Here’s a look at what I was reading before I started taking apart the BLS NFP data (more on that later):

• Senate Votes To Ban Its Members From Insider Trading… Kind Of (TPM)
• The Hidden Burden of Ultra-Low Interest Rates (Businessweek)
• S.E.C. Is Avoiding Tough Sanctions for Large Banks (NYT)
• Will the great interest rate gamble pay off? (Telegraph) see also Negative Interest Rates—a Minus for Growth? (Barron’s)
• In a Focus on Gold, History Repeats Itself (NYT)
• Lax Oversight Blamed in Demise of MF Global (DealBook) see also Too little too late? CME Creates $100 Million Fund for Farmers and Ranchers (DealBook)
• With Tax Break, Corporate Rate Is Lowest in Decades (WSJ)
• Baltic Dry Index two-fer:
…..-Commodity Shipping Costs Slump to Lowest in Quarter Century on Vessel Glut (Bloomberg)
…..-The Death of a Leading Indicator? Baltic Dry Loses Luster (Fox Business)
• Anatomy Of A Come Back? Charting Obama’s Approval (TPM)
Citizens United: Colbert v. the Court (Slate)

What are you reading?

>

Banks Depleting Earnings Backstop

Source: WSJ

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 “10 Friday AM Reads”

  1. Concerned Neighbour says:

    I’m reading the unemployment report.

    And I’m asking myself: “Does it make sense for the DOW to be only less than 9% below all-time bubble highs?”. And probably less than 8% by the time today is over. I’m curious as to other’s thoughts on this question.

  2. bmoseley says:

    Re: Hidden Burden of Ultra-Low Interest Rates.
    this has not been Hidden just ignored. Retired people have seen and felt it for years. i don’t know why Barry (and everyone else) has more or less ignored this big cost of saving Wall Street.

    ~~~

    BR: I’ve discussed that extensively over the years — I’ll even take some small measure of credit for popularizing the phrase “Ultra Low Rates” — its all over Bailout Nation, and if you search for it on TBP, it returns 419 posts.

  3. Gator81 says:

    Currently reading:

    “Gold Rallies as Dollar Weakens” by Colin Twiggs

    http://www.incrediblecharts.com/tradingdiary/trading_diary.php

    and

    “One Bowl Chocolate Cupcakes” from bakedbynicole (hey, it’s Friday!)

    http://bakedbynicole.wordpress.com/2012/02/02/one-bowl-chocolate-cupcakes/

  4. rd says:

    I predict that, in order to safeguard the public from the dangers of Congressional insider trading, Congress will ban their use of inside information to make trades that lose money. If the trade loses money, the law will force the candidate and their brokers reverse the trade, so that America will be safe.

    On MF Global lax oversight: There was oversight? I thought the whole point of being politically connected was to have oversight waived, not simply made lax. In the end, it is the “oversight” folks that also made the unusual decision to have a broker-dealer go through Chapter 11 instead of 7, putting the public customers near the end of the line to receive what should have been “segregated” funds while TBTF banks move to the head of the line. With oversight friends like this, the public doesn’t need to have enemies.

    Corzine fired the risk officer who was telling him what he didn’t want to hear and then hired a lapdog. He also ran a company that apparently could tap into segregated funds without adequate financial oversight to prevent that. This is Holder’s opportunity to announce to the world that Mr. Corzine and his accomplices are about to become a major test case for enforcement of the Sarbanes-Oxley Act holding executives responsible and accountable.

  5. VennData says:

    With Tax Break, Corporate Rate Is Lowest in Decades

    “..Total corporate federal taxes paid fell to 12.1% of profits earned from activities within the U.S. in fiscal 2011…”

    http://online.wsj.com/article/SB10001424052970204662204577199492233215330.html

    Only the professional GOP liars, Like GOP House occupier from California, Kevin McCarthy today on CNBC could say with a straight face that the US corporate rate is “the highest.”

    McCarthy is a clown. The GOP media machine needs to shorten his leash, unable to spin with the alacrity they’ll need to convince people that current taxes are still too high.

  6. “…This is Holder’s opportunity to announce to the world that Mr. Corzine and his accomplices are about to become a major test case for enforcement of the Sarbanes-Oxley Act holding executives responsible and accountable…”

    We’d be better off ‘betting’ that the Moon will calve, and that ‘old Standard’ will be re-written as “Two Moon(s)”..

    http://www.thefreedictionary.com/calve (yes, try a cross between 1. & 2. )

  7. Lugnut says:

    Interesting NYT article on the SEC. Concerned about protecting investors??? Puleeze. They only care about the banks being intact, so they can’t be pegged for a decrease in the market. Its not the job of the SEC to protect investors who put money into fraudulent companies.

    Between this and the Daily Caller article on Holder protecting bribed justice officials (bribed by bankers), its apparent that A) a siginificant section of the financial industry isincompetent and/or corrupt, and B) they are deep in bed with a government and regulatory structure that is more concerned with protecting them and the status quo then they are with the rule of law and equitible outcomes

    PS I wouldn’t bet 5 cents that Holder would go after Corzine on S-Ox charges. Anyone who does is asleep and hasn’t been watching how this DoJ operates. I think they’d be afraid to try and litigate a traffic ticket.

    starve the beast, cause you can’t fix it in its present form

  8. Francois says:

    When it comes to prosecuting financial crimes, the Obama administration is a total and utter disgrace. No one suck up to the TBTF like Obysmal; Eric “Place” Holder is a political yes man who can’t locate his spine since he ain’t got any. As for the SEC, just remember that Khuzami was general counsel at Deutsche Bank while the mortgage securitization debacle was being concocted. ‘Nuff said!

    Will we need a Greek default followed by Depression 2.0 to force people to finally wake up and claim the heads of all the corrupt, fake asses and professional liars looting this country? I sure hope not.

    The worst aspect of it all is to witness how much money the conservatard Super-PACs have in hand right now. The 0.01% really want to make sure they’ll keep “owning the place”, regardless of the elections.

  9. Francois says:

    I am reading a very revealing article about Dan Burton (R-IN) who is finally leaving Congress after 2 decades of screwing the pooch.

    Turns out the unrepresentative was anti-vaccine, the best friend of organized medical quackery and hostile to real clinical researchers.

    One truly wonders about the common sense of those who voted for this asshat for so long.

  10. Gator81 says:

    “The Fireplace Delusion: A Metaphor for Religious Belief” by Sam Harris

    http://www.thedailybeast.com/articles/2012/02/03/the-fireplace-delusion-a-metaphor-for-religious-belief.html

    Nice job of persuasive writing, Sam! And while I do love a good fire, I switched to nat gas long ago. But the analogy to religion is very well done!

  11. Today’s post on the Finance Addict looks at a saner approach to corporate lobbying as illustrated by the thwarted Deutsche Börse merger with NYSE Euronext. More of this, please.

    http://financeaddict.com/2012/02/they-do-exist/

  12. formerlawyer says:

    Today’s WTF headline: MF Global’s Regulator Says Oversight Was ‘Flawless’

    http://www.huffingtonpost.com/2012/02/03/mf-global-regulator-oversight-flawless_n_1252210.html

  13. VennData says:

    Komen Reverses Move to Cut Planned Parenthood Funding

    http://online.wsj.com/article/SB10001424052970203889904577201010816706778.html

    What has a generation of support for the GOP down for the right-to-lifers? Nothing.

    For the flag non-burners? Zero.

    Has Obama taken away your gun yet? Nope. Your ammo? Nuh-uh. Your freedom to shoot? No.

    You pro-military? Did the GOP keep the military strong? …well the GOP House and Senate AGREED to mandated super-committee military cuts, and that’s what happened, the military was cut BY THE GOP.

    Listen up suckers.. er…a… GOP voters, why are you a Republican? To support Romney? To support Romneycare? To stop the stock market from continuing the Obama rally? To stop the Fed? Bernanke? (Bush’s nominee) or Greenspan (Reagan’s) Why?

    Now, the GOP has torn down bi-partisanship, decimated credit ratings, threatened payroll tax cuts, all in the name of keeping those “super-successful” Supply-Side Bush rates that resulted in the Great Recession and let Romney sit around while he paid a 13% effective rate ( boy he needs further cuts, don’t he?) They have pulled out the stops for those. Are you getting the picture?

    Why are you a Republican?

  14. willid3 says:

    more on the cosy SEC
    http://blogs.reuters.com/felix-salmon/2012/02/03/the-craven-sec-part-196/

    i guess the SEC’s job is not protect the investors, but the companies.
    remember that when you are doing any thing with securities, or bonds
    otherwise you are likely to loose all that you invested

    and low interest rates aren’t new. I seem to recall that back in the 1990s, interest rates paid to savers were extremely low. in fact it was and has been a waste of time to save money at any bank, because you will loose due to any inflation. and bonds aren’t as impacted by what the Fed does. its more impacted by demand companies have for their offerings, that drives their need for growth. with demand in the tank, they don’t have more desire to do a lot of bonds.
    lastly, while the idea of low rates was really supposed to spur demand from consumers. but today’s consumer isn’t all that interested in buying any thing.(beside with little to no growth in incomes, and huge over hang from their last burst of buying, they have no interest in buying) which leads to even less demand by companies in the bond market

  15. rd says:

    Potentially a major lawsuit against the big banks filed by the NY AG: http://www.bloomberg.com/news/2012-02-03/bank-of-america-jpmorgan-chase-wells-fargo-sued-by-new-york-over-mers.html

    A potnetial side effect: it could be important for local government finances. MERS was formed largely to avoid paying county recording fees for transferring mortgages. A door could be opened through these discoveries to recover some of theose recoding fees which the local governments could certainly use.

  16. rd says:

    Please note that I said MF Global was an “opportunity” for Mr. Holder. However, it is clear in life that many opportunities are not seized upon. The Obama Administration has shown it has little interest in such opportunities.

    I do recognize that every settlement negotiation between the SEC, DOJ etc. with the big banks and Wall Street firms is potentially actually just a job interview.

    But it is important to have hope in life.

  17. Joe Friday says:

    With Tax Break, Corporate Rate Is Lowest in Decades (WSJ)

    The Corporate Tax RATE is completely irrelevant, as more than two-thirds of corporations pay ZERO, and the rest pay less than 5%.

    http://www.washingtonpost.com/wp-dyn/content/article/2008/08/11/AR2008081102324.html

    http://www.reuters.com/article/newsOne/idUSN1249465620080812

  18. reedsch says:

    Why are Republicans so vastly underrepresented in comedy? Which holds true in the sciences as well…a strange coincidence if there ever was one. There are clever Republicans, and witty Republicans, but I can’t for the life of me think of a laugh-out-loud funny one.

    http://www.colbertsuperpac.com/episodeiv-anewhope/index.php

    Which is really too bad; if ever there was a group of people that really needed to lighten up, it would be the GOP.

    p.s. Dennis Miller is witty and clever but his funny days are a fading memory.