“What does that mean– your ‘PM Train reading’ ?” demanded a nonspecific reader in a specifically hostile voice. It is quite literal: I take a train home; these are the items on my Instapaper (really) I have not gotten to read yet, but will on the way home:

Mihm: Lessons for Europe From America’s First Great Depression:  (Bloomberg)
• U.S. Tax Haul Trails Profit Surge (WSJ)
• Bill Gross: Towards the Paranormal (Pimco)
• Greek, Italian cash heads for hills, or under pool (Reuters) see also World’s Biggest Economies Face $7.6 Trillion Bond Tab as Rally Seen Fading (Bloomberg)
• Dimon Says JPMorgan Is Expanding Amid ‘Hostility’ Toward Banks (Bloomberg) Hostile? Fuck you!
• Dylan Goes Eclectic: As ‘An Advocate Who Hosts a Show,’ Can MSNBC’s Ratigan Broadcast Nuance to the Masses? (Observer) see also How Many Stephen Colberts Are There? (NYT)
• Why Best Buy is Going out of Business…Gradually (Forbes)
• Domo Arigato, Mr. Roboto (BoingBoing)
• Huntsman: No One Cares About Iowa (Fox News) see also Just Who Votes In The Iowa Republican Caucuses? (TPM)
• King of the Cosmos: Profile of Neil deGrasse Tyson (Carl Zimmer)

What are you reading?


Dimon: Why ARE people hostile to Banks? Its a conundrum!

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.

22 Responses to “10 Wednesday PM Reads”

  1. Iamthe50percent says:

    While agreeing wholeheartedly about BestBuy, I must point out that Amazon is not without sin. Some years ago I ordered a VCR from Amazon because it was cheaper than a local store. They back ordered it and eventually acknowledged that they couldn’t get it anymore. By then the local store was out too. I haven’t bought electronics from Amazon since. Similarly, I switched to Amazon from Barnes and Noble’s website because they kept an order for a month before admitting they didn’t have it (NOT told to me when I placed my order) and didn’t intend to re-order it. I buy books exclusively from Amazon now (or locally from Half-Price books). I go to Half-Price books because I can actually SEE the used book. I used to buy from Alibris with much success until I got a book that was suppose to “Excellent, near New condition, no marks or writing inside”. It was full of handwriting and high-lighting, nearly every page. I wanted to complain to Alibris, the merchant who fulfilled the order having informed me that their policy was “no returns”. That’s when I discovered that Alibris has no customer complaint e-mail or telephone number. I was only ripped off for ten bucks, but now whenever an e-mail comes to my inbox from Alibris, I mark it as Spam. I wonder why Thunderbird doesn’t automatically re-route them to junk.

  2. theexpertisin says:

    Ratigan deserves better than to be hidden in a poor time slot with abysmal ratings at woeful MSNBC.

    I picture him eventually following Drew Carey, hosting The Price Is Right. Or taking over the spot vacated by Martha Stewart’s Hallmark show, being cancelled in April.

    Feel the love, Dylan.

  3. MorticiaA says:

    Love Neil deGrasse Tyson. Saw him “perform” (lecture) live last summer at the campus of my alma mater, University of Houston (who beat Penn State over the weekend, BTW. Hope we can compete in the Big East AND without Keenum / Sumlin, but I digress…)

    Tyson gets my respect because of his pure passion for what he does, for not mincing words about the poliAND for making science “cool.” Quote from the Zimmer article:

    “When the United States was sending men to the moon, science thrived. ‘You had to beat people back at the door who wanted to major in science and physics and become science teachers,’ said Tyson. ‘You had people making the space program the measure of what is possible.”

    I would LOVE to live in a world where kids wanted to grow up to be scientists rather than I-Bankers.

  4. Expat says:

    We imprison and torture illiterate, under-aged Muslims because we suspect them of having been Osama Bin Laden’s chauffeur for a month.

    Jamie Dimon has done more damage to America and has arguably been responsible for more deaths than all Al Qaeda attacks combined, and he lives in mansions, eats caviar, and is handed hundreds of billions of taxpayer money.

    I think that if we switched those policies around, the world would be a nicer, safer place.

  5. PeterR says:

    I always knew Dylan could play the heck out of that Eclectic guitar.

    Rock on!

  6. Jojo says:

    Industry Wary of Dioxin Guidelines

    Farmers and the food industry are asking the Obama administration to ease coming federal guidance that will advise consumers to minimize their intake of dioxins, chemicals that may be harmful at certain levels.

    The standards would, for the first time, set a limit on how much dioxin Americans can be exposed to and still be safe. The Environmental Protection Agency is expected to release the guidelines in January.

    Dioxins are a byproduct of paper, metal and cement production, but the primary source of exposure for people is food. Meat and dairy products in particular absorb the chemicals, which are ubiquitous in the environment and get into what livestock eat, especially if the animals graze. When ingested at high levels, dioxins are linked to human reproductive problems, acute skin conditions and cancer.

    Scientists generally agree that dioxins are poisonous, but some disagree with the EPA’s conclusions that the small amounts people are exposed to through food today are dangerous.

    Food producers, grocery suppliers and restaurants are concerned the EPA will set a safety threshold for dioxin that is below the amount a typical American gets from food. They warn that would unnecessarily alarm consumers.

    “EPA is proposing to create a situation in which most U.S. agricultural products could arbitrarily be classified as unfit for consumption,” the three groups and others wrote in a letter to the White House in December. “The implications of this action are chilling.” The groups include the American Frozen Food Institute, the American Farm Bureau Federation and the National Chicken Council.


    P.S. This article is subscriber only unless you get there through a search engine.

  7. Sechel says:

    Re, Jamie Dimon,
    I think he’s doing what he should, the problem is that the government is not. Until we treat the big banks the way we treated Standard Oil back in the day we’ll never be past too big to fail. The saving grace here is that unlike BAC & Citi, JPM seems to be better managed..at the moment.

  8. see also Just Who Votes In The Iowa Republican Caucuses? (TPM)

    Josh Marshall is a Zandi-Grade ‘sell-out’/’presstitute’..

    here.. http://www.youtube.com/watch?v=415ldslrs4k

    @ ~1:15-mark, is a good example..

  9. VennData says:

    “U.S. Tax Haul Trails Profit Surge” Wait… so Bush’s tax cuts never resulted in greater tax revenues?! That’s impossible, it’s Supply Side Economics! CONSPIRACY!

    Speaking of Conspiracies… The GOP Media Machine trots out this lie that Romney is the only one capable of beating Obama, but they got it backwards. Romney won’t get the support of the Tea Party. They’re attitude is “let Obama have four more years and really get us to rock bottom” rather than Obama-lite with Romney.

    Speaking of Conspiracies… I defy anyone to find a quote on MSNBC saying Paul favored Jim Crow laws on the MSNBC site.

  10. river says:

    I wish somebody should tell Jamie Dimon that probably 95% of the 99%’ers did not even know who he was before September of 2008. I honestly hadn’t even heard of Chase bank (it was mostly on the East Coast), let alone its CEO, before I became an unsuspecting customer of theirs when they bought out Washington Mutual.

  11. TomL says:

    ” Dimon, 55, respects the right of people to “speak their mind” and acknowledged their frustrations, he wrote in the Dec. 20 e-mail. ”

    Thank you, Jamie, for noticing. That’s very patronizing of you.

    Free $peech is something you should be very familiar with – courtesy of your Supreme buddies who decided in your favor last year (Citizens United vs FEC.)

  12. Singmaster says:

    I’ve got to say that I’ve stopped using my Chase credit card even though the rewards were great. I’ve written AARP about their using Chase as their CC provider and now use it as little as possible.
    One of my partners suggested a Chase bank account so we could transfer $$ more easily and I replied NFW in nicer terms— all because of Mr Dimon.
    Mr Dimon simply does not ‘get it’ and I’m not going to support him or his business if I can help it.
    I suggest those of you who are on the Barry Ritholtz wave length consider the same.

    (I keep the AARP card because they responded and helped when my father-in-law was bilked.)

    Dylan rocks and deserves better.
    Read Gross’s paranormal twice. Good stuff.

    This was funny to me:
    “What does that mean– your ‘PM Train reading’ ?” demanded a nonspecific reader in a specifically hostile voice.

  13. Mike in Nola says:

    More evidence of the efficicency of ICE. They deported a Texas teen runaway to Columbia. She is black and speaks no Spanish. Her grandmother had been looking for her since 2010 until Dallas police discovered what happened to her. ICE took her fingerprints but that didn’t seem to deter them.

    The girl is now being held by Columbia because she’s not supposed to be there.


  14. uzer says:

    i stopped using bankster issued credit cards many, many, moons ago and decided i’d rather go with the simplicity of credit union issued cards than tempt the devil for a pittance of a “reward”

  15. Mike in Nola says:

    The Montana Supreme Ct. has issued a ruling saying that early 20th century limits on corporate contributions in state elections are still effective. They were enacted to curb the power of the mining companies.


    Nice quote from a reluctant dissent by one of the justices:
    “Worse still, while corporations and human beings share many of the same rights under the law, they clearly are not bound equally to the same codes of good conduct, decency and morality, and they are not held equally accountable for their sins. Indeed, it is truly ironic that the death penalty and hell are reserved only to natural persons.”

    Well, at least Jamie will still be eligible for hell. And if we get lucky, maybe for the other punishment.

  16. jaymaster says:

    Jeez, it boggles my mind that some people don’t understand that train commuters still exist in this day and age.

    In some areas of the country (very few, I’ll admit), it still makes perfect, logical, efficient, sense.

    I picture this song every time the topic of Barry’s commuting habits come up.

    With lyrics!


  17. RagingDebate says:

    I would like to pose only two questions to Mr. Dimon and to the viewing audience. The first one is if both camps would or wouldn’t like to play a game?

    Let’s say there is only simple math equation that can be inputed into a government economic model GUARANTEED to better than the current model? Would any of you be willing to participate with your math equation or equations to compete for a $10 M prize?

    The participants will have nine months to draft and test formulas. The model duration is 300 years, the model that grows the most total in aggregate wins!

    The “test” economic government model will have five branches. Legislative, Judicial, Executive, Military and Banking.


    Contact me Barry at jrines@ragingdebate.com for the equation. If Mr. Dimon does not wish to play he has to admit in public immediately that he does not have the answers to compete and win or he really is afraid or Barry Ritzolz and the unknown big mouth without even a PhD.


  18. howardoark says:

    This is hilarious – he says each of these surprises has greater than a 50% chance of happening.

    Byron Wien Announces The Ten Surprises for 2012

    New York, January 4, 2012 – Byron R. Wien, Vice Chairman, Blackstone Advisory Partners, today issued his list of Surprises for 2012. This is the 27th year Byron has given his views on a number of economic, financial market and political Surprises for the coming year. Byron defines a “Surprise” as an event which the average investor would only assign a one out of three chance of taking place but which Byron believes is “probable”, having a better than 50% likelihood of happening.

    Byron started the tradition in 1986 when he was the Chief U.S Investment Strategist at Morgan Stanley. Byron joined The Blackstone Group in September 2009 as a senior advisor to both the Firm and its clients in analyzing economic, political, market and social trends.

    The Surprises of 2012

    1. The extraction of oil and gas from shale and rock begins to be a game changer. The price of oil drifts back to $85 a barrel and the United States becomes less dependent on Middle East supply. Deposits in Poland, Ukraine and elsewhere prove promising as well. Increased production from Libya and Iraq and reduced demand resulting from the slowdown in world-wide economic activity contribute to the price decline.

    2. Earnings for American corporations continue to move higher driving the Standard & Poor’s 500 above 1400. Raw material prices continue soft and business leaders successfully adjust to slower economic growth by using technology to reduce the labor and logistical component of goods and services sold; profit margins stay high.

    3. The U.S. economy gets its second wind. Real growth exceeds 3% and the unemployment rate drops below 8%. Recession fears and even “the new normal” view of prolonged slow growth are called into question. Capital spending, exports and the consumer drive the economy, overcoming fiscal drag. The drop in the price of oil and the rise in the stock market improve both consumer confidence and spending patterns.

    4. The recovering economy and the declining unemployment rate help President Obama convince the voters that he didn’t do such a bad job in his first term after all. He is viewed as a good speaker but a poor leader who is running against Mitt Romney, viewed as uninspired and whose positions on many issues are unclear. Democrats take back the House of Representatives but lose the Senate in an anti-incumbent wave.

    5. Europe finally develops a broad plan to deal with its sovereign debt problem and moves closer to fiscal cohesion. The European Central Bank, the International Monetary Fund, the European Financial Stability Facility and the European Union band together to keep all the countries within the Union and to continue the euro as the Continent’s currency. Greece has a major restructuring of its debt; Spain and Ireland strengthen their finances during the year, but Italy suffers a “voluntary” restructuring. A meltdown of the banks is avoided, but imposed austerity causes Europe to suffer a recession.

    * SNIP *

    Continued here:


  19. Jim67545 says:

    Excellent overview of entire housing problem from Fed posted in CalculatedRisk. Go there or here is the link: http://www.federalreserve.gov/publications/other-reports/files/housing-white-paper-20120104.pdf

    May have already been posted here but I did not see it. This white paper runs 25 pages (big type) and does not go into a lot of detail. Yes, it takes 25 pages to cover the topic on a general level.

    For those who post here and who want to focus on one or two elements as THE problem, this is a must read. Readers will note that the white paper does not mention at all borrowers who may have contributed to the problem (fraud, flipping, purposely overextending themselves, second homes, etc.), the role of the Fed itself (depressing interest rates), and does not give much space to MERS or regulators. Again, this is not a detailed piece. Enjoy.

  20. louiswi says:

    Something else on banks rarely discussed. If you rob a bank, you will be hunted down by the FBI and when caught will be charged with a federal crime. On the other hand, if you murder someone, you will be hunted down by the local constable and charged with a state crime. Protecting banks is clearly the higher priority.