My morning reads:

• Europe Priced for No Profit Growth Signals Stocks Rally (Bloomberg)
Wherein Warren Buffett BitchSlaps Grover Norquist: A Minimum Tax for the Wealthy (NYT)
• Choose your NYT Weekend Shopping Narrative:
. . . . .-Rising Consumer Optimism Fuels an Annual Spree (NYT)
. . . . .-Early Push for Sales Undercuts Black Friday (NYT)
• Still think you can beat the market? (Tim Harford)
• Economic optimism now official (Reuters)
• Egypt Going up in flames (The Economist)
Simon Johnson: Fed’s Dudley Signals a Shift Toward Bank Reform (Bloomberg) see also There is only one real answer – split the banks (Telegraph)
• Apple Can Finish What Microsoft’s Sinofsky Started (Monday Note)
• My Larry Hagman Story (News from Me)
• Donald Trump’s 50 Stupidest Tweets (Complex)

What are you reading?

 

>
Fear’ Gauge Showing Little of It

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.

20 Responses to “10 Monday AM Reads”

  1. louiswi says:

    Warren knocks it out of the park!!!!!!

  2. 4whatitsworth says:

    I was hoping to find my way to the bright side but it Looks like the “Economic optimism now official (Reuters)” is link is not available.

    Also I say this http://www.businessinsider.com/marc-faber-lbma-presentation-2012-11

    It does not seem to account for the printing press however.

    ____

    BR: I fixed the link — the article is not about what you think

  3. VennData says:

    German Man Accuses Lover of Trying to Kill Him With Her Breasts

    http://www.ibtimes.co.uk/articles/407949/20121123/german-breasts-sex-game-trial.htm

  4. BusSchDean says:

    The Buffet piece is going out to all of my students (some may even read it). They need to wonder about how bad ideas get traction and then need to be dispelled with actual data.

    And we hear yet again from the NRF about the significant rise in consumer spending….and it will yet again be way off. http://nyti.ms/dHcSkc

    The Johnson piece on Dudley was clear as a bell.

    Wonder how much time it took to prioritize Trump’s 50 stupidest tweets; he has created quite a pool to draw from.

  5. James Cameron says:

    Holiday house cleaning:

    goo.gl/JDila

  6. Wexler says:

    Tom Ricks just single handedly destroyed the Republican-Bengazi-Hype-Machine on Fox News…INCREDIBLE!!! Must see TV…he was on for less than 2 minutes, and I guarantee the producer was screaming in Jon Scott’s ear to shut it down!

  7. RW says:

    SEC Chair departs and is replaced.
    “The White House announced on Monday that President Obama was naming Elisse B. Walter, a commissioner at the S.E.C., as the new chairwoman. In a somewhat surprising step, Ms. Walter will not be an interim chairwoman, but could have the top job for the foreseeable future.”

    The best one can say for this is that at least the White House did not replace Schapiro with Mary Miller, Geithner’s sidekick at Treasury, as originally touted.

  8. rd says:

    Wasn’t the whole point of the AMT to make sure that the wealthy paid their fair share instead of finding all of the loopholes? Instead, it’s focus on earned income has turned the AMT into a middle-class tax.

    A quick solution to the whole tax reform and tax part of the fiscal cliff is just to declare that the AMT applies to all forms of income, including capital gains, dividends, municipal bonds etc. and the AMT standard deduction is inflation-adjusted using the same inflation measure as Social Security payments.

  9. Theravadin says:

    Warren tells it like it is. Let’s creat a new position of National Elder, and name him to it.

  10. Joe Friday says:

    Apparently, Buffett is also urging Obama to call the Republicans bluff and go over the fiscal cliff Thelma & Louise style.

  11. “…Warren tells it like it is. Let’s creat a new position of National Elder, and name him to it…”

    ??

    http://search.yippy.com/search?input-form=clusty-simple&v%3Asources=webplus-ns-aaf&v%3Aproject=clusty&query=Buffett+is+a+Welfare+Queen

    “…Buffett is the ultimate phony hypocrite and is the equivalent of a billionaire welfare queen…”

    http://spectator.org/blog/2011/08/15/warren-e-buffett-should-give-m

    http://maxkeiser.com/2012/10/12/buffett-americas-biggest-welfare-queen/

  12. VennData says:

    Want igoogle on your mobile device?

    http://www.google.com/mobile/igoogle/

    Oh.. that doesn’t work. You can’t use igoogle on your mobile device anymore?

    Thanks for the arbitrary, capricious, cancellation Larry Page. Looks like Google just can’t be trusted.

    It’s back to Yahoo home page and Bing works fine

  13. slowkarma says:

    The big question about Buffett is whether he is stupidly sincere or cynically manipulative. The vast, vast majority of people earning over $250,000 or $500,000 are not Warren Buffetts or members of the Forbes 400 list, but are doctors and lawyers and small businessmen who really don’t have much way to protect their earnings from taxes — and I suspect that most of them have a marginal tax rate of around 40-45% (including state taxes.) So Buffett’s suggestions seem to be to be a kind of pre-emptive strike to keep his taxes lower than they might be, if people get really pissed about disparities. I would suggest that we simply eliminate all deductions and differentiations between types of income at some high level — say, $1 million or $2 million per year, to get clear of the high-end wage earners. Let Warren and his “gang” simply pay, say, a 40% rate on all income for federal taxes, and then the state tax at whatever rate the state wishes — about 13% in California next year, I understand. If we did that, I bet Warren would be squealing out of the other side of his mouth…but it’s nothing that hasn’t already happened to those between 99 and 99.999 percent.

    ______

    BR: I don’t get the impression you really understand up what Buffett was suggesting . . .

  14. Joe Friday says:

    slowkarma,

    The vast, vast majority of people earning over $250,000 or $500,000 are not Warren Buffetts or members of the Forbes 400 list, but are doctors and lawyers and small businessmen who really don’t have much way to protect their earnings from taxes — and I suspect that most of them have a marginal tax rate of around 40-45% (including state taxes.)

    NOBODY in the U.S. pays “40-45%” of their income in taxes. You are foolishly adding-up tax BRACKETS. Tax brackets are not a percentage of ones income.

    Not to mention, about 98% of individual and small business American taxpayers would not be impacted by an increase in taxation above $250,000.

  15. slowkarma says:

    @Joe Friday — I didn’t say they paid 40-45% in taxes. I said their marginal tax rate is 40-45%. The marginal tax rate next year for people in California making over ~$250,000 will probably be about 47%, if the President gets his way with eliminating the Bush tax cuts.

    @BR. I understand perfectly what Buffett is saying. The question that nobody seems to ask is, “Gee, Warren, since you made a hundred million last year — or whatever it was — why don’t you give up half? Or 70%? Why 30%? Do you really think 30% is adequate? The same with his pledge to give away half of his fortune. Geez, that would leave his benighted heirs with only what, $15 billion to share? Think that’s enough? Why don’t multibillionaires pledge to give up, say, 90%? In his case, his heirs would get only $3 billion. Is that enough? Apparently not. What I’m saying is that in some serious way, Warren is a bullshitter, and a lot of people are patting him on the back for it.

    ~~~

    BR: He is looking at systemic ways to improve the finances of the USA — not where he might throw extra cash, of which he already committed some $38 billion to the Gates Foundation.

    Our Penalty box was invented for utterly absurd, disingenuous comments and ditto head stupidity.

    Enjoy!

  16. Greg0658 says:

    sK if I were to try and arbitrate and get you out of 5 for 5 penalty box .. my mind remembers Warren telling his offspring they gotta earn it (mostly)* – don’t count on piles from me

    and why leave it in an account – I think that account is OPsM – that as manager its his job to make the pile grow for the OP (good luck with that)

    * but any & all good dads would pass some on – just sayin

  17. Joe Friday says:

    slowkarma,

    I didn’t say they paid 40-45% in taxes. I said their marginal tax rate is 40-45%.

    Then you don’t comprehend the meaning of a “marginal tax rate”.

    You’re still adding-up BRACKETS. Nobody. Pays. The. Brackets.

    According to the Bureau of Economic Analysis: federal, state and local taxes, including federal income, state income, property taxes, sales taxes and other taxes, amounted to 9.2% of all personal income in 2009. The lowest overall tax bite since 1950.

    They did the same calc last year for 2010, which is likely within tenths of a percent, if you want to search the national media for it.