the reactor safety electrical equipment in the non-watertight basement next to the large body of seawater. Designed by Mr Bean? The ultimate question on the safety of nuclear power is this: Can we put only people in charge of things–that, when they do something stupid, people die–who are smarter than a fifth grader?

    Perhaps not. What kills more people, nuclear reactors or cruse ships?

  14. bear_in_mind says:

    Regarding the WaPo piece on ‘U.S. losing high-tech manufacturing jobs to Asia’… the author states the oft-cited meme about the presence of a large pool of highly-skilled workers in America waiting to be tapped.

    The problem, as I see it, is U.S. corporations have been assailing this premise left-right-and-center by trumpeting a “skills mismatch” across wide swaths of the labor market to explain high unemployment. Rarely does the MSM drill-down into this claim and challenge corporations to illustrate the problem in detail, and discuss what steps they’re taking to address the situation. Worse, reporters rarely seem to associate a potential ulterior motive, namely boosting profits through wage containment and/or wage arbitrage vis-a-vis international labor sourcing, for these highly-skilled workers.

  15. bear_in_mind says:

    Re: Fukushima… there’s no “perfect” solution. Yet, what’s galling is that the geologic history was minimized and/or ignored, leading to decisions which overlooked relatively simple modifications to the backup power systems (i.e. elevating diesel generators on-site and/or placing them in an elevated site a short distance inland). Had the latter considerations been acted-upon, it *probably* would have averted the overheating, meltdown and explosions. Stunning how clever, yet bone-headed, we humans can be. In light of the real nuclear disaster of our times, Chernobyl, it’s unfathomable they dithered on this. And I think it’s the lack of these common-sense preventive measures which undermines the public’s perception of nuclear safety. That said, we desperately need nuclear as a bridge to much more efficient energy usage and production (i.e. implementation of distributed fuel cells).

  16. gregfielding says:

    Barry,
    I’d love to get your take on this… This whole concept seems so corrupt but nobody is talking about it.

    http://bayarearealestatetrends.com/2012/01/17/who-will-benefit-from-bulk-reo-sales-meet-carrington/

  17. Sayitisntso says:

    Re: no perfect solution. I agree. But perfect is not necessary, just “un-stupid” goes a long way. People will always be killed, even on cruise ships. But a whole lot fewer will die if you don’t drive the ship into shallow waters without a local pilot on the bridge.

    Elevated generators alone would have done no good, the wiring was still in the basement. But all of that could have been easily corrected. In which case we would never have heard of the name Fukushima, as is the case for the nuclear plants flooded in the 2004 Indian Ocean tsunami.

  18. doug says:

    Truly enjoyed the hatchet job on Bain Capital, et al. Most unusual that it comes from a R candidate. Just mind blowing. As to its veracity, so what, its a political ad, what do you expect?

  19. willid3 says:

    all of the tax proposals from our political class.
    raise the deficit. thought they were against that.
    * Romney: $600 billion
    * Gingrich: $1.3 trillion
    * (Late lamented) Perry: $1.0 trillion
    * Santorum: $1.3 trillion

    http://baselinescenario.com/2012/01/19/department-of-duh/

  20. streeteye says:

    Sheila Bair – break up the big banks
    http://finance.fortune.cnn.com/2012/01/18/big-banks-break-up-bair/

    Deutsche analyst balked at gaming CDO models to get AAAs, blew whistle, triggered investigation by outside counsel, must have really had the goods because he’s still employed
    http://www.propublica.org/article/deutsche-analyst-sounded-alarm-when-asked-to-alter-numbers

  21. 873450 says:

    beaufou Says:
    “Hedge funds have been known to use hardball tactics to make money. Now they have come up with a new one: suing Greece in a human rights court to make good on its bond payments.”

    Wouldn’t the international human rights court have to rule hedge funds are “people” with human rights before granting them standing to commence lawsuits there?

    Even more ridiculous, why would any sovereign nation submit to the jurisdiction of a human rights court in response to a civil lawsuit from a hedge fund?

  22. Theravadin says:

    Oh, forgot to do the disclosure. I don’t own any Google. Nor any Apple. RIM? Yes, but don’t bug me about it, I’m in mourning.

  23. petessake says:

    Android is just another way to give up ones privacy. The damn thing nags me multiple times a day to update this or that or for “permissions” I refuse to grant and sends me “news alerts” about garbage. Why does my bank or insurance company need my location? Why do vendors want permission to override my phone battery sleeping? I want to control my battery use, not have some moronic corporation override my decisions. Why do 3-partyvendors want permissions to receive the phone numbers of people who call me? Why can’t I delete garbage aps that come with the phone? While these phones have some great capabilities and potential they are also a privacy nightmare run amok. As one who’s subpoenaed a lot of phone records and locations and know how easy that is and invasive, I won’t have another dumb “smart” phone until they reign in privacy abuses.