My Sunday morning reads:

• The New Fish Eats the Old Fish: NYSE Floor Wake Photos (Forbes)
• The Myth of the “Bond Vigilantes” (Slate)
• Looking for CEO Love in All the Wrong Places (Bloomberg)
• Hedge fund exit requests jump after lacklustre year (Reuters)
• Banks Feel Double-edged Sword of Shareholder Power (WSJ)
• Why the US media ignored Murdoch’s brazen bid to hijack the presidency (theguardian)
• Forget ‘fiscal cliff’ — We don’t need tax increases or spending cuts. We need policies that will create more jobs (LA Times)
Bartlett: How Democrats Became Liberal Republicans (The Fiscal Times)
• The Round World Made Flat (BookForum)
• Instagram’s Loss Is a Gain for Its Rivals (Bits) see also How Facebook Will Let People You Don’t Know Message Your Inbox For $1 (Mashable)

What are you reading?

On top of the world in 90 days

Source: The Economist

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.

13 Responses to “10 Sunday AM Reads”

  1. BusSchDean says:

    I would like suggest an interesting read about two companies who experienced 19% and 14% declines in their share price last week. Pershing Square has raised questions about multilevel marketing companies and is putting its money where its mouth is.

  2. craig.r.jackson says:

    The Fiscal Cliff drama is an outcome of polarized politics. It has been often pointed out that gerrymandering has added much to this polarization. I have created a petition on Whitehouse peition site that could be a first step to ending this blatant insidious political skullduggery: and possibly return some stability to politics. Sign it, please.

  3. buddhabucks says:

    Amazing how they can’t find ways to raise tax revenue, or cut spending,

  4. James Cameron says:

    Re: world’s tallest skycrapers . . . of the last twenty built:

    * 9 have been built with the last 2 years
    * 14 within the last 10

    The sheer size of Burj Khalifa, currently the world’s tallest building, is stunning . . . yet there are structures being proposed that are considerably larger:

    Here’s the world record for building base jumping:

  5. sellstop says:

    Re: “The Myth of the “Bond Vigilantes”.

    I have used the phrase “Bond Vigilantes” in my posts before and it was always with the thought in mind that there is not “group” of likeminded traders who have a meaningful lasting effect on interest rates. To me the idea of “bond vigilantes” was always a euphemism of market forces that cause a dramatic change in the direction of the interest rate trend. Like the author points out it is fundamentals that change interest rates, ie, the economy picking up will cause a change in interest rates. The economy is the collective change in activity across the world. Traders will jump on the trend as self-styled “vigilantes” and will each have reasons for their financial position, and some will have ethical or philosophical justifications, but in the end it will be trend following.
    In the mean time the more people/traders expect the “bond vigilantes” to come riding around the corner the less is the chance of a change in the interest rate trend. That is the market. When everybody expects something it doesn’t happen.

    Many people in 1996 KNEW that the stock market had to correct. And large short positions were placed on those types of beliefs. But when they threw in the towel in the face of financial ruin they propelled the markets to more unimaginable heights.

    If there is a group that may be overexposed to a rise in interest rates now it may be those still saving for retirement. If that group makes a belated exit from the bond markets we may see the “bond vigilantes” in action. In that case the wound will be self-inflicted. As wounds usually are in financial matters….


  6. RW says:

    I believe I am beginning to see a pattern here.

    Silencing the Science on Gun Research

    Decades of research have been devoted to understanding the factors that lead some people to commit violence against themselves or others. Substantially less has been done to understand how easy access to firearms mitigates or amplifies both the likelihood and consequences of these acts. …

    The nation might be in a better position to act if medical and public health researchers had continued to study these issues as diligently as some of us did between 1985 and 1997. But in 1996, pro-gun members of Congress mounted an all-out effort to eliminate the National Center for Injury Prevention and Control at the Centers for Disease Control and Prevention (CDC). …

  7. RW says:

    2012 Look Back: Economic Beliefs that Have Served Us Poorly

    …in honor of the fact that the world did not end on Friday, how’s about one of those renowned OTE end-of-the-year features? I’m compiling another CBPPs-greatest-graphs post, but as I’ve been writing something on economics education, I stumbled on a number of economic precepts that have taken a hit over the past year.

  8. VennData says:

    Send in the Clowns

    “…WHEN thinking about the state of the Republican Party, I defer to a point that the Democratic consultant James Carville made the other day: “When I hear people talking about the troubled state of today’s Republican Party, it calls to mind something Lester Maddox said one time back when he was governor of Georgia. He said the problem with Georgia prisons was ‘the quality of the inmates.’ The problem with the Republican Party is the quality of the people who vote in their primaries and caucuses. Everybody says they need a better candidate, or they need a better message but — in my opinion — the Republicans have an inmate problem.” The political obsessions of the Republican base — from denying global warming to defending assault weapons to opposing any tax increases under any conditions, to resisting any immigration reform — are making it impossible to be a Republican moderate…”

    “…But if Republicans continue to be led around by, and live in fear of, a base that denies global warming after Hurricane Sandy and refuses to ban assault weapons after Sandy Hook — a base that would rather see every American’s taxes rise rather than increase taxes on millionaires — the party has no future. It can’t win with a base that is at war with math, physics, human biology, economics and common-sense gun laws all at the same time…”

    Big hair, big red nose, floppy blue shoes. That’s YOU GOP voter.

  9. Jojo says:

    The Best Astronomy Images of 2012
    I couldn’t pick just 10–you have to see all 21 of these mind-bending shots.

    By Phil Plait|Posted Wednesday, Dec. 19, 2012, at 7:35 AM ET

    The Universe is beautiful.

    Which is interesting. It doesn’t have to be; it could be all colorless and weird and lumpy. Instead, it’s bursting with color, sculpted by vast forces, molded into fantastic shapes that please our eyes and delight our brains–especially once we understand what we’re seeing.

    Every December I pick my favorite images from the previous year to display, a task that is extraordinarily difficult. I always wind up with a list of about 60 or 70, and I have to cull it down mercilessly. Such is the case this year again, and I could pare it only to 21, a score and more of gorgeousness for you to soak in. I choose the pictures not just for their beauty but also because they are interesting, and different–ones that stand out from the crowd somehow. I usually put them in order with my favorite one last, but this year I just can’t. I’ll let you know my favorite when you get to it–I expect you’ll agree–but other than that it’s just a dead tie.

    Many of these, you might expect, are from Hubble, but other telescopes get their share, as well as some that were taken by amateur astronomers with not much more than good cameras and a desire to see and capture the Universe.

    I can’t argue with that sentiment. So here they are; enjoy.

  10. Syd says:

    1. Payroll Tax11522
    2. Health Care Law Provisions 245
    3. High Income Capital Gains and Dividends82
    4. High Income Rates, Pease, and PEP448
    5. Stimulus Legislation EITC, CTC, and AOTC275
    6. Extenders7514
    7. Estate Tax316
    8. Remainder of 2001-03 Tax Provisions17132
    9. Alternative Minimum Tax Patch
    408Total: Complete Fiscal Cliff536100Table

  11. Syd says:

    (moderator: please delete 9:28pm comment)

    Re: budget talks, following table shows estimated increases to revenue in 2013 if all tax provisions set to expire do. First column is billions of dollars, second is percentage of total. The total increase in revenue for the one year is $536 billion. Lines 3 and 4 are for the filers above $250k/yr married, $200k/yr single; line 8 is for those below.

    1. Payroll Tax 115 22
    2. Health Care Law Provisions 24 5
    3. High Income Capital Gains and Dividends 8 2
    4. High Income Rates, Pease, and PEP 44 8
    5. Stimulus Legislation EITC, CTC, and AOTC 27 5
    6. Extenders 75 14
    7. Estate Tax 31 6
    8. Remainder of 2001-03 Tax Provisions 171 32
    9. Alternative Minimum Tax Patch 40 8
    Total: Complete Fiscal Cliff 536 100

    See Table 4, p. 12, of :

    To put this in context, the commonly mentioned target for ten year deficit reduction is $4 trillion; last year’s debt ceiling deal included $1.5 trillion of spending cuts over 10 years, enacted already (not part of the pending sequestration cuts).

  12. rd says:

    Apparently, a lot of people believe the 2nd Amendment trumps the 1st Amendment.