My train back home reads:

Study: Don’t Blame Hedge Funds for Financial Crisis (Marketbeat)
• The iPhone 5 (Daring Fireball) see also Apple iPhone 5 Gets Glowing Reviews (Bloomberg)
• 1884: When a Plutocratic Dinner Doomed a Presidential Campaign (Bloomberg)
• Housing Recovery? Try Long Convalescence (I Shares Blog) see also Real-Estate Firms Dips Toes in IPO Pool (WSJ)
Kessler: The U.S. Needs More i-Side Economics (WSJ)
• The Great American Tax Debate (NYT) see also Richest Taking Buffett Pledge Back Pot Access, Museums (Bloomberg)
• Lawyer WTF 2 fer:
…..-Republican State AGs Resisting Cooperation With Consumer Bureau (Bloomberg)
…..-Lawyers under fire for boosting fees on bankrupt companies (Reuters)
• How Do the 47% Vote? (Economix)
• The Long Strange Leak Of Mitt Romney’s 47% Video (Buzzfeed) see also How Jimmy Carter’s Grandson Helped Leak the Secret Romney Fund-raiser Video (NY Mag)
• Comments are the radioactive waste of the Web (Telegraph)

What are you reading?


Rich inequality

Source: Economist

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.

18 Responses to “10 Mid-Week PM Reads”

  1. ConscienceofaConservative says:

    I had to do a WTF on this one……. who controls the ratings?

    PMorgan Said to Break Moody’s Lock on Commercial-Mortgage Bonds

  2. Francois says:

    “-Republican State AGs Resisting Cooperation With Consumer Bureau”


    Must this be tolerated? Don’t these clowns know that Federal law prime over theirs?

    Oh wait! The Push Over President will try to reach a negotiated deal, right?

    Republicans seem eager to replay Civil War without the firearms. They ought to be careful because the voting booth can be mightier than the gun.

  3. RW says:

    Economic Growth Isn’t About ‘Makers’ vs. ‘Takers’.
    In the last three decades the economy has been restructured in ways that have led to a massive upward redistribution of income. Serious public debate should be focused on these mechanisms. …Unfortunately, we seem destined to have a silly debate over whether poor people should be paying more in taxes.

  4. frodo1314 says:

    So I go to read the Jimmy Carter grandson article and it starts out with: “The damning video of Mitt Romney telling a room of wealthy donors how he really feels about the freeloading 47 percent of Americans “who believe that they are entitled to health care, to food, to housing, to you-name-it,” among other candid things, ”

    and…just from that first sentence I knwo the tone and where it’s going. Ho-hum how boring. Wow – another “news” site is goign to slant against Romney. Wow! I’m surprised. Same old sh^t.

    Newsflash – it’s not damning. In fact, Romney should trumpet this stance, albeit correcting his erroneous 47% (he shouldn’t have, and likley did no tmean to link the 47% who don’t pay taxes wih the 47% who are saying they’ll vote fro Obama). This is what this election is about. I hope he doesn’t hide it.


    BR: The Jimmy Carter grandson was what made that interesting — the rest is filler

  5. DiggidyDan says:

    A bit scary to me, as it seems to manifest in a “boil the frog slowly” way akin to the global warming debate:

    One scientific study showing the increasing incidence:

    I am sure it isn’t just genetically and chemically modified food producing the effects, but if it is a known contributor, why not limit it!

    Obviously seek other more comprehensive sources on the subject and make your own judgements.

  6. DiggidyDan says:

    I forgot to give the lead in, Genetically and Chemically modified Monsanto crops show increased Tumors and Organ Damage.

  7. RW says:

    What continues to astonish is the number of (superficially) well-informed folks who continue to insist, against all evidence to the contrary (e.g., Hamilton Project, 2012), that some large percentage of Americans, 47% or whatever, “don’t pay taxes.”

    Virtually everybody in America pays taxes and the poorer the American is the larger the percentage of income s/he’s likely to have to pay because, once past the income tax, the bulk of the rest (including FICA) is regressive.

    Whether it is sloppy thinking or sloppy speech — “oh jeez, I really meant income taxes and of course many citizens do not pay them for a host of legal and justifiable reasons” — has really become a matter of indifference; those who chronically fail to mark their beliefs to market but continue to proselytize those beliefs are no better than touts.

  8. SecondLook says:

    Some not so inconsequential trivia for the day.

    Guess which state is most impacted by the cost of gasoline.

    Take the average number of gallons consumed per personal vehicle.
    Times that by the average price per gallon.
    Multiply that by the average number of cars per household by state
    Divide the cost per household by the median income per household by state.

    The answer is:


    The average consumption of gas per car is 1009 gallons, second only to Arizona. The cost per median household is 21.95% of their gross income.
    Obviously, this is an abstraction. It assumes 2.3 car per household burning on average 2320.7 gallons per year, and the median household income of $40,072 (I used the last data I could find on average fuel prices for KY).

    Still, allowing for variances, it’s an astonishing number. That Kentuckians use more gas that say, Texans (they use 942 gallons per car on average), seemed bizarre. Yet, that is what the Federal Highway Administration calculates, and their numbers are solid. The only explanation that comes to mind, outside of perhaps local car culture, is that a higher percentage of Kentuckians live in rural and semi-rural communities, with longer driving distances for their work/shopping/entertainment.

    At any rate, I thought it was an interesting little bit of information to share.

  9. RW says:

    @SecondLook, don’t know if it’s an answer but I lived in rural Kentucky for nearly a decade (job related) and had several neighbors who commuted very long distances to work, a hundred miles or more; one even maintained an apartment in Louisville for the week.

    When I asked why the answer always boiled down the same: I came from this town/county and this is where I live, no where else.

    It’s not “local car culture,” it’s local culture period: As one of my neighbors phrased it, “well, I wouldn’t want folks to think I’d become off of here.” The phrase applied to those not born in the local county, whether they were from a couple counties further north or from Canada didn’t seem to matter, was “you’re from off of here.”

  10. maddog2020 says:

    @ Frodo:
    “Newsflash – it’s not damning. In fact, Romney should trumpet this stance, albeit correcting his erroneous 47% (he shouldn’t have, and likley did no tmean to link the 47% who don’t pay taxes wih the 47% who are saying they’ll vote fro Obama). This is what this election is about. I hope he doesn’t hide it.”

    You mean hide it, like his tax returns?

    Mitt can talk all he wants about the 47%, right after he shows us how he and his lawyers take advantage of the tax code. I think that’s only fair, especially since he and Ryan won’t give us any more details on their plans to close “loopholes”.

  11. RW says:

    What Mitt Romney Doesn’t Get About Responsibility.
    The poor use up an enormous amount of their mental energy just getting by. They’re not dumber or lazier or more interested in being dependent on the government. They’re just cognitively exhausted: …Study after study shows that the more we need to worry about in a day, the harder we have to work to make good decisions.

  12. Julia Chestnut says:

    Fascinating bit of history in the Bloomberg piece — thank you for pointing it out. I’m especially interested in the parallels between the 1870s worldwide financial crisis and the one we’re suffering through now. Interesting, and understandable, that some of the same sentiments would be abroad shortly after such a “recession.” I can only hope that we’re coming due for a renewal of the kind of regulations and social moves that came from the mood then. . .

    Also interested in the roll of the media. Pun intended.

  13. frodo1314 says:


    Romney’s tax returns are as relevant to this election and the future of this country as is whether or not Obama is a Muslim or was born in the US.

    The more of us who stay away from those distractions and focus on what’s important the better off we’ll be. None of those issues has any bearing on who best, and how, one of them will get our economy back on track.



    BR: It may or may not be relevant, depending on whats in there.