Afternoon Train Reading:

• Swiss Secrecy Besieged Makes Banks Fret World Money Lure Fading (Bloomberg)
• No-Growth Capitalism’s post-crash manifesto (Market Watch)
• Six ‘Investment Potholes’ That May Hinder the Stock Rally (WSJ)
• Economists offer more pessimistic view on manufacturing in upcoming report (Washington Post) see also The fake housing recovery (Money CNN)
• China Quietly Relaxes Controls on Foreign Capital (NYT)
• Tee hee: Michael Dell should be satisfied (DCurtis) see also What is the next industry Apple can disrupt? Banking! (Gigaom)
Speaking of Fees: Money Talks (Columbia Journalism Review)
• Taxes Are Rising for the Wealthy (WSJ)
• Political intelligence: Wall Street pays handsomely for Washington inside dope (Yahoo Finance)
• CIA divorces: The secrecy when spies split (Washington Post)

What are you reading?

U.S. manufacturing by the numbers

Source: Washington Post

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.

15 Responses to “10 Tuesday PM Reads”

  1. Al_Czervik says:

    A bank run by Apple would require the use of their own proprietary money (iBucks), which would not be convertible to dollars or any other existing money. Of course the iBucks would have to be transacted within the bank’s closed system and could only be used with vendors approved by Apple.

    Thanks. I’ll pass…

  2. rd says:

    Re: No-Growth Capitalism and destructive use of resources:

    Branson….Branson…. i have heard that name somewhere. Oh, yes. He is the guy sending people into space for joy-rides, presumably so they can lament unnecessary waste of natural resources by the little people back on earth.

    I am getting very, very tired of being lectured on how we are running out of resources or making man-made global warming by people who have carbon and other resource footprints the size of small countries. In particular, flying into places by private jet to make that point is highly annoying.

  3. willid3 says:

    if you buy stocks. or maybe any other investments. seems Congress wants to help you loose more of your money on ‘assets’ like the ones we just went down the tube on. they want to make it so that the wild west days (or the good old days of the 1920s maybe earlier) return, where what you buy might not be what you get. and they want to improve the lack of transparency, so that you can’t tell just how bad that ‘investment’ is. or was.

    sort of wonder if they think ‘investors’ are brain dead? and didn’t learn any thing from 2007-2008 crash? or even the 2001 crash? of the 1920 crash?

    and if they have learned. then this will make them all flee the market

    and leave only those who have 401ks (and other retirement plans like them)

    so much for trying to save for retirement!

  4. SOP says:


    The list of “things that will happen” is pretty funny. Especially the population control goal… like we are going to have a lot of choices about that. Like we control our fate at this point.

    TheArmy Corp of Engineers/ Hirsch report said, in 2005, we neeeded 20 years lead-time to prepare for what we are facing to avoid catastrophic effects. The German and Australian militaries, and British I think, have issued similar statements.

    ” Men like Branson will lead the way…”

    Yup. Him and Al Gore.

    The more powerful the person, the more” insulated” they become. The more insulated you are, the easier to delude yourself.

  5. Francisco Bandres de Abarca says:

    While reading the story involving the unpleasantness of a CIA operative and his wife going through a divorce, this line appeared: “The CIA operative told police that his wife woke up in the middle of the night, complained about his drinking and “came at him” with a glass baby bottle in a “threatening manner,” according to the police charging documents. ”

    A glass baby bottle? I’m thinking, “What’s the specific charge for that? Assault with a nipple?” Hmmm.

    Anyhow, it looks as if someone didn’t know how to properly ‘massage’ his wife, and here I mean in a psychologically preparatory manner (but maybe in the other way as well, but I digress).


    On the ‘Six Potholes’ story–glad they broached the element of corporate earnings and revenue. It looks as if the earnings game has really, really outpaced most company’s revenue gains.


    Awaiting the first story about a lawsuit involving the overheating of the new iPad and allegations of resulting sterility. Not the sort of roasted nuts any guy wishes to acquire.

  6. derekce says:

    Branson is pretty symbolic of the national mood. Tons of preachers, politicians, economists, writers, environmentalists, professors, military leaders, business leaders, Hollywood entertainers, are all selling doomsday scenarios. I’m like Buffet, I’m an optimist. When it comes to saving the planet, I think it was George Carlin who said, the planet will survive because it will shake us off like a dog does fleas.

  7. VennData says:

    “…Problems at home have taken a toll on the brands of UBS and Credit Suisse globally. UBS, which entered Interbrand’s ranking of the world’s top 100 brands at No. 45 in 2004 and rose to its highest ranking of 39 by 2007, slipped to 92nd last year…”

    So, UBS was caught lying, cheating, and ripping of governments around the world so implicitly making EVERY ONE ELSES TAXES GO UP and they still the 92nd best brand in the world?!


  8. louis says:

    Why does Sec Timmy keep talking about financial firewalls ? I think he might be going to Cisco .

  9. sbailey says:

    Barry, Yves Smith just posted on the SEC rule change which allowed iBanks to leverage up. Her conclusion is different from yours (

    I greatly respect both you and Yves, and I’m wondering if the two of you could have a give-and-take on this issue to help clarify things. Thanks!

  10. thetruthseeker says:

    Somebody please shoot me for saying what I am about to say, but I actually agree with with Barton Biggs for once. He said that the best comparison for Apple is Sony back in the 1980s. He makes a great point.

    I am so sick of everyone hanging from Apple’s balls. Look, they are a great company which makes a very good product. But that is it. They are not God. They are not going to save the world. If anything, they are one product cycle away from losing their foothold and entering the downward slide that all tech companies have dealt with after their peak. Just saying.

  11. mathman says:

    If this is true (and it sure looks it) we have a cataclysmic problem on our hands:

    The Mexican earthquake was MANMADE (the Mexican government announced it on March 2) and there are other videos out there from high-ranking government officials (esp the one in Russia) telling of secret weapons that can cause MAJOR earthquakes anywhere on the globe (the Russian guy seems to indicate that they were responsible for the Japan quake and subsequent tsunami). Think about this – the earth’s axis has shifted twice (maybe 3 times) in the past year from the megaquakes (Chile 8.8 and Japan 9.0). If these were manmade . . .

    The same thing seems to be happening to local and regional weather with the advent and use of HAARP (see many Dutchsinse videos showing how it happens) – and it isn’t just the U.S.


  12. m111ark says:

    Finally, someone in position to actually DO SOMETHING who gets it. I wish Branson and those like him God Speed in their efforts to reform our planet. Perhaps the next 1000 years will actually produce something of great value.

    Predictably those with small minds can’t see the forest for trees. Progress is a bitch isn’t it… those small minds will be swept away in a tsunami of their own making.

  13. louis says:

    Haarp , is that a mortgage program that causes earthquakes?

  14. DeDude says:

    Nice graph about government spending cuts and its effect on GDP growth.

    I guess the confidence fairy is very slow to come out, maybe if you wait for 100 years? Real issue is that there is no difference from an economic point of view whether the spending is by “we the people” for collective goods or it is by individual people for their own personal pleasure. Spending is spending and it is the fuel that drives the economy. The “ball” in economic expansion is how many people have a job and produce something to earn a salary. Every person that sits at home doing nothing is a permanent loss of wealth not only to him/herself but to society as a whole.