My longer form reading material to begin your 3 day weekend:

• Amazon unpacked (FT Magazine)
• Before Greed (Boston Review)
Sunk: The Incredible Truth About a Ship That Never Should Have Sailed (Outside)
• Tennis Argues Over Free Money (WSJ)
• Going With the River Flow (NYT)
• Cinema Tarantino: The Making of Pulp Fiction (Vanity Fair)
• Oliver Sacks on hallucinations and drugs (The Times Literary Supplement)
• Autism Inc.: The Discredited Science, Shady Treatments and Rising Profits Behind Alternative Autism Treatments (Texas Observer)
• The inside story of Aaron Swartz’s campaign to liberate court filings (arstechnica)
• How Wall Street Sleaze Led to Roosevelt’s Famed Corollary (Echoes)

What are you up to this 3 day weekend?

 

Liquidity Grows, but Economies Still Sluggish


Source: Washington Post

Category: Markets

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.

22 Responses to “10 Weekend Reads”

  1. ConscienceofaConservative says:

    Equity Prices Are Artificially High — It’s Time to Take Profits: PIMCO’s El-Erian

    BR: From the same team that forecast Dow 3000 in February 2009 . . .

  2. Mike in Nola says:

    Fighting raccoons in the attic.

    Looks like some insider trading on the Heinz deal.
    http://www.guardian.co.uk/business/2013/feb/15/sec-freeze-swiss-accounts-heinz-inquiry

    I suppose none of the traders was a TBTF or we would have never heard about it.

  3. Mike in Nola says:

    This reminds me of something I’d like to be doing this weekend. And I don’t mean going to Edinburgh:

    http://www.guardian.co.uk/uk/2013/feb/15/krispy-kremes-cause-chaos-edinburgh

    Haven’t had one in years. There was some strangeness about the Texas franchises that made them pretty scarce here. They have some other pretty bad chains, which is in keeping with the Houston lack of good breads and pastries.

  4. BusSchDean says:

    Mike — your doctor and partner will be glad that KK’s Texas franchise is run so poorly. Now if you are going to Edinburgh and want to clog your arteries I highly recommend:

    http://www.oinkhogroast.co.uk

    Back to the poor franchise issue. Managing channel conflict — placing products in channels that compete with each other — is not easy and KK has proved that point more than once.

  5. rd says:

    Two day weekend. Much of the private sector doesn’t get Monday off.

  6. Mike in Nola says:

    That looks pretty good. As long as there’s no horses involved.

    All that horsemeat stuff makes you wonder. We went to Normandy and Brittany last fall and got tired of all the crepes, not all of which were good. When we were in Dinan (beautiful old town, but extremely hilly) we had a craving and stopped for lunch at a little place for lunch. Had a great burger. It turned out the waitress had to do the cooking also, but she was very good at it.
    http://creperiefontainedujerzual.fr/

  7. AHodge says:

    Japan good conference friday by Petersen institute piie.edu
    but best ppts by IMF not posted yet
    Abenomics and the summit Abe -Obama next week which will be in news
    japan reflation serious and going to be big
    postal savings for real investment?-not just govt bonds
    point was made that their version of QE has been completely lame and limited
    so far only relatively short term asset purchase
    so this could be directed to buying 10 year govt bonds big?
    ABE could sign on to joining the Asian trade pact-maybe with a deal on agriculture

  8. AHodge says:

    re earlier iie.com may be better URL

  9. hue says:

    NOMBY, not over my backyard: Localities move to limit drone use, even in places where Big Brother have yet to hover http://nyti.ms/XOvokl

    Like PO, pentagon cancels regular saturday drone strikes http://nyr.kr/12twOVc cutting cost & preparing for sequestration

    She Didn’t Know When to Fold: Ex-SD Mayor Wins, Loses $1B in Video Poker http://bit.ly/WsVLuA

    “Former San Diego Mayor Maureen O’Connor took $2 million from a nonprofit foundation to feed a billion-dollar gambling habit that spanned a nine-year period, federal prosecutors said. … They said O’Connor had $1 billion in gambling winnings between 2000 and 2009 — her preferred game was video poker — but her losses during the same period exceeded that amount. Her attorney said she had a net gambling loss of $13 million.”

    I can’t wrap my head around this story. Did she really win a billion? Did she double down after each win? I guess casinos don’t net out the losses in reporting to the IRS. And what were her financial advisers doing?

    NYTimes version: To wager a billion dollars over the course of her nine-year gambling spree, O’Connor would have had to bet the equivalent of more than $300,000 a day, seven days a week.

  10. RW says:

    Central Banks: Why Are They Alone Fighting for Growth?

    …it’s different in different countries, but in the US (and I’d add the UK), fiscal tools are off limits because we’ve put them there, surrounding much needed jobs measures with the ideological equivalent of yellow police tape. …

    …The central banks can set the table with low interest rates, but absent more action on the demand side of the equation, consumers and investors are just a lot less likely to take advantage of the lower rates.

    NB: The economy is not a morality play and fiscal austerity at the zero boundary has no more empirical support than medieval purging and bleeding: Not that this prevents self-righteous fools from arguing for it nor feckless policymakers from implementing that whim of iron; if there is indeed any morality in the universe then their arbitrary cruelties to their fellow humans will cost them dearly when it is time to meet their maker.

  11. VennData says:

    Fox finds more “reverse” racisim!

    “…The cover has Beyonce in a flirty outfit and pose, with the title “100 Sexiest Women of the 21st Century.” Further inside, there’s a photo of Megan Fox in a skimpy bikini, licking ice. This is all typical men’s magazine fare. The issue creates some random themes. Page 32 has “The Century in Jessicas:” Jessica Simpson, Jessica Alba, Jessica Biel. There’s goofiness on page 84 with a section titled “Hottest Blue Chicks.” Avatar and the Smurfs get a shout-out. None of that has people upset, but some say the whimsy veers into inappropriate territory with sections titled: “This Year’s Hot Chinese Chick,” “This Year’s Hot Indian Chick,” and “This Year’s Hot Italian Chick.” There’s even: “This Year’s Hot Pregnant Sri Lankan Chick.” It may be a subtle point, but what bothers some people is the singling out of only certain women’s ethnicities…”

    http://www.myfoxchicago.com/story/20618717/the-talker-gq-gets-racial-for-hottest-women-list

    ‘Some say whimsy veers into inappropriate territory… What bothers some people is the singling out of only certain women’s ethnicities…”

    Ahh.. the “Some people say” line is back five years after George Bush wore this one out.

    Is this how the right wingers want you to stop reading SI? Because GQ singled out blue chicks?

    What is Rupert Murdock talking about?

  12. S Brennan says:

    Wal-Mart Stores Inc. had the worst sales start to a month in seven years as payroll-tax increases hit shoppers already battling a slow economy, according to internal e-mails obtained by Bloomberg News.

    “In case you haven’t seen a sales report these days, February MTD sales are a total disaster,” Jerry Murray, Wal- Mart’s vice president of finance and logistics, said in a Feb. 12 e-mail to other executives, referring to month-to-date sales. “The worst start to a month I have seen in my ~7 years with the company.”

    Both executives attributed the performance to increased payroll taxes and delayed tax returns, which Geiger called “a potent one-two punch,” according to the e-mails….Higher payroll taxes “go against our customers’ wallet,” Family Dollar Chief Executive Officer Howard Levine said on a Jan. 3 conference call. “Clearly, they do not have as much for discretionary purchases than they did.”

    Simon cited negative economic growth, declining consumer confidence and rising unemployment as challenges facing the company. The U.S. economy shrank at a 0.1 percent annual rate in the fourth quarter, and the unemployment rate rose 0.1 percentage point to 7.9 percent in January. The Conference Board’s measure of consumer confidence declined last month to the lowest since November 2011. ..“That points to our competitive landscape, which means everyone is suffering and probably worse than we are…We have to fight against the tougher economic environment to earn a bigger share of a smaller consumer spending pie,”

    http://www.bloomberg.com/news/2013-02-15/wal-mart-executives-sweat-slow-february-start-in-e-mails.html

  13. James Cameron says:

    The New York Review of Books

    The Way They Live Now, Michael Lewis

    http://goo.gl/86QQd

  14. Joe Friday says:

    Heads Up: Alabama Shakes scheduled to appear on Saturday Night Live.

  15. NB: The economy is not a morality play and fiscal austerity at the zero boundary has no more empirical support than medieval purging and bleeding: Not that this prevents self-righteous fools from arguing for it nor feckless policymakers from implementing that whim of iron; if there is indeed any morality in the universe then their arbitrary cruelties to their fellow humans will cost them dearly when it is time to meet their maker.

    RW,

    see S Brennan’s post, for additional flavor..

    though, to your point, http://www.middle-ages.org.uk/feudalism.htm ..

    the, current, ‘Fiscal Policy’ has more to do with ‘keeping the Uppity Serfs in ‘their Place”..

    “We have come to recognize that there are potentially desirable limits to economic growth. There are also potentially desirable limits to the indefinite extension of political democracy…A government which lacks authority …will have little ability, short of cataclysmic crisis, to impose on its people the sacrifices which may be necessary..”
    – 1975 Trilateral Commission Report on the Governability of Democracies

    http://archive.org/stream/TheCrisisOfDemocracy-TrilateralCommission-1975/crisis_of_democracy_djvu.txt

  16. RW says:

    Is the business cycle a cycle?

    Maybe, but it ain’t got rhythm.

  17. Jojo says:

    I watched this program on PBS the other night and it was most excellent. Particularly in clearly showing how everything that happens to the Earth/Nature are part of a system where changes made in one place can have huge affects on the other side of the planet. If only the human race could learn this. Highly recommended!

    You can watch the program on the website below.
    ————-
    Earth From Space
    Detailed satellite images reveal the web of connections that sustain life on Earth

    “Earth From Space” is a groundbreaking two-hour special that reveals a spectacular new space-based vision of our planet. Produced in extensive consultation with NASA scientists, NOVA takes data from earth-observing satellites and transforms it into dazzling visual sequences, each one exposing the intricate and surprising web of forces that sustains life on earth. Viewers witness how dust blown from the Sahara fertilizes the Amazon; how a vast submarine “waterfall” off Antarctica helps drive ocean currents around the world; and how the Sun’s heating up of the southern Atlantic gives birth to a colossally powerful hurricane. From the microscopic world of water molecules vaporizing over the ocean to the magnetic field that is bigger than Earth itself, the show reveals the astonishing beauty and complexity of our dynamic planet.

    http://www.pbs.org/wgbh/nova/space/earth-from-space.html

  18. A says:

    A note for Keystone (XL) Cops:

    Seems the protesters of the Keystone pipeline choose to ignore a more obvious polluter:
    http://opinion.financialpost.com/2013/02/15/8-reasons-america-should-welcome-canadas-oil-and-keystone-xl/

  19. gms777 says:

    Do you, Barry, or any other readers know of research regarding the effect of natural phenomena on markets?

    For example, the massive 1976 Tangshan earthquake in China is believed to have hastened political and economic reforms there. And not just because more than 500,000 people died. The Chinese truly believe that things such as earthquakes reflect the Heavens lack of confidence in earthly leaders.

    Here we have just had a truly scary meteor which the whole world has seen. And heard! Plus, we have not one but two comets coming this year.

    In 1860 a huge meteor broke up in the night sky above the U.S. People thought it was a comet. Walt Whitman wrote a poem about the event, suggesting that its occurrence was related to John Brown’s raid. (That event pretty much lit the fuse that started the Civil War.)

  20. S Brennan says:

    gms777,

    This meteorite event proves once again that the idea that we can see all “incoming” is hubris…the US had better heed these warnings and develop systems to deal with unexpected visitors…

    Memo to DoD, National defense is more than war fighting. Please make a note of it.

  21. willid3 says:

    I see some (Heritage) are still saying that austerity wont hurt, and budget cuts wont hurt. and they are are even economists. probably related to the ones that never saw the great recession coming

    http://herit.ag/12EppxQ

    maybe it just doesnt fit their world view so it cant happen. and even when it does, they never really see it