My afternoon train reading:

• Did One Of Jamie Dimon’s Traders Betray Him & Cost The Firm Billions In Losses? (Zero Hedge)
• The Asymmetric Recovery (Economix)
• What to do about debt (Reuters) see also Europe’s debtors must pawn their gold for Eurobond Redemption (Telegraph)
• Sorkin’s Glass-Steagall “straw man” (Columbia Journalism Review)
• True Out-of-Sample Test of “Best” Technical Trading Rules (CXO Advisory)
Mischiefs Of Faction‘s Inaugural Post
• Julian Assange loses extradition case – live coverage (Guardian)
• Tech Suits Endanger Innovation (NYT) see also Facebook is hiring Apple iPhone hardware and software engineers to build its own phone (9To5MAC)
• The Beach Boys’ Crazy Summer (The Daily Beast)
My bad: Roger Ailes, head of Fox News, made up a story about his victimization by the New York Times. (Quote and Comment) Really — that was, in fact, my bad.

What are your reading?


Budget News

Source: xkcd

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.

21 Responses to “10 Mid-Week PM Reads”

  1. scecman says:

    From the Reuters “What to do about debt”, this has to be QOTD tomrw:

    Debt, a little like sex, is a two-sided relationship which, when used appropriately, pleases the partners and is good for society.

  2. Brent_in_Aurora says:

    That ZH post reminds me of Trading Places. It also makes the ex-Goldman algo programmer case look like childs play.

  3. Mike in Nola says:

    A heart-warmer.

    We actually like this place a lot. Even though it’s in a somewhat upscale shopping center, it’s close to the feel of a neighborhood joint back in NOLA. Service is always good.

  4. mathman says:

    in case anyone is interested

    “The U.S. is being pummeled by a climate system on steroids. For the year to date, new heat records continue to beat cold records by a staggering 14.7 to 1, which trumps the pace of the last decade by a factor of 7!

    And the U.S. southeast is being whipsawed from brutal drought to deluge (via tropical storm), which, curiously enough, is just what scientists have said global warming has started to do in the summertime, too.”

    There’s a gang of charts with pertinent information, a drought monitor, & map of temperature records for the US.

  5. catman says:

    BR bitch slaps Fox News Darth Vader? What a great blog.

  6. James Cameron says:

    College Gap Grows, Leaving Manufacturing Cities Behind

    It should be pointed out the article bases its data on Metropolitan Statistical Areas, which are considerably larger than what people typically identify as cities. The American Community Survey for 2010 provides the following data for (selected) cities:


    Ages 18-24, Bachelor’s or higher: 3.3%
    Ages 25 and above, Bachelor’s or higher: 11.8%


    Ages 18-24, Bachelor’s or higher: 10.7%
    Ages 25 and above, Bachelor’s or higher: 28.8%


    Ages 18-24, Bachelor’s or higher: 17.2%
    Ages 25 and above, Bachelor’s or higher: 32.9%


    Ages 18-24, Bachelor’s or higher: 24%
    Ages 25 and above, Bachelor’s or higher: 43.1%

    Washington DC:

    Ages 18-24, Bachelor’s or higher: 26.2%
    Ages 25 and above, Bachelor’s or higher: 49.8%

    San Francisco:

    Ages 18-24, Bachelor’s or higher: 27%
    Ages 25 and above, Bachelor’s or higher: 51.2%


    Ages 18-24, Bachelor’s or higher: 23.2%
    Ages 25 and above, Bachelor’s or higher: 55.8%

  7. catman says:

    Roger, honey, I didnt mean it.

  8. rd says:

    re Jamie Dimon’s trader:

    I would be stunned if JPM does not have employees sign non-disclosure agreements. That would mean that the trader would have violated that agreement and could be sued, along with the hedge fund. Does JPM think their NDA’s are unenforceable?

    Instead of regulation and law enforcement, maybe the TBTF solution will occur naturally in the market place as employees leave and show hedge funds how to illegally screw their former employers.

  9. VennData says:

    On Monday, Roger Ailes will be scooped up into the maw of one of Clinton’s Black UN Helicopters, and taken to the secret, undisclosed Where-the-gold-from-Fort-Knox-was-moved location (set up by Nancy Pelosi, where she lands her military jet) and have Ailes’ gun personally taken away by Obama, while Harry Reid stands around and does nothing.

  10. formerlawyer says:

    ReL Facebook hiring

    Farhad is not impressed.

    But, I like the comment about how, Facebook can sell location information from its Facebook branded smartphone.

  11. Oral Hazard says:

    Barry, maybe a Friday Night Bluegrass tribute to Doc Watson this week?

    Rest in Peace, Doc.

  12. mote says:

    “The polarizing impact of science literacy and numeracy on perceived climate change risks.”

    Dan M. Kahan, Ellen Peters, Maggie Wittlin, Paul Slovic, Lisa Larrimore Ouellette, Donald Braman & Gregory Mandel


    “Members of the public with the highest degrees of science literacy and technical reasoning capacity were not the most concerned about climate change. Rather, they were the ones among whom cultural polarization was greatest. This result suggests that public divisions over climate change stem not from the public’s incomprehension of science but from a distinctive conflict of interest: between the personal interest individuals have in forming beliefs in line with those held by others with whom they share close ties and the collective one they all share in making use of the best available science to promote common welfare.”

    “CCT posits that people who subscribe to a hierarchical, individualistic world-view—one that ties authority to conspicuous social rankings and eschews collective interference with the decisions of individuals possessing such authority—tend to be sceptical of environmental risks. Such people intuitively perceive that widespread acceptance of such risks would license restrictions on commerce and industry, forms of behaviour that hierarchical individualists value. In contrast, people who hold an egalitarian, communitarian world-view—one favouring less regimented forms of social organization and greater collective attention to individual needs—tend to be morally suspicious of commerce and industry, to which they attribute social inequity. They therefore find it congenial to believe those forms of behaviour are dangerous and worthy of restriction. On this view, one would expect egalitarian communitarians to be more concerned than hierarchical individualists with climate change risks.”

    “Our data, consistent with previous studies, supported this prediction.”

  13. Mike in Nola says:

    Houston Council votes to allow Southwest Airlines to build an international terminal at Hobby Airport.

    I’m sure Southwest’s popularity with fliers didn’t hurt. I don’t fly that often, but always choose Southwest if I can. And Hobby Airport where the terminals will be built is much smaller and easier to get to.

    United, which took over Continental last year, is claiming it will lay of 1300 at the Bush Airport in North Houston this fall due to the vote. But, as the mayor pointed out, the new Southwest terminals won’t be ready for three years, so any layoffs or cutbacks in service are for some other reason. Maybe it’s just that United sucks even worse than Continental, and the takeover ain’t paying off.

  14. Mike in Nola says:

    So why would Barry think Ailes would not make up a story? His network does it all the time.

  15. Frwip says:


    Sounds about right for Harry Reid.

  16. LLouis says:

    ” Bluefin tuna caught off US reveals radiation from Japan nuclear plant…” (By Alicia Chang, The Associated Press)

    ” “We were frankly kind of startled,” said Nicholas Fisher, one of the researchers reporting the findings online Monday in the Proceedings of the National Academy of Sciences. ”

    *Well I’m not surprised, I was expecting for news about radioactive contamination near the west coast to pop out to my eyes…
    For now, they say the levels of radioactive cesium are still below safe-to-eat limits. *

    Pacific bluefin tuna spawn off the Japan coast ” and swim east at breakneck speed to school in waters off California… ”

    ” Now that scientists know that bluefin tuna can transport radiation, they also want to track the movements of other migratory species including sea turtles, sharks and seabirds.”

    *Well I’m very surprised that its not been done already.*

  17. financialchicken says:

    Another great one from ThatRetiredGuy on Financial Innovation and the Death of the Modern Banker:

  18. AHodge says:

    Did One Of Jamie Dimon’s Traders Betray Him & Cost The Firm Billions In Losses? (Zero Hedge)?


    the guy left JPM for SABA july 2011,
    so it wasnt about this trade,
    unless his old friends still blabbed.
    zero hedge is original but often wrong
    i got forwarded their piece last week trying to say JPM was long those Itraxx not short
    I had a good impression of Weinstein
    but after seeing latest he looks more like
    strictly a “credit” hedge fund loser whos main business is playing accounting games
    anyone putting money in a “credit” hedge fund will deserve what they get
    unless they get out early

  19. AHodge says:

    so there are two things going on here With JPM and Itraxx

    JPM l is still short some Itraxx or the like
    which is basically a bet europe does a no bank left behind bailout
    if you read jamie carefully on europe
    ” bimodal outcome” disaster lurkks without action (his way)”
    he still has some on looking for his bailout, dont know if he is wrong?
    then also he was the whale and cornered the market short
    drove the Itraxx way below price warranted by bond yields
    while Boaz rallied troops to counter that undervaluation
    if there is a big europe bank deal say financed by eurpbonds
    Boaz and the the long Itraxx guys will get roasted even if they have market distortion going for them ritht now

  20. farmera1 says:

    Today in Bond Markets from around the world:

    So we have falling yields for government bonds in much of the industrialized world and rapidly rising yields in Spain and Italy.

    May you live in interesting times.