My morning reading material:

• Paving Path to Fraud on Wall St. (NYT) see also More Than Culture Shifted On Wall Street (WSJ)
• Is the end of the gold bull is on the horizon? (Marketwatch)
• Why quantitative easing is the only game in town (
• The High Cost of Low Interest Rates (The Fiscal Times)
• Why Some Countries Go Bust (NYT Magazine)
• Buffett Awards Wall Street-Sized Pay Praised by Dimon (Bloomberg)
• End Of An Error: The Car Century Begins To Wane (TPM)
A Patent Lie: How Yahoo Weaponized My Work (Wired)
• iPad (3) (Daring Fireball)
• Eric Kandel’s Visions: What is Nobel-winning neuroscientist (who spent most of his career fixated on the generously sized neurons of sea snails) doing lecturing us on art history? (The Chronicle)

What are you reading?

A Strategic Oil Leak

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.

23 Responses to “10 Friday AM Reads”

  1. Through the Looking Glass says:

    Hey Barry , here’s a Friday song for you to take into the weekend.
    Ever feel this way? Listen closely, I think this is your life…………..

    It reminds me of when I lived in a tree house on Kauai where my girlfriend played the grooves out of this album.

  2. Through the Looking Glass says:

    Thinking about Kauai I stumbled across this ad for the land I used to live on which sold in ’76 for $800,000 about $800,000 more than we had at the time. Its now $27.5 million but since I left they have filmed a few Jurassic Parks there. Has 3 waterfalls, mangoes , bananas, lychee , vines you can swing on like Tarzana…. paradise.
    You may be one that knows people with that kind of money to play with so have them get in touch with me and Ill take them over there and show them around. I will be available as caretaker if they buy.

  3. Mike in Nola says:

    In case I ever forget how wonderful Apple is or why it should be a trillion $ company, I just need to check in here for a daily dance with the unicorns :)

  4. Moe says:

    Regarding Bloomberg & Buffet = I’ve never bought into Buffet as “Oracle”. There are no oracles on Wall Street, the sooner one realizes this the better.

  5. willid3 says:

    why we need regulations? for 99% of what you buy its not worth trying to sue, not cost effective either

  6. contrabandista13 says:

    Let’s see…. I like apples better than ornages, oranges better than pairs and pairs better than apples….. Let’s just compare apples to apples…. Just watch the Botox….

  7. wannabe says:

    lol that some people consider individual humans freedom of movement “an error”.

    everything will be much better once we’ve all submitted to the collective.

  8. I was reading about how “It is ridiculous to be bearish”. Who Knew?

  9. swag says:

    This American Life v. Mike Daisey


  10. willid3 says:

    what we really need. more ‘investments’ for ‘investors’ (aka suckers) like we had before 2000. all to get a bigger bonus. wonder if ‘investors’ haven’t learned from the 2000 explosion, which was soon followed up by the 2008 one. and these ‘investments’ will of course end up in your 401k, SEP, and IRA. care to guess how that will work out for your retirement?

  11. SOP says:

    Krugman misunderstands energy so badly he would be doing everyone a great favor by not even discussing it.

  12. willid3 says:

    what Germany couldn’t do in WW2 they did just recently

  13. willid3 says:

    SOP not sure he is wrong. OIL is global product. easily transported (by ship, truck, pipeline). If we added more supply its not guaranteed that we get any more of it locally. nor does that mean price will go down. so drilling for more oil doesn’t guarantee that the price will go down. and considering that US demand is down a lot (about 7% less than in 2008). and the price is higher doesn’t exactly lead one to thinking that more oil will absolutely lead to lower prices. nor will adding a new pipeline from Canada do it. after all that pipeline is going to Houston. and big sea port, that has refineries. and lots of those refineries are exporting lot of refined fuel (in fact we became among the biggest exporter of refined fuels). and it takes years to even start drilling as you first have to do the exploration. as no one wants to drill and not find oil (its not cheap to drill). if we really wanted to reduce the price of gas in the US, why isn’t that pipeline going to the midwest? where the price of gas is pretty high. and consider currently this same oil is imported into the US already. to the mountain states (Wyoming, and the Dakotas). care to guess the price there? about $70 a barrel, as opposed to $100 or more WTI, or the still higher oil that the east coast tends top use (which comes from Brent sea, aka England). so why is oil so high, when demand is so low? its not the BRIC countries, our reduced demand easily offsets their increase. which is likely to be temporary any way, since they depend on other for demand for their wares. in fact demand has fallen so much, that several refineries have been shutdown, because they couldn’t make a profit, because of slack demand. had they been able to export their products, they would still be in business.

  14. sellstop says:

    I’m reading “Strategic Vision: America and the Crisis of Global Power” by Zbigniew Brzezinski

    Is that really how his name is spelled? That’s how it is spelled on my E-book!!


  15. SOP says:


    I agree” drill-baby-drill” is childish nonsense, but Krugman’s article is muddled and distracting. Everything he says is based on his misunderstandings ( and then he concludes ” this was totally predictable”).

    As Contrabandista13 says in a comment above – “let’s see…. I like apples better than ornages, oranges better than pairs and pairs better than apples….. Let’s just compare apples to apples…”

    Krugman mixes natural gas and oil to claim a “hydrocarbon boom” = he is being disingenuous, or he doesn’t understand energy and our infrastructure.

    And this gem: “As a result, U.S. oil production has risen significantly over the past three years, reversing a decline over decades ...”

    Look at a chart of total discoveries and total production – then tell me how “significant” is this current blip in production. Again, either he doesn’t understand the subject and is being misled by his “advisers,” or he is deliberately misleading his audience.

    Krugman should just stick to politics and astrology.

  16. formerlawyer says:

    @sellstop Says

    Wikipedia has it as : Zbigniew Brzezinski

  17. VennData says:

    Tribune for Romney…

    “…America first: The United States — its people’s sense of normalcy and, more gravely, their future prosperity — is in danger. Our national debt, trudging toward $16 trillion, exceeds the size of our economy. We owe more than we produce. And we are borrowing an additional $3 million every minute. As in the insolvent state of Illinois, debt repayment to lenders such as China increasingly crowds out spending on other priorities. Today’s Washington isn’t oblivious. Just useless…”,0,824934.story

    Thank you for the lecture on financial imprudence Tribune Corporation.

  18. bear_in_mind says:

    Hey slacker! Where’s our Friday PM Reads?! ;-) Hopefully, you’re enjoying a great meal somewhere with Mrs. Big Picture.

    Here’s three late reads to kick-off everyone’s weekend:

    Why Women are Out-Earning Men
    CNN Money

    What We Owe to Each Other: An Interview with David Graeber
    Boston Review

    Four Whistleblowers Who Sounded the Alarm on Banks’ Mortgage Shenanigans

  19. gkm says:

    I was just reading that earlier article on Bernanke. All you need to read of it is this:

    The Fed seemed to fulfill its promise during World War I, pumping hundreds of millions of emergency dollars into the financial system. During the Depression, for reasons that are still being debated, it failed. Bernanke clearly has avoided the worst mistakes central banks made in the Depression.

    So without a clear understanding of how he succeeds where others failed, he has clearly avoided the worst mistakes. Consider me convinced.

    Let’s cheer Ben for supporting Greenspan’s bubble while being groomed for his current position. Could it be that Ben wanted a crash to test out his theories? Only a cold calculating person devoid of emotion could pull something like that off.

    It would be rather embarrassing for him to study his whole life for an event that could have been prevented. Reason enough to ignore some reasonable foresight that a number of average people foresaw? Therefore we sit inside the experiment and await the results.

  20. mathman says:

    @gkm: Oh, so you think all the trouble is over? Man, are you ever gonna be surprised.