My afternoon train reading:

• When Will Main Street Return to Wall Street? Don’t Hold Your Breath (Barron’s) versus Kass: Buy in May and Go Away (TheStreet)
• Unemployment Rate Without Government Cuts: 7.1% (WSJ)
• Bank Loan Bundling Investigated by Biden-Schneiderman (Bloomberg)
• Larry Summers vs. the long-termers (Washington Post)
• Occupy London Tour Shows Bankers Profiting Amid Poverty (Bloomberg)
• The Climate Fixers (New Yorker)
• Felix Salmon: The neutrino arbitrage (Reuters)
• Gay Marriage Shows Obama Dilemma in Battleground States  (Bloomberg) see also The Hunt For Bin Laden: What Exactly Did Obama Do? (TPM)
• Drug-Defying Germs From India Speed Post-Antibiotic Era (Bloomberg)
• Are Smart Phones Spreading Faster than Any Technology in Human History? (MIT Technology Review)

What are you reading?

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Give us austerity, but not yet

Source: 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.

12 Responses to “10 Mid-Week PM Reads”

  1. machinehead says:

    From the text accompanying the deficit charts:

    ‘In good times as in bad, governments will find reasons to spend more than they receive in revenue.’

    In the U.S., nearly every possible political device has been tried to control deficits: government shutdowns; balanced budget amendments; the line-item veto; the supercommittee; now, an automatic spending restriction mechanism.

    Nothing changes the perverse incentive that animates politicians: promising benefits now, to be paid for later, is a winning strategy.

    Democracy and fiat currency mix like teenagers and whiskey: keep the irresponsible party going long enough, and you’re guaranteed to witness a bloody crack-up.

    Abolish the Fed, or it will abolish the middle class.

  2. Jojo says:

    Exclusive: Merrill MVPs earn half firm’s revenue, big paychecks
    May 9, 2012
    By Jennifer Hoyt Cummings

    NEW YORK (Reuters) – The multimillion-dollar signing bonuses that big brokerages are doling out to recruit elite brokers may seem excessive, but internal reports from Merrill Lynch show why firms are willing to pay top dollar for a top broker.

    Nearly 46 percent of the revenue received by Merrill Lynch’s Global Wealth Management unit last year came from just 21 percent of its top-producing brokers, about 2,500 people, according to copies of the reports reviewed by Reuters.

    The monthly reports, available internally as a performance scorecard, provide a rare look inside Merrill, revealing just how far ahead the top one-fifth of advisers are from the rest of the pack.

    While top candidates get eye-popping bonuses, other big producers are paid handsomely for their skills. The top 20 percent of brokers at Merrill earned an average of $670,000 last year, before deferred compensation, which can be $78,000 or much more for advisers at this level, according to calculations by Reuters using the data in Merrill’s internal reports and the company’s 2012 compensation plan.

    The most elite brokers, numbering about 680, brought in an average of $3.3 million in revenue to Merrill and earned $893,000 last year on average, plus average deferred compensation of $103,000 or more, according to Reuters calculations.

    Meanwhile a broker in the bottom 20 percent brought in an average of $233,000 in revenue and made about $45,000 last year.

    http://finance.yahoo.com/news/exclusive-merrill-mvps-earn-half-185354553.html?l=1

  3. techy says:

    I wonder if Obama has given up all hopes of re-election

    Obama voices his support for gay marriage

    http://www.google.com/hostednews/ap/article/ALeqM5goGPLj8MXXOz-7YfouKFjpHzW1zA?docId=94086fed3c1c44b794b801660865ee07

  4. Orange14 says:

    I’m following Doug Kass’s advice. Just bought some equitities today and am going on holiday to Italy for two weeks!

  5. jimcos42 says:

    Investor Sentiment and Stock Prices: Explaining the Ups and Downs
    http://knowledge.wharton.upenn.edu/article.cfm?articleid=2996

  6. Jim67545 says:

    On the issue of gay marriage it mystifies me why politicians don’t just say that the government ought to get entirely out of the marriage issue.
    Have EVERYONE obtain a certificate from the government legally setting forth a civil union (akin to recording a business partnership) and that’s it. No marriage at the justice of the peace or courthuse. Get government out of the religious sacrament of marriage (as it is out of baptism, last rights, communion, ordination of clergy and every other religious ceremony.)
    Then, with civil union certificate in hand, the individuals (same sex or not) can select whatever religious organization they wish and get themselves religiously married. If someone is an athiest then presumably they place no stock in a religious marriage anyway. They would still have a civil union.
    For those who want government out of religion, why do they never-the-less want government involved in marriage? Fundamentally, the discord is caused by trying to mix government and religion.

  7. Mike in Nola says:

    @techy:
    supporting gay marriage in itself doesn’t hurt him. None of the idiots who oppose it would vote for him anyway. Waiting until four years into his term to “come out” makes him look like the opportunistic coward that he is.

  8. parsec says:

    Haven’t gotten out of equities. The Wall of Worry still seems to be intact.

  9. ToNYC says:

    What are you reading?

    “Confessions of an Economic HitMan”, by John Perkins
    “A Confederacy of DUNCES”, by John Kennedy Toole
    The Amendments to the US Constitution

  10. SOP says:

    Watching “Idiocracy” and taking notes.

  11. Greg0658 says:

    ok Mike _’U .. 1st he may have listened to what I still say but listened to others too .. repeat a FBentry (sorry www bitspace)
    ok I will blog on about yesterdat .. PotUS comes round to Marriage definition – I understand, but I’m in civil unions camp (still) – heard some good debates on that change of heart – but words have meanings and well .. its divisiveness at work for political gain – imagine that .. and for the queer establishment (thats gay for the kids) (homos for the science) economic and society change takes time … now get marry’d** – but some advice – it cost $ to go in, and costs $ to get out – and if a HC crisis* comes round, well its a legal hook … *many others / **kids do what you think – your dad & moms world is crumbling under its own weight & designs