My Sunday morning reads:

• The Euro’s Fate (Barron’s)
• U.S. Is Building Criminal Cases in Libor Rate-Fixing (NYT) but see Clock Is Ticking on Fin Crisis Charges (Journal)
Strangling the Republic: The Hostile Takeover of the United States by Corporate America and the plutocrats (Consortium News)
• Tax Liens Trigger More Foreclosures (WSJ)
• Harpo, Marx and Wagner (The Globe And Mail)
City in a Bottle: How Bangalore’s liquor industry has shaped the city (Caravan Mag)
• Refined (sugar) dining (
• Consciousness: How Do You Study What You Can’t Define? (Big Think)
• Attention Shoppers! (Wired)
The Dream Will Never Die: An Oral History of the Dream Team (GQ Mag)

What’s on your tablet?


Uh Oh

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.

14 Responses to “10 Sunday Reads”

  1. lunartop says:

    The Dangerous Notion of Aggregate Demand, or “Trouble on Zorkonia”

  2. Greg0658 says:

    “Tax Liens Trigger More Foreclosures” (typical issue in this story – inherited w/tax debt)

    Q: are banks exempt from making tax payments for some time period while they try to find a new property owner to live/care for the property? when its sold – the new property owner gets all the tax bills tacked on at closing?

  3. Orange14 says:

    BR – surprised that you didn’t post the story about Goldman Sachs’ execrable treatment of the Dragon Systems M&A for which they were the adviser to Dragon – It will be interesting to see if GS gets off the hook on this, given how inept they were in handling the deal. It looks like they will argue that they contractually met what they were asked to do but it really leaves a sour taste in my mouth.


    BR: Not READS worthy — but it was good a sarcastic Tweet early this AM

  4. VennData says:

    GOP governed states opting out of Medicaid

    OK, then lets see their plans to keep costs down, and emergency rooms paid for. C’mon gOP here’s your opportunity to do something to lower your citizens rates, rates that are higher due to all the uninsured people skipoing out n their bills. We’re waiting.

    Oh and pass my tax cut now, too. Now.

  5. Greg0658 says:

    VennData on “GOP governed states” – I could envision a flee’g of indigents across boarders for better care in a neighbor’g state .. sorta like Mexico and the Rio Grande

    before submit – thinking about – just how that strategy will ultimately play out

  6. Moss says:

    This just about sums it up…

    Charles H. Ferguson, producer of “Inside Job,” the Oscar-winning documentary on the Wall Street meltdown, puts it strongly: “both political parties have been remarkably clever and effective in concealing” the new reality that the United States is becoming “a declining, unfair society with an impoverished, angry, uneducated population under the control of a small ultra-wealthy elite.”

  7. call me ahab says:

    appears I am bit rusty at my html:

    Fight for Your Right to Go Paleo

    One thing I’ve learned about nutrition- give it a few years and the advice will change.

    11 servings of grains? What am I, a herbivore?

  8. Jojo says:

    Neil Barofsky, the Democrat Taking Digs at Obama
    By Deborah Solomon on July 12, 2012

    When Neil Barofsky left Washington in March 2011, many in the Obama White House were privately relieved. As special inspector general overseeing the government’s $700 billion Troubled Asset Relief Program, Barofsky was a relentless critic of the Wall Street bailout who accused the administration of coddling banks at the expense of taxpayers. In a 2009 report to Congress, he wrote that the administration’s lack of transparency in spending TARP funds had created “anger, cynicism and distrust.” In his final report, the month before he turned in his resignation, he wrote: “The prospect of more bailouts will continue to fuel more bad behavior with potentially disastrous results.”

    These days Obama’s campaign advisers may wish Barofsky had stayed in town. Now a New York University law professor and free from whatever restrictions he might have felt as a government official, he’s become an even harsher scold of the president. On TV, in public debates, and on Twitter, he excoriates the administration–especially Treasury Secretary Timothy Geithner–for failing to rein in the banks and revive the housing market. While Mitt Romney and the Republicans attack Obama from the right, saying he should get off the backs of business and the banks, Barofsky, a Democrat, leads the attack on the administration from the left, urging even more bank regulation.

    The title of his forthcoming book–Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street–sums up his worldview. “The further we dug into the way TARP was being administered, the more obvious it became that Treasury applied a consistent double standard,” Barofsky writes in the book. “When providing the largest financial institutions with bailout money, Treasury made almost no effort to hold them accountable, and the bounteous terms delivered by the government seemed to border on being corrupt.” (Barofsky declined to comment for this story, saying his publisher asked him to refrain from interviews before the book’s release.)

  9. Jojo says:

    Fred On Everything
    Understanding Economics
    A Perfect Grasp, and for Free

    July 4, 2012

    Today I’m going to explain economics, society, and the pursuit of happiness, if any. Either pursuit or happiness. When I’m through, there won’t be any questions left. You will know everything. Whole university departments will shutter their doors. And good riddance.

    A friend of mine is ardent of capitalism, also called “free enterprise” if you are trying to sell it to the rubes, or “codified robbery” by those familiar with its workings. Anyway, this friend had an actual degree in economic theory. He said things like “commoditized debenture yields” and “mezzanine tranche bundles” and “annualized perturbity swaps.” I was so impressed I almost gave him my wallet right there.

    I’ve got nothing against speaking in tongues, but some of it was too many for me. For example, he kept saying that businesses didn’t want the government to interfere with them, which he called “distorting the market.” Well, I can understand it. I don’t want the government interfering with me either, especially in the midst of a burglary. But I was puzzled. If businessmen didn’t want the government interfering in the market, I asked, why did they send thousands of lobbyists to Washington to make the government interfere in the market? He changed the subject. I guess he was distracted.

    Of course, as Milton Friedman said, “There’s no such thing as a free market.” (That may not be exactly what he said. It’s what he would have said had he understood economics better.) I think Milton was right. I mean, as soon as capitalists start making money, they buy the government, and engage in carnal intercourse with it, and pretty soon the chiefs of corporations are in government, and great motingator alpha-crats of government get on corporate boards, and form the roaring mother of interlocking directorates, and so you get Enron and the sub-primes and nobody’s got a house. The freer the market, the quicker it happens. A lack of laws favors the smart, the avaricious, and the remorseless. (I live in Mexico.)

  10. Mike in Nola says:

    Ran across this somewhere, maybe Naked Capitalism. Of course it supports my theory on the reason REO’s aren’t being marketed, so I like it. But I think that’s the only reasonable explanation. I expect someone will dig up a memo for the Fed or one of the agencies showing it’s a conscious plan.

  11. Mike in Nola says:


    I ran across Gary Taubes blog about a 6 weeks ago, read his 2011 book and decided the low carb idea might have legs. As someone who was raised on two eggs a day deep fried for my first 10 years and who has a normal angiogram (done after a flukey bout of tachycardia which was never explained), I’ve always been skeptical of the low fat advice. I think your cholesterol is as much genetic as anything.

    Anyways, in an old 2002 piece Taubes wrote for the NYT, he mentioned some doctors who got funding from the NIH. Looked up their study which eventually got published, and it showed that after two years, low carb and low fat dieters wound up in the same place (backsliding is a big problem on both) but the low carb dieters lost weight quicker and their lipids were generally better.

    So, I thought it was worth a try and started Atkins about a month ago and have lost about 13 lbs. Even having your fill of bacon get boring after awhile, but it does seem to work. You still have to burn more calories than you consume which is still the challenge. Working out helps, although I’m off excercise for two weeks because of carpal tunnel and ulnar surgery.

    Anyone who’s interested can get enough info for free at and there are plenty of low carb blogs. This guy’s videos and blog have lots of info. He weighed 400lbs, lost 200 and is now running marathons. Fortunately, I’m not in his class, just a bit overwright.