My morning reads:

• As Fears Recede, Dow Industrials Hit a Milestone (NYT) see also As Confetti Settles, Strategists Wonder Will Dow’s Rally Last? (WSJ)
Pursuit of Mediocrity: The high cost of active management (Abnormal Returns)
• How Much of Equity Prices Is Real? (Alhambra Investment Partners)
• 4 Hidden Risks in Bonds (iShares
• Forget Spending Cuts, the U.S. Economy Really Needs a $2 Trillion Stimulus (Fiscal Times)
WTF headline of the day: States Move to Criminalize Whistleblowing on Food Fraud and Animal Cruelty (A Lightning War for Liberty)
• Why has Congress left housing to Fannie Mae and Freddie Mac? (Wonklbog)
• How I ended up with Mac (tirania) but see Why I switched from iPhone to Android (Macworld)
• It’s Time to Rethink America’s Corn System (Scientific American)
• The 8 Most Obnoxious Internet Commenters (Cracked)

What are you reading?

 

Dow Record Highs

Source: NYT

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.

14 Responses to “10 Midweek AM Reads”

  1. hue says:

    shipwreck may contain mythical Viking sunstone, navigation aid http://bit.ly/13FjltA

  2. DRR says:

    http://www.macroresilience.com/2013/03/04/the-greenspan-feds-biggest-mistake-the-ltcm-rate-cuts/

    “The problem with the ‘Greenspan Put’ doctrine is not that it fails to prevent bubbles when a recession is on. The problem is that it creates conditions such that eventually there are only two states possible for the economic system – a bubble or a collapse. “

  3. nofoulsontheplayground says:

    Fascinating chart here: “Proof the Fed is Juicing the Markets” FoxBusiness

    http://www.foxbusiness.com/economy/2013/03/04/proof-fed-is-juicing-markets/

    The chart here compares the Dow Jones Industrial Average with the St. Louis Federal Reserve Bank’s adjusted monetary base.

    The adjusted monetary base is the sum of currency (including coins) in circulation outside Federal Reserve banks and the U.S. Treasury, plus deposits held by depository institutions at Federal Reserve banks.

  4. Molesworth says:

    ECRI still defending recession call. Would Kahnemann call this confirmation bias?
    ACHUTHAN: Look At These Charts And Tell Me We’re Not In Recession
    http://www.businessinsider.com/ecris-achuthan-reiterates-recession-call-2013-3#achuthan-argues-that-we-are-in-a-an-era-characterized-by-frequent-recessions-1

  5. willid3 says:

    a catch 22?
    where you can’t challenge a law, if you dont have standing, and you can’t know if you have standing because its a secret? and nobody will tell you if you have been spied on?

    http://www.theatlantic.com/technology/archive/2013/03/the-catch-22-that-prevents-us-from-truly-scrutinizing-the-surveillance-state/273738/

    the reason the private mortgage business isn’t coming is because of the way it was run. nobody can trust the private sector to not defraud them on mortgage securities to start with, so what rational self aware, competent, not born in the last 20 mins investor will invest with them? in this decade? or century? the whole private mortgage sector was a scam. if Congress tried to reduce the GSE in favor of it, they would not see any housing market.

  6. hue says:

    why is economist Krugman debating Chandler Bing from Friends? http://bit.ly/XqA9kI

    i realize that Wall Street shouldn’t pay attention to politics or D.C., but didn’t the market power shift to Washington since Bear Stearns went belly up?

    “9:43 A.M. – Krugman: ‘Why don’t we try to argue the substance?’ We would like that! Unfortunately your opponent is Joe Scarborough.

    9:46 A.M. – Scarborough is shocked, shocked to learn that people are saying the deficit is the number-one fiscal problem in the country. ‘Who is saying that?’ he asks with his confused squint, like a puppy who can’t figure out why he doesn’t deserve a treat just for being adorable. Charlie Rose – oh look, he’s alive! – wants to know what it would take for Krugman to agree that we should do something about the debt now.”

    Zbigniew Brzezinski was right. The father of Mika, Morning Joe’s Ed McMahon, once said to Scarborough: “You know, you have such a stunningly superficial knowledge of what went on that it’s almost embarrassing to listen to you.”

  7. gordo365 says:

    Headline should read “Despite being run by crooks with super computers, and regardless of continual quest to screw it’s clients – Wall Street achieves new milestone…”

  8. Derektheunder says:

    Real filibuster:

    “a letter sent by Attorney General Eric Holder this week, which claimed that the President has the legal authority to use military force against American citizens on U.S. soil.”

    http://www.businessinsider.com/rand-paul-filibusters-john-brennan-2013-3

  9. Joe Friday says:

    Forget Spending Cuts, the U.S. Economy Really Needs a $2 Trillion Stimulus

    Indeed.

    But that’s like Galileo attempting to explain to ideologues that the Sun does not revolve around the earth.

  10. willid3 says:

    hm that sky high market isn’t helping the 99%. just the 1%

    http://www.nakedcapitalism.com/2013/03/as-dow-sprints-to-new-high-the-middle-class-and-manufacturing-languish.html

    and it seems that all that offshoring and out sourcing has lead to lower general labor costs but to higher management costs. and can’t forget those extra management freebies where management now has to travel to exotic locales on the company dime.

    but just wait as oil keeps going up, it will get harder to do that cost cutting routine.

  11. willid3 says:

    what really gets hyper inflation going in a real capitalist society? its not what many seem to think it is

    http://www.nakedcapitalism.com/2013/03/philip-pilkington-hyperinflation-the-libertarian-fantasy-that-never-occurs.html

  12. romerjt says:

    How can the influence of corn in our diet and transportation be reduced when the first “real” primary is in Iowa?

  13. kaleberg says:

    Just finished What Went Wrong, the classic taxonomy of industrial process plant accidents. What went wrong? Plenty. All sorts of screw ups – why you don’t want to weld over water – what types of chemicals are much more dangerous than gasoline – how nitrogen can kill you in seconds – and so on. As a bonus – I didn’t know that the Bhopal accident was probably the result of sabotage.

    Just started Life’s Ratchet, a book by a biophysicist describing what we now know about chemical kinetics in biological systems. All those organic chemicals are little machines that rely on random noise in biological systems and trap door dynamics to produce what has long been considered the vital force. As usual, he is now setting up Aristotle for his evisceration. I gather he has some creationists waiting for their turn on the slab.