Afternoon reads from 35,000 feet:

• Why the Smart Money Looks Dumb (Barron’s) see also Uh-Oh: Subprime Lending Comes Roaring Back (Time)
• George Soros: eurozone crisis has entered a ‘more lethal phase’(Guardian)
• The US Has the Highest Share of Employees in Low Wage Work (Economist’s View)
• Corruption Is Why You Can’t Do Your Taxes in Five Minutes (Republic Report)
• Gorman’s Lonely Quest to Save Wall Street’s Honor (Bloomberg)
• A slightly off-center perspective on monetary problems. (The Money Illusion)
• Liberals and conservatives don’t just vote differently. They think differently. (Washington Post)
Truth or Consequences: George W. Bush & the National Guard (Texas Monthly)
• Why Everyone Believes in Magic (Even You) (Live Science)
• CarrierCompare: The iPhone app your carrier doesn’t want you to see (CNN Money)

What are you hoping to read sometime soon?

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Retail Forex Trading Surges

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.

17 Responses to “10 Monday PM Reads”

  1. Global Eyes says:

    I am already reading Damn Good Advice (for people with talent) by George Louis, whom some consider the blueprint for Mad Men. It just came out. 1-page chapters, plenty of graphics-the kind of book BR could read in 30 seconds!

  2. rd says:

    My experience is that my kids in college have the most complex taxes of anybody in our family, even though their total income is less than $7k/yr.

    First off, they make my taxes more complex because I have to do them twice – once with them on our tax form as a dependent and the second time where they are not a dependent. This has ramifications for federal and state tuition tax breaks as well as AMT.

    Second, often their fellowships or internships treat them as “independent contractors” so that $2,500 generates a whole bunch of new forms with them becoming responsible to pay the employee and the employer share of payroll taxes.

    Third. if they study abroad, then we get forms to file with the Treasury reporting off-shore bank accounts as well as a battle through non-standard W-4s and other income in order to be able to report the $2,000 of income they earned abroad.

    Once we are done with the Federal taxes, then we get to wade into the complications with state taxes related to these items.

    Once they get out of college and make over $30k/year, they can do their taxes virtually on a postcard.

    Our tax system is bizarre, Byzantine, and run by troglydites.

  3. theexpertisin says:

    I began to read Tocqueville’s “Democracy In America” (Reeve translation, volumes 1&2, complete).

    I am enjoying it thoroughly. His observations are interesting and, for the most part, timeless. Certainly more stimulating than the occasional Tocqueville quotes that are thrown about randomly.

  4. tyaresun says:

    After you spend all that time doing your taxes, IRS runs its programs to see if you cheated or not. If it decides that you cheated then it spends additional sums of money to recover that amount.

    It will be great if IRS runs that same program before April 15, sends you its report and then you can choose to file your own return if you disagree. This will save everyone loads of time.

  5. RW says:

    Via Mark Thoma, one of the best macro-econ summarizers/aggregators/cross-linkers in the blogosphere.

    The Migration Myth – What is the evidence that people and/or corporations move to another place specifically to flee high taxes?

    Fed Watch: TIC Update – Tim Duy comments on changes in Treasury methodology on TIC and implications of recent data WRT global problems.

    WRT tax code, what rd said.

  6. rd says:

    Re: Truth or Consequences:

    please excuse me while I puke.

    But we don’t have to dwell on stuff from the 1970s. There are so many wonderful memos from the 2000s such as Iraq WMD, Yoo’s equisite torture justification, extraordinary rendition, and so many more.

  7. PeterR says:

    BR — I am reading your replies from the CRB article.

    Barry, your 35k altitude (attitude?) may explain your “Dear Boy” salutation to me in the CRB article below, but please detail your defensiveness to all of us about how a chart for 250 years of the CRB is so “simple,” as if to be obvious and impervious to criticism.

    Safe home.

  8. 873450 says:

    Future of America post comment earlier today .

    http://www.nytimes.com/2012/04/16/us/more-us-children-of-immigrants-are-leaving-us.html?_r=1&ref=nyregion#

    This disturbing article in today’s NYT cites a growing number of ambitious, highly educated Americans, children of immigrants whose parents came to the U.S. in pursuit of the American Dream, are now leaving the U.S. to pursue the American Dream in the countries their parents fled from, including of all places India and China, where they sense opportunities to successfully achieve the American Dream are greater than here in the U.S.

  9. nofoulsontheplayground says:

    “The Top in AAPL Jesse Livermore Called (From His Grave) on March 27:

    http://peterlbrandt.com/the-top-in-aapl-jesse-livermore-called-from-his-grave-on-march-27/

    A blow off top after an accumulation cylinder was one of Jesse Livermore’s favorite set ups for a short.

  10. catman says:

    I started to read the Bush thing and then I thought “This is Chinatown.” I need to keep in the moment before the dementia catches up.

  11. [...] Barry Ritholtz, An article from Joe Hagan of The Texas Monthly reviews the Bush AWOL story and [...]

  12. Greg0658 says:

    “If you can see this message,
    the TV you’re watching isn’t
    ready for Comcast’s digital
    network enhancements.
    Call 877-6xx-4xxx to
    restore services.”

    Ok I knew this day would come, perfectly good TVs turned to junk* by the FCC analog to digital mandate. Comcast has been paving the highway with dual surfaces for awhile, but sometime last night the coating disintegrated. Yesteryears cable ready analog tuners now need a QAM tuner or a Comcast descrambler tuner (for an extra fee).

    If Best Buy is getting out of the tv biz – now’s not a good time (or maybe it is) for maybe the QAM tuner is the next layer to go and another batch of junk will hit the alleys – or all TVs replaced with computers surfing the www … humm a tide to trade.

    Wait maybe multi waves :-| is this to be people getting off the couch and doing real stuff – or irate and going nuts? Just think the Family Room TV is on the way back – “here kids we can all stomach this”.

    Joe Walsh – Analog Man
    http://www.youtube.com/watch?v=NEoWaP4skv8

    * and our first city E-waste Collection Day is Saturday – what time’g – don’t ya love a plan that comes together

  13. mathman says:

    http://theeconomiccollapseblog.com/archives/the-15-trillion-dollar-party

    “If you knew that you could live in luxury for the rest of your life but that by doing so it would absolutely destroy the future for your children, your grandchildren and your great-grandchildren would you do it? Well, that is exactly what we are doing as a nation. Over the past several decades, we have stolen 15 trillion dollars from future generations so that we could enjoy a dramatically inflated level of prosperity. Our 15 trillion dollar party has been a lot of fun, but what we have done to our children and our grandchildren has been beyond criminal. We ran up the greatest mountain of debt in the history of the planet and we are sticking them with the bill. “

  14. RW says:

    @Mathman, government debt conceptualized as a burden to future generations is a red herring. What matters is what was done with that money WRT national environment writ large.

    The problem is not the 14 $trillion in national debt, that’s just another big, scary number that actually looks pretty small when you realize it is only about one fourteenth the size of total national assets. The problem is that, primarily under conservative leadership, the country has spent far too much on foreign wars and giveaways to the wealthy and far too little on things that really matter in the future.

    Here’s Dean Baker:

    As a country we cannot impose huge debt burdens on our children. It is impossible [emphasis his], at least if we are referring to government debt. The reason is simple, at one point we will all be dead. That means that the ownership of our debt will be passed on to our children.[as an asset] “…As a group, our children’s well-being will be determined by the productivity of the economy …the state of the physical and social infrastructure and the environment.

    Here’s Cullen Roche:

    …the governments deficit is the non-governments surplus. This is an accounting identity. If the US government creates no money then there are no dollars for the private sector to use. …This is why you never hear your grandmother say “I wish Uncle Sam would pay off the national debt so I could get rid of my damn savings bonds!”

    Our grandchildren don’t pay off the national debt any more than grandma needs Uncle Sam to pay off the national debt so she can transfer her savings into a checking account. …
    What we leave to our grandchildren is a certain standard of living. Whether that standard of living is better or worse than ours is up to us.

    Shorter version: The country moves to more progressive leadership or our children’s future does indeed look pretty shabby (unless they are lucky enough to be born into a wealthy family).