My afternoon train reading:

• Family Net Worth Drops to Level of Early ’90s, Fed Says (NYT) see also Planning a Financial Tuneup (NYT)
• European elites can’t stop themselves crashing their own project (Chatham House)
• What’s wrong with economics? (Stumbling And Mumbling) see also The Wrong Austerity Cure (Project Syndicate)
• America’s Hidden Austerity Program (Economix)
• Hospitals await health care ruling (Mansfield News Journal) see also With New Prediction Algorithm, a Patient’s Past Foretells His Medical Future (Popsci)
• China’s Key Economic Data (Dr. Ed’s Blog)
• America’s Class War (New Yorker) see also Workers Lost Ground During Recession As Bosses Gained (Bloomberg)
• How Delaware Became the King of U.S. Corporate Charters (Bloomberg)
• WWDC 2012: Apple keynote liveblog (Venture Beat) see also Google Outsells, but Apple Cultivates Loyalty of App Developers (NYT)
• $422,000 to stream a movie? The continued “success” of phone cramming (Ars Technica)

What are you reading?


Foreign Revenue Could Be Lost in Translation

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.

8 Responses to “10 Monday PM Reads”

  1. tradeking13 says:

    Crash! Stock Market Index in Glass (Neatorama)

  2. VennData says:

    Nobel Prize Amounts to Be Reduced

    “…The Nobel Foundation, under pressure to cut costs following sluggish returns on capital in recent years, is slashing the value of its prestigious prizes for the first time in 63 years while also looking to trim in other areas, such as expenses related to its annual banquet…”

    You’d think these guys would get that you can’t assume you’re going to get 8% returns year-in-year-out. Well, now they know.

  3. mathman says:
    It Only Took a Global Depression to Lower the Price of Gas by 40 Cents
    Researchers Develop Chip-Based Human Organs
    India could be 1st BRIC to lose investment grade-S&P
    SCOTUS Kills Habeas Corpus
    Posted on June 11, 2012 by emptywheel

    “SCOTUS has just declined to take all seven of the pending Gitmo habeas corpus petitions, including Latif and Uthman.

    This effectively kills habeas corpus.

    Consider what SCOTUS just blessed:

    •Holding a person indefinitely for being in the wrong place at the wrong time–including a school, a road, and a guest house–where suspect people are.
    •Holding a person indefinitely based on an admittedly error-ridden report the government wrote up itself.
    •Holding a person indefinitely based on pattern analysis.
    •Completely upending the role of District Court judges in the fact-finding process.”

    and lastly:
    (via Suburban Guerilla)

    Maine study finds potentially disastrous threat to single-celled plants that support all life

    “BOOTHBAY, Maine — Phytoplankton. If the mention of the tiny plant organisms that permeate the world’s oceans isn’t enough to pique your interest, consider this: They produce the oxygen in every other breath you take.

    Still not interested? This is where it’s hard not to take notice. In 2007, the reproduction rate of phytoplankton in the Gulf of Maine decreased suddenly by a factor of five — what used to take a day now takes five — and according to a recently released study by the Bigelow Laboratory for Ocean Sciences in Boothbay, it hasn’t bounced back.

    So what does it mean? According to Barney Balch, the lab’s senior research scientist and lead author of the study, such a change in organisms at the bottom of the planetary food chain and at the top of planetary oxygen production could have disastrous consequences for virtually every species on Earth, from lobsters and fish that fuel Maine’s marine industries to your grandchildren. But the 12-year Bigelow study focused only on the Gulf of Maine, which leads to the question, will it spread?

    “I don’t think it takes a rocket scientist to know that if you shut down the base of the marine food web, the results won’t be positive,” said Balch.

    Balch said the study, which was published recently in the Marine Ecology Progress Series, provides one of the strongest links to date between increases in rainfall and temperature over the years and the Gulf of Maine’s ecosystem. Key factors in the study’s conclusions were driven by 100 years of records on rainfall and river discharge, both of which have increased by between 13 and 20 percent over the past century.

    In fact, of the eight heaviest rainfall years in the past century, four of them fell between 2005 and 2010. Balch said that increased precipitation, along with water melting from the polar ice caps, could be the reason for the problems discovered in the phytoplankton regeneration rate. The fact that Gulf of Maine’s water temperature has risen about 1.1 degrees celsius — which is on par with what is being seen around the world — could also be a factor.

    “The major change that we’re seeing is that we are now able to put [precipitation and temperature data] into better context,” said Balch. “It’s so striking that the increase is so statistically significant.”

    Though heavier water flows into the Gulf of Maine might be a major factor, Balch said it may actually be side-effects of that phenomenon — such as decreased salinity and increasing amounts of materials like rotting plant matter being swept up in the stronger currents — that are actually causing the problem. In other words, when the water is brown it’s bad for phytoplankton because the added material in the water starves the single-celled plants of sunlight.

    During the 12-year study, which focused on the area of sea between Portland and Yarmouth, Nova Scotia, researchers noticed that plumes of material coming from Maine rivers were reaching 70-100 kilometers into the ocean — farther than had ever been seen before. The outflows also prevent nutrient-rich deep-ocean water from circulating into the Gulf of Maine.

    “When you collect the amount of data that we’ve collected, it’s hard to discount the significance,” said Balch. “I know there are skeptics out there who still discount the issue of climate change, but the evidence now is just striking. We need to be thinking very carefully about trying to slow this down. It didn’t happen overnight and it’s not going to go away overnight.”

    Balch said that the Gulf of Maine is small compared to the world’s oceans, but not without the capacity to have a marked effect on the overall ecosystem of the Atlantic Ocean. If the problem with the phytoplankton persists, fishermen will notice its effects long before the world’s oxygen supply suffers. Phytoplankton is a key food source for several species of larval fish and lobster populations.

    “People shouldn’t freak out about this but they should think very carefully about the long-term changes that we humans are making,” he said. “This study shows the incredibly tight connection that there is between land and the ocean, especially in the coastal ocean.”

  4. Hurricaner says:

    Anyone else get caught like a deer in the headlights this morning?
    I sat and watched the ftures weaken, European bourses come way off their highs, watched the Euro crater, and Spanish/Italian bond yields rise….but STILL didn’t sell my long trade…that was actually VERY profitable at the open. Held it over the weekend, and was giddy when Asia was gangbusters last night. But this morning, i was paralyzed by the speed with which the upside move was cleared. I just kept telling myself that we would still bounce, but decided to lick my wounds at 2:00. At least I got out before the rest of the sh*t hit the fan.

    What a frickin mess. I still don’t have the cojones to go short…though I am just about certain this will be a bloody week. Just as last week was buy the rumor sell the news…perhaps this week will be sell the rumor, buy the news (the world will still go on Monday, regardless of Greece’s election results).

  5. Fredex says:

    The Nobel Foundation is advised by Nobel Prize winning economists.

  6. tweetie_2011 says:

    Accounts of an English man living in Spain: Spanish debt crisis: ‘fear of a bank freeze is palpable’.

    Some passages of the piece:
    ‘Banks also come in for a lot of stick. A local restaurant owner complained that her savings bank manager refused to let her take €30,000 out of her account. The money was needed to get the restaurant ready for the summer rush. New small print lets the bank block withdrawals, even on instant-access accounts. ”

    “My sister in Valencia faces mortgage problems of a different kind. She cannot sell her house as potential buyers cannot get a mortgage. Well, they can get a mortgage for 40 years and low rates – but only if they buy a property repossessed by the bank.
    Better still, banks often promise to pay all costs and don’t require a deposit on repossessed homes.”

  7. Joe Friday says:


    Today’s rollout by Apple to the developers went over like a lead balloon. Nuthin’ like staying firmly planted behind the curve. Their new “Power Nap” feature seems quite apropos.