My afternoon train reading:

• Ray Dalio: Man and machine (Economist)
• The end of cheap China (Economist) see also China Inflation May Provide Room for Stimulus: Economy (Bloomberg)
• Warren Buffett on how to con the media (Market Watch)
• Who Is Rich These Days? The Income Gap Myth (The Fiscal Times) see also Inequality by County (NYT)
• Why Job Growth Is Likely to Slow (WSJ) Why Job Growth Is Likely to Slow (Economix)
• The Koch Brothers, The Cato Institute, And Why Nations Fail (The Baseline Scenario)
• For tablet computer visionary Roger Fidler, a lot of what-ifs (Washington Post) see also Amazon’s brilliant plan to pay you crazy money for your iPad 2 (Pando Daily)
• The Case(s) Against Law School (NY Mag)
• Apple Wins Patent for iWallet: The one that will rule the World (Patently Apple)
• No Pulse: How Doctors Reinvented The Human Heart (Popsci)

What’s on your outdated already tablet?


GDP Percentage (Changes Year over Year) forecasts

Source: The Economist

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.

16 Responses to “10 Monday PM Reads”

  1. James Cameron says:

    > The Case(s) Against Law School

    Fascinating case, and I wouldn’t be at all surprised to learn that many law schools AND OTHER organizations whose livelihood depends on a steady stream of applicants all cooked or otherwise distorted the market for their product.

  2. contrabandista13 says:

    by-partisan supporters of terrorism…. No excuse and some very familiar names…..

  3. Petey Wheatstraw says:

    Law school article:

    This is what happens when access to government services is controlled by a corporate player (in this case, the Bar Associations/litigation industry). As with rising medical costs (which we have, in this forum, whipped like a borrowed horse), paying for professional legal services, starting at $200/hr., regardless of competence, leaves most unable to avail themselves of legal services.

    As the old marketing nugget goes:

    Anyone who represents himself in court has a fool for a client.

    In reality, and for the vast majority of Americans, the following is also true:

    Anyone who hires legal counsel to represent him in court, will likely find himself before a bankruptcy judge.

    Even though the supply of lawyers has apparently exceeded the demand for them, legal services are still too costly for most. This is not how free markets are supposed to behave.

    Good luck to those non-lawyer JDs who challenge the industry in front of one of the insiders judging their case(s).


    Tangential (the capture of the Judiciary branch of the US government by corporations):

    Company Perspectives:

    The mission of the American Bar Association is to be the national representative of the legal profession, serving the public and the profession by promoting justice, professional excellence and respect for the law.

    Key Dates:

    1878: Lawyers at Saratoga Springs, New York, organize the American Bar Association (ABA).
    1902: The American Association of Law Schools is started with support from the ABA.
    1915: First issue of the American Bar Association Journal is published.
    1921: North Dakota becomes first state to require all practicing attorneys to be state bar members.
    1930s:ABA opposes most New Deal laws and programs.
    1936: ABA creates its House of Delegates that ties state bar associations with the ABA.
    1957: ABA’s office in Washington, D.C., is opened.
    1996: ABA dedicates its Museum of Law in Chicago.


    as opposed to:

    One of the most popular self-help law books of the time, Every Man His Own Lawyer, published in London, was already in its ninth edition in 1784. Another, Every Man His Own Attorney, by Thomas Wooler (1845), which apparently was widely and effectively used for many years, contains a lament that could have been penned yesterday:

    “Much has been recently done, to simplify … practice in the courts; something has been gained in point of expedition; but little, if anything, in the reduction of the expense … Useless proceedings are still required, apparently for no other purpose than to extract money from pockets of the unfortunate suitors. Forms, the pretenses for which have been long exploded, are pertinaciously adhered to … and while this is the case, legal proceedings will remain characterised by an uncertainty of result, a loss of time, and a ruinous expense, which should induce every one to learn as effectually as possible to guard against a seduction into its labyrinths, or, if entangled in them, to make the most easy and expeditious escape.”


    “And it’s even more surprising that without great opposition, the American Bar Association convinced states to pass “unauthorized practice of law” statutes in the 1920s and 1930s, which effectively gave lawyers a monopoly over the sale of legal information.”

  4. with..

    right you are ‘JC’..

    maybe, next up, the ‘Med. Schools’ & the AMA (?)

  5. willid3 says:

    mEH, i doubt that med school grads are having as much trouble. unlike lawyers, there are many occasions . that people really need them and its a big growth industry. and i read the story about how poor folks are that only earn 250,000. here in Texas, in almost all of the state (only a few areas) they would make more money than the next 5 or 10 people make in a year.

  6. willid3 says:

    Germany the biggest austerity pusher in Europe.

    didn’t their austerity numbers either,1518,820828,00.html

  7. willid3 says:

    from baselinescenario

    There is a reasonable debate about how successful those measures will be. But you can’t simultaneously criticize the ACA for bankrupting Medicare and for cutting Medicare spending too much. And you shouldn’t criticize the ACA for bankrupting Medicare when you are pushing huge tax cuts that will undermine the funding for the program.

  8. ssc says:

    Doctors do not make as much as people perceived, especially when one accounts for the liability insurance, equipment, staff(not “fluff”, as some examinations are required by law to have a medical staff in the room) and the years they spent to be a MD(usually translates into big loan balance). My wife had a bad fall in January, broke her wrist in multiple places, and had to have emergency surgery. We were lucky to be able to get the best orthopedic surgeon (board certified) in town and the bill for the one hour surgery was surprisingly modest, not much more than what the anesthetist (not a MD) charge. So far, 6 section of rehab with a therapist already cost more than the Ortho’s bill. The hospital bill, for using the operating room, staff, supplies (there was no over night stay, wife was discharged 2 hours post op) was about 16 times what we paid the surgeon. In a recent John Mualdin Outside the Box letter, he mentioned one of his children needed surgery (and this is the only one without insurance). He got the quote for the surgery and he said,”I did not even bother to shop around, this is my kid and I just want the very best”. Even with the “very best”, he was surprised how “cheap” the surgeon’s portion of the cost was. He said, “I get pay more than that just doing one speech”.

  9. formerlawyer says:


    But even the median income is distorted for new hires:

  10. Jack says:

    @Petey: Keep it coming.

  11. @Petey: Keep it coming.


    “…This is what happens when access to government services is controlled by a corporate player (in this case, the Bar Associations/litigation industry). As with rising medical costs (which we have, in this forum, whipped like a borrowed horse), paying for professional legal services, starting at $200/hr., regardless of competence, leaves most unable to avail themselves of legal services…”
    - Petey Wheatstraw @ 16:40

    “the AMA .. leaves most unable to avail themselves of medical services…”

  12. VennData says:

    There are 147.2 million ozs of gold in Fort Knox at %1,600 that’s $235,520,000,000.00.

    Sell it, pay down the debt, cut the costs of storing it. If wackos.. er… a… people who missed out on the three year rally… er… a… thoughtful citizens who are concerned that he US is going down the drain anyway want to buy it, sell it to them.

  13. James Cameron says:

    fyi, this is the data that is at the center of the action against NYL:

    It will be very interesting to see how the judge rules in the motion to dismiss:

  14. frodo1314 says:

    The “Who is Rich?” article is hysterical and troubling at the same time., What it tells me is that poor people/lower class have no idea what it really takes to be rich/wealthy. That is at the root of alot of the discord today I believe.