Back from Europe, here are my morning USA reading:

• Ten Reasons I Like Stocks for the Second Half (The Reformed Broker) see also Should you sell a dull market short? (Market Watch)
• Threaten a man’s masculinity and he becomes a short-sighted risk taker (Research Digest)
• A Gold Rush in the Abyss (NYT) see also Propping up the gold price (FT.com)
• Wall Streeters Lose $2 Billion In 401(K) Bet On Own Firms (Bloomberg)
• How economists get tripped up by statistics (Reuters)
• Consumer Bureau Proposes New Mortgage Disclosure Rules (DealBook)
• Libor Scheme May Have Cost Muni Issuers Millions (Bond Buyer) see also US Senate panel plans HSBC money laundering hearing (Reuters)
• Greeks Hide Tens of Billions From Tax Man (WSJ)
• The 11 Ways That Consumers Are Hopeless at Math (The Atlantic)
Ralph Nader: The Serial Ineptitude of the Democrats (Counter Punch)

What are you reading?

 

After a Jobs Jab, Bracing for Another Jolt

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.

22 Responses to “10 Tuesday AM Reads”

  1. VennData says:

    1) Obama challenges Republicans to keep tax cuts for middle class | Reuters
    He can talk all he wants., If the billionaires don’t get their tax cuts, I don’t want mine. Why, you may ask? Well, that’s a good question. I’ll have to tune into Fox news and find out.

    http://www.cbsnews.com/8301-250_162-57469195/obama-to-talk-taxes-in-iowa/

    2) Religious Honor Murders

    “… Shafilea’s parents killed her because they felt her “western” lifestyle brought shame on the family…”

    To me it is equally dishonorable to teach children evolution in Texas. Therefore…

    http://www.cnn.com/2012/07/10/world/europe/uk-shafilea-honor-murder/index.html

    3) How Wealth Reduces Compassion: Scientific American

    This so-called “Scientific American” is neither, if you want my home-schooled opinion

    http://www.scientificamerican.com/article.cfm?id=how-wealth-reduces-compassion

    4) Democrats can not filibuster Obamacare repeal under a GOP senate

    I still hate – HATE! – Roberts until told otherwise, by talk radio, or some other headline-reacting screecher

    http://www.examiner.com/article/democrats-can-not-filibuster-obamacare-repeal-under-a-gop-senate

    5) Like Father, Like Son?

    “…George Romney … ran an auto company, American Motors. And he ran it very well… Romney … restored the company’s fortunes, not to mention … saved the jobs of many American workers. It also made him personally rich. We know this because during his run for president, he released … 12 years’ worth of tax returns… Those returns … reveal that he paid a lot of taxes …, 37 percent over the whole period…”

    You know why I hate – HATE! – Krugman? Cuz I never read his stuff, that’s why,

    http://economistsview.typepad.com/economistsview/2012/07/paul-krugman-mitts-gray-areas.html

    6) Lifestyle Nomads

    ‘… From Christmas in Cape Town and skiing in St Moritz to Easter in St Barts and summer in Saint-Tropez, seasonal pursuits drive the migratory patterns of the super-rich…’

    If I didn’t hate – HATE! – the FT so much, I might even read the next installment of this article where they must say something about job creation.

    http://www.ft.com/cms/s/2/1c75e23e-c10d-11e1-853f-00144feabdc0.html

    7) Crooner of Alt. Romantic Ballads Pines for Alt. History

    “…Ted Nugent says U.S. might be better off if the South won the Civil War…”

    Wang Dang Sweet Poontang!

    http://www.mercurynews.com/entertainment/ci_21022292/hicks-ted-nugent-says-u-s-might-be

    8) Gina Rinehart: The world’s ‘richest woman’

    “…her father, Lang Hancock, discovered one of the world’s biggest reserves in the early 1950s… She hates being called a mining heiress because she considers herself a self-made businesswoman who turned her company around after her father’s death in 1992…’

    No, she’s not lucky. She’s a genius, who deserves lower tax rates than all those Aussies who weren’t skilled enough to have a dad who had royalties to selling iron ore to China.

    http://www.bbc.co.uk/news/magazine-18624350

  2. Global Eyes says:

    I’m reading-Resistance Revolution Liberation A Model for Positive Change by Charles Hugh Smith

  3. This Boston College report from June contends that, contrary to what many people think about their prospects for retirement, 85% of US households will be able to retire by age 70:

    http://crr.bc.edu/briefs/national-retirement-risk-index-how-much-longer-do-we-need-to-work/

    The retirements envisioned by the researchers generally do not include Ritholtz-style vacations in the Hamptons and trips to Europe, however.

    Perhaps some of you might have seen this study reported in Forbes. What did you think of the study?

  4. CB says:

    http://dealbook.nytimes.com/2012/07/09/libor-scandal-intensifies-spotlight-on-bank-regulators/?hp

    Bank Scandal Turns Spotlight to Regulators = just more quasi-legal regulatory capture and TBTF financial/corporate hegemony.
    Like the MF Global thievery:
    “…a lot of that stuff wasn’t necessarily illegal, it was just immoral or inappropriate or reckless…” (after Lobbyists got those pesky laws changed.) It seems all soveriegn governments are played off against each other by multinational corporations in the name of “global competitiveness and modernization.” Global labor and capital arbitrage seem to have have fewer sovereign constraints.
    So now we have:
    1. Liar MERS foreclosure documents for
    2. Liar mortgage loans set by
    3. Liar Libor rates and
    4. Liar ratings agencies through
    5. Liar accounting standards

    This is not the invisible hand – it is the visible finger.

  5. macritchie says:

    I’m reading all I can find and get on the PFGBest Scandal and wondering why the HECK Ritholtz, TBP, or anyone else credible isn’t SCREAMING at the top of there lungs about the ineptitude of the CFTC, this is a MASSIVE crisis of confidence and no one (minus Peter Brandt) is really talking about it!! This is the second time in a year that people have shown up at a brokerage to get there $ and haven’t been able to. This hasn’t happened since 1929 and NO ONE seems to be all that concerned. What am I missing here?!?!?!?!?!?

    ~~~~

    BR: Check Twitter . . .

  6. mathman says:

    • The 11 Ways That Consumers Are Hopeless at Math (The Atlantic)

    Great article on innumeracy in its many forms. We’re also bad at statistics (even scientists and doctors get ‘em wrong) and the entire civilization is doomed because we don’t get exponential growth (and for which we’ve overshot the carrying capacity of the planet).

    Thanks

  7. RW says:

    ‘In Lost Opportunity of 1932, Are There Lessons for Today?’ by Bruce Bartlett (ht Mark Thoma)

    By the summer of 1932, the Great Depression was three years old with no end in sight. The Hoover administration, like Republicans today, was adamant that economic stimulus was wrongheaded, that the big problem was business confidence, which would be restored by keeping the budget under control, and that under no circumstances should the Federal Reserve adopt policies that would ignite inflation.

    PS: Link for Bloomberg article on 401k losses in original post above is corrupt (incomplete target tag), here’s the correct link
    http://www.bloomberg.com/news/2012-07-09/wall-streeters-lose-2-billion-in-401-k-bet-on-own-firms.html

  8. swag says:

    Odds of record U.S. heat being a random event: 1 in 1.6 million (Brad Plumer)

    http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/07/10/odds-of-record-u-s-heat-being-a-freak-event-1-in-1-6-million/

    “In other words, it’s very, very unlikely that this sweltering 13-month period could have happened had humans not loaded the atmosphere with carbon dioxide and heated the surface temperature of the planet by 0.8 °C (1.4 °F) above pre-industrial levels. If this is just a freak outburst by Mother Nature, then it’s a spectacularly improbable one. “

  9. ellwood2011 says:

    If the LIBOR scandal cost muni issuers “millions”, it seems like a tempest in a teapot. Can we also quantify how much it cost — or benefited — other issuers?

  10. Arequipa01 says:

    I was reading about Petrobras and its bid to increase the ethanol mix in Brasil up to 25% and came across this name: Leonardo Magueri and study he had recently published on oil and future production trends. It turned out to be an interesting read.

    Here it is, some food for thought:

    http://belfercenter.ksg.harvard.edu/files/Oil-%20The%20Next%20Revolution.pdf

  11. Arequipa01 says:

    I am also reading this:

    http://wonkette.com/477486/gay-murderer-the-telenovela-life-of-mexican-president-elect-enrique-pena-nieto

    It is simply the craziest thing I have ever read about a Latin American president- and I live in LlamaLand.

  12. Jojo says:

    Duck & cover… [lol]
    ———-
    Judge OKs rooftop missiles during London Olympics
    http://news.yahoo.com/judge-oks-rooftop-missiles-during-london-olympics-152608060–oly.html

  13. Jojo says:

    NY Times
    June 30, 2012, 3:15 am
    The ‘Busy’ Trap
    By TIM KREIDER

    If you live in America in the 21st century you’ve probably had to listen to a lot of people tell you how busy they are. It’s become the default response when you ask anyone how they’re doing: “Busy!” “So busy.” “Crazy busy.” It is, pretty obviously, a boast disguised as a complaint. And the stock response is a kind of congratulation: “That’s a good problem to have,” or “Better than the opposite.”

    Notice it isn’t generally people pulling back-to-back shifts in the I.C.U. or commuting by bus to three minimum-wage jobs who tell you how busy they are; what those people are is not busy but tired. Exhausted. Dead on their feet. It’s almost always people whose lamented busyness is purely self-imposed: work and obligations they’ve taken on voluntarily, classes and activities they’ve “encouraged” their kids to participate in. They’re busy because of their own ambition or drive or anxiety, because they’re addicted to busyness and dread what they might have to face in its absence.

    Almost everyone I know is busy. They feel anxious and guilty when they aren’t either working or doing something to promote their work. They schedule in time with friends the way students with 4.0 G.P.A.’s make sure to sign up for community service because it looks good on their college applications. I recently wrote a friend to ask if he wanted to do something this week, and he answered that he didn’t have a lot of time but if something was going on to let him know and maybe he could ditch work for a few hours. I wanted to clarify that my question had not been a preliminary heads-up to some future invitation; this was the invitation. But his busyness was like some vast churning noise through which he was shouting out at me, and I gave up trying to shout back over it.

    http://opinionator.blogs.nytimes.com/2012/06/30/the-busy-trap/

  14. AHodge says:

    http://www.bloomberg.com/news/2012-07-10/jpmorgan-silence-on-risk-model-spurs-calls-for-disclosure.html
    including this quote
    (Goldman CFO) Viniar added that JPMorgan executives are good risk managers, one of the people said.
    If he is saying the old Riskmetrics and a real credit dept culture was good (excluding Jamie)
    and Jamie sold it out, I would agree
    also
    Losses on the trades may have climbed to $4 billion in the second quarter, according to John McDonald, an analyst with Sanford C. Bernstein & Co., far exceeding the amounts predicted by JPMorgan’s VaR gauge.

  15. formerlawyer says:

    “Everyone knows that world oil production has been running between 88 and 89 million barrels per day (mbpd) this year because government, industry and media sources tell us so. As it turns out, what everyone knows is wrong.

    It’s wrong not because the range quoted above can’t be found in official sources. It’s wrong because the numbers include things which are not oil such as natural gas plant liquids and biofuels. If you strip these other things out, then world oil production has been running around 75 mbpd this year. The main thing you need to know about the worldwide rate of production of crude oil alone is that it has been stuck between 71 and 75 mbpd since 2005 (calculated on a monthly basis). And, that has already had huge negative effects on the world economy and world society through high energy prices that are partly responsible for our current economic stagnation.”

    http://oilprice.com/Energy/Crude-Oil/Changing-the-Definition-of-Oil-to-Make-the-Figures-Look-Better.html

  16. willid3 says:

    well lucky us that US demand has been down almost 8% since 2010

  17. AHodge says:

    Bloomberg on Jpm with earnings out next week
    including these quotes

    (Goldman CFO) Viniar added that Jpm’s executives are good risk managers, one of the people said.

    If he is saying the old Riskmetrics and a real credit dept culture was good (excluding Jamie)
    and Jamie sold it out, I would agree
    also
    “Losses on the trades may have climbed to $4 billion in the second quarter, according to John McDonald, an analyst with Sanford C. Bernstein & Co., far exceeding the amounts predicted by JPm s VaR gauge.”

  18. willid3 says:

    expect to pay much higher prices for food this fall, after the drought this summer is done. if it isn’t then food will continue to rise

    http://www.forbes.com/sites/williampentland/2012/07/09/u-s-drought-goes-from-bad-to-worse/

  19. Arequipa01 says:

    thanks formerlawyer for the link and contrary view.

  20. Joe Friday says:

    Threaten a man’s masculinity and he becomes a short-sighted risk taker

    *COUGH* Santelli *COUGH*

  21. grcvegas says:

    Salmon, in his piece on economists and statistics, singled out doctors in his warnings to be wary of published papers and their conclusions.

    Reminds me of the famous paper by Ioannidis on researchers biases and statistical funny business, causing him to declare “most research papers are false”

    http://www.nature.com/news/beware-the-creeping-cracks-of-bias-1.10600

    And:

    http://m.theatlantic.com/magazine/archive/2010/11/lies-damned-lies-and-medical-science/8269/