Some reads to start your week:

• Secular Bear Market? (Comstock Funds) see also This Bull Market Is Hard to Pin Down (NYT)
• Water wars between countries could be just around the corner (Guardian)
• Bond Managers Divided As Treasurys Reach Fork In The Road (WSJ) see also Plans for 100-year bonds mark end of bull market, but equity bear still prowls (Independent)
• BATS Trading Error Bolsters Case for Curbs (DealBook) see also BATS Faced Revolt Over IPO (WSJ)
• Anger at Goldman Still Simmers (NYT)
• Merkel set to allow firewall to rise (FT) see also Eurozone debt crisis: Germany ‘must let bailout fund grow’ (Telegraph)
Weekend sports stunner: Mangled Horses, Maimed Jockeys (NYT)
• Digging out of debt (LA Times) see also How Debt Bankrupts the Middle Class (Stanford University Press)
• Facebook two-fer
…..-Facebook says it may sue employers who demand job applicants’ passwords (Ars Technica)
…..-Facebook asserts trademark on word “book” in new user agreement (Ars Technica)
• The Family Hour: An Oral History of The Sopranos (VF)

What are you reading?
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The Rich Get Even Richer

Source: NYT

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.

7 Responses to “10 Monday AM Reads”

  1. Super-Anon says:

    In the Great Depression the rich got crushed along with everybody else, while the Great Recession has been the best thing that ever happened to the rich.

    Good thing Washington and the monetary authority managed to avoid another Great Depression!

  2. Gary says:

    Just read a devastating critique of how regulators are the source of financial instability as they peruse new toys to use while ignoring a proven method of reducing systemic risk. In this instance, Sir Mervyn King is the recipient as well as the FPC in England.

    http://www.tyillc.blogspot.com/2012/03/shunning-proven-tool-sir-mervyn-king.html

    The last three paragraphs . . . wow.

  3. Taliesyn says:

    Last Week’s Op-Ed by a now former , as in resigning , GoldmanSachs-man , and it the kind of *from within the belly of the beast*devastating rebuke that our Citizen Ritholtz has been our relentless advocate of ever since the publication of his “Bailout Nation”.
    Well this is one former GoldmanSachsman that let’s fly with both barrels in a very dignified expression of disgust and has the courage to vote with his feet and does not reward bad behavior by just quietly going away in the throes of that disgust & saying nothing about. And this would’ve occurred on Henry Paulson’swatch before he was tapped by the Bush-Wah admin to become Sect of Treas. oh soconviniently before the debacle and GladmanSach’s piece of the Bailout Nation.
    We need more like Citizen Greg Smith as he is the kind of person I’m sure our Citizen Ritholtz respects as a *fellow* citizen getting mad as hell and not taking it anymore.

    Two quotes , 1st on his *Street cred*:
    ” Over the course of my career I have had the privilege of advising two of the largest hedge funds on the planet, five of the largest asset managers in the United States, and three of the most prominent sovereign wealth funds in the Middle East and Asia. My clients have a total asset base of more than a trillion dollars. ”
    The opening gyst of his admonishment:
    ” TODAY is my last day at Goldman Sachs. After almost 12 years at the firm — first as a summer intern while at Stanford, then in New York for 10 years, and now in London — I believe I have worked here long enough to understand the trajectory of its culture, its people and its identity. And I can honestly say that the environment now is as toxic and destructive as I have ever seen it.”
    I leave the rest of y’all to read it and do with it what you will , but it’s not your usual commentary from a bona fide *Streeter* from fortress GoldmanSachs.

    http://www.nytimes.com/2012/03/14/opinion/why-i-am-leaving-goldman-sachs.html?pagewanted=all&src=ISMR_AP_LO_MST_FB

  4. VennData says:

    The Comstock article claims, “… So, we are talking about a market that was overvalued in 1998 and has never since then traded at levels that could be considered cheap or even inexpensive…”

    The first half of 2009 had extremely cheap levels.

    ~~~

    BR: Briefly for 2 days in March (6th & 7th?)

  5. AHodge says:

    Paul McCulley quoting Bernanke today

    QUOTE“In the face of inflation,” Bernanke wrote, “which is often associated with excessive [government borrowing and] monetization of government debt, the virtue of an independent central bank is its ability to say ‘no’ to the government. [Ina liquidity trap,], however, excessive [government borrowing] and money creation is unlikely to be the problem, and a more cooperative stance on the part of central banks may be needed.”

    He argued that cooperation with fiscal authorities in pursuit of a common objective in a deflationary environment need not undermine a central bank’s independence any more than “cooperation by two independent nations in pursuit of a common objective is inconsistent with the principle of national sovereignty.”UNQUOTE

    this is a cogent explanation of FED co-operating in the QEs and generally in a zero rate recession/deflation
    but bernanke may not know when to quit?

  6. obsvr-1 says:

    the income (and wealth) gap continues to widen ….

    I guess it is correct (strike that – disingenuous) to say that the rich is paying most of the “income” tax … they are getting MOST of the money.

    But, FOX and others seldom if ever bring up the payroll tax, as an income tax, which means that the 99% is paying 12.6% of every dollar they make, while the rich only pay 12.6% on the first $110K.

    And to think that is “Fair and Balanced” ….

  7. VennData says:

    http://www.reuters.com/article/2012/03/26/us-usa-healthcare-court-idUSBRE82L1CJ20120326

    “…Eight of the nine justices took part in the vigorous questioning. Only Justice Clarence Thomas, who has not asked a question from the bench for more than six years, said nothing…”

    ROFL. Six YEARS!

    Also, “…One protester against the law, Sally Oljar of Seattle, said: “The day hasn’t come when the government can force me to buy a damn thing…” I wonder if she drove, they could arrest an uninsured drive, couldn’t they?