My afternoon train reading:

• The Great Recession: An ‘Affair’ to Remember (Business Week) see also The case for a 40% drop in the markets (MarketWatch)
• Beware the ‘central bank put’ bubble (FT)
• Michael Lewis: Wall Street’s Forgotten Victims Have Some Advice (Bloomberg)
• Oil in new Gulf slick matches that of 2010 spill (WaPo)
• What Jack Welch should have said (Credit Writedowns)
Baum: Here Are Five Things the Democrats Won’t Tell You (Bloomberg)
• The Baby Boom and Economic Recovery (NYT)
• Apple Choice of iPhone Aluminum Said to Slow Down Output (Bloomberg)
• Apple Maps Accidentally Reveals Secret Military Base In Taiwan (Slashdot)
• Amazon Kindle White Paper (Daring Fireball)
• Louis C. K. to Take Hiatus From FX Series ‘Louie’ (Artsbeat)

What are you reading?



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.

13 Responses to “10 Thursday PM Reads”

  1. James Cameron says:

    “I believe in free people and free markets . . .” – Mitt Romney

    Maybe he should drop Bain a line . . .

    “The firms formed “bidding clubs” that rigged bids, limited competitive offers and “artificially depressed prices,” according to the lawsuit. Firms that weren’t part of the winning bidding clubs would get minority stakes in the acquired companies or fees as advisers.”

    Blackstone, KKR, Bain Accused of Agreeing Not to Compete

  2. James Cameron says:

    “On Sept. 1, 2011, Beach got out of bed in the middle of the night . . . His wife, Monette, found him collapsed on the floor in the morning. At the hospital, blood poured from his mouth and nose, splattering sheets, bed rails and physicians.”

    “Six audits gave sterling marks to the cantaloupe farm, an egg producer, a peanut processor and a ground-turkey plant — either before or right after they supplied toxic food.”

    Food Sickens Millions as Company-Paid Checks Find It Safe

    Asian Seafood Raised on Pig Feces Approved for U.S. Consumers

    “At Chen Qiang’s tilapia farm in Yangjiang city in China’s Guangdong province, which borders Hong Kong, Chen feeds fish partly with feces from hundreds of pigs and geese.”

  3. BAUM: “Bashing business, be it insurance companies, banks or oil producers, for short-term gain isn’t the way to win friends and influence people. And it’s hardly an inducement for the private sector”

    WAAH He’s bashing us again! We wont hire anyone. WAAH

    Is that really how the private sector works?

  4. 873450 says:

    Where’s RICO ???

    E-Mails Cited to Back Lawsuit’s Claim That Equity Firms Colluded on Big Deals


    Day in Manhattan. An impressive Bank Building in the financial center of New York. Many limousines are parked, uniforms and plain-clothed CHAUFFEURS waiting quietly.


    The Board Room of a bank, daylight shines in the windows.

    CARLO TRAMONTI, an impressive, handsome middle-aged man, sits quietly, smoking a Di Napoli cigar, OUR VIEW moves to a MAN sitting to his left, and a little to the rear, and settles on JOSEPH ZALUCHI, a moon-faced amiable-looking man; as the view continues, around the table, we HEAR:

    I want to thank you all for coming. I consider it a service done to me personally and I am in the debt of each and every one of you. Especially those of you who have traveled from such distances as California, St. Louis, Kansas City; and New Orleans…

    The VIEW PASSES to FRANK FALCONE and ANTHONY MOLINARI, both younger than any of the others; then on to DOMENICK PANZA, short and squat sitting in a wheelchair; then around the table to DON VINCENENZO FORLENZA, who is whispering to his JEWISH ASSISTANT; the VIEW PASSES on to ANTHONY STRACCI, an older man, sipping from a drink and smoking a cigar; OTTILIO CUNEO, in his middle sixties with a jolly round face; then DON PHILLIP TATTAGLIA, a delicate older man with dyed hair and a pencil mustache; and finally, EMILIO BARZINI, in his early sixties, a man to ‘respect’; whom we had seen at CONNIE’s Wedding.

    Ah well, let’s get down to business. We are all honorable men here, we don’t have to give assurances as if we were lawyers. (he sits, gazes out at them, and sighs) How did things ever go so far? Well, no matter. A lot of foolishness has come to pass. It was so unfortunate, so unnecessary.

    The VIEW examines the room once again, as the DON speaks. A large, clicking board is changing numbers at various times, and two tapes, showing the fluctuations of the Market during the day’s trading, and projected above.

    DON CORLEONE pauses; and TOM HAGEN hands him a cold drink.

    Tattaglia has lost a son; I have lost a son. We are quits. Let there be a peace… he gestures expressively, submissively, with his hands) That is all I want…

    Don Corleone is too modest. He had the judges and politicians in his pocket and he refused to share them. His refusal is not the act of a friend. He takes the bread out of the mouths of our families. Times have changed, it’s not like the old days where everyone can go his own way. If Don Corleone had all the judges and politicians in New York, then he must share them or let others use them. Certainly he can present a bill for such services, we’re not Communists, after all. But he has to let us draw water from the well. It’s that simple.

    My friends, I didn’t refuse out of malice. You all know me. When have I ever refused an accommodation? But why, this time? Because I think this drug business will destroy us in the years to come. It’s not like whiskey or gambling or even women which most people want and is forbidden them by the pezzonovante of the Church and the Government. But drugs? No. Even policemen, who help us in gambling and other things would refuse to help us in drugs. But…I am willing to do whatever all of you think is necessary.

    I don’t believe in drugs. For years I paid my people extra so they wouldn’t do that kind of business…$200 a week. But it didn’t matter. Somebody comes to them and says, “I have powders, if you put up three, four thousand dollar investment, we can make fifty thousand distributing.” Who can resist such a profit? There’s no way to control it, as a business…to keep it respectable. rapping the table) I don’t want it near schools! I don’t want it sold to children. That is an infamita. (thinking) In my city I would try to keep the traffic in the dark people, the colored. They are the best customers, the least troublesome, and they are animals anyway. They have no respect for their wives or their families or themselves. Let them lose their souls with drugs. But something has to be done, we can’t have everybody running around doing just what they please, like a bunch of anarchists.

    Then, are we agreed; the traffic in drugs will be permitted, but controlled; and Don Corleone agrees to give it protection in the East.

    DON CORLEONE nods.

    That’s the whole matter then, we have the peace, and let me pay my respects to Don Corleone, whom we have all known over the years as a man of his word. (noticing TATTAGLIA is uneasy) Don Philip?

    I agree to everything here, I’m willing to forget my own misfortune. But I must hear strict assurance from Corleone. When time goes by and his position becomes stronger, will he attempt any individual vengeance?

    They all look at the DON; especially HAGEN, who feels that DON CORLEONE has given a great deal, and must have something else in mind. Slowly the DON rises.

    I forego my vengeance for my dead son, for the common good. But I have selfish reasons. My youngest son had to flee, accused of Sollozzo’s murder, and I must now make arrangements so that he can come home with safety, cleared of all those false charges. That is my affair, and I will make those arrangements. (with strength) But I am a superstitious man…and so if some unlucky accident should befall my youngest son, if some police officer should accidentally shoot him, or if he should hang himself in his cell, or if my son is struck by a bolt of lightning, then I will blame some of the people here. That, I could never forgive, but…aside from that, let me swear by the souls of my Grandchildren that I will never be the one to break the peace we have made.

  5. RW says:

    Schäuble and Lagarde clash over austerity
    The split between the German led austerians and just about everyone else is boiling over into the upper echelons now.

    The Caroline Cohn article was not only poorly argued on virtually every point it was frankly rather infantile: Can elites actually imagine the game will stop if they sulk, balk or walk off? Sounds like somebody needs a timeout.

    RICO, shoot, we haven’t even seen any SarBox indictments and those are (supposedly) a lot easier to prove. The degree to which money has permeated and corrupted the executive, legislative and legal branches of government is nothing less than astonishing. Have then ever replaced the 500 FBI agents the Bush administration moved from white collar crime to anti-terrorism detail after 9/11? As Bill Black likes to say, can’t prosecute without referrals even if the will to prosecute is there.

  6. The Retired CNBC Sucks says:

    I am watching Paul Ryan just run roughshod on the delay between the debate and when the fact-checkers get the chance to analyze what he says. I don’t know if he’s said any truth the entire debate.

    But he pulled a Dan Quayle in bringing up JFK.

    It seems to me Joe Biden is on his game and whipping the crap out of Ryan, but the debate is not over and I don’t know how the MSM will interpret it.

  7. CharlesII says:

    Why is Caroline Baum given such a prominent platform on Bloomberg (linked in post) when she is such an ignoramus? She claims that government does not create jobs. But it does. In the New Deal, it created millions of jobs building roads, bridges, dams, etc. It created jobs under Clinton by putting 100,000 police officers on the street. Those officers would never have been hired without government.

    Everything she says in that article is silly and wrong. Yet Bloomberg pays her and gives her a prominent column to confuse people. Why would anyone pay to be disinformed?

  8. Greg0658 says:

    Charles do not know this columnist .. but the A: to the Q: = government provides services into an existing predefined wanted/needed/wished for market .. that is over half the battle – when a new revolutionary idea escapes you – go for the prior – what else is a guy to do to feed his family?

  9. DeDude says:

    Romney is going to kill Big Bird so he can afford to buy one more jet fighter plane the military don’t want and don’t need. Boy is he going to be in trouble.

  10. Mike in Nola says:

    From what I’ve seen of Baum, she looks like a shill for the elite as so many allegedly mainstream journalists are now. Bloomberg is on average better than most, but it’s got a few clunkers who are either co-opted or not very perceptive.

  11. maddog2020 says:

    to keep piling on Baum:

    despite what one might think of the Chevy Volt, it doesn’t take a great intellectual leap to link natural gas to electric cars – especially since electricity producers are practically tripping over themselves to switch from coal to gas.

  12. nofoulsontheplayground says:

    Mish, courtesy of Fox,

    “So Much For Today’s Surprising “Drop” In Weekly Jobless Claims; California Forgot to Report 30,000 Claims; What We Learned Today ”

    It appears the initial claims should have been 369,000, not 339,000.