My afternoon train reading:

• The Gospel According to Barton Biggs (The Street)
• Strategists Who Called Bottom in China Stocks Now Say Buy (Bloomberg)
• SEC Keeps Ratings Game Rigged (Pro Publica) see also Former Rating Agency Analysts Launch Open Source Government Bond Rating Tool (SF Gate)
• After the bonfire of the verities (FT.com)
• Investing ideas that can Save the World (Market Watch)
• Higher Taxes Won’t Discourage Wealthy From Working Harder (Bloomberg) see also The Purpose of Spectacular Wealth, According to a Spectacularly Wealthy Guy (NYT)
• Parsing Bank Lobbyists’ Dire Warnings on Derivatives Rules (DealBook)
• Obama’s Not-So-Hot Date With Wall Street (NYT) see also Romney’s Conflicting Tax Goals Make Burden Shift Likely (Bloomberg)
• Behind The Lobbying Effort That Helps Save Apple $2.4 Billion In Taxes A Year (Public Report)
• Is Central Planning About To Cost The Jobs Of Your Favorite CNBC Anchors? (Zero Hedge) See also Is CNBC ‘freaking out’? (Market Watch)

What are you reading?
>
After the bonfire of the verities

Source:FT.com

• After the bonfire of the verities (FT.com)

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 Mid-Week PM Reads”

  1. Edoc says:

    Can’t wait for your analysis of Ed Conard, the sangfroid sociopath of “The Purpose of Spectacular Wealth.” That article is a GOLDMINE of material concerning the worldview about our supposed masters of the universe.

    ~~~

    BR:: Teehee — Described as the most hated book of the year

  2. ssc says:

    Read the Ed Conrad deal earlier at NYT, a lot of LOL (is this serious??)…

    “He advocates creating a new government program that guarantees to bail out the banks ..” I nominate BR to be head of that program, there will be none more qualified..(LOL, is this guy serious ??)

    Other than that, Orszag had a pretty good one in Bloomberg:

    http://www.bloomberg.com/news/2012-05-01/bad-models-mistook-housing-bust-for-dot-com-bubble.html

    I think this is the first time I ever seen a former/recent OMB head come right out and said what we used was totally inadequate and the music continues..

  3. Market Panic says:

    Re: “Higher Taxes Won’t Discourage Wealthy From Working Harder … That’s the view of economists Emmanuel Saez and Thomas Piketty…”

    Oh Yeah! An opinion of two economists?!

    How about the actual facts (vs. opinions of two academics who never had a real job) and actually to observe what “the billionaires and millionaires” are already doing?

    Wealthy Americans Queue to Give Up Their Passports

    “About 1,780 expatriates gave up their nationality at U.S. embassies last year, up from 235 in 2008, according to Andy Sundberg, secretary of Geneva’s Overseas American Academy, citing figures from the government’s Federal Register. The embassy in Bern, the Swiss capital, redeployed staff to clear a backlog as Americans queued to relinquish their passports.”

    http://www.bloomberg.com/news/2012-05-01/wealthy-americans-queue-to-give-up-passports-in-swiss-capital.html

    P.S. I am paying almost 60% of cumulative taxes in California and I often think about moving to Nevada or maybe Frorida (to save on state taxes), or maybe even to Cayman Islands (definitely if America re-elects Obama again — fool me once, shame on you; fool me twice shame on me if I stay in this socialist USSA).

  4. rd says:

    The state of regulation in the United States today: water guns and glass bottles will be banned in the streets around the RNC but concealed handguns will be allowed.

    http://news.yahoo.com/water-guns-banned-handguns-allowed-gop-convention-202223900–abc-news-politics.html

  5. howardoark says:

    Regarding CNBC, Mark Haines died May 25, 2011. Too bad he didn’t know just how freaking important he was.

  6. theexpertisin says:

    Higher Taxes Won’t Discourage Wealthy From Working Harder.

    You bet. They’ll be working a LOT harder to avoid paying taxes. And history tells us they will succeed in this endeavor, to the consternation of those who want ever more double and triple-taxed income to be redistributed in an ever expanding vote procurement scheme.

  7. lippard says:

    In Adam Davidson’s piece, I can’t decide if Davidson understood what Shleifer meant here:

    Andrei Shleifer, an influential Harvard economist, told me that he thought Conard was “genuinely fantastic on finance.”

    In context, it appears to me Davidson thinks “fantastic” here means “really good.” I suspect Shleifer meant it to mean extravagant, fanciful, bizarre, and based on fantasy.

  8. Mike in Nola says:

    Saw that “The Scream” sold for $119M. Looks like a market top.

  9. you know, yesterday I saw some anonymous ‘yoowho’ deriding what Jobs accomplished at NeXT..

    with.. http://lowendmac.com/orchard/05/next-computer-history.html

    people may care to get a ‘different picture’..

    LSS: if they like iOS, its ‘roots’ were developed @ NeXT..

  10. Greg0658 says:

    MarketPanic says .. I must respond – not sure what you do for that 60% tax wack – if we all did maybe we could lighten your work load with a good old fashioned boycott / then again maybe what you do has us over the barrel / and a pile of venture capitalists will have to band together to give you some time off

    next point – I wonder what my tax wack is across the board .. sales, property, wages, licenses, petro taxes / but I have a life to live too .. maybe even use your thingie

    next – avoid/evade tax intent legal or not / and playing 1 state against the next is a major problem / what part of shared burden so product & service $s can exchange hands do capitalist miss

    http://en.wikipedia.org/wiki/Tax_evasion

    I saw someone, I think in here atTBP mention a question – what is the recommended sys ? as what to do with indigent and the displaced when they were born into a system they are needed for but to consume / produce NOT so much

  11. Greg0658 says:

    a source on population issues:
    http://www.populationconnection.org

    another point – stress inside the home / between individuals .. our mindset = get up go to work bring home bacon – when there aren’t enough jobs to go round – the worker in the family can’t help but feel abused by his/her fellow home consumers .. this is aBigPicture Issue (& marketpanic has it – sorta)

  12. Greg0658,

    to your Point..

    The Cult Of The Expert
    May 1st, 2012

    Via: Of The Hands:

    I suppose specialization is a feature, and not a bug, of the modern, industrial economy. To run such a complex and industrial infrastructure as we have come to rely upon, we need millions of people carrying out very specific and specialized tasks. This infrastructure is made up of uncountable widgets and devices and roles that all have their own particularity and that, thus, require their own particular machines or trained humans to be run and maintained. Broad classifications of generalized and necessary economic activity have been broken apart and splintered into much more specific niches, and then have been absorbed as a fraction into a far more sprawling beast we might refer to as the discretionary economy. In today’s industrial economy, the necessities of life—food, water, shelter, a clean and functioning environment, community—are now almost an afterthought to the vast and consuming industry of non-necessity: distraction, destruction, profit-driven specialization, a massaging of and attentiveness to human ego both impressive and horrifying. We have discovered an infinite number of economic niches driven not by the particularities of place and community—which would be the basis of niches in a functioning and sane economy—but on the basis of catering to the human ego by creating an infinite number of variations on conformity so that we might convince everyone that, no matter how much they immerse and then lose themselves in the base homogeneity of our culture, they truly are a unique human being, as proven by their particular combination of iPhone apps, or which of the many Nabisco snacks they prefer, or which Anheuser-Busch-owned beer they drink.

    Of course, as we’ve created this insanely complex yet oddly generic economy and industrial base, we’ve come to worship at the alter of specialization. We know that we need years upon years of education and training so that we may be successful in today’s high tech, globalized economy. We know that to seize the bright future that is rightfully ours, we must *insert cliche here* so that *tribal term here* may compete in today’s *overtly positive economic buzzword here*. And we know this because we’re told it again and again, each time with slightly varying terms, and always emerging from the mouth of a respected “leader” or, even better, a certified expert.
    http://cryptogon.com/?p=28899

  13. Robert M says:

    I can be found ROTFLMBAO on the CNBC articles. They have let the show become the farce it was when the on the air anchor Dan Dorfman was carted off to jail for touting what Salomon Bros was supposedly buying yet was selling. just think honey bunny hubby has yet to go to jail for his part in looting an insurance firm. As to Sorkin his self serving statements and articles are the same kind of aggrandizement that Romney touts as equal opportunity. the world will be better off w/o them.

  14. formerlawyer says:

    @Market Panic

    1. An economist is a real job – your antind-academic snobbery is showing. Emmanuel Saez is a respected economist who’s research has been on income inequality a social consequences:
    http://elsa.berkeley.edu/~saez/

    2. If you go to the Cayman Islands, and I hope you do because that will mean President Obama has been re-elected, you will still need to file your U.S. Tax Returns on your worldwide income, be liable for significant fines if you do not, and do not expect your local bank in the Caymans to welcome you with the added reporting obligations under the Tax Information exchange and enhanced enforcement of the IRS.
    http://www.lowtax.net/lowtax/html/jca2tax.html

  15. farmera1 says:

    From the Economist we have this bit of cheery info: Call it a Depression

    http://www.economist.com/blogs/freeexchange/2012/05/euro-zone-crisis-0?fsrc=gn_ep

  16. Joe Friday says:

    Market Panic,

    I am paying almost 60% of cumulative taxes in California

    No you’re not.

    What you ARE doing is foolishly adding up marginal tax BRACKETS that nobody pays. No American pays anything close to 60% of their income in taxes.

    The vast overwhelming majority of Americans pay less than 5% of their income in federal income taxation, and all subsequent taxation is a smaller share than that. You just can’t get there from there.

    Not to mention that the total tax bite (federal, state, sales, and property taxes), is at the lowest level in more than six decades.

    Perhaps those that want to leave this country because of their gullibility is a GOOD THING.