My post Fed afternoon train reading:
• Real Time Economics twofer:
…..-Economists React: ‘Bold Shift’ in Fed Policy (Real Time Economics)
…..-Fed All In for as Long as It Takes (Real Time Economics)
• Gold Bugs Rejoice: QE3 Is Here! (MarketBeat)
• Fed acted because Congress is lame (CNN/Money) see also Is the Federal Reserve running out of ammo? (Bond Vigilantes)• Manhattan Apartment Vacancies Climb as Rents Reach Record (Bloomberg)
• This Recovery is Different (Project Syndicate)
• Let’s Be Honest: No One Is Closing Tax Loopholes (Reason)
• SEALs’ Cover Story if Bin Laden Raid Went Bad: Downed Drone (Wired)
• Apple’s Latest iPhone Set to Become Best-Selling Gadget (Bloomberg)
• Woodward book chronicles Obama’s fiscal policy battle with congressional Republicans (Washington Post)
• Breaking: ‘The Office’ to end this season (The Vote)
What are you reading?
What Happened Last Time?
Source: The Reformed Broker
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.
TO A TERRORIST
By Stephen Dunn
For the historical ache, the ache passed down
Which finds its circumstance and becomes
the present ache, I offer this poem
without hope, knowing there’s nothing
not even revenge, which alleviates
a life like yours. I offer it as one
might offer his father’s ashes
to the wind, a gesture
when there’s nothing else to do.
Still, I must say to you:
I hate your good reasons.
I hate the hatefulness that makes you fall
in love with death, your own included.
Perhaps your hating me now,
I who own my own house
and live in a country so muscular,
so smug, it thinks its terror is meant
only to mean well, and to protect.
Christ turned his singular cheek,
one man’s holiness another’s absurdity.
Like you, the rest of us obey the sting,
the surge. I’m just speaking out loud
to cancel my silence. Consider it an old impulse,
doomed to become mere words.
The first poet probably spoke to thunder
and, for awhile, believed
thunder had an ear – and a choice.
To a Terrorist by Stephen Dunn (The Writer’s Almanac). Includes audio.
Meant to include this link to my first post and wish I had linked only now that I see the transcription errors in the poem as I posted it. Oh well, not the first time I’ve wished for a ex post error button. “If wishes were horses, beggars would ride.”
By concentrating on the housing market, the Fed is admitting that its best bet to improve growth is by continuing to help this sector. That makes sense. The housing bubble bursting caused the recession and the excess construction last decade has limited current home construction. By keeping mortgage rates down, the members are betting that housing starts will accelerate, creating more jobs and income. Otherwise, there is little reason to ease further because banks will not be lending more because there is additional liquidity while businesses will not be investing more because the uncertainties over the future are overwhelming the low rates. So it is housing or nothing. –Joel L. Naroff, Naroff Economics
I see it differently, I think the mortgage rate effort is to help the Big Banksters who hve held their shadow inventory off the market as long as possible but finally have to start selling, esp in Florida where foreclosure fraud by the banks froze the FC market for over a year
Romney: ‘We Should Never Apologize For American Values Or Japanese Internment Camps’
http://www.theonion.com/articles/romney-we-should-never-apologize-for-american-valu,29547/
Bubble Ben wants to outdo Greenspan.
http://www.tnr.com/blog/plank/107138/where-have-all-the-good-jobs-gone
course it has to all ways be the governments fault. after all they forced companies to offshore. the private sector would never do that. and government must have forced banks to give mortgages to those who could breath, cayse the private sector would never do that. and the government must have raised taxes in the last 4 years, and must have over spent in the last 4 years, even as the private sector retrenched.
and without the credit and housing bubble what we have now, would have been the norm since 2001. as it was there barely was any job growth from 2001-2008.
congress approves $434 m to set up new sensor system:
http://www.economist.com/node/21560838
Dr Schimel’s team is thus now starting to wire up the landscape. Ground has already been broken at three sites—in Colorado, Florida and Massachusetts. Eventually, 60 places across the country will be covered simultaneously. Once this network is completed, in 2016 if all goes well, 15,000 sensors will be collecting more than 500 types of data, including temperature, precipitation, air pressure, wind speed and direction, humidity, sunshine, levels of air pollutants such as ozone, the amount of various nutrients in soils and streams, and the state of an area’s vegetation and microbes.
‘Where Have All the Workers Gone?’ – Jessie Romero of the Richmond Fed analyzes why so many people are leaving the labor force, and what they are doing after they exit (ht Mark Thoma).
Gros:
If US put 1.3% of GDP into war profiteers like the EU and UK, instead of 5.5%…………………..
Likely the US would not need to concern itself with Debt to GDP north of 1 to 1.
“• Let’s Be Honest: No One Is Closing Tax Loopholes (Reason)”
Ok, let’s be even more honest. Loopholes are what the other guy gets. When we like a loophole it is a tax incentive. As it should be. It is all about trying to make the tax code fair. Making it simple is to make it unfair and indifferent. And “reformers” are unpopular and secretive because they are out to screw us so that their loophole is left alone.
Michael Lewis in Vanity Fair – “Obama’s Way” (this is a 9-page article, good for a weekend read, complete with good hoops accounts).
http://www.vanityfair.com/politics/2012/10/michael-lewis-profile-barack-obama
To understand how air-force navigator Tyler Stark ended up in a thornbush in the Libyan desert in March 2011, one must understand what it’s like to be president of the United States—and this president in particular. Hanging around Barack Obama for six months, in the White House, aboard Air Force One, and on the basketball court, Michael Lewis learns the reality of the Nobel Peace Prize winner who sent Stark into combat.
i don’t get it. They’re willing to spend $40 billion A MONTH on useless and bad paper but won’t extend unemployment benefits to those who NEED them (you know, to LIVE). Out there in corporate land they aren’t paying people what they’re worth either. If these two problems were remedied you’d find more people spending money (at LEAST on necessities like doctor visits, car and home repairs, etc) and the economy would “magically” pick up.
i have a suspicion that they’re doing it this way on purpose – to help usher in their one-world government and currency where all your information would be contained in an embedded chip and they would then have total control of the populace. It may be 5 or so years out, but that’s where it looks like we’re headed (especially since the House passed the FISA Act extension yesterday – but of course it didn’t make the news).