Some reads for your Tuesday morn:

• The ECRI Weekly Leading Index, unmasked (Bonddad Blog)
• Skyscrapers ‘linked with impending financial crashes’ (BBC)
• Europe Counters U.S. in Cloud Computing (Bloomberg)
• Some Bullish Housing Forecasts for 2012 (Calculated Risk)
• Rich America, Poor America (Daily Beast) see also The Invisible Hand Behind Bonuses on Wall Street (NYT)
• Seven principles for arguing with economists (Noahpinion)
• Hope, FPGA’s, High Frequency Trading and the New Market Access Rules (Dark Star) see also ‘Bloated’ London Banks Shrink in the City (Bloomberg)
• NCSE Picks Fight Against Climate Science Deniers (Scientific American)
• Truth and consequences: FRONTLINE’s brilliant documentary on Fukushima (BoingBoing)
• Five Troubling Takeaways From CES (Morning Star)

What are you reading?

Found: The 1%

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 AM Reads”

  1. mathman says:

    good link Irwin. Profits before health care is a serious flaw to all of us, but especially the frail, defenseless and vulnerable elderly.

    i wanted to comment on the overly simplistic representation of the picture above. It makes a nice cartoon but misses the point of the 99% vs the 1% being like a fine membrane controlling a larger organism – causing it to die off, fail to rebuild damaged sections, and become a zombie in effect.

    Also, have you all seen this? Weird loud noises are being heard all over the world!

    The last one, from Kiev is from last year.

  2. Francisco Bandres de Abarca says:

    Reading this little ditty:

    Reuters Exclusive: Iraq to lift oil exports 400,000 bpd through March

  3. zola says:

    Rich America, Poor America (Daily Beast)

    Wow, that was full of fallacies!

    The intelligence of children does not necessarily depend on the intelligence of their parents:

    “In fact, most children with high intelligence are conceived by parents of average intelligence rather than by parents with high IQ scores (Plomin & Petrill, 1997).”

    Here’s the study, I included the other link just because it puts it in layman’s terms

    That poor people are taking more leisure is crap as well. I don’t think it has anything to do with choice, I think it has a lot more to do with the service jobs that are held by the working poor.

    See, if you’ve never worked a service job (a year or two as a teen doesn’t count because you would have been unlikely to catch this as a teen), then you don’t know that companies play all kinds of games to avoid having people qualify as full timers.

    If the law says you have to work 36 or more hours regularly to count as a full time employee, they won’t let the rank and file employees have more than 35. Furthermore, the management is actively discouraged from giving a regular schedule. Management is told to change shifts around on a weekly basis.

    You can imagine that if you never know what your schedule is going to be, it makes it awfully difficult to get a second job to fill in the gap.

    There are also the outright cheats, such as the manager who has an employee work overtime and then doesn’t report that time but rather forwards it to the following week. The employees say nothing because a 35 hour a week job is better than no job. This is disgustingly common. Service industry management is completely fixated on employee hours.

    I invite people to research it for themselves by talking to some of the service workers you interact with every day.

    There were more, but those are two of the biggest.

  4. RW says:

    What zola said.

    Nial Ferguson channels Charles Murray’s (of “The Bell Curve” fame) and the notion that the division of American into two countries, the rich and the poor, is a consequence of a growing class of “cognitive elites” vs. everyone else rather than a consequence of oligarchs vs. everyone else.

    Never mind the clear observation that many of these putative elites have already deomonstrated they are not the sharpest tools in the drawer or, for that matter, that the greatest increases in wealth have not occured among those with higher education degrees, the Murray argument puts a better shade of lipstick on the pig and Ferguson avers (I wouldn’t call it an argument) that this should be good enough to convince hoi palloi that the ongoing “conservative” agenda of scrapping the welfare state, wiping out public education and ‘unleashing’ entrepreneurial spirit with lower tax rates is just the ticket.

    In short, another Tory rear-guard action, an argument to continue the oligarch agenda while distracting from great wealth’s overwhelming correlations to social connections, political power, laws and regulations favoring rent seeking, corruption and the ongoing accumulation, retention, and intergenerational transfer of the loot extracted thereby.


  5. ami_in_deutschland says:

    Andrew Sullivan makes solid arguments favoring Obama’s re-election:

    How Obama’s Long Game Will Outsmart His Critics

    Considering the circus of freaks garnering for the nomination on the other side — and particularly the lying scum who has risen to the top — I can only hope Andrew is right!

  6. Jojo says:

    Why open plan offices suck:
    January 13, 2012
    The Rise of the New Groupthink

    SOLITUDE is out of fashion. Our companies, our schools and our culture are in thrall to an idea I call the New Groupthink, which holds that creativity and achievement come from an oddly gregarious place. Most of us now work in teams, in offices without walls, for managers who prize people skills above all. Lone geniuses are out. Collaboration is in.

    But there’s a problem with this view. Research strongly suggests that people are more creative when they enjoy privacy and freedom from interruption. And the most spectacularly creative people in many fields are often introverted, according to studies by the psychologists Mihaly Csikszentmihalyi and Gregory Feist. They’re extroverted enough to exchange and advance ideas, but see themselves as independent and individualistic. They’re not joiners by nature.

    One explanation for these findings is that introverts are comfortable working alone — and solitude is a catalyst to innovation. As the influential psychologist Hans Eysenck observed, introversion fosters creativity by “concentrating the mind on the tasks in hand, and preventing the dissipation of energy on social and sexual matters unrelated to work.” In other words, a person sitting quietly under a tree in the backyard, while everyone else is clinking glasses on the patio, is more likely to have an apple land on his head. (Newton was one of the world’s great introverts: William Wordsworth described him as “A mind for ever/ Voyaging through strange seas of Thought, alone.”)

  7. kaleberg says:

    re: Skyscrapers ‘linked with impending financial crashes’

    In the private sector, they call it the edifice complex. Management gets so into the new HQ building that they let the company fall apart. You see it again and again.

    There are actually lots of skyscrapers that were built but were not followed by a downturn, but spates of skyscrapers are usually signs of a booming economy, so someone is going to get caught by the bust.