My early morning reads:

• Heady Returns, but Apple Finds Its Stock Falling (NYT) see also Apple Sales Gain Slowest Since ’09 as Competition Climbs (Bloomberg)
• Jed Rakoff: The judge who rules on business (Fortune)
Dr. Doom says quantitative easing will create zombie banks, firms and borrowers (Guardian)
• 6 Reasons the Stock Market Could Do Surprisingly Well in 2013 (Time) versus Is the Dow Making a New Top? (Profit Confidential)
• Yahoo, Dell Swell Netherlands’ $13 Trillion Tax Haven (Bloomberg)
• Rising House Prices, Not Stocks, Make People Feel Wealthy (Real Time Economics) see also Case, Quigley & Shiller: Wealth Effects Revisited: 1975-2012 (NBER)
• Is The “Self-Promotion-And-Envy Spiral” Taking Down Facebook? (Testosterone Pit)
Wolf: America’s fiscal policy is not in crisis ( see also Krugman: Martin Wolf, Hippie (NYT)
• The Zero Dark Thirty File (The National Security Archieve)
• Obama Could Bypass Congress to Fulfill Climate Pledge (Bloomberg) see also China Clean-Air Bid Faces Resistance (WSJ)

Are you dressing in layers?


Stock Market Rallies

Source: Chart of the Day

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.

17 Responses to “10 Thursday AM Reads”

  1. clay says:

    Someone has to explain that Chart of the Day to me. The Dow had a 7000 trading day rally ending in 1942 w/o an intervening decline of >30%? What about 1929? Maybe it’s calendar days.

  2. Concerned Neighbour says:

    AAPL down 10% pre-market, and SPY flat. Another point suggesting it is in fact impossible for this central-bank pumped market to fall.

  3. DeDude says:

    Poor Paul Ryan;

    Nobody could have predicted that his brazen lies and hypocrisy would be called out:

    And this is not even the first time this year:

    Talk about a principled guy. He sure sticks to what he does well (lies and hypocrisy) no matter how much it may hurt him politically.

  4. DeDude says:

    Now that Europe got their Tobin tax should we really let the US be left behind in the dust?

    I say we should raise them one by instituting a tax on corporate cash accumulation (total of domestic and foreign cash holding). Would a 1% tax on cash holdings perhaps get them to stop hoarding and start circulating all that cash? So a company with a trillion in cash reserves would pay a small fee of 10 billion each year.

  5. RW says:

    Why Good People Can’t Get Jobs

    Even in a time of perilously high unemployment, companies contend that they cannot find the employees they need. Pointing to a skills gap, employers argue applicants are simply not qualified; schools aren’t preparing students for jobs; the government isn’t letting in enough high-skill immigrants; and even when the match is right, prospective employees won’t accept jobs at the wages offered.

    In this powerful and fast-reading book, Peter Cappelli, Wharton management professor and director of Wharton’s Center for Human Resources, debunks the arguments and exposes the real reasons good people can’t get hired.

    Short answers:

    * HR departments have become smaller as labor organization weakened and related issues such as retention became less urgent; slower economic growth (and higher unemployment rates) reduce urgency further.
    * With reduced HR staff, employers required more efficient (less expensive) ways to recruit and manage job applications; the Internet and specialized software provided the means.
    * Application processing software enabled automated reviews of applications, targeting exact requirements and rejecting applications that were not a strong match.
    * Attrition, job combination and revision of job descriptions created jobs that never existed before and hiring managers added even more requirements to minimize the risk of failure.
    * It has become less risky to leave some vacancies open than to hire people who lack the skills for these ‘new’ jobs; that is, it is less risky to wait than it is to hire and train someone who may be qualified but does not exactly match the skills required by the opening’s description.

    Really short answer: The “skills gap” excuse is mostly (but not entirely) that; an excuse.

  6. willid3 says:

    RW think you have it covered. and of course it has been the most popular excuse from some. or most. but then we get the meme that its taxes. lets cut taxes. which didnt work the last time, maybe because employers didnt have to do any thing to get that tax cut? seems like if we required them to hire to get the tax cut they might do that. seemed to work when we gave tax credits for buying commercial vehicles (no longer offered by the way). then there is the other meme that if just allowed them to bring back offshore money, they would hire. that didnt work either, maybe if we required them to hire to get that tax cuts, they would? but then we can’t require them to do any thing in exchange for tax cuts. consider that the biggest scam is the a company looking to expand in a state, and the state giving them tax credits to do so. only the states never seem to actually require said company to hire any one, and seemingly never retract the credits when the company doesnt

  7. willid3 says:

    maybe we are seeing the beginning of a change on prosecution of banksters? seems some one at DOJ lost his job because he really didnt want to do it?

    not sure about the new SEC chair and CFPB chair.

  8. VennData says:

    Republican Governors Open New Front in Tax Debate

    “…pushing to repeal the state’s personal and corporate income taxes and make up the lost revenue through higher sales taxes…”

    This will make all those millions and millions of small businesses selling stuff in their states very happy. The GOP, the small business party!

  9. willid3 says:

    VennData, so much for jobs. when folks get hit with higher taxes on purchases they tend to stop buying as much. which will lead to fewer jobs in that state. so i guess they are really the party of the top 1% now. business doesnt really matter much.

  10. rd says:

    Mary Jo White is to be the new SEC head:

    They waited until many of the statutes of limitations ran out before they put a bull dog prosecutor in a regulatory position.

  11. willid3 says:

    Chase still see’s no reason to change.

    after all they had nothing to do with the small depression did they?

  12. DeDude says:


    And you may add the question of who told these corporations that they can expect to be given highly trained individuals, if they don’t want to pay for that training either directly or by corporate taxes.

    These whiners need to understand that government cannot afford any more welfare – not even corporate welfare. If they cannot find people trained to do the work they need done, then they will have to hire one of the many unemployed people and train that person until she/he is qualified. Stop being takers and start being makers.

  13. RW says:

    @willid3; @DeDude;

    A thorough review of Peter Cappelli’s Why Good People Can’t Get Jobs that includes additional data, interview with the author, some links and additional perspective. Worth a read (the book is too).

    Home Depot Syndrome, the Purple Squirrel, and America’s Job Hunt Rabbit Hole (ht DB)

    “The United States is at the moment the only country in the world where the notion that employers are simply the consumers of skills is seriously considered,” Cappelli declares in Why Good People Can’t Get Jobs.

    “The great puzzle for people outside the US in the workforce world,” he adds in conversation, “is why we don’t have apprenticeship programs. Every other industrial country has got them. And in the countries that are emerging, like China, a big priority is to develop these programs … And we don’t have them.”

  14. AHodge says:

    re your quote of oil price as leading indicator
    it aint bad but global commodities or industrial commodities better
    oil can have its unique drivers
    all comods peaked and collapsed in July 2008, many some weeks before oil as i remember, a key indicator globe had moved tward maxirecession sumer 2008 before lehman

    to go wayback industrial commodities peaked and collapsed starting 1928,
    more tha a year befor stock market crash
    oil was less impt then copper other industrial metals rubber etc.

  15. czyz99 says:


    You saying something is spooky means it’ll stand my hair on end.