My morning reads:

• Ideology as cognitive bias (Stumbling and Mumbling)
• Facebook on Collision Course With Google on Web Searches (WSJ) and Facebook Calls Up a Search Party for Revenue (WSJ)
• The London Whale, an oral history (FT Alphaville)
• If you can’t get into a top-five MBA program, don’t even bother (Quartz)
• The Market Wants Apple to Unveil a Time Machine (Harvard Businses Review)
• Has the ideas machine broken down? (The Economist) but see Memo To Tyler Cowen: A Lack Of New Ideas Is Not The Problem (Forbes)
• What Is Driving Growth in Government Spending? (FiveThirtyEight)
• Public is public…except in journalism? (Buzz Machine)
• China Export Surge Spurs Data Skepticism at Goldman, UBS (Bloomberg)
• Pictorial: Hurricane Sandy, 80 Days Later (The Atlantic)

What are you reading?

>
S&P 500 P/E Ratio

Source: Bespoke

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.

18 Responses to “10 Thursday AM Reads”

  1. rd says:

    An increasing number of families with jobs can’t make enough money to live on:

    http://www.washingtonpost.com/business/economy/ranks-of-working-poor-increasing/2013/01/15/8d1f51e2-59b9-11e2-88d0-c4cf65c3ad15_story.html

    I assume that the Koch Brothers view this as a positive trend that decreasing the minimum wage and tax rates on the wealthy would enhance. Presumably, they should also not be using contraception so that they can have more babies which would further improve their situation.

  2. VennData says:

    Obama Takes Away Our Guns!

    “…acted administratively to get health care providers, states and federal agencies to share more information with the National Instant Criminal Background Check System, or NICS. This is an effort to prevent gun sales to people with disqualifying criminal backgrounds or mental health issues…”

    http://www.reuters.com/article/2013/01/17/us-usa-guns-orders-idUSBRE90G06S20130117

    I TOLD YOU SO! I told you Obama would take away your guns! I TOLD YOU! I SAID SO! SEE!!

    …well, she looks like a witch! Burn her! Burn!!!

    http://www.youtube.com/watch?v=yp_l5ntikaU

  3. John Adamson says:

    RE: London Whale Story

    “…..that the market was currently dislocated, and that mark-to-market losses were temporary and manageable.”

    I’m just a broke guy and the JPM people wealthy and successful. That being said, even I know that:

    A.) The market is never “wrong.”
    B.) Losses are losses.

  4. VennData says:

    No Votes Disguise Yes Sympathies for Some in G.O.P.

    “…These are people who are political realists, they’re political pragmatists who want to see progress made in Washington, but are politically constrained from making compromises because they will be challenged in the primary…”

    http://www.nytimes.com/2013/01/18/us/politics/no-votes-disguise-yes-sympathies-for-some-in-gop.html

    I think that these guys that are going to drive the primary challenges are going to be in for a sore morning November 5th, 2014 the day after the midterms.

    You go ahead and give us more Aikens, Walshs and Mourdocks. You go GOP. Bring on the Bachmanns, Angles, O’Donnells.

    Thank you Karl Rove, Rupert Murdock, Rush Limbaugh and the rest of the GOP Media Machine for creating a rational way forward for a generation, although, not to your liking.

  5. Moss says:

    Funny how many of the GOP water boys think that they are not conservative enough when in fact a more conservative candidate than Mitt would have lost a general election by a greater margin.

    Too bad for the GOP that Santorum did not get the nomination as his defeat would have ended that false belief sooner. The 2014 mid-terms should put a stake in that idea as the term ‘conservative’ becomes even more toxic with the general public.

  6. swag says:

    Continuing a theme,

    Reagan’s solicitor general dismisses right’s fantasy about Obama “tyranny”

    http://www.washingtonpost.com/blogs/plum-line/wp/2013/01/16/reagans-solicitor-general-scoffs-at-rights-fantasy-about-obama-tyranny/

    Referring to provision number 11, Fried joked: “Is it an impeachable offense to nominate an ATF director?”

  7. willid3 says:

    was this Memo To Tyler Cowen: A Lack Of New Ideas Is Not The Problem (Forbes)
    and example of this • Ideology as cognitive bias (Stumbling and Mumbling)?

  8. willid3 says:

    while i am not really convinced that we have had a lot of progress (try this exercise name any current technology that we use today that isn’t an out growth of some thing from the mid 20th,or 1960s, century or earlier. mostly you can’t as there isn’t much). what we have been able to do is improve preexisting inventions. to the point in some cases that they are had to recognize or have almost been perfected. and I am not convinced that when we basically stopped the government from doing research that business was ever going to take their place. business doesnt look very far into the future (with maybe a very few excretions). and for the most they really can’t (consider the big complaint that executives make decisions based on short profits not long term ones). and basically none of them can. but government can and should be doing so. there is also a lack of interest in business to do basic research, because its very had to take that and make profits from it in the short term.
    but what we have been doing is cutting government research or government funded research. and that beens going on a long time now. maybe as long ago as back in the 1960s?

  9. RW says:

    A Tale of Two Agencies

    The best way to understand the Obama administration’s support for clean energy internationally is to understand the tale of two agencies: The US Overseas Private Investment Corporation (OPIC) and The U.S. Export Import Bank (Ex-Im Bank).

  10. krice2001 says:

    Love the ideology as cognitive bias link! Good stuff.

  11. Frwip says:

    @Moss

    Santorum’s defeat would have been blamed on him being too much of a catholic, too much of a prole-loving bleeding heart…

  12. rd says:

    CEOs apparently think that a key to addressing entitlement spending is to raise the retirement age to 70:

    http://blogs.marketwatch.com/encore/2013/01/17/ceos-proposal-raise-retirement-age-to-70/

    I assume that they are all prepared to have their CEO emplyment contracts re-written so that much of their pay will not be available to them until they are 70. I also assume that they will be pleased about the increased health insurance premiums their companies will pay by having more of their staff be older than 65, or maybe they are assuming that Medicare will cover their staff after age 65.

    It should also allow them to have lower pension fund costs or fund less in people’s 401ks since they won’t need to be covered as long in retirement.

  13. Joe Friday says:

    Anyone else see Roger McNamee on Charlie Rose last night ?

    He’s a founding partner of the venture capital firm Elevation Partners, and was touted at the top of the broadcast as some sort of technological futurist, who would be providing us all with a view through his crystal ball.

    Some of his pronouncements:

    * He was an early supporter and investor in FaceBook, and thinks the only problem with the company now is that the stock is tanking.

    OH KAY.

    Perhaps instead the stock is tanking because there are fundamental problems with the company, let alone the platform ? Oh, and he believes hook, line, and sinker that they have over a billion users.

    * He claimed that everything that Google and android is doing with smartphones and tablets is wrong and inferior, while everything Apple is doing with smartphones and tablets is right and superior.

    OH KAY.

    Except that android has been technologically ahead of Apple at every turn, and in some instances many steps ahead, which has resulted with android capturing about double the marketshare of smartphone ownership than Apple.

    Speaking of every turn, the iPhone still Still STILL doesn’t have voice turn-by-turn that debuted with the Droid which feels almost like a decade ago now, but must rely on a loaded aftermarket app. And don’t even get me started on Apple Maps on a full stomach.

    * He went on to make a lot of other wild & crazy observations about Amazon and the Kindle (which he apparently does not realize is a completely different product category than the iPad), about Microsoft, and about Google and HTML5.

    I’d say his crystal ball is in serious need of some Windex.

  14. VennData says:

    Why Sandy Hook Massacre Spawned Conspiracy Theories:

    http://news.yahoo.com/why-sandy-hook-massacre-spawned-conspiracy-theories-184323398.html

    “One month after the Sandy Hook school shootings, the list of victims continues to grow. One man, Gene Rosen — who found six children and a bus driver in his driveway, brought them into his home, fed them and called parents to assure them that their children were safe — has been harassed by telephone, email and online by those who think he is lying about his actions, and is part of a conspiracy.”

    Intellectual honesty means you work with the facts in front of you and live with the truth. These conspiracy theorists cannot handle the possibility that their long-held beliefs that unregulated sales of guns in America is safe and good, and that their clearly-stated Second Amendment Right to own automatic weaponry should ever be challenged. Of course, conspiracy theorists are getting plenty of “help”:

    The U.S. Firearms Industry: Inside the Numbers

    http://finance.yahoo.com/blogs/daily-ticker/u-firearms-industry-inside-numbers-184833993.html

    “The U.S. firearms industry’s economic impact is $32 billion. To put that in perspective, that’s about the same size as the U.S. organic industry and more than the budget of Nigeria. It’s grown from a $19 billion business in 2008 and appears to be accelerating at a quick clip.”

    “There are 51,000 gun shops in America, according to the Bureau of Alcohol, Tobacco and Explosives. That’s close to four times the number of Starbucks or McDonald’s stores in this country.”

    So they don’t like that same argument when it comes to Obama’s stimulus of payroll tax cuts, Obama’s alt. energy industry, Obama’s “Friends” on Wall Street etc… etc… but they love their industry.

    The GOP Media Machine should be proud of their work. Mom, does your offspring work with the GOP Media Machine? Let us know. Tell us how proud you are, that they full the world with conspiracies. Clinton’s… Obama’s… Kennedy’s… and the Democrats are all plotting. scheming, and would turn this nation into North Korea if Mitch McConnell, John Boehner and George Bush hadn’t stopped them.

    And you voters for the GOP. You should be joyous that another conspiracy theory is invading the dull American mind, teaching us that the conspiracy is a valid way to wriggle out of any scientific fact. It just works. Kenya the damn thing! Birth Certificate it!!! Oh and just in time for the GOP to shore up their base. Of which you are one. Dull, that’s you.

    But hey, they keep your taxes low, what the fuck do you care? Right?

  15. ilsm says:

    @ The NYT chart about US G spending to GDP.

    The generals just told congress that the US will have hollow forces if it don’t get all the money it demands. 5% of GDP for a “hollow force” according the generals.

    How can half the worlds’ war making money go to empty forces?

    In 1969, when real war spending was less than what it is today (over a larger current GDP) the US was expending more bombs from expensive airplanes and aircraft carriers than in 1944, was holding the line of empire against the Soviet Union and the Red Chinese and had a robust economy.

    Today the US spends half the world’s money on arms and senseless tactics fighting goatherds, with no adversaries.

    Why the US is going broke: tax cuts, corruption and perpetual war.

    While they scream about SS and medicare which are good for 99% of the commoners.

  16. rd says:

    John Adamson:

    A.) The market is never “wrong.”
    B.) Losses are losses.

    You are clearly not thinking like a TBTF banker who knows that a loss is not a loss until the Fed tells you it is a loss. The Fed will also instruct you on what the actual market is instead of those numbers scrolling on the ticker.