My afternoon train reading:

• France and Italy Seek Ultimate Firepower for ESM (Spiegel Online)
• The Real Crash is dead ahead as 2008 is forgotten (Market Watch)
Artificial Intelligence: The Answer to Wall Street’s Data Deluge (Institutional Investor)
• 1998′s John Reed to Sanford Weill: Split Up Citi (WSJ)
• Everything most people think about the budget is wrong (Salon)
• 5% of Americans Spend 50% of Health Care Dollars (The Fiscal Times)
• Henry Blodget’s Second Act (WSJ)
• Amazon’s recommendation secret (Fortune)
• Apple aims for salted earth in Samsung fight (CNN Money)
• How Google Street View is inspiring new photography (Guardian)

What are you reading?

‘Junk’ Loans Gain Leverage

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.

27 Responses to “10 Tuesday PM Reads”

  1. VennData says:

    With all his experience with Swiss and Cayman Islanders, you’d think Romney wouldn’t be such an ugly American bonehead.

    Oh who cares. I just want my high marginal rates cut even further.

  2. James Cameron says:

    > The Real Crash is dead ahead as 2008 is forgotten

    I would love to know what Paul Farrell does with his own assets. That title appears to be motivated by Peter Schiff, whose record of predictions appears mixed ( not withstanding the seriousness of our economic and fiscal challenges. And, of course, Schiff is also pushing a fiscal doomsday book, sales of which will hopefully be robust just in case his latest prediction turns out to be correct . . .


    BR: Farrell is an asset allocator / Indexer

  3. Jojo says:

    July 31, 2012
    2nd Day of Power Failures Cripples Wide Swath of India

    NEW DELHI — The world’s largest blackout ever crippled roughly half of India for a second consecutive day on Tuesday, sending officials scrambling for an explanation.

    The power failure spread across 22 of the country’s 28 states, an area whose population is nearly 700 million, almost 10 percent of the world’s population. Hundreds of trains stopped across the region and, in Delhi, the subway system stalled, and massive traffic jams collected as traffic lights stopped functioning.

    A trade body, the Associated Chambers of Commerce and Industry of India, or Assocham, said that Monday’s power problem “totally disturbed the normal life and has severely impacted the economic activities.”

  4. Jojo says:

    A Rolling Stones Financial Fact Sheet
    By John Lopez on July 26, 2012

    Between tours, gold and platinum albums, licensing deals, and merchandise–not to mention presumed medical care spending–the Rolling Stones are a virtual economic engine that’s been going strong for 50 years. And, with rumors of an upcoming anniversary tour, they show few signs of slowing down. Here are a few ways to break down their inexhaustible output.

  5. Frwip says:


    Nothing is ever written. May be the massive grid outage in India will just slide away like water on a leaf and nothing will happen in the end, like so many stories in India.

    But it may also be a watershed event, that rare kind of moments where a whole country takes a hard look at itself and radically alters its course. A Sputnik moment if you will. For India, it would mean realizing that it has become a truly modern country and it’s high time it governed itself and invest like one. The consequences could be momentous.

  6. Mike in Nola says:

    On cnbc’s website there is a video showing the JC Penney’s store of the future with iPad’s and ipad like self checkouts. I was wondering how older women will be able to write checks. My wife asked if they were showing it empty, as that’s what the Penney’s of the future is likely to be. Does anyone think it will suddenly become cool among the Apple crowd to shop there?

    She and millions of middle aged and older people shopped there for well made and reasonably priced clothes, a step up from the cheaply made stuff sold at target and often at Walmart. The merchandise has gradually been cheapened with fabric being thinner than it used to be. No wonder it’s headed downhill..

  7. VennData says:


    You say ‘….that it has become a rruky modern country and it’s high time it governed itself and invest like one…’ is not where tthe Tea Party strategy is to go but to be the current India: to bring down the system is the only way to fix it, destroy the village to save it. To make things ungovernable. Taking the debt ceiling talks up to and past the brink, demanding a $1T cut to health care and Defense and blaming it all on Obama.

  8. willid3 says:

    follow up from earlier

    higher taxes on the rich dont seem to impact other countries the way some say they would. in fact the countries with biggest growth also have the highest tax rates

  9. Mike in Nola says:

    Our Stealth Fighter may not be quite as invincible as touted:

    One wonders how well all those extremely expensive weapons will work in real life if used against a creative, advanced and tenacious opponent who doesn’t play by the rules, e.g. China. They may not even have to be that advanced. War games in the early 2000′s where the admiral playing Iran managed to do a lot of damage to our fleet using relatively simple weapons and outside-the-box thinking showed the potential. The Navy restarted the games and made sure that could not happen by changing the rules.

    Back around the time of the invasion of Iraq, it came out that China had supplied Iran with some pretty nasty anti-ship missiles in the late 1990′s. China promised not to do it again, but, considering the China is a big purchaser of Iranian oil, there may be something else changing hands instead of money. It may be that an attack on Iran will be a testing ground for Chinese weapons. With all those ships crowded into a relatively narrow Persian Gulf, there could be some difficulty.

    Maybe they could consult M. Maginot about how that works.

  10. Mike in Nola says:

    Actually, I should have suggested they consult Xerxes.

  11. willid3 says:

    maybe the should consult Alexander?

  12. willid3 says:

    are all politicians psychopaths? and is that why they get a long with banksters, wall street denizens and CEOs so well?

  13. willid3 says:

    its cool to be a libertarian?

    unless you really ask about it though

  14. willid3 says:

    can’t even fire Demarco either


    BR: Dude, if I find out Yves hired you as her PR person, I am going to slice your pinkies off~!

  15. Bob A says:

    watching the olympics and wondering if i’m the only one thinking those apple ads are really stupid.

  16. CSF says:

    Huh? I read the article on how everything I know about the budget is wrong, the one who’s subtitle is: “Defense spending and wars — not foreign aid or government workers — dominate the budget.” Only in the main body of the essay I find that healthcare and entitlements — not defense spending and wars — dominate the budget. Whoops.

  17. mitchn says:

    Love ‘em to death, but the Rolling Stones are probably the biggest bubble going. Haven’t written a decent song in more than thirty years.

  18. DiggidyDan says:

    FCC rules Verizon can’t charge fpr tethering

    Score settled for all us consumers that have gotten screwed by the big V over the years. I have a grandfathered unlimited data plan with a 4g connection and will be taking my past overage, roaming and tethering charges back. Cancelling all other internet contracts now and rigging up my tablet and home network to run of my smartphone connection. (yeah it will be slower and less reliable, but $100 bucks a mont is a $100 bucks a month, and f@ck Verizon, that’s why!)

  19. theexpertisin says:

    Everything people think about the budget is wrong?

    Did I miss something? WHAT budget??

  20. Frwip says:

    Teh eh funny, as pointed by Paul Krugman.

    Four years late to the battle, the WSJ bloggerati discovers fiscal contraction.

    I can see only one explanation : someone within the 0.01% somewhere in America is suffering mightily and even further tax cuts won’t be enough to help him.

  21. Mike in Nola says:

    willid3: Don’t know if you are being sarcastic there. But, he did take down the greatest power in the world using a new type of army and superior tactics, so I suppose it’s a valid point anyway. They did employ some new tactics at Arbela where the Greeks used what has been called the mousetrap to neutralize the Persian scythed chariots which were considered pretty awesome offensive weapons of the day. The front ranks would not take the shock of the chariot, but would step aside. The horse would stop when confronted by the massed spears of the back rank. Then the front ranks would close back in on the immobilized chariot and slaughter the charioteers. One could draw analogies to surrounded ships, but I won’t.

    BTW, one of the articles I was remembering was this one from 2004.
    It’s a bit over the top, but the Sunburn missiles are real and many of the points he made are good ones and still true..

    Serendipitously, I came across a very recent article here while looking for some others.:
    And no, the lone commenter at the bottom was not me :)

  22. swag says:

    Gore Vidal (October 3, 1925 – July 31, 2012)

    “Monotheism and its Discontents”

    fair use excerpt:

    “The great unmentionable evil at
    the center of our culture is monotheism. From a barbaric Bronze
    Age text known as the Old Testament, three antihuman religions
    have evolved –Judaism, Christianity, Islam. Thes are sky-god
    religions. They are, literally, patriarchal –God is the
    omnipotent father– hence the loathing of women for 2,000 years
    in those countries afflicted by the sky-god and his earthly male
    delegates. The sky-god is a jealous god, of course. He requires
    total obedience from everyone on earth, as he is in place not for
    just one tribe but for all creation. Those who would reject him
    must be converted or killed for their own good. Ultimately,
    totalitarianism is the only sort of politics that can truly serve
    the sky-god’s purpose. Any movement of a liberal nature endangers
    his authority and that of his delegates on earth. One God, one
    King, one Pope, one master in the factory, one father-leader in
    the family home.

    The founders of the United States were not enthusiasts of the
    sky-god. Many, like Jefferson, rejected him altogether and placed
    man at the center of the world. The young Lincoln wrote a
    pamphlet _against_ Christianity, which friends persuaded him to
    burn. Needless to say, word got around about both Jefferson and
    Lincoln and each had to cover his tracks. Jefferson said he was a
    deist, which could mean anything or nothing, while Lincoln, hand
    on heart and tongue in cheek, said he could not support for
    office anyone who “scoffed” at religion.

    From the beginning, sky-godders have always exerted great
    pressure in our secular republic. Also, evangelical Christian
    groups have tradi-tionally drawn strength from the suppressed.
    African slaves were allowed to organize heavenly sky-god
    churches, as a surrogate for earthly freedom. White churches were
    organized in order to make certain that the rights of property
    were respected and that the numerous religious taboos in the New
    and Old Testaments would be enforced, if necessary, by civil law.
    The ideal to which John Adams subscribed –that we should be a
    nation of laws, not of men– was quickly sub-verted when the
    churches forced upon everyone, through supposedly neutral and
    just laws, their innumerable taboos on sex, alcohol, gambling. We
    are now indeed a nation of laws, mostly bad and certainly

    Roman Catholic migrations in the last century further re-enforced
    the Puritan sky-god. The Church has also put itself on a
    collision course with the Bill of Rights when it asserts as it
    always has, that “error has no rights.” The last correspondence
    between John Adams and Thomas Jefferson expressed their alarm
    that the Jesuits were to be allowed into the United States.
    Although the Jews were sky-god folk, they followed Book One, not
    Book Two, so they have no mission to convert others; rather the
    reverse. Also, as they have been systematically demonized by the
    Christian sky-godders, they tended to be liberal and so turned
    not to their temple but to the A.C.L.U. Unfortunately, the recent
    discovery that the sky-god, in his capacity as realtor, had
    given them, in perpetuity, some parcels of unattractive land
    called Judea and Samaria has, in my mind, unhinged many of them.
    I hope this is temporary.”

  23. Giovanni says:

    Somewhat ironic that the present day WSJ is impuning Henry Blodget’s financial reporting.

  24. Low Budget Dave says:

    I enjoyed the Fiscal Times article on the odd Pareto principles of health care. Considering the vast amounts of money and resources involved, it could be argued that every other economic issue is now secondary to health care.