Back in the office late, where the city seems perfectly normal, but-I-still-don’t-have-electricity-or-heat-at-home-reading material:

• Your Best Investment Move for November: Do NOTHING (The Slant) see also End of Election Is Win for Markets (WSJ)
• Why the S&P Is Thrashing Hedge Funds (Barron’s)
• Payroll Growth Shows U.S. Labor Market Healing Before Election (Bloomberg) see also Strong Job Figures Belie Romney’s Attacks (The New Yorker)
• S&P found guilty of misleading investors (FT Alphaville)
• Facebook’s Friends Left Early (WSJ)
• Miami, Dubai and London Among Top Global Cities Enjoying Double-Digit Price Growth in 2012 (World Property Channel)
• The Art of Badmouthing Good Jobs News (Time)
• How the Chinese deal with failure (The Christian Science Monitor)
• Internal Time: The Science of Chronotypes, Social Jet Lag, and Why You’re So Tired (Brain Pickings)
• Man Behind FEMA’s Makeover Built Philosophy on Preparation (NYT)

What are you reading?


October Employment Report: Job Growth Relatively Strong as Unemployment Rate Creeps Up; Temp Help Up Nicely

Source: Bruce Steinberg

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 Monday AM Reads”

  1. willid3 says:

    you remember that trading company (Knight Capital) who had a software glitch earlier this year? well seems like they are back at it again. seems who ever set up their emergency power generators, made sure they had enough fuel. but over looked the fact that the set up they build, made it so that not all of the fuel could be used because they over looked how they set up the intake valves and the tank were at different heights (like should be) but they were reversed so that gravity isn’t going to empty the tank.

    now i wonder just who in in charge of their facilities?

  2. Jojo says:

    Bloomberg View: Don’t Let a Jobs Report Elect a President
    Posted on November 01, 2012

    Would you let a random-number generator decide the next U.S. president? Something like that could occur following the Nov. 2 release of the government’s monthly jobs report. The change in nonfarm payrolls and the unemployment rate are front-page news in a nation searching for signs of recovery. A surprise of even 50,000 jobs can move markets. A big payroll number could tip the outcome in favor of President Obama. A poor report could be just what Mitt Romney needs to convince the nation it’s time for a change.

    It’s bizarre that the jobs numbers wield so much influence, given that they often bear little relation to economic reality. The fact is, it’s difficult to measure in real time how many jobs the economy has produced in a month. When the Bureau of Labor Statistics estimates the change in nonfarm payrolls, for example, it’s trying to pin down a tiny shift–a matter of thousands of jobs–in a labor pool of more than 130 million.

    The challenges of measurement translate into large margins of error. When the BLS says the economy created 100,000 jobs in the previous month, it actually means it’s 90 percent sure that the real number is somewhere between 9,000 and 191,000. The same is true of unemployment: If the reported rate is 7.8 percent, the true rate could be anywhere between 7.6 percent and 8 percent. A shift of 0.2 percentage points in unemployment–enough to jolt bond yields and set pundits jabbering–doesn’t even breach the threshold of statistical significance.

  3. Does anyone really think one NFP report is swinging the election?

    Thats just silly!

  4. Jojo says:

    Barry Ritholtz Says:

    Does anyone really think one NFP report is swinging the election?
    Thats just silly!
    November 5th, 2012 at 1:57 pm

    You well know that there are many people whose attention span is measured in days. And of course, the MSM fits into this category also. I’d say that the last numbers took some of the wind out of Republican sails, rightly or wrongly.

  5. M says:

    Felix Salmon:

    “I’d never heard of Australian federal judge Jayne Jagot before today, but she’s my new favorite jurist, thanks to her decision in a recent court case which was brought against ABN Amro and Standard & Poors.”

  6. Jojo says:

    New Jersey’s Email Vote May Be Recipe for Disaster
    by Paul Wagenseil, Senior Editor, Security, TechNewsDaily
    November 05 2012 02:19 PM ET

    As a result of Hurricane Sandy, New Jersey has granted residents displaced from their homes the ability to vote by email in tomorrow’s national elections.

    As we pointed out last week, email voting sounds great as a concept, but it has computer security experts worried.

  7. Lariat1 says:

    Hey Barry, back in 1987 October snow storm ” snow leaf”, I was over 14 days without power. By day three roads were open and i could get into Poughkeepsie to work. Every night on the drive home I would anxiously look to see what houses had power. ( before portable generators popularity). I still remember the disappointment when the houses would still be dark. I had a kerosene heater i would cook on and left windows open so i would wake up in the morning. When your electric is back on it will feel like party time.

  8. SBurns says:


    Given what you’ve been through and going through out there on LI…this is an interesting read. I think (as reader of your Blog for years, you will find this very interesting from Brian Norcross Blog at Weather Underground:

    Sandy: What Happened and What’s Next
    Posted by: Bryan Norcross, 4:01 AM GMT on November 05, 2012 +8
    It’s cold and getting colder with a soaking nor’easter set to blow through the storm zone Wednesday night through Thursday. People in New Jersey, New York, and southern New England that are stuck without heat are going to need help to get through this week.

    The current forecast storm track would cause minor coastal flooding, gusty winds that could bring more power problems, and wet snow at higher elevations. But the biggest threat is the cold, wet, and windy weather’s impact on people that are not prepared to deal with more misery. We need a big effort. There are a lot of folks and there’s a lot of misery.

    Meanwhile, the big-storm cleanup is underway, and there is already talk about what should be done “to be sure it doesn’t happen again”. That’s all well and good, but we’re not even 100 percent sure what happened at landfall, so let’s start there.

  9. SBurns says:

    Re the Above post…he goes into insurance issues with category as to Hurricane or Tropical, Bloomberg’s management, the forewarnings of what Sandy became and how collectively keeping FEMA is better than privatizing disaster relief out to States to manage which Romney and others want.

    It’s one of the best articles I’ve read in years about the issue of what Climate Change could mean to all of us going forward and he does it in a reasoned way that I think anyone would find an interesting and informative read. I cannot recommend it enough to you or your readers. It’s the “out of the box thinking” that you and your readers seem to appreciate and that’s why it was so important to get this to you to check out when you have time. Right now I can empathize what you all are going through having been through a few hurricanes and those long nights and days of disruption which are so wearying in my own lifetime. Plus…I lived in NYC/CT/NJ Area for many years so this has all been hard to watch as it plays out.

  10. leveut says:

    “Fortunately, we have an extraordinarily guy running FEMA. Nobody knows emergency management better than Craig Fugate – he’s from Florida so I’ve seen his work first hand. If anybody can move a mountain, it’s Craig. ”

    That seems not to be particularly comforting to those in the affected areas of New York and New Jersey. One wonders, how exactly did FEMA run out of bottled water?

    Re SBurns: “It’s one of the best articles I’ve read in years about the issue of what Climate Change could mean”

    One wonders where climate change human caused global warming was mentioned in the article, as opposed to the standard issues with respect to coastal development and coastal storms.