Fourth of July reads to start a revolution:

• A Rally Slams into Resistance (Barron’ssee also Volatility Surges in S&P 500 With Volume Lowest in Decade (Bloomberg)
• Former Brokers Say JPMorgan Favored Selling Bank’s Own Funds Over Others (DealBook)
WTF?!? Wall Street Supporters in Congress Unmoved by Libor Probe (Bloomberg)
• Hot new filing claims internal docs show rating agencies lied on MBS (Reuters) see also Morgan Stanley Got S&P to Inflate Ratings, Investors Say (Bloomberg)
• Financial Giants Are Moving Jobs Off Wall Street (NYT)
• Chinese corruption and looting on a vast scale: industry, government, and military (BoingBoing)
• Giving Health Care a Chance to Evolve (NYT)
• Now it’s conservatives who suspect a ‘political’ Supreme Court (Washington Post)
• The Dog That Voted and Other Election Fraud Yarns (MoJo)
• Microsoft’s Downfall: Inside the Executive E-mails and Cannibalistic Culture That Felled a Tech Giant (Vanity Fair)

What are you reading?


Consumers Unlikely to Rekindle the Recovery

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.

9 Responses to “10 July Fourth Reads”

  1. Winston Munn says:

    What is 70% of stagnant?

  2. Mike in Nola says:

    Announcement of confirmation of finding Higgs boson (or something like it).

  3. ilsm says:

    Chinese corruption and looting.

    “This week Chinese military leaders have been ordered to report assets under the following CCP directive – The General Political Department, Discipline Inspection Commission: Leaders Must Report Income, Real Estate Holdings and Investments. This is likely to be met with extraordinary resistance. This could result in a standoff between the CCP and the PLA , where both bodies equally riddled with corruption struggle for the upper hand.”

    While the US DoD, 5% of GDP, military industry congress somplex, revolving door, etc., cannot pass a financial audit nor account for trillions spent on weapons.

  4. Mike in Nola says:

    Bob Diamond testimony live on Barclays Libor scandal on BBC website:

    Very hard to watch, as the guy is a typical arrogant American banker: calling MP’s by their first names, “this was horrible” but not my fault or a result of our culture, not giving direct answers, etc. It has come out that not only, Barclays traders requested fraudulent fixings, but even former Barclays traders working elsewhere were requesting fixings.

    And, of course, no additional regulations are needed.

  5. rd says:

    Congress Unmoved:

    The people who are surprised by this are clearly unaware that the TBTF firms are supposed to collude with regulators to ensure that their profits, bonuses, and the financial system remain stable – setting this out clearly is why Dodd-Frank required over 2,000 pages compared to Glass Steagal which was just a few dozen. It is also essential that they maintain open positions for regulators and political staff who need to earn some extra pocket money before they retire. Nothing else is particularly important. Screwing municipalities and the public is simply part of the job description.

  6. Jojo says:

    France slaps 7 billion euros in taxes on rich, big firms
    July 4, 2012

    PARIS (Reuters) – France’s new Socialist government announced tax rises worth 7.2 billions euros on Wednesday, including heavy one-off levies on wealthy households and big corporations, to plug a revenue shortfall this year caused by feeble economic growth.

    In its first major raft of economic measures since Francois Hollande was elected president in May promising to avoid the painful austerity seen elsewhere in Europe, the government targeted companies and the rich with tax hikes.

    An extraordinary levy of 2.3 billion euros ($2.90 billion) on wealthy households and 1.1 billion euros in one-off taxes on large banks and energy firms were central parts of an amended 2012 budget presented to parliament.

    The law, which also includes increases in taxes on stock options and dividends and the scrapping of tax exemptions on overtime, should easily win parliamentary approval before a July 31 deadline, given the Socialists’ comfortable majority.

    Hollande says the rich must pay their share as France battles to cut its public deficit from 5.2 percent of GDP last year to an EU limit of 3 percent in 2013 despite a stagnant economy and rising debt.


  7. Jojo says:

    Great story!
    Apes With Apps
    Using tablets and customized keyboards, bonobos can become great communicators
    By Ken Schweller / July 2012

    Have you ever watched a toddler play with an iPhone?

    Most likely, the child was completely captivated and surprisingly adept at manipulating the tiny icons. Two-year-old Teco is no different. Sitting with his Motorola Xoom tablet, he’s rapt, his dark eyes fixed on the images, fingers pecking away at the touch screen. He can’t speak, but with the aid of the tablet app I created for him, he’s building a vocabulary that will likely total several thousand words. What’s more, he’ll be able to string those words together into simple sentences and ask questions, tell jokes, and carry on conversations.

    Such talents wouldn’t seem exceptional in a human child, but Teco is an ape–a bonobo, to be precise. To the uninitiated, bonobos look very much like chimpanzees, but they are in fact a separate species with distinct physical and behavioral traits. More collaborative and sociable than their chimp cousins, bonobos also seem to be more adept at learning human language. And they are endangered, found in the wild only in the Democratic Republic of the Congo. Recent estimates put the wild bonobo population at between 10 000 and 50 000. Fewer than 150 live in captivity. Along with the chimpanzee, they are our species’ closest relatives.


  8. willid3 says:

    partial explanation of why Congress does nothing to their over seers?

  9. Jojo says:

    This has to make anyone unemployed feel really bad! You can’t even get a job cleaning and detailing cars any longer w/o experience!
    Car wash and Detail seeks employee (oakland lake merritt / grand)
    Date: 2012-07-03

    • 2 + Years of experience in the car wash industry

    PostingID: 3117503592