My afternoon train reading:

• Happy Lost Half Decade, America! Just How Japanese Do We Look? (MarketBeat)
Pay you 2 & 20 for what?!?  Paulson Steps Up Gold Bet to 44% of Firm’s Equity Assets (Bloomberg) see also Why Hedge Funds Destroy Investor Wealth (Advisor Perspectives)
• Trickle-Down Fairy Dust (Economix)
• China Reluctance on Reserve Cut Signals Inflation Concern (Bloomberg)
• Big Retailers Join Forces to Develop Mobile Wallet to Take on Google (WSJ) see also Visa and MasterCard Settle Lawsuit, but Merchants Aren’t Celebrating  (NYT)
• In the Ordinary, Silicon Valley Is Finding the Next Big Thing (DealBook)
• Here’s an Omical Tale: Scientists Discover Spreading Suffix (WSJ)
• Thinking This iPad Mini Thing Even Througher (Daring Fireball) see also Happy 10th Birthday, Daring Fireball (The Atlantic)
• The rise of Brooklyn (USA Today)
• Economists Supporting Mitt Romney for President (Economists For Romney)

What are you reading?


Millionaires Make A Move

Source: Barron’s

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.

16 Responses to “10 Mid-Week PM Reads”

  1. jeffers5 says:

    Economists Supporting Mitt Romney… There’s more than one?

  2. Davidocity says:

    “Economists Supporting Mitt Romney… There’s more than one?”

    400 in fact! Impressive feat regardless of what you think about da’ Mitt.

  3. RW says:

    Just watching the video Dare Mighty Things: Curiosity on Mars again and thinking how much I like and appreciate that America.

    On the flip side of that there’s Economists Supporting Mitt Romney. From a professional standpoint it may get a little rough for that gang of 4 and deservedly so: Politics aside they couldn’t find much research support for their conclusions and what little they did find they often had to bowdlerize or mischaracterize to fit their argument. It got bad enough that some of the paper’s original authors complained and did so publicly. That’s some bad ju-ju in the research biz.

  4. eliz says:

    Economists Supporting Mitt Romney… Something tells me few-to- none are part of the 99%!

    By the way that website has a press release “400 Economists Back Romney Economic Plan” – but funny it doesn’t mention that the BLS estimates there are 14,270economists employed in the U.S. – and that doesn’t include self-employed people.

    I wonder what the other 13870 think.

    (Actually, I don’t.)

  5. Glen says:

    Oops, not reading – watching:

    Rumor has it, Timmy’s leaving Treasury and Jamie’s going to take his place. Not really sure who’s worse – the toady or the toad.

  6. Carl says:

    We could be on the verge of calamity in the Middle East. I know, some would say the Middle East has been a calamity since the CIA orchastrated the overthrow of legitmately elected government in Iran in the 1950′s. Israel is making noise that it wants to try and take out Iran’s nuclear facilities. Saudi Arabia has told its citizens in Lebanon to leave. Iran is training militia’s in Syria. Both sides in the Syrian conflict are out to exterminate the other side. Iran has threatened to attack U.S. facilities in Qatar. Turkey is PO’d at Iran. And I’m willing to bet that if Iran is attacked, someone will figure out a way to cause big problems in Saudi Arabia. Yemen on the border of Saudi Arabia, is one of the most desperate places on the planet to live, and could easily become a thorn in Saudi Arabia’s side. And I really don’t want to think about all of those folks marching around saying “God is great”.

    Obama is hoping nothing happens until after the election. I don’t even want to imagine what his daily intelligence briefing must look like now. All of this adds up to a possible big spike up in oil prices all based on that very human reaction FEAR.

    A few Canadian oil producers that I own: PBKEF, LGVWF, PMGYF (has rapidly growing heavy oil production), WFREF, following a merger with GLNNF will have about 50% oil production.

    If I had any money with Paulson, I would get it out as soon as possible. Paulson hit it right with his real estate call in 2008 and has been looking for another psychological rush from having another financial home run. He has had little success since 08-09. Seeking glory by making big bets on any investment can lead to complete and total disaster. If gold turns down, its sitting on a support level right now, and starts breaking support levels, the panic by Paulson’s investors will be devastating. Other hedge funds may start shorting as a way of beating up on the longs who will be pressured to sell. Amazing what people will do for a financially induced endorphin rush. Carl

    If metals drop, it will be silver that leads the way down. A close below $25 could create a panic of sellers, as the next real support zone is at $17.50.

  8. ilsm says:

    If I had congress in my pocket I would not pay taxes either, certainly not for the discretionary spending. It goes to welfare, even though I have Boeing stock with the welfare dividends.

    While NASA is roving around Mars. Great TV and cost plus contracts. They should take money away from health care…………………….

    X-51A splashes into Pacific 15 seconds into test.

    Pretty typical for DoD, like star wars test failure don’t stop the expenditures.

    A couple billion more from SS trust fund (or poor kid) down the drain for militarist keynesiansim.

  9. kaleberg says:

    Just finishing up “Enriching The Earth”. Did you know that about half of us would starve to death if it weren’t for the Haber process of fixing nitrogen by reacting it with hydrogen at high temperature and pressure? It’s like Edgar Rice Burrough’s atmosphere plants on Mars. It’s actually a rather amazing story. In fact, Bosch built the first modern continuous production chemical plant, with all the pipes running everywhere the way we all expect in a chemical plant, for that process. Bosch later built IG Farben, but died early in during WWII, horrified at what was happening in Germany. Haber wound up a war criminal for his production of chlorine gas and had to slink into Stockholm in the dead of the night to pick up his Nobel prize. I don’t think it balances things out, but there are two or three billion people alive today thanks to his process. It makes me wonder what happened to the guy who designed the atmosphere plants on Barsoom. Burroughs missed a good story there.

  10. [...] – Further, further reading. [...]

  11. Iamthe50percent says:

    Economist Mulligan seems to be saying that economic transactions which exchange wealth don’t create wealth, hence Keynesian stimulus is fruitless. If he is right, then what use is it to the economy to outsource actual production of goods? And what is production but the exchange of goods for raw matewrial and labor (other goods)? Hence an economy cannot grow. What did I miss in his article?

  12. frodo1314 says:

    Trickle Down Fairy Dust:

    So even if one were to agree with Mulligan that the Reps trickle down doesn’t work, and the Dems trickle up doesn’t work, the next logical thought, to me at least is: which scenario does your gut tell you is more efficient – individuals spending their own $ or the gov’t taking it and spending it. Does anyone think gov’t in general is an efficient spender of funds? Anyone been to their local DMV lately?

  13. whskyjack says:


    The government is very efficient at spending, give them one dollar and they will spend two. They just don’t see the need of customer service at the dmv, where you gonna go any way, Walmart?

  14. RW says:

    @Iamthe50percent: You read Mulligan correctly but what you need to know is he, apparently, is so dedicated to a supply-side world-view that he either cannot or will not tell the difference between an accounting identity (where things have to balance) and an equilibrium condition or a real world economic behavior (where things do not balance or at least take a devil of a long time to do so).

    For example, from a post titled, Why does the New York Times allow Casey Mulligan to write on economics for them? (one of many such posts and articles stating in more or less florid language why Mulligan would flunk Macroeconomics 101).

    Mulligan is misleading his readers. He would like you to believe that the economic theory that the Obama Administration relies on is based on a simple logical error, and that economic analysis tells us that there is no such thing as “stimulus” or the “multiplier”. The truth, however, is that the economic theory behind the Obama Administration’s stimulus proposals is completely conventional, and it is Mulligan who is making a simple logical error. To whit:

    In describing the first flaw in the Obama Administration’s reasoning, Mulligan says that when the government takes income from one person and gives it to another there is not necessarily a net increase in aggregate demand – the person receiving the transfer increases her spending while the person paying for the transfer reduces hers. Mulligan argues that this logic holds whether the government raises taxes or borrows to fund the transfer. But there’s a huge difference. If the government borrows to finance the transfer, it is borrowing from people who desire to save rather than spend. So the person who pays for the transfer does not reduce spending, and the net effect is an increase in demand.

  15. ilsm says:


    I do not want the $2800 sent to the military industry complex for me (2011 per capita spending) going to them!

    Market has proven wretched in distributional outcomes. Government in Euro Zone has proved market health care far more expensive than non profit provisions.

    Insurance (even with vouchers) is less effective, more expensive than medicare and DVA.

    Crony capitalism and militarist keynesianism, gut them.

    I do not think “markets” exist, they are a figment of an 18th centrury low land Scot’s imagination.