Its a 3 day holiday weekend, and that means some longer form articles:

• Above the Market: Reckoning with Risk Part 1 & Part 2
The Economist is the Voice of the New Global Elite (National Interest)
• “Bayesian Persuasion,” E. Kamenica & M. Gentzkow (2011) (A Fine Theorem) see also The Origins of the “Great Inflation” (Historinhas)
• China in Revolt (Jacobin)
• Everything You’ve Heard About Failing Schools Is Wrong (MoJo)
• Greed and Debt: The True Story of Mitt Romney and Bain Capital (Rolling Stone) see also  The Federal Bailout That Saved Mitt Romney Government documents prove the candidate’s mythology is just that (Rolling Stone)
• Exclusive: Inside Karl Rove’s Billionaire Fundraiser (Business Week) see also Two Dark Money Groups Outspending All Super PACs Combined (Pro Publica)
• Christopher Hitchens: an impossible act to follow (Telegraph)
• Indulging in a Yacht, but Still Minding the Expenses (NYT)
Best insect repellents: They can protect you from mosquitoes carrying West Nile virus (Consumer Reports)

What are you doing this weekend?


Euro-Area Unemployment Highest Since 1990

Source: Bloomberg Brief

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.

24 Responses to “10 Weekend Reads”

  1. Mr.Tuxedo says:

    I just started in on Markets Never Forget But People Do (How Your Memory Is Costing You Money-and Why This Time isn’t Different by Ken Fisher.

  2. DeDude says:

    As usual Rolling Stone is great.

    On Romney: “A prairie fire of debt is sweeping across Iowa and our nation,” he declared. “Every day we fail to act, that fire gets closer to the homes and children we love.”

    I guess he forgot to tell them that he was going to fight that fire with the gasoline of tax-cuts for the rich.

  3. theexpertisin says:

    Is the European unemployment rate figured in the same way as the US rate?

  4. Jim67545 says:

    On one side we have blogs and even feature films telling us what Obama’s REAL agenda is – based on his African roots/father. Aside from the true believers who already believe this stuff, what credibility does this stuff have? Hogwash. Similarly, what credibility does this Rolling Stone stuff have? It is alleging that it knows that Romney is really thinking and planning. Hogwash. Of course, these kinds of things could be 100% correct – or 0%.


    BR: See the FDIC documents obtained via Freedom of Information Act litigation:

  5. machinehead says:

    The Historinhas article, while interesting, treats inflation as if it only emerged in the 1960s. But in fact, U.S. inflation reached even more extreme levels after WW I and WW II, as shown in this chart:

    What caused it? A close examination of the entire history of the Federal Reserve’s asset holdings shows that gold declined to less than half of the Fed’s assets during the inflationary incident of 1918-1920, as the Fed loaded up on paper. Once again, by 1945 gold declined to less than half the Fed’s assets … and kept on shrinking as the 20th century went down as the most inflationary in history. Here are the charts:

    It’s been known since the time of John Law (the Mississippi bubble of 1720) that replacing redeemable money with fiat currency produces bubbles and inflation. But as Santayana might have observed, ‘Bernankes who don’t study history are doomed to repeat it.’

  6. VennData says:

    Where are the “war” guys? Where are the “Terror is the number one issue” guys?

    “…Three election cycles after the 2001 terrorist attacks, neither Romney nor his running mate, Rep. Paul Ryan, had anything to say about terrorism or war … The only one who did Thursday was … Clint Eastwood, who won cheers for suggesting invading Afghanistan was a mistake and calling for an immediate withdrawal of troops – a line that might have earned boos and catcalls four years ago…”

    Anything to keep marginal rates down for the uber rich.. that’s why.

    The Democrats should offer a deal A small cut in top marginal rates, if the GOP will agree to gut the military, shut down Homeland security, double the size of these depts: Eduction, HHS and Parks and watch the GOP jump at it and show the world the tape. Because you KNOW that’s what would happen.

  7. Tim says:

    “What are you doing this weekend?”

    Gardening, swimming, barbecue, and partying with neighborhood friends, in the gorgeous lower Hudson Valley, NY — Ulster County.

    Less than two hours from NYC, gorgeous farm land for $5 to 7 grand an acre (!), amazing views, incredibly low taxes, privacy, quietness, amazingly fresh air, arts & culture. NYC dwellers can’t find a better weekend getaway area at such an amazingly low cost.

  8. TLH says:

    I have been reading the accounts of the Clint Eastwood speech. The media make fun of him, but the people I talk to feel it was a breath of fresh air. The political elite and their media are, to me, totally out of touch. We have had two failed Presidents. Listen to his whole speech. If you vote for Obama, you are voting for failure. I voted Democratic the last two elections. I knew GW was a failure in 2004. I also totally agree with Clint Eastwood. Our politicians have allowed the greatest robbery in history. If that isn’t ——- you, nothing is. If the Republicans do not bring change, I will vote against them in 2016.

  9. Detroit Dan says:

    TLH — I think Jon Stewart nailed the Eastwood speech. You can watch in the first 12 minutes of this episdode —

    Eastwood addresses an Obama that only existed in his own mind, a President only Republicans can see. Imaginary Obama started the war in Afghanistan, yet is constantly running around apologizing for America. He’s a socialist who is bankrupting America. He’s constantly interrupting Republicans and telling them to go fuck themselves. WHO IS OUT OF TOUCH HERE, TLH?

  10. jacobsk says:

    on Gold: India is the biggest consumer of Gold and Gold Price in India Rupee has reached it highest point yesterday…

  11. SecondLook says:

    theexpertisin asked:

    Is the European unemployment rate figured in the same way as the US rate?

    There are two differences. One is that the age starts at 15 as opposed to 16 in the United States. That however has a minor affect on the numbers. The major difference is the US does not consider such things as reading job ads, in print or online as being “actively” looking for work. Most European countries do (so does Canada). If that group were excluded from EU and Canadian surveys, then their unemployment rate would be approximately 1% or so lower.

    An aside: No one counts those people are employed, but unreported, i.e. those who are paid in cash or barter but don’t file a tax return. Guesstimates are that 5% of the population that should file tax returns, don’t, leaves us with a very cloudy picture as actually how many people are completely unemployed – not earning anything.
    That is something you should mention when people say the official unemployment rates are way too low – the existence of the informal, shadow, economy that accounts, at best estimate, for 1 out 20 dollars spent in the US.

  12. vachon says:

    Your link to the long article about the surge in importance of The Economist magazine. It’s a good topic that raises interesting ideas but the article writer, however, is seriously boring. I’ll try and plow through the second half of it later.

  13. franklin411 says:

    The Rolling Stone articles are amazing, and definitely will filter into my US history courses when we get to the Reagan Revolution (which was fought against capitalism, not for it).

    The Eastwood speech was an utter disaster on multiple levels:

    1. The only people saying they liked it are people who started off as anti-Obama. The point of propaganda is to win new hearts and minds, not merely to preach to the converted. And to anyone who isn’t already convinced of Obama’s horribleness, it was an utterly incoherent display.

    2. It completely displaced Willard’s message from the convention. Instead, we are all talking about “Eastwooding” and empty chairs, not about the “fresh breath of air” the GOP was going to provide America.

    3. Most people have an attention span of about 10 minutes. After that, you’ve either got them or they’re gone. Eastwood was supposed to take 5 minutes, leaving Willard with the other 5 minutes to make his case for people’s attention. Instead, Eastwood took 12 minutes. The likely outcome is that most people who weren’t already for Willard but might have listened to his arguments either turned off the TV or zoned out by then.

    Finally, if Eastwooding was such a coup, why is Team Romney denying responsibility for it and basically trying to shed the story ASAP?

  14. billybob says:

    Romney. Can’t even get the entertainment (Eastwood) right.

  15. danimal says:

    RE Rolling stone article.

    “He persuaded the founders to return $25 million of the cash they had raided from Bain & Company and forgive $75 million in debt, in ”

    The article doesn’t mention what would’ve happened if he didnt get that $100 mil. Would the FDIC have rec’d anything? Would it be better than the .35 on the dollar? If they would’ve rec’d cery little, didn’t Romney save them $$??? Perhaps thats why the FDIC signed off on the deal. Take zero now or or w/ them. Otherwise, why would the gov sign off on the poison pill deal?

  16. danimal says:

    Take zero now or work w/ them

  17. TLH says:

    Obama agrees with Clint. This seat is taken so go —- yourself.

  18. just-sayin says:

    (after reading Rolling Stone article) :
    If Romney is elected and runs the USA like he did Bain Capital, goodbye
    middle class America !!

    My question is….how long will it take for the rioting in the streets
    to start ? With a nation full of gun owners, this will make for better TV
    than any Hollywood movie.