My early morning reads:

• What Game Theory has to do with Market Volatility (Bloomberg)
• Bernanke-Led Economy Shows Critics Wrong About Fed (Bloomberg) see also To Senators, Bernanke Defends the Fed’s Dual Objectives (NYT)
• Retail: The decline of the shopping mall (CS Monitor)
• Blue Chips Hit a Yearly High (WSJ) see also Stop The Presses, Dr. Doom Is Turning Bullish (WSJ)
• Proposed settlement with banks over foreclosure practices dealt a setback (Washington Post)
• Another Year of Fear for Municipal Bonds (WSJ) see also BlackRock, Fidelity, Schwab Signal Demand for Corporate Bonds (Bloomberg)
• Time to close the carried-interest loophole (Washington Post)
• Self-Inflicted Blindness: The Austerity Threat To Innovation (Forbes) see also The hazards of crisis management (The Economist)
• Apparently, Richard Nixon was a Leftist: 1971 SOTU Address (Credit Rightdowns)
• The iPhone is a nightmare for carriers (CNNMoney Tech)

What are you reading?


It’s Time To End the Greek Rescue Farce


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 MidWeek AM Reads”

  1. Julia Chestnut says:

    I was forced to step into an actual mall last weekend for the first time in a long time (noisy, crowded, overpriced – what’s not to love?). It was absolutely shocking how few stores there were: long stretches where sheet rock had been put up to cover the glass of empty storefronts. It was depressing on a level I can hardly express.

  2. mathman says:

    Welcome to the slow collapse (for now) of America.

    Here in the lower 48 it’s more like late fall than the dead of a typical (until now) winter; on the other hand in Europe they’re really havin’ problems with record snow, cold and worsening conditions:

  3. VennData says:

    Rick Santorum takes control of the GOP

    I can’t wait for him and Ahmadinejad to discuss the importance of religion in politics.

    I know the GOP Media Machine will find some outrageous, cockamamie meme to insert into the minds of enough voters in swing states to make Rick Santorum, the President. November But what? Here are my choices:

    1) Obama is a secret agent of the KGB – OBKGB

    2) Orgies in the Lincoln bedroom – Obambam’s

    3) Obama is a lesbian – OBGYN

  4. rocketgas says:

    When Old tennish shoes win we all wint. Wisconsin is the soul of the working man.

  5. VennData says:

    Russian Scientists Bore Into Ancient Antarctic Lake

    “…Russian officials said the timing of the announcement was fitting because on Wednesday Russia celebrated “Science Day,” commemorating the occasion in 1724 when Peter the Great signed an order establishing the St. Petersburg Academy of Sciences…”

    On Science Day, Rick Santorum won three primaries, how ironic.

    Oh America, you have a bright, bright future.

  6. Moss says:

    The GOP is out of control, has been for quite some time. They have no message, no conscious, no consistency expect hypocrisy.

  7. GeorgeBurnsWasRight says:

    If I were the Greek government, I’d figure we were going to have to pull out of the Euro eventually, so why not do it now, rather than wait until all of the austerity programs have devastated our economy for several years.

  8. VennData says:

    Gingrich’s best bet: Obama wins

    “… He has three main options: … Option 1: Fight to the bitter end, money or no money… Option 2: Try to make a deal now [with Romney] now… Option 3: Retire quietly from the field, no deal, and hope that Romney loses in November and that Gingrich can then claim the “told you so” rights of the party elder statesman over the next four years… If Romney wins, what future does Gingrich have, really?”

    Hey Frum, how does your half-baked analysis work with all the nuts the GOP media machine has created that pulled the lever for… wait for it…. Rick Santorum?!

    You GOP marketing managers don’t get it. YOU made all those nut jobs out there with your lies, deceit and cowboy philosophies. now the plurality of your voters really believe this nonsense. …and they do not like Romney’s tax planning.

    Your big-bucks supporters aren’t going like it. The tax cuts for the rich are over. That’s not what you’ve really created. You can complain about Clint Eastwood all you want, but eating your own ain’t going to solve the problem you’ve created with your nonsensical GOP Media Machine blather about Kenya, birth certificates and Socialism.

    Rick Santorum – 2012? LOL.

  9. DrSandman says:

    I’m reading Chait get bitch-slapped around ignoring numbers that weaken his case:

  10. DrSandman says:

    @Moss –

    I left the (R) party before Bush’s 2nd term. So take this for what it’s worth.

    The GOP message is simple: Freedom. Freedom to be left alone. Freedom to worship. Freedom to spend your money and feed your kids as you see fit. Freedom to defend yourself. Freedom to engage in commerce and trade with your fellow man. Freedom to live within the laws decided by a supermajority of the republic, deferring to inalienable human rights, and what is not expressly prohibited shall be permitted.

    The other party believes that the welfare of the collective shall supersede one’s individual right to practice religion freely. The other party believe that the right to defend yourself is an anachronism that shall be regulated. (Look up what “regulated” meant in 1783…) The other party believes in a valedictocracy – that a small collection of very smart people can and MUST make decisions for the people under their rule who cannot — or through no fault of their own, will not — make the “correct” decisions themselves. The other party believes that all rights flow from the state, and can therefore be rescinded at any time.

    The good parts of the GOP believes that you can pursue happiness and liberty to better the lives of yourself and your family. The other party believes that all fruits of your labor only came about because of what the state provided to you; therefore the state gets to decide how much fruit of your own labor you get to keep.

    One side sees the world as imperfect and tries to make the best of it. The other party sees a potential utopia than is only one more law, one more regulation, one more government-funded program away from perfection.

    Sure, there are crony-capitalists in the GOP; there are equal numbers in the Democrat party. But our extremists just want to be left alone. The opposition/statists seeks to impose and inflict their mental disease on the rest of us.

    In short, we are deciding between a possibility of Liberty, or guaranteed Tyranny. I cast my lot with a chance at freedom, rather than a known dark future.

  11. Mike in Nola says:

    An article on the farce of the German economic miracle that surprisingly made it onto CNBC’s site. Sounds a lot like the Chinese economic miracle.

  12. mark says:

    The issue is not whether or when to end the Greek rescue farce but how. Does it exit the Euro and can that be done in a controlled fashion? Or does Germany stimulate its economy and take other actions to reverse its current account surplus? (That issue is succinctly related in this blog entry from Krugman:

    FWIW: My own opinion is that the end will be primarily a political decision taken by the Greeks themselves. Eventually a Greek political party will be able to make a winning argument that Greeks are suffering for the primary purpose of bailing out German and French banks and that Argentinian style default will be no worse than what they are actually going through.

  13. VennData says:

    Apple Asked Standards Body to Set Rules for Essential Patents

    Aww… after suing everybody NOW Apples sleazy closed-system lawyers want big government to protect them…. Awww….

    Hey Apple, why not make your phones in nice shine new plants in the First World in Congressional/Legislative Districts where politicians they can make laws which allow open sharing of business methods that are prime facie unpatentable … SPEND YOUR BILLIONS CREATING JOBS IN PLACES YOUR CUSTOMERS LIVE and don’t waste that money as dividends for Mitt Romney, Foster Friess, Sheldon Adelson and their friend’s off-shore, carried-interest tax scams.

  14. formerlawyer says:

    Regarding “energy independence” – estimates of recoverable natural gas from shale formations continue to drop.

  15. DrSandman,


    “Timid men prefer the calm of despotism to the tempestuous sea of liberty.” — Thomas Jefferson

    oftentimes, no matter the Rhetoric employed, Jefferson’s insight, accurately, devines the source of the issue..

  16. JimRino says:

    @ DRSandman
    The “right” stands for freedom, to commit Fraud.
    - BusinessFraud: Mortgage fraud, misrepresentation of Alt-A mortgages as if they were Prime.
    - Fracking: Pollution Fraud
    - The Freedom to send Your Son to Iraq & Iran for Exxon, Lock and Load, baby.
    - The Freedom to lie to you 24/7 on cable: Fox.
    - And Global Warming: Yep, that’s a hoax as the world approaches having Zero Glaciers, and 391 ppm of carbon in the atmosphere.

  17. JimRino says:

    Oh, and the biggest one of all: Citizen’s United.
    The ability to SLANDER candidates, with 10 Million Dollar TV budgets, the week before an election.
    - The Freedom to LIE.

  18. DeDude says:


    Can you really have left the GOP if you are still drinking their cool aid?

    I know their sales pitch is about freedom, but they don’t want people to have freedom FROM religion or have reproductive freedom. On those items they want to enforce their own norms and choices on everybody else. Freedom from water-boarding is also a little iffy in their law and order state. But when it comes to the freedom of the strong corporations to rape and plunder the rest – yes they are resoundingly for freedom of corporate “persons”.

  19. maddog2020 says:

    @VennData – while anyone that pulled the lever for Santorum might need to have their head examined, the overall number of voters in Tuesday’s caucuses was very low (e.g. less than 50,000 in MN, and around that number in CO). So I’m not sure what Santorum’s victories mean in the long run, other than that the rabid party faithful aren’t ready to line up behind Mittens anytime soon.

    @ Dr.Sandman: “Freedom to live within the laws decided by a supermajority of the republic, deferring to inalienable human rights, and what is not expressly prohibited shall be permitted.”

    So the GOP stands for civil rights determined by the supermajority? That’s called the tyranny of the majority – live like we do, or else!!

    But Rick Santorum and his ilk have decided that they know better whom one should marry and what forms of birth control should be available. When the GOP actually gets the F*CK out of our private lives, then maybe I’ll listen to what they have to say about liberty.

  20. dimm says:

    “At one major investment bank for which I worked, we used psychometric testing to recruit social psychopaths because their characteristics exactly suited them to senior corporate finance roles.”

  21. AtlasRocked says:

    This is what our friends who claim they want what is best for our country are setting up. If you don’t PLAN to pay back a loan, you won’t pay back the loan.

    They DO NOT plan to pay back the US’s borrowing.

    No matter what you do – the loan-mongers aren’t going to change, it is a religious conviction they have that we are on a good path.

    Think of the end game: Blameless, in the end game it will pit the US debt payments as a youth, vs the 1% good vs evil confrontation. Hmm, who wins that popular vote? Then they start draining the wicked 1%…2%….5% bank accounts, not by raising taxes. Raising taxes will tank the GDP, Obama and the liberal policy advocates know this. But if you nationalize the 401ks, which only exist because of the brilliance of government, right? Right? Since Gub’mint policy created 401ks, then it’s only right that they are used to pay off the debt. Elizabeth Warren told us how it works: If gov’t policy helped people make money, all the money is morally the right of the govt to take back. No foul no harm. Got it?

    If they say they care about paying a back the loans, ask them which plan they support, and which candidate.

    Most of them just don’t want to talk about it. They will change the subject. It’s not important to them. By doing nothing at all, they can claim with pious vigor it’s not their fault because they didn’t vote to not raise the taxes to pay for the goodies – that’s somebody else’s fault.

    This is a runaway train at this point. Only a “school bussing” like mandate from the judiciary or a president that vetos spending over and over will stop the more dangerous crash. But all exits from this mess are painful.

  22. Francisco Bandres de Abarca says:

    RE: Game Theory and Market Volatility

    I have no qualms with attempts to analyze market participant behavior by plugging-in whatever game theory model one might devise. It would be unexpected for theorists not to foray into such a potentially lucrative venture.

    But perhaps a more salient feature in overall market participant behavior is social referencing. To an extent, what occurs is not the consistent application by an individual or group of that individual’s or group’s ‘game plan’ (investment theory), but a surrendering of that plan when volatility spikes and asset valuations plunge, then assuming that the market participant population-at-large must know something that I/we failed to grasp when theorizing, and thus we’d best liquidate, posthaste (or, alternately, jump on board, quickly)!

    Anyhow, if you’re looking for a bit of comedic diversion, here’s a Kids in the Hall sketch that could relate in some way to market regulation, but I’ll leave that to your imagination:

    (See how I actually inform you of the YouTube link topic? Most people won’t take the trouble to do that, you know. And, yeah, there seems to be something slightly adolescent about linking to a YouTube video as part of a comment, but, eh, what the heck. Take care out there.)

  23. VennData says:

    Asma al-Assad and the tricky role of the autocrat’s wife

    It must be hard on him, maiming, killing, torturing like that. Lucky for him he’s got an understanding ole’ lady. Make sens that Putin is saddling up with these guys, the Chinese too. They’re both family oriented societies.

    Families First!

  24. Greg0658 says:

    wow guys (folks) way to pick on the newguy(girl)
    DocSand I read thru that a couple of times earlier .. I thought it was generally ambiguous
    could be a mega hit song with the right medley – it was so – skate’g the line

  25. Arequipa01 says:

    So I was reading up on the UK/Argentina situation :

    Noticed this: “In a show of support for Argentina’s claim, Brazil, Uruguay, Paraguay, Nicaragua, Cuba and Antigua and Barbuda have agreed to ban ships flying the Falkland Islands flag from their ports. ”

    That’s important BTW. And then I realized Bloomie didn’t report that the Argentines are complaining about the presence of a British nuclear sub. Limeys are overreacting- reveals bad thinking and weakness. Argentines should continue denying the British use of their ports for any purpose related to developing hydrocarbon assets around Las Malvinas/Falklands.

    And then I recalled someone here had been talking about a natgas play called Americas Petrogas- and lookeehere… it jumped 12% today. 4.3x normal volume. All right. And then I recalled it was me…

    But please keep paying attention to the GOP/DEM carnival. DrSandman- hilarious ‘GOP’s message: Freedom’. That is a hoot. Real knee-slapper, boy. Must be nice not knowing anything.

  26. with.. • What Game Theory has to do with Market Volatility (Bloomberg)