My afternoon train reading:

• Banks’ Hyper-Hedging Adds to Risk of a Market Meltdown (Bloomberg)
• Euro Isn’t Loved, but Few Want to Drop It, Poll Says (NYT)
• Republican Keynesians (Economix)
• Why we’re right to worry about the Facebook IPO (Reuters)
• Is Chinese real estate nearing a tipping point? (FT.com)
• Young, Educated and Seeking Financial Security (Economix)
• Meet ‘Flame’, The Massive Spy Malware Infiltrating Iranian Computers (Wired) see also The NSA is intercepting 1.7 billion American electronic communications, daily (After Dawn)
• How Teeny, Tiny Transistors Are Born in a Near-Total Vacuum (Wired)
• Manhattanhenge: Sunset on the Manhattan Grid (Hayden Planetarium)
• 2012 Philip K. Dick Festival (Philip K. Dick Festival)

What are you reading?
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Stock Market Loses Face

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.

11 Responses to “10 Tuesday PM Reads”

  1. willid3 says:

    did you realize that a lot of your local TV stations share news operations? and probably the same is true of radion stations too?

    http://www.nytimes.com/2012/05/29/business/media/local-tv-stations-cut-costs-by-sharing-news-operations.html

  2. Jojo says:

    Taking the 3 monkey approach. Middle class America should be pissed….
    ———-
    May 29, 2012, 3:13 pm Legal/Regulatory | White Collar Watch
    Dim Prospects for Financial Crisis Prosecutions
    By PETER J. HENNING

    As has been noted many times, the lack of criminal prosecutions arising out of the financial crisis has been painfully obvious. And two items in the news last week underscores that the prospect for a signature case is growing even more distant.

    First, Reuters reported on Thursday that Securities and Exchange Commission staff members wrote in a memo that fraud charges “will likely not be recommended” against Lehman Brothers executives.

    Then, the New York attorney general, Eric T. Schneiderman, said that the federal-state mortgage fraud working group announced in President Obama’s State of the Union address in January needed more resources — an indication that the group was still trying to digest evidence from transactions made more than four years ago.

    The collapse of Lehman seemed to be the most likely source of criminal prosecutions, or at least civil enforcement actions. The firm’s examiner, Anton R. Valukas, issued a report in 2010 castigating senior management for shifting up to $50 billion off the balance sheet through the so-called Repo 105 transactions.

    http://dealbook.nytimes.com/2012/05/29/dim-prospects-for-financial-crisis-prosecutions/

  3. willid3 says:

    gas prices. its like real estate. location. location

    http://www.reuters.com/article/2012/05/25/uk-gasoline-usa-prices-idUSLNE84O00Y20120525

    its not so much about supply and demand either

  4. ilsm says:

    Republican/tea party Keynesians.

    The biggest, longest running government spending boondoggle, the military industry complex; huge numbers of techies leaning on CAD consoles leaning over the useless ditches called F-35′s, drones, needless super weapons for equipping Mac Arthurs return to the Phillipines.

    My junior tea party representative told us that if the tax cuts expire and the dreaded 4% cut to military spending GDP will drop:

    “taxes being raised on every single working American and the implementation of automatic, across-the-board spending cuts. This combination of events will cause a shock to our economy, estimated at 3.6 to 5 percent of Gross Domestic Product (GDP) in Fiscal Year 2013″ .

    My rep likes the cat food commission too says he supports it to save SS and medicare, like the US saved villages in Vietnam with napalm.

    He over emphasized the working Anericans, and only really worries about money for arms.

    Austerity only applies to “entiutlements” spending for the 99%.

  5. Mike in Nola says:

    Interesting contrast between two videos showing the same guest.

    On CNBC, they go Shiller to say a few optimisitic things following the dismal report this morning. Probably wasn’t hard since he’s a nice guy. Reminds me of Hussman’s comment that before one appearance there they were asking him “Can’t you say something bullish?”
    http://www.cnbc.com/id/47599371
    Diana Olick’s tweets on the same page express some skepticism.

    Meanwhile, on Tom Keene, Shiller sounded decidedly less optimistic.
    http://www.bloomberg.com/video/93578747-shiller-on-housing-market-facebook.html

  6. Moopheus says:

    Re: PKD. I can remember when I had to scrounge around in second-hand bookstores and specialty shops to find Dick’s books; they were all out of print. Now they are all collector’s items.

  7. biscuits says:

    jojo, Matt Stoller posted on Naked Capitalism saying Shneiderman’s task force is for PR purposes, claiming

    “Obama’s broken promises mean that Schneiderman is slowly becoming an embarrassment and a laughing stock, seen both as a light-weight when it comes to legal work and a pushover in politics.”

    http://www.nakedcapitalism.com/2012/05/is-schneiderman-already-starting-the-blame-game-over-the-mortgage-fraud-task-force-failure.html

  8. biscuits says:

    hey, ilsm, chances are your tea party representative is also a bankster buddy. Once they became owned by the Republicans, they had to play by the rules. (No diff for the dems, of course)

    http://thinkprogress.org/economy/2012/05/21/484283/how-banks-bought-the-tea-party/

  9. krice2001 says:

    The comments on Bloomberg are so many levels above Yahoo Finance – the contrast is stark. I found this comment on the Hyper-Hedging link and wanted to repost a chunk of it since it covers our current state quite well:

    “However, the world of hedging will not disappear simply because it is too profitable. Any discussion of limiting a banker’s ability to profit from esoteric transactions will simply incur cries of “Socialism!” and “Anti-Capitalist” from the banking/finance industry’s most ardent defenders.

    The last 30 years has seen an incredible concentration of wealth in Finance and Banking Sectors and, if the Supreme Court’s recent decision that money = speech holds, those with the most wealth will have the most influence in politics. And this influence will ensure that the bankers’ interest (and profit-making) supercede the interest of the general public at large (witness the many loopholes carved into Dodd-Frank, for an example).”

  10. VennData says:

    From the Bloomberg piece on bank hedging, “… Market participants themselves are mostly unaware of their effect on the group because they have grown up in a culture that celebrates trading…”
    Why don’t the culture warriors talk about how a zero-sum activity has been “celebrated” by our culture? Their financers, perhaps?
    Well, Ricketts is a big political donor, big enough to buy, a baseball team … does anyone else find it ironic that trading empire ruler Ricketts bought perennial loser, the Cubs?