My morning reads:
• Blood in the Streets: Countries and their CAPE values (World Beta)
• Sell Mortimer, Sell! Obama Victory Leads Wealthy to Make Quick Pre-2013 Moves (Bloomberg)
• Banking’s ‘Worst Nightmare’ Takes Her Fight to Senate (WSJ) see also The Importance of Elizabeth Warren (Economix)
• The second worst trade of 2012? Wall Street’s terrible presidential bet (Quartz)
• Fidelity Says 401(k) Balances Reached Highest Level (Bloomberg)
• Rest in Peace: ‘Uncertainty’ (CNN Money)
• Asian Voters Send a Message to Republicans (Bloomberg) see also As Nation and Parties Change, Republicans Are at an Electoral College Disadvantage (Five Thirty Eight)
• Battle Plan Shifts on Dodd-Frank (WSJ)
• Krugman: Let’s Not Make a Deal (NYT) see also How Other Animals Choose Their Leaders (Slate)
• How the GOP’s War on Voting Backfired (The Nation)
What are you reading?
Corporate Tax Twist
Source: WSJ
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.
Of all the reasons to like Obama’s reelection, the blow it is supposedly dealing to Wall Street might be my favorite. And the Warren election, too. Every time a master of the universe cries, an angel gets his wings.
I’m not dumb enough to think it’s really striking a death blow to the douchebags, but still, every one we can get in the win column is a good thing.
Re warren
Obama could bring back every reformer he fired or let Geithner maybe shapiro push out
Volcker Bair Herz of the FASB Hoenig (KC fed pres) Goolsby…on and on
and thats change i could believe in
pull a teddy rooseveldt before he is irretrievably prostituted
i note that warren got back on her own…
Money Doctors -Nicola Gennaioli, Andrei Shleifer, Robert Vishny (ht Brad Delong)
ABSTRACT: We present a new model of money management, in which investors delegate portfolio management to professionals based not only on performance, but also on trust. Trust in the manager reduces an investor’s perception of the riskiness of a given investment, and allows managers to charge higher fees to investors who trust them more. Money managers compete for investor funds by setting their fees, but because of trust the fees do not fall to costs.
In the model:
1. managers consistently underperform the market net of fees, but investors still prefer to delegate money management to taking risk on their own;
2. fees involve sharing of expected returns between managers and investors, with higher fees in riskier products;
3. managers pander to investors when investors exhibit biases in their beliefs, and do not correct misperceptions; and
4. despite long run benefits from better performance, the profits from pandering to trusting investors discourage managers from pursuing contrarian strategies relative to the case with no trust.
We show how trust-mediated money management renders arbitrage less effective, and may help destabilize financial markets.
or according to your other bloomberg article
Wall street is expecting him andthe D congress to actually go the other way on reform
sell out even more gutting dodd frank
bacause now he doesnt need to care what a stooge he would look like
Gee……. which scenario should i bet on?
QUOTE But while President Barack Obama’s victory means the law will stand, the finance industry could yet trim some parts of the law because changes now are politically less risky for the administration and Democrats in Congress UNQUOTE.
white men can’t trump http://wapo.st/UdL3Ea
i actually agree with krugman on hanging tough
and he gets that top rate is THE issue
Ds would have to give up a lot on entitlements
give the Rs something big for a top rate hike
now THATS a grand bargain and looks like bowles simpson or better
Viagra goes limp in Canada?
http://www.theglobeandmail.com/globe-investor/supreme-court-backs-canadian-firms-bid-to-make-generic-viagra/article5086216/
Nuclear Plants and Sandy?
http://oilprice.com/Alternative-Energy/Nuclear-Power/East-Coast-Nuclear-Power-Plants-Dodge-Hurricane-Devastation-For-Now.html
Right on cue – just stop it, really.
http://www.cnn.com/2012/11/08/politics/campaign-2016/index.html?hpt=hp_c2
http://www.businessinsider.com/apples-laughable-new-ipad-patent-reveals-the-absurdity-of-our-patent-system-2012-11
election of Warren maybe a step in the right direction for investors and consumers? and against wall street?
http://baselinescenario.com/2012/11/08/the-importance-of-elizabeth-warren/
I happily voted for Senator Warren here in MA. I hope that she can have an influence even as a freshman.
krice.
She probably won’t get much done, but hopefully whores like Scott Brown will get the message.
Ha, “Sell Mortimer, sell!” cracked me up.
What dream-king said: Not only was “sell Mortimer sell!” a crack up it was a reminder that the wealthy can be dumber than a dumpster diver.