My afternoon train reads:

• Higher interest rates would help bring normality back to the banks (The Telegraph) see also Muni Rally Approaches Limit With 47-Year Low Yields (Bloomberg)
• Warren’s Way: Lunch with Warren Buffet  (The New Yorker)
Wall Street finds a foreign detour around U.S. derivatives rules (Reuters)
• Degree Inflation? Jobs That Newly Require B.A.’s (Economix) see also For MBAs, Wall Street Loses its Luster (Businessweek)
• Companies In Trouble and Paying Out Big Bonuses (WSJ)
• Social Security and its role in the nation’s debt (Washington Post) see also Tax Hit Looms on Mortgage Relief (WSJ)
• Your New TV Ruins Movies (Prolost)
• Republicans blaming Mitt Romney for losing the public are actually having an argument about their own party (The Economist) see also Does the GOP need a religious retreat? (Yahoo News)
• 2012: The Year in Photos, Part 1 of 3 (The Atlantic)
• Scientific consensus shifts public opinion on climate change (The Conversation) see also Polar ice sheets melting – in pictures (Guardian)

What are you reading?

 

Stocks volatile early in presidential cycle

Source: MarketWatch

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.

12 Responses to “10 Midweek PM Reads”

  1. MorticiaA says:

    http://www.cfainstitute.org/learning/products/publications/cp/Pages/cp.v29.n4.4.aspx?channel=email&emailtrackid=Selections
    The Hedge Fund Mirage: The Illusion of Big Money and Why it’s too Good to be True

  2. Joe Friday says:

    Social Security and its role in the nation’s debt (Washington Post)

    Kessler doesn’t have a clue what he’s posting about.

  3. RW says:

    It Is Easy to Train a Parrot to Be a Republican Presidential Candidate: All You Have to Do Is Teach It to Say: “Bernanke Bad! Bernanke Bad!”

    This is a nice illustration of the point (and post) BR introduced regarding stories without models.

    In a single statement, rising Republican star Marco Rubio criticizes the Fed for not stabilizing: (1) the price of the dollar, (2) interest rates and (3) the general price level (inflation).

    DeLong, who is as noted for his acidity as he is for his knowledgeably, points out there is no model in which these three factors can be stabilized simultaneously in the real world, absolutely none, and to argue as if it were possible (much less an actual duty of the Fed) is not even wrong; it is monetary and economic gibberish.*

    *Some of DeLong’s commenters point out that the rest of Rubio’s statement doesn’t make any sense either but one time at a thing as my Mama used to say

    NB: What Joe Friday said: Kessler gets a couple things right before he makes a complete mess of things trying to make a point that has no real connection to his premises so I suppose he could be said to be one up on Rubio except it takes him much longer to reveal he doesn’t understand his subject so it is necessary to dock him a point for wasting time; i.e., it’s a wash.

  4. theexpertisin says:

    When our government raises taxes beginning in 2013 and has the money it needs to fund solutions to real or imagined ills within the country and, five years from now, we have the same poverty rates, same social economic strife, a military of quality to please China and slightly older polar bears stranded on ice, will we consider our efforts a failure? Do we shift spending priorities to essentials? Or, does government ask for more?

    Is there a red line somewhere for those of us who are seeing the tax man as a bad proctologist?

  5. courageandmoney says:

    I’m the problem……

    I was a dishwisher in the 8th grade, back in 1978. Ahh the 70′s…Worked throughout high School as a stall techician (shoveling horse shit) with an understanding without the money saved, no college. Sold my car, 64 Mustang..dam that was a great ride. Saved enough and scratched out a GPA that would make any honor student laugh. But I got in…..Once in school, I went to work, while I studied. I had to fight like a lion weekly, letterly I worked the door of a bar while ducking bricks, punches and knifes…Ahh the 80′s. I worked hard and made it through college.

    Sense the late 80′s I have worked on 100% commission as a sales Rep. Each year working harder longer hours, 25+ years on the street (BR not wallstreet) Just the street…. Countless sales calls, countless travel, working weekends….I have heard so many No’s that even Tony Robbins would be depressed on Xanax! I was only paid when someone said yes! I earned the money from “The swet of my brow”.

    So after all these year’s I’m considered “Wealthy” “Rich” by so many within this country. Yes my income is well above the silly numbers posted as the 1%. Big f####N deal, I earned it and have worked for 40 years…. Why do 52% despise me or at least my income? I live in a modest home $250K, drive a used car, my wife drives a mini Van, My kids are in public school. But because I have worked so hard for so long, and make this money ………..

    I’m the problem?

    ~~~

    BR: 1) Why do you think 52% hate you? and 2) What’s your point?

  6. willid3 says:

    with taxes at their lowest since ww2, not sure that its the taxes thats the problem. thee real reason many feel that taxes are ‘high’ has more to do with the low income growth. and that has been going on for 30+ years now. it only got worse in the last decade. about when we gave ‘job creators’ a tax break. only problem is they are ‘job creators’ at all. they would be consumers who buys from companies. no company will hire any body just for a tax break

  7. ilsm says:

    @theexpertisn;
    Thanks.

    I always enjoy a libertarian screed on Wednesday nights helps me get over hump day!

    You won’t find that red line on Fox News or reading “Road to Serfdom”.

    8 Pinochioes! For the WashPost on SS: SS is not a problem.

    http://www.gao.gov/assets/650/649848.pdf Pg 26 says the balance on SSTF went from $2492B in 2011 to 2586B in 2012.

    For a real cash burden look at OPM retirement and military retirement, neither have any taxed cash behind their special treasuries. Their 1 year outlook makes the 75 year SS outlook shine. You can see them on pg 26 as well.

    The military industry complex needs the government to sell bonds for the entire $780B it squanders every year, to make sure it has 20 aircraft carriers and amphib ships to to tilt with the rest of the worlds 8 Amphib ships, all but one of them owned by “friends”, none owned by terrorists and that non firend is our creditor’s the Chinese old Ukraine navy ramp launcher has no jets.

  8. Tax Revenues Return to Historical Average

    Since World War II, tax receipts have averaged around 18.1 percent of GDP. Receipts have fallen due to the recession, but as the economy recovers, they will rise above the historical average level by the end of the decade, even if all the 2001 and 2003 tax cuts are made permanent.

    http://www.heritage.org/federalbudget/current-tax-receipts?nomobile

    BR,

    Heritage has some good Charts here (in above Link)

  9. Joe Friday says:

    theexpertisin,

    When our government raises taxes beginning in 2013 and has the money it needs to fund solutions to real or imagined ills within the country and, five years from now, we have the same poverty rates, same social economic strife, a military of quality to please China and slightly older polar bears stranded on ice, will we consider our efforts a failure? Do we shift spending priorities to essentials? Or, does government ask for more? Is there a red line somewhere for those of us who are seeing the tax man as a bad proctologist?

    You’ve got it ass backwards.

    The last time we raised taxes on the Rich & Corporate, Poverty PLUMMETED to the lowest levels in decades, Unemployment DROPPED to the lowest level in decades, Employment rose to the HIGHEST levels in decades with the most jobs created during any presidential term in history, we witnessed the LONGEST consecutive increase in Real Wage Growth in decades, federal income tax revenues rose to the HIGHEST levels in history, and federal budget deficits were reversed into federal budget surpluses.

    To the contrary, EVERY SINGLE TIME that massive tax cuts for the Rich & Corporate have been enacted, Poverty ROSE, Unemployment ROSE, Employment DECLINED, Real Wages DECLINED, federal income tax revenues PLUMMETED, which resulted in MASSIVE federal budget deficits & debt.

    Not to mention, as I’ve previously noted, our most economically prosperous periods in this country were when the top income tax brackets were 87% and even 91%.

    Obviously the national economy does not function the way you falsely believe it does.

  10. Joe Friday says:

    Mark,

    Since World War II, tax receipts have averaged around 18.1 percent of GDP.

    You’re conflating total federal receipts with federal income tax receipts.

    Big mistake and EXTREMELY misleading.

    Then there’s the problem that since 2001, the “percent of GDP” metric is faulty because of the bogus GDP deflator and depression economy.

    Heritage has some good Charts…

    “Good” for what ?

    ‘Heritage’ is a fake RightWing front group with a ridiculous track record and not a shred of credibility.

  11. theexpertisin says:

    ilsm:

    And I enjoy reading progressive camouflage from you.

    Glad I brought a smile to your day. And maybe something to think about during a reflective moment.

  12. theexpertisin says:

    And Little Joseph:

    You are lost in space.