Some Sunday morning reading:

• Ralph Acampora is bullish on stocks’ outlook  (USA Today)
• Housing has been booming! Construction jobs haven’t. Here’s why. (Wonkblog) see also Data Shows Dramatic Drop in U.S. Foreclosures (World Property Channel)
Lowenstein: There’s a Reason for Deposit Insurance (NYT)
• The economic recovery real  (Economists View) but see Perspectives on a Sluggish Recovery (Conversable Economist)
• How bankers believed their own hype (
here’s the other side of the argument:  Are Cries to Break Up Big Banks About Reform … Or Revenge? (American Banker) see also What Problem Does Breaking Up The Banks Fix? (Slate)
Dude, Where’s My Red Wine Pill? The strange saga of resveratrol, the wonder drug that never was  (New Republic)
• As Republicans Hail Hayek, Their Plans Advance Friedman (Echoes) see also The numbers prove it: The GOP is estranged from America (WaPo)
• How One Man Turned Himself Into a Publicly Owned Company (Atlantic)
• The Dunbar Number, From the Guru of Social Networks (Businessweek) see also Twitter-shaming can cost you your job (InfoWorld)

Whats for brunch?


Stock Market Navigated Through Historic Boom Bust Cycles

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.

21 Responses to “10 Sunday Reads”

  1. parkinit says:

    Interesting article from David Frum called “The Roots of Anti-Government Gun Culture in America”. Definitely worth a read, even if you don’t believe it tells the full story:

  2. farmera1 says:

    Gary Shilling makes the case for deflation. Although if memory serves me, Shilling has been making this case for a long, long time. By investing in bonds it’s been possible to make a few bucks from his thinking.
    This could be thought of as a struggle between helicopter Ben and people like Shilling. So far Shilling has been more right than wrong, but Ben owns the printing presses.

  3. rd says:

    On Hayek vs. Friedman:

    The biggest single thing that Milton Friedman missed was the importance of regulation to protect society from sociopaths and psychopaths. About 2% to 5% of the population fall into these categories ( While many of them are largely disfunctional and end up at the bottom of society, a selection of them are capable of social climbing and ending up in positions of power where they can do great damage.

    Regulation is a way to put basic rules in place to keep people within reasonable bounds. Ironically, the right is very big on law and order with respect to the lower classes of sociopaths which is one reason why we have such a huge prison population. However, they fete the highly functional sociopaths and prevent any regulation or prosecution of the highly functioning ones where the real damage to society occurs.

  4. Orange14 says:

    So I’m going through the Wells Fargo proxy statement and two things immediately catch my eye. They are proposing Elaine Chao for the BoD and nowhere in the biographical information do they make any mention that she is the spouse of Republican Senate minority leader Mitch McConnell. Hmmmmmm, now here’s a real conflict of interest given the root opposition to any kind of regulatory oversight of the financial industry by this guy and his part. #2, WFC is proposing to issue up to another 150 million shares of stock for their long term compensation program. If all the shares are issued this will dilute current shareholders value by 10%. Are these guys looney or do they just expect that because the BoD supports this everyone will just vote a lemming-like yes.

    I wonder what St. Warren of the Value will vote on these two items given he is the single largest stockholder in WFC. Maybe I’ll write him a letter and ask given I’m also a Berkshire shareholder.

  5. Moss says:

    The thing with Hayek and The Road To Serfdom in particular is that the many reservations he has concerning the issues of laissez-faire capitalism and the free market lead us to the mixed system we currently have. You can not cherry pick Hayek nor Keynes and come to a simple conclusion.

  6. VennData says:

    40 Percent Of Americans Will Be Freelancers By 2020

    You want a constituency for Obamacare? 40% of Americans will be a real good start.

    Let’s start a blog:

    When you’re paying your own medical insurance, then you can comment freely on the effects of Obamacare.

    • jtuck004 says:

      Given that the worker’s labor DOES pay for their medical care, they already are paying for it.

  7. stonedwino says:

    rd makes a stunningly accurate depiction of what the Hayek vs. Friedman argument really boils down to.

    BR: the Dunbar Number story had me from the start – utterly fascinating how modern society tends to mostly ignore anthropology, which has quite a few answers for us about ourselves and our society.

    I love going through the “reads”, but enjoy the comments just as much. Cheers!

    • george lomost says:

      Dumbar article way too dumbed down. Suggest:

      Dunbar, R. Grooming, Gossip, and the Evolution of Language. Harvard U. Press, 1996. (only 230 pages)

      Great ‘Big Picture’ ;-) intro to the Social Brain Hypothesis.

    • woodhenge says:

      as welfare declined disability increased. Huge link between disability and education

  8. Mike in Nola says:

    More unintended consequence of stupid acts.. Before the Iraq invasion, this wouldn’t have been an issue.

    Kerry chides Iraq over Iran flights to Syria

  9. S Brennan says:

    To Barry’s “What is your time frame” and to George Lomost’s linked article “The dangerous drift towards world war in Asia”

    World empires rise and fall. A world empire falls when it’s ruling elite decide to look at things in the short run. When they adopt this view, they can clearly see that treasure spent on maintaining the empire, both industrial, infrastructure and military would be better spent on lucre themselves.

    World empires must be destroyed by their own ruling elite…otherwise they were never world empires to begin with. And were it just that, fading into the night, it would be sad, but not tragic. However, since the end of the Bronze Age, each empire that has ended, has done so in the spastic cataclysm war with it’s handmaidens, famine and disease standing at the ready.

    The opponent, the seceding empire, may not secede in it’s fight for world preeminence, that is not always the eventuality, the importance lies in the destruction of communication, commerce and civil order. Once these affairs darkened Asia and the Mediterranean in differing times…and progress, though reversed locally, was not extinguished…but the twentieth century has changed the scale of wars of empire. When our leaders have had their fill at the public trough and brought about war of empires to our shores, the price could be quite a bit higher than “just” a few centuries of famine and disease.

    When you think of war with China, do you think of our superior force? Well, if you do, did you know that in 1939 at the start of WWII, the US was ranked 17th, behind Romania, in military power? So why did the USA win so conclusively and in such a short time? The answer is simple, we had as much industrial capacity as the rest of the world combined. Please read this sentence from George Lomost’s linked article article

    “Much of the US manufacturing base is in the Pearl River Delta or the lower Yangtse.”

    History says, we either turn this ship around, or we sail into oblivion.

    I am sure our ruling elite thinks to make away with their lucre…that is, if they think at all…but has anybody heard of a modern day Caesar living well, or for that matter, has anybody heard of any of the great families of the Roman empire living well today? When you stop and think about it, with the world in rubble, what percentage of America’s high born would even survive the diease and famine that accompany a fallen empire…let alone prosper in great wealth?

  10. KL says:

    You definitely linked one of the better takes on the Adria Richards affair. It’s major flaw is that it is far too generous despite being probably one of the most harsh pieces against Ms Richards. It’s light criticism of Ms Richards over reaction is more interesting in the light of all of the pieces bemoaning sexism in the tech industry. All of which appear a little tone deaf to what Ms Richards did to spur the viral reaction (unless you ascribe it to sexism as many lazy journo bloggers did).

    Ms Richards appears to be a bit of an unsavory character judged by her own twitter and other blog posts.She has made a few controversial statements about racism and compared herself to Joan of Arc after reporting the personal joke. It’s a pity there’s no piece bemoaning Ms Richards original complaint and insidious watering down of the term sexism. In this case, one would get a very different opinion looking at the raw posts and reporting than if one perused the google news feed. All in all, it raises serious questions about social justice advocacy in our society and the quality of reporting on such advocacy.

    A side story but an interesting one for those concerned about our society.

  11. Jojo says:

    March 22, 2013
    Smithsonian Magazine 2012 Photography Contest: 50 Finalists

    The Smithsonian magazine’s 10th annual photo contest’s 50 finalists have been chosen, but there’s still time for you to vote for the Readers Choice winner! This year’s competition has drawn over 37,600 entries from photographers in 112 countries around the world. Editors will choose a Grand Prize Winner and the winners in each of five categories which include The Natural World, Americana, People, Travel and Altered Images. Voting will be open through March 29, 2013. — Paula Nelson ( 22 photos total)

  12. farmera1 says:

    A compelling case for passive investment.

    It is worth your time to watch this video.

    BR, I hope you get a chance to watch, it agrees with your thoughts, as far as I can tell.

  13. Greg0658 says:

    testing 123 is this thing on – with subthreads under a bloggers post ie: I placed at “Reply” under “parkinit 7:41am” the top of this thread OR in timeline after farmer1 4:13pm

  14. Greg0658 says:

    “not on” as was thinking (wondering)

  15. garytruck says:

    Good list. Regarding the article at World Property Channel RE: foreclosures dropping, the banks still have hundreds of thousands bottlenecked and they will continue to drip them into the market for years to come. Other Real Estate News stories at WPC also verify this.