My Sunday morning reads:

• Stock investors: Don’t fight QE3 in Q4  (MarketWatch)
• Iranian Rial: Gresham’s law takes Iran (Alphaville)
• SHILLER: Housing Fever Can Work Both Ways (NYT)
• Bernanke’s QE3 Will Turn Out Better Than Japan’s (Bloomberg)
• Welch Conspiracy Theory on Jobs Data Not Tied to Reality (BusinessWeek) see also Debunking the jobs report conspiracy theories (Washington Post)
• The Internet Blowhard’s Favorite Phrase: Why do people love to say that correlation does not imply causation? (Slate)
• The Real Reason We Can’t Stop Talking About Steve Jobs (Forbes) see also Apple Critics Sharpen Their Pens, But Lack Logic (Barron’s)
• A Master of Improv, Writing Twitter’s Script (NYTDick Costolo was a stand-up comedian years before becoming the chief at Twitter
Pete Townshend: The Voice of ‘My Generation (WSJ)
• O’Reilly, Stewart joust at mock debate (AP)

What are you reading?

 

Election year bodes well for market to hit new highs

Source: MarketWatch

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 Sunday Reads”

  1. ddworak says:

    Speaking of QE, did anyone hear Bill Gross on Bloomberg Surveillance a couple days ago state in no uncertain terms that the rise in equities is exclusively the result of QE and cannot be attributed to earnings performance? But interestingly here’s an article from PIMCO written only a few days earlier and advocating the exact opposite: http://www.pimco.com/EN/Insights/Pages/Is-the-Fed-Driving-or-Along-For-the-Ride.aspx

  2. eliz says:

    Unemployment rate – conspiracy or not, something doesn’t smell right.

    BLS’s “Employment Situation Summary Table A. Household data, seasonally adjusted”

    Unemployment rate for for those “25 years and over, Bachelor’s degree or higher” – no change from Aug to Sept.

    Seriously, I’d like to hear ideas on how this could reflect the real world.

    *SNIP*

    ~~~

    BR: I can never tell if people are willfully being deceptive, or are simply innumerate. On the slim hope you are the latter, look at all of the SUBCategories that make up each category: There are FOUR SUBcategories FOR THOSE OVER 25 YEARS OLD not the one you cherry picked:

    Less than a high school diploma -0.7
    High school graduates, no college -0.1
    Some college or associate degree -0.1
    Bachelor’s degree and higher 0.0

    Of consider the three SUBcategories of Total, 16 years and over

    Adult men (20 years and over) -0.3
    Adult women (20 years and over) -0.3
    Teenagers (16 to 19 years) -0.9

    This is basic arithmetic . . .

  3. Mike in Nola says:

    A contrary view of the effect of sanctions:

    http://www.businessinsider.com/actually-there-is-no-hyperinflation-in-iran-2012-10

    I suspect this later view is probably more correct, since sanctions seem to have the opposite effects intended, e.g. Cuba and Iraq, which simply gave the then-current regime an excuse to tighten it’s grip. But, repeating failed policy is what it’s all about these days.

  4. formerlawyer says:

    “Dinosaurs were cold-blooded. Vast increases in the money supply produce inflation. Increased K-12 spending and lower pupil/teacher ratios boosts public school student outcomes. Most of the DNA in the human genome is junk. Saccharin causes cancer and a high fiber diet prevents it. Stars cannot be bigger than 150 solar masses. And by the way, what are the ten most populous cities in the United States?”
    One half of all facts you know are probably wrong..
    http://reason.com/archives/2012/10/02/half-of-the-facts-you-know-are-probably

    The “long-tail” effect of LEGO?
    http://blogs.reuters.com/great-debate/2012/10/02/the-long-tail-of-lego/

    Studen loans – the new liar mortgages?
    http://www.propublica.org/article/how-the-govt-is-saddling-parents-with-college-loans-they-cant-afford

  5. swag says:

    The villagers circle the wagons when Krugman suggests the press is inept at handling out-and-out lies.

    http://digbysblog.blogspot.com/2012/10/the-villagers-circle-wagons-against.html

    ~~~

    BR: LOL Circling the wagons and media’s ineptness are not mutually exclusive!

  6. nofoulsontheplayground says:

    Business Insider: “There is No Hyperinflation in Iran, The Real Story is Much More Interesting”

    http://www.businessinsider.com/actually-there-is-no-hyperinflation-in-iran-2012-10#ixzz28YLOkqqw

    The author makes his case that the mullah’s are rationing dollars to destroy the middle class in order to tighten their control over the population.

  7. gkm says:

    Thanks to Mike for posting that Business Insider article. The contrast between the two articles is an interesting study of the depth of economic rigor and synthesis offered by one author with a journalism degree and that of one with a Master’s degree in economics. Then again I may be biased.

    About the author of the Alphaville article: “Her favourite emperor is one Gaius Aurelius Valerius Diocletian. She studied Ancient History at UCL, and has a masters in Journalism from what was then the London College of Printing.”

    The other folly of an author with a business journalism degree is that of the Bloomberg article. “The only time a recent central banker erred worse was when ECB President Jean- Claude Trichet boosted borrowing costs in 2008 as markets were crashing. ” Hmmm. So the banker who raised rates (arguably) mistakenly was much worse than say a guy who didn’t raise rates and didn’t see a housing bubble that certainly wasn’t going to be “contained”, or one who say found a post facto “flaw” in the very reason for his existence as a central banker.

    Lame stream media indeed.

  8. Joe Friday says:

    ddworak,

    Speaking of QE, did anyone hear Bill Gross on Bloomberg Surveillance a couple days ago state in no uncertain terms that the rise in equities is exclusively the result of QE and cannot be attributed to earnings performance?

    Well, Wrong Way Bill seems to have an obsession with all things QE.

    Previously, he had proclaimed that the only reason interest rates were so low was because of QE (completely ignoring the largest liquidity-trap since the Great Depression), therefore they would surely spike when that particular version ended, and he got his fund on the wrong side of almost $25 billion of government bonds and interest-rate swaps he had sold short.

  9. Bill in SF says:

    Things that make you go… Hmm?

    Pfizer Inc. (PFE), the world’s biggest drugmaker, was asked by U.S. regulators how it recorded high profit overseas and losses at home when 40 percent of its sales were inside the U.S.

    http://www.bloomberg.com/news/2012-10-05/pfizer-s-u-s-losses-questioned-as-overseas-profit-soars.html

    In its response to regulators, Pfizer wrote that giving more information about how it distributed its earnings among various locations wouldn’t be helpful to investors.

    “The geographical mix of revenues is not a good indicator of the split between domestic and international pretax earnings for purposes of financial statement presentation, especially for a multinational company that manages its operations on a global basis,” wrote Loretta V. Cangialosi, Pfizer’s controller.

  10. eliz says:

    @BR – I wasn’t “cherry picking” in the sense of trying to distort the gist – just emphasizing it.

    You posted the other groups, but the fact is still that what I was trying to point out is still viable – unless I am missing something obvious.

    The unemployment rate drop was not impacted at all by those “25 years and over, Bachelor’s degree or higher” (zero change) and impacted a high degree by “teenagers 16-19 years of age” and those “25 and over without a high school diploma.”

    Where are all those teens and those adults without a high-school-degree finding work????

  11. masdf says:

    This is not so much a read as a listen:

    3Qn*ge!Ja%4k (Alec Baldwin interviewing Billy Joel on his radio program Here’s the Thing.

    My new favorite thing.