My early morning reads for Sunday:

• Reluctant Bulls Key for Birinyi Amid Record S&P 500 Rally (Bloomberg) see also Still at a Trot, This Bull May Have Farther to Go (NYT)
• Ben. And then? (The Economist)
David Stockman: State-Wrecked: The Corruption of Capitalism in America (NYT)
• How the ATM Revolutionized the Banking Business (Bloomberg)
• New sheriff of Wall St. is racking up insider trading convictions (Los Angeles Times)
• When Simplicity Is the Solution (WSJ)
• Obama administration moves ahead with sweeping rules requiring cleaner gasoline (Washington Post)
• History Won’t Be Kind to the Supreme Court on Same-Sex Marriage (Atlantic)
• Why We Ignore Good Advice (Psychology Today)
• Five Wine Blogs I Really Click With (WSJ)

What’s for Brunch today?

 

World GDP

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.

16 Responses to “10 Sunday PM Reads”

  1. AnnaLee says:

    Brunch? Well, I got my $87 federal tax return so I think I’ll go to Anthony’s on Squalicum Harbor in Bellingham, WA for brunch if we can get in on Easter without a reservation. It is relaxing to look over the big boats docked there, the water, and the people walking their dogs and babies along the bike path.

  2. farmera1 says:

    China Will Soon Be Drilling A Third Of Iraq’s Oil

    Read more: http://www.businessinsider.com/chinese-iraq-oil-production-2013-3#ixzz2P7UKhI29
    http://www.businessinsider.com/chinese-iraq-oil-production-2013-3

    Wo0 is me. Spent some $6 trillion in direct costs to invade Iraq, hundred of thousands of dead, and undoubtedly jacked up the price of oil (start a war in the Middle East and what do you think would happen to the price of oil), and what do we get, not so much. But the Chinese say thank you America. When countries are this dumb, pardon me but I don’t see much hope.

    • AHodge says:

      wow in a bad way.and i thought the 3 +mio BPD was a shock
      these folks are not our well behaved WTO trade buddies
      we are being played like a stradivarius, not least with north korea

  3. Mike in Nola says:

    Funny that the oil industry is whining about new rules and how they may drive up the cost of gas nine or eighteen cents when their selling of our oil to Latin America through the Gulf Coast has gasoline prices near all-time highs despite record production and the fact that American driving is way down.

  4. cdeuce says:

    Noticed for this list of “Reads” you went back to putting the list and links right on the main page. Good idea. For the most part I have no issues with your redesign but since the Reads are simply meant to be links to somewhere else it didn’t makes sense to bury them on another page.

  5. diogeron says:

    What’s for brunch today? After reading David Stockman’s piece in the NYT linked to above, I think a bottle of Maker’s Mark and a pound of bacon seem appropriate.

  6. RW says:

    I could have posted this as a further point in the comments under The Ten Best Employers To Work For or the rather flawed research piece, Is Job Polarization Holding Back the Labor Market?, but it made sense as a stand-alone Sunday read if only to reflect my ongoing bemusement regarding Thomas Friedman’s ability to somehow parlay his manifestly meager analytic talent into a steady gig at the US paper of record.

    Thomas Friedman Invented His Own Job, Why Shouldn’t You?

    The reason that [high-skill fields] are not all dominated by people from the developing world is that the professionals who fill these positions today have enormous political power. They use this power to keep out the people from around the world. They also use this power to block trade in their services, for example, by making it difficult or impossible for the government to save tens of billions of dollars by allowing patients on Medicare or Medicaid to have major medical procedures performed outside the country. …

    But Friedman instead perpetuates the nonsense that high-skilled workers are somehow protected from international competition by their skills rather than their political power. Of course even the idea that we are increasing becoming a nation of self-employed workers is complete nonsense. In 1973, the self-employed accounted for 6.5 percent of total employment. Last year it was down to 6.1 percent.

    NB: What diogeron said except make mine a fifth of Blanton’s.

  7. RW says:

    NB: PS: I say Blanton’s because David Stockman get’s so much wrong in his screed that it calls for a Bourbon IV and if I’m going to go down I want it to be single barrel.

    I mean, everything from the “burdening future generations with debt” bullshit — the government’s liability is also somebody’s asset and can be paid off in a currency only the govt produces for cry’n out loud — to the the 24/7 “bipartisan Keynesian spending” BS: excess govt spending during economic good times is NEVER Keynesian by definition and, judging by the past half century, no one can blow up a budget and pile on debt faster and stronger than a Republican..

    Enough with the Gish Gallop already: This is what burdening future generations really looks like!

    Forget it, zombie ideas never die; I need a drink!

  8. RW says:

    Of course we could talk about how to really fix things instead of constantly fighting zombie ideas.

    How an anti-rentier agenda might bring liberals, conservatives together.

    “Throughout the late 19th century, the political economist Henry George argued that a main reason there was so much poverty amidst prosperity was the large presence of people collecting unearned income, or what he called “rents”. His particular focus was on land, and his solution was taxes. It’s difficult to overstate his influence on turn-of-century reform movements, providing both the theoretical basis for those looking at other problems in the new industrial era and a concrete set of solutions for organizers building new mass political movements.

    In a recent series of three posts at Salon, Michael Lind of the New America Foundation argues that this threat of rentiers is back and causing mass stagnation in an age of huge wealth. Lind believes that an anti-rentier agenda could unite a broad coalition, including ‘owners of productive businesses as well as workers, populist conservatives and liberal reformers.’”

    PPS: Don’t get me wrong, I think Stockman’s heart is in the right place, but with a partially devoured brain he just can’t seem to see straight and his shots are flying wild, bringing down friend and foe alike.

  9. Mbuna says:

    I think Stockman scores a direct hit in his NYT opinion piece. As a simple rebuttal to RW, the key factor at play here is not which angle you think is going to alleviate the “financial and economic” problem. The key factor is that the entire hierarchy of financial and political powers in this country are morally bankrupt and no discussion of rentier agendas is going to fix that. If the moral issue is not addressed then the rest of it really doesn’t matter.

  10. Jojo says:

    Everyone should think many times about trusting your digital life to the “cloud”. When you effectively transfer control of your data, photo’s, music, etc. to someone else, then they ultimately control your access. Beware.
    ===========
    Microsoft Cloud Services Locks You Out Of Your Digital Life, Won’t Explain Why
    By Laura Northrup March 25, 2013

    http://consumerist.com/2013/03/25/microsoft-outlook-locks-you-out-of-your-digital-life-wont-explain-why/

  11. Jojo says:

    30 great examples of doodle art
    Mar 29, 2013

    For some, doodling is not considered to be a serious art form. But it often produces the most personal and stunning work created by an artist. Here we’ve picked some great examples to inspire you.
    Advertisement

    Doodling is a great, fun way of expressing yourself. But because everyone can do it, it’s often underrated as an art form.

    Yet doodle art is a serious business for many – as these 30 stunning examples prove. Combining child-like doodles with expressive illustrations, they show how doodling be used to create beautiful and arresting designs. Who knew there were so many doodle styles? Which is your favourite?

    http://www.creativebloq.com/illustration/doodle-art-912775

  12. Jojo says:

    Discover magazine
    FROM THE APRIL 2013 ISSUE
    20 Things You Didn’t Know About… Coffee

    Joe. Java. Go juice. Whatever you call it, you’re probably drinking it. Now find out how coffee is connected to a Bach cantata, enemas, and elephant dung.
    By Rebecca Coffey|Thursday, March 28, 2013

    1. Forget 5-Hour Energy. The original pick-me-up may have come from the nomadic Galla tribe of Ethiopia, which made energy bars from ground coffee beans and animal fat sometime in the first millennium.

    2. Around A.D. 1000, Arab traders brought coffee beans home from Africa and started boiling them into a drink they called qahwa. Translation: “that which prevents sleep.”

    3. Fast-forward to the 1930s, when German physician Max Gerson began promoting daily coffee enemas to detoxify the liver, stimulate metabolism, and cure cancers.

    http://discovermagazine.com/2013/april/22-20-things-you-didnt-know-about-coffee

  13. Joe Friday says:

    Mike,

    I swear, the oil company spokes-puppets must have one of those ‘Price Is Right’ wheels in their office that they spin to determine which LIE they will tell every time the price of gasoline rises.

    We’re switching from Summer Grade to Winter Grade, we’re switching from Winter Grade to Summer Grade, we’re switching from making heating oil to making gasoline, we’re switching from making gasoline to making heating oil, the gasoline refinery is down for maintenance, and a tanker hit a sea lion out in the middle of the ocean (oh, wait, they haven’t used that one yet).

    What they cannot seem to explain, as you mentioned, is why their old reliable argument of Supply & Demand is standing on it’s head. Production is at the highest levels in history and demand for gasoline is lower now than before 1980.

    As someone famously once said, “I smell a rat”.

    ~

    Shades of the scheme by Kramer and Newman to arbitrage collected empty soda cans via a Post Office truck, gasoline in Venezuela is now selling for the equivalent of two cents a gallon, and gasoline in California is selling at something North of four dollars a gallon. Now if we rent a tanker….

  14. Melvis says:

    I remember reading Stockman’s book after he left the Reagan administration. It made sense to me then as does his new book. All this crap about rentiers being a scourge on society is simply unfair. Unearned income is simply a return on invested capital. People need to be able to save for retirement and have their money work for them when they can no longer physically work. Unfortunately what we have now is financial repression where the savers are screwed to the benefit of the debtors. The problem is not with those who have invested and deserve a return. The problem is with the politically favored industries and institutions that are feasting at the governments teats while crowding everyone else out.

  15. Cato says:

    It’s not really a blog and is quite euro-centric, but check out the wine-doctor website as well as those five blogs mentioned in the WSJ.