My afternoon still aint got no electricity reads:

• Asshat award goes to Ex-FEMA director Michael Brown; criticizes Obama for ‘reacting too quickly to storm’ (Yahoo News)
• The 2011 Report That Predicted New York’s Subway Flooding Disaster (The Atlanticsee also Wireless Networks Get Hit by Outages Along East Coast (WSJ)
• Freddie Mac’s ’Omniscient Gnomes’ Led the Company Astray (ECHOES)
• Why do the Germans want their gold back?  (MarketWatch)
• Chasing storm damage estimates (FT Alphaville)
Headline of the day: Mickey, Darth Vader Join Forces in $4.05 Billion Deal (WSJ)
Paul Farrell: Death of ‘Growth Economics’ spells danger  (MarketWatch)
• Did Climate Change Cause Hurricane Sandy? (Scientific American)
• Shashank Tripathi, Last Night’s Twitter Villain @ComfortablySmug and all around DBag (Tumblr)
• Steve Ballmer is the Baghdad Bob of Redmond (TRB)

What are you reading?


Fading QE Impact?

Source: Credit Suisse

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.

23 Responses to “10 Wednesday PM Reads”

  1. Bob A says:

    Let’s just repeat that because it bears repeating:

    • Asshat award goes to Ex-FEMA director Michael Brown; criticizes Obama for ‘reacting too quickly to storm’ (Yahoo News)

  2. Jojo says:

    The Wirecutter – A List of Great Technology
    In case of emergency (gear for this one or the next)

    Some people in New York are fine, some are not. I don’t know that this list of helpful emergency gear will be helpful this late, but I figure it’s better than one more post about which smartphone rules.

  3. Joe Friday says:

    VERY instructive interview with Nate Silver on Charlie Rose last night.

    (No link. Charlie’s website is down due to the flooding in Manhattan)

  4. James Cameron says:

    > VERY instructive interview with Nate Silver on Charlie Rose last night.

  5. VennData says:

    Sandy Super Storm Tips From Mitt Romney

    “I’ve been told that if it’s not a legitimate storm, Mother Nature will shut that whole thing down.”

    “Pretend it’s the Vietnam War and go to France,”

    “Poor people make great flotation devices”

    “Move your binders full of women and children to higher ground so they stay dry”

    “I’m stuffed power went out was forced to eat 2lbs of shrimp & caviar… Paul Ryan is re- doing the dishes for a photo-op,

  6. Roanman says:

    Nate Silver makes the great point that people who earn their living spinning can’t imagine someone who isn’t/doesn’t.

    For years in our business we would come across the guy who was obsessed with creating a contract that would protect him from somebody trying to screw him over. Invariably. that was the guy taking down the Mercury Vapor lights and replacing them with flourescents the morning of the closing. It was a relentlessly consistent behavior.

  7. rd says:

    Unfortunately, Brown is the epitome of many in leadership of the Republican party of the last decade: convinced that government is incompetent and uncaring and worked hard to prove it when he was given the chance.

  8. DiggidyDan says:

    Heckuva job, Browney!

  9. Theravadin says:

    More Apple boosting? (the Steve Balmer TRB rant). Disclosure time!

  10. bear_in_mind says:

    Wow, things must be pretty desperate at RNC headquarters for Karl Rove to let Michael Brown out of the cellar. I find the strategy of reminding the populace of your quasi-crinimal incompetence as a rather perverse “strategy”, especially the inescapable moral ramifications of Brown’s inactions.

    The whole moral / values-based political complex seems on the verge of collapsing under the weight of… facts and reality. Imagine that.

    Yet, we also continue to hear the shop-worn paradigms asserting the supremacy of ‘markets’ and ‘privatization’ because of their purported purity and goodness. But does anyone honestly believe that even the likes of Halliburton or Bechtel has the wherewithal to respond to a massive disaster on the scale of Hurricane Sandy?

    Yeah, really? Well, okay, albeit. Where the hell are they with their world-beating ‘solutions’?! Too busy rebuilding the infrastructure of Iraq, I suppose…

  11. VennData says:

    From deep inside the back pocket of the DNC, PMSNBC and Alexrod, some non-applied,, tenured fag asks – and answers in Liberal pseudo babble – Did Climate Change Cause Hurricane Sandy? Well let me tell you…. ‘Scientific American’ is NEITHER!

    – Jack Welch

  12. Lyle says:

    If I recall correctly at the time of Katrina NYC was listed as the #2 or #3 most vunerable city in the US (New Orleans was first on the list). Predictions of storm surge flooding were made at the time, although at the level seen it was thought it would take a cat 5 to do it. but Sandy like Ike was not a usual storm so this type of storm was not envisioned.

  13. Expat says:

    Brownie is obviously an economics genius. He is a proponent of the Broken Window Theory. (Since we know that Bastiat is French, it is obvious he is also a communist and a tool of Satan, so we can ignore Bastiat entirely).

    Brownie simply failed to fully articulate his position. He meant to say that Obama should have waited to react until the maximum amount of damage had been done, therefore providing the greatest Keynesian economic boost to the economy. In essence, Obama has cost America several tenths of a percent of GDP.

    Plus Brownie is the owner of a private post-disaster cleaning company. Since his company predicts that it will finally finish cleaning up the Katrina mess in about five more years, he needs a new clean-up contract. Given his own response time, NYC alone should carry his business well into the 22nd Century.

    Oh, and, Fuck You , Brownie…and your former boss, too!

    p.s. There goes my chances of getting cleanly through immigration at Christmas.

  14. Mike in Nola says:

    Ballmer is ultimately a salesman and is doing his job better than he has in awhile. His reputation for much of the past decade has been for mindless enthusiasm. His presentation at the Windows Phone 8 kickoff was the best I’ve seen him do and much better than I thought he was capable of. It must be perplexing to those who have been in the Church of Jobs or Church of Google for too long.

    Baller hasn’t reached the heights of hyperbole some others have. He may have, but I don’t think he has yet referred to Windows 8 or the surface as “magical.”

    Engadget contrasts the two Ballmer’s here. Engadget are fanbois, but not ideologues.

  15. Mike in Nola says:

    I’m seeing this in Houston and it could be a wildcard in the economy. People concentrate on the effect of Mexican immigrants, but this could be different. The Chinese often have more money and are more likely professionals.

    Two examples:

    Sunday evening I met some new neighbors who bought a house a few blocks away in May. They are from Canton. He works for Baker Hughes, she was a consultant in China but is now a stay-at-home mom.. Two kids. Use American first names, although you know aren’t real. Very pleasant people.

    I checked on a townhouse I mentioned here awhile back. Was owned by a middle eastern female doctor and was on the market for two years with the price dropping by 1/3 from the previous purchase price. I found it had been sold to a Chinese man recently.

  16. Roanman says:

    Brown should be keeping his mouth shut here, but the real problem in Katrina was neither Brown who was in the placeholder spot and as such got to sit and watch the worker bees do their thing or FEMA itself which did a decent enough job of surrounding the entire Gulf Coast with emergency supplies at places that were overall pretty accessible and thus useful.

    The real problem was the residents of New Orleans who stupidly chose not to evacuate to higher ground despite living ten feet below sea level while staring at a potential level five hurricane with the better part of a week’s notice. Nearly all of the problems in New Orleans were the result of these people either not hearing or choosing to ignore repeated warnings to get out of Dodge.

  17. Mike in Nola says:


    You obviously have little experience with hurricanes, New Orleans or with the logistics of a trying to evacuate a metro area of about a million people, many of whom did not own a car. A large percentage of the residents were poor, with no means of evacuating. On top of that are limited evacuation routes. I still hold on to my record of never having evacuated before a storm. Of course, I could be cavalier since my house was near the River and has never flooded. And 80-90% of what flooded wouldn’t have if levees had not collapsed due to deficient monitoring of contractors by the Corps and local governments. If the levees hadn’t collapsed, Katrina would have been something like Sandy, with outlying areas being severely flooded and the core being mostly inconvenienced for a week or two.

    But, imagine if Bloomberg had ordered an evacuation of all of New York. It wouldn’t have happened.

    And then you have the uncertainty of forecasts. A few years before Katrina, a mass evacuation was ordered. Many spent ten to twelve hours getting to Baton Rouge, 80 miles away. Think Independence Day or Day After Tomorrow. And then the storm actually did mostly missed New Orleans and did a good bit of damage to Baton Rouge. Going through something like that doesn’t increase the likelihood of your following evacuation orders. The major problem we who didn’t evacuate for that storm suffered was that a single large oak fell taking down some power lines while almost all the electrical repair trucks and personnel had been moved out of the City. No power for 24 hours in 90 degree heat.

  18. danm says:

    My forecast… every few years a storm will destroy a different city and areas will be left to decompose due to a lack of funds.

    While everyone is arguing whether there is climate change or not or whether it is caused by humans or not, entropy is still at work. And the larger the system becomes, the more energy it takes to maintain it. Energy we will not have unless we change our economic model since the US is a net energy importer.

    May we live in interesting times. Hmmm.

  19. sad..

    this .. ‘out’ .. is a spelling error..

    was to be ‘our’ ..

    nice Proofreading~

  20. AHodge says:

    Ellen Z says the unemplowment rate could FALL again tomorrow
    says very confident
    this means maybe 70% shot
    payroll 145 not great
    but i may take a shot say a little weekly TBT expiring tomorrow?

    she does the best modelling of this in town, and called the 9% to 8% drop even while economy soft

    so warm up Jack Welsh
    the army of rigged data losers will be howlin again about the numbers fixed
    there may be some rigged govt data somewhere but not this series

  21. ben22 says:

    @Mike in Nola,

    re: house purchase/china

    just offering that I have three clients that recently sold homes for asking price in West chester, pa and all were bought with cash by people from China. One was a 700k sale.

  22. willid3 says:

    the top 1% job creators?


    The term “Job Creators” is nothing but a myth, a self-chosen euphemism for “destructive money/wealth extractors”. See Matt Stoller’s graph as a perfect addition to your series. They create profits for them, not jobs for us. Especially not if we’d be able to qualitatively identify and separate decent jobs from Walmart garbage.

    With job creators like these, we are better off without them.


    How did the bush tax cuts create the real estate bubble?

    The real estate bubble was caused by capital chasing higher return. After all that is the nature of a capitalist system.

    Capital uses all the power it can mobilize to create a system where it is totally unrestrained, has effectively captured or bought off any regulatory constraint, owns the means of propaganda (the so-called free press), and is not subject to the rule of law. This is the so-called free market that we are conditioned to worship as being ordained by God.

    The bush tax cuts are relevant in two ways: 1- They pushed a few trillion more dollars onto the gambling table. After you’ve built your fifth Cowboy Mansion in Jackson Hole, why not throw a few extra million at a hedge fund specializing in 100/1 leveraged real estate derivatives? 2- The ruling class’s success in shifting more of the tax burden to the lower classes signaled “game on” for all the other joys of an unrestrained “free market.”