My end of the week, morning reads:

• Is high-frequency trading a threat to stock trading, or a boon? (WP)
• Santoli: On Wall Street, Selling Fear Is Good Business (Yahoo Finance)
• Benoit Mandelbrot: A Math Genius’s Sad Calculus (Tablet Mag)
• Euro Survives, but Future Is in Doubt (NYT)
• U.S. Economy Is in the Eye of the Beholder (WSJ)
Eisinger: Why Freddie Mac Resisted Refis (ProPublica) see also Very quietly, Countrywide, BofA settle 5 investors’ MBS fraud suits (Thomas Reuters)
Google: Intransparent Methods of an Internet Giant (Spiegel Online) see also Facebook analysts say to hell with GAAP (Footnoted)
• The Independent Libertarian Candidate: Pipe Dreamer (The Atlantic)
• Revolving Doors Matter (Baseline Scenario)
• God Distances Self From Christian Right (The Onion)

What are you reading?

 

5% Declines During Current Bull Market

Source: Bespoke

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.

11 Responses to “10 Friday AM Reads”

  1. 873450 says:

    QOTD more disgraceful than, “We do God’s work.”

    Blankfein preaches moral hazard to government that bailed him out for not having it.

    http://www.nytimes.com/2012/10/26/us/politics/business-leaders-urge-deficit-deal-even-with-more-taxes.html?partner=rss&emc=rss&_r=0

    Lloyd C. Blankfein, the chief executive of Goldman Sachs, who is a Democrat, said, “The people, including myself, who are willing to give more revenue don’t want to take on the moral hazard” of sending more money to Washington unless the White House and Congress “deal with the pressing need to cut the budget.”

  2. VennData says:

    GDP Rises 2%, Helped by Consumers

    http://online.wsj.com/article/SB10001424052970203922804578080410508606912.html

    If this isn’t the Chicago guys at it again, then my name’s not Rick Santelli.

    – Jack Welch

  3. Jon_E says:

    (Re: “What are you reading?” )

    One of the best articles (and most succinct) summaries I’ve read of the financial crisis, and from a surprising source too: http://www.rollingstone.com/politics/blogs/taibblog/obama-defends-his-finance-reform-record-to-rolling-stone-a-brief-response-20121026

  4. PeterR says:

    One FB lockup ends today, and employees can start selling Monday.

    http://wallstcheatsheet.com/stocks/facebook-shares-unlock-monday-and-3-hot-stocks-seeing-action.html/

    More lockups expire through November +/-

  5. willid3 says:

    whats effect does the golden parachute have on companies?

    http://baselinescenario.com/2012/10/26/the-effects-of-golden-parachutes/

    seems to make companies to sell out. for less than if there wasn’t a parachute

  6. willid3 says:

    more on self serving CEOS
    http://www.nakedcapitalism.com/2012/10/rentier-ceos-advocate-austerity-for-america.html

    and it seem net debt isn’t as bad we think it is

    Felix correctly styled the letter as “self serving” and described the idea of deficit cutting now as “ridiculous”. Debt to GDP is falling and the economy would tank if we were to reduce the Federal deficit while the economy is deleveraging. But these corporate leaders tried overegging the pudding by depicting the current federal debt levels as a security threat. One aspect of this debate that doesn’t get the attention that it deserves is that the deficit hawks keep claiming that the US is about to hit a 90% federal debt to GDP ratio, which Carmen Reinhart and Ken Rogoff claim is correlated with lower economic growth. Aside from the fact that this study is questionable (it mixes gold standard countries with fiat currency countries, plus correlation is not causation; in many cases, a major financial crisis produced both the low growth and an increase in debt levels, meaning its spurious to treat debt as a driver of lower growth), the US is actually not at any imminent risk of breaching this level. The CBO, astonishingly, has kept publishing reports that project gross debt levels, not net debt. This 2010 analysis by Rob Johnson and Tom Ferguson shows what a large adjustment netting out the government’s financial assets makes (click to enlarge):
    Read more at http://www.nakedcapitalism.com/2012/10/rentier-ceos-advocate-austerity-for-america.html#rMpEP3JLwjrg3a7s.99

    seems that the CBO excludes any financial assets the Fed have

  7. Greg0658 says:

    I am deeply saddened and disheartened by this CNBC exec’s loss of his 2 young children (Bloomberg in past) .. my deepest sympathies for them and their friends :-|
    http://www.reuters.com/article/2012/10/26/us-usa-stabbing-newyork-idUSBRE89O1Q920121026

  8. Greg0658 says:

    should have mentioned “Kevin Krim” by name – that way everyone doesn’t need to run to the link .. sorry

  9. jeffers5 says:

    I’m reading today’s quote of the day. Does Mr. Ellison really believe that or is he just trying to show us what happens when the lizard brain reaches maturity. Either way it’s a rather ugly outcome.

  10. denim says:

    The Onion is hilarious. While it is not know directly by me that the Father, Son, and Holy Spirit has a sense of humor, the fact that I and my friends have one is proof enough for me that my Creator does.

    “At press time, God’s son, Jesus Christ, offered a countering view and confirmed He strongly believes pregnancies resulting from rape are, in fact, God’s gift.”

    As a sometime student of the religious wrong, I would like to remind those who ignore, thump, or stomp the Book that it many times rebuts the uninformed, ignorant, and self righteous. This is a link to the whole book and interesting verses for your edification and further appreciation of onion style humor:

    http://www.blueletterbible.org/Bible.cfm?b=Jer&c=17&t=KJV#9

    http://www.blueletterbible.org/search/translationResults.cfm?Criteria=false+Prophets&t=KJV