My morning reads:

Kass: Dreaded Triple Top Approaching? (The Street) but see August survey shows rosier money managers’ outlook (Pensions and Investments)
• All Four Official Recession Indicators Are Looking Up (D. Short)
Fed’s Fisher Bond Mkt Distortion When Exit Time Comes (Deutsche Boerse)
• The Renminbi Blues (Foreign Policy) see also China’s Bear Market Lures Foreign Bids as Locals Pull Funds (Bloomberg)
• ‘Economic suicides’ shake Europe as financial crisis takes toll on mental health (Washington Post)
• Libor’s Risks Emerged From Clubby London Banking Culture (Bloomberg)
• America’s Aversion to Taxes (NYT) see also The New New Deal (Slate)
• Pixel Perfect (Daring Fireball)
• Debunking Economics, Part VII: Against Statics (Unlearning Economics)
Money and Numbers: Financial, Business and Math Fiction (Library Booklist)

What are you reading?

 

Rent Costs Adding to Otherwise Benign Inflation

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.

13 Responses to “10 Mid-Week AM Reads”

  1. nofoulsontheplayground says:

    With regards to Doug Kass’ comments on Triple Tops, I just want to add that they exist only in really bad T/A books.

    Like the Loch Ness Monster, the triple top is a mythical thing.

    Good technicians have no respect for the mythical triple top.

  2. DrSandman says:

    Yay! Many thanks for the Unlearning Economics link! After years of playing with toy models, it’s nice to see real world problems finally using results from my original field of research (chaos).

  3. AHodge says:

    http://www.washingtonpost.com/blogs/ezra-klein/wp/2012/08/10/will-erskine-bowles-be-our-next-treasury-secretary/
    this might be good, certainly compared to Timmy the total stooge
    but cant be an optimist and this could be just blowing smoke up the electoral ass
    the most appalling verified news to me is this bankers campaign to attack bnk of england mervin king and get rid of him
    looks like they finally get their way
    in the US dumping Sheila Baer, FASB Chairman Herz (and his accounting reform), and in effect paul Volcker
    completes a pattern of the governments dumping anyone the bankers consider a threat

  4. machinehead says:

    Doug Short’s post on the Big Four recession indicators is practically a graduate-level tutorial on ‘How not to lie with statistics.’

    Absolutely first-class work.

  5. willid3 says:

    latest on stand charter irian scam
    http://www.nakedcapitalism.com/2012/08/marcy-wheeler-standard-chartered-bank-admits-promontorys-estimates-of-its-iran-business-were-wrong.html

    seems the bank underestimated the iran business a bit

    now the bank has settled. it was that or be put of business
    http://www.nakedcapitalism.com/2012/08/standard-chartered-settles-with-new-york-state-for-340-million.html

    but since it was a regulator as opposed to a prosecutor there wont be criminal indictments

  6. Iamthe50percent says:

    I lost all interest in Industrial Production when I read that the government considers McDonald’s as an Industrial producer. How many other sham production companies are in that index? Selling more fries is not industrial production.

  7. willid3 says:

    wall street doesn’t like being held responsible and the SEC doesn’t like being told they need to do some for the country as opposed to those they regulate?
    http://www.nakedcapitalism.com/2012/08/wsj-law-blog-takes-misguided-pot-shot-at-judge-rakoff.html

  8. frodo1314 says:

    Re. America’s Aversion to Taxes:

    What a surprise – a NY Times article laments the US’ unwillingness to pay higher taxes for universal healthcare – and cites an isolated case of someone getting a rash in Italy for how well it works.

    I travel regularly internationally for my work and have come across far more individuals who tell me they ARE NOT satisfied with their state provided healthcare (my cousin in Italy, a work colleague in UK for another, and another in Norway, to cite just 3 examples). When are people going to get it? We shouldn’t be looking to be more LIKE Europe. If people want the European life move there, work there, and pay their taxes.

    In one interesting conversation I had with a colleague from the UK he pointed out to me very matter of factly, “You can’t afford univeral healthcare in your country because so much of your government spending goes to defense. You can’t have both 15% of GDP spent on defense AND universal healthcare. It can only be one of the other unless you want to tax people through the roof which no one in any country would ever put up with.”

  9. DeDude says:

    The new new deal? How about the new steal – RomnRyan stealing the health care and social security benefits funded by deduction on my paycheck through all my working life, just so they can “afford” another round of fat taxcuts for fat cats like themselves.

  10. JonBonanno says:

    Kass is a Democrat? I did not see that one coming. Glad he lives in Florida!

  11. mark says:

    @machinehead and with all due respect to Doug Short the following is from the NBER’s website and is a catalog of when they decided that a recession had begun or ended:

    The June 2009 trough was announced September 20, 2010.
    The December 2007 peak was announced December 1, 2008.
    The November 2001 trough was announced July 17, 2003.
    The March 2001 peak was announced November 26, 2001.
    The March 1991 trough was announced December 22, 1992.
    The July 1990 peak was announced April 25, 1991.
    The November 1982 trough was announced July 8, 1983.
    The July 1981 peak was announced January 6, 1982.
    The July 1980 trough was announced July 8, 1981.
    The January 1980 peak was announced June 3, 1980.

    http://www.nber.org/cycles.html

    It takes the NBER from about six months to 20 months after the fact to tell us that a recession began or ended. Lakshman Achuthan and ECRI has as good a track record as anyone of predicting the beginning and ending of recessions. Also, a point made by Tom Keene – ECRI data and methodology goes back to pre-1930′s which was the last time we were in the through-the-looking-glass world of interest rates at the zero lower bound.