My morning reads:

• Cyprus omen for U.S. stock rally (USAToday) see also The Good, the Bad and the Extremely Ugly (aspects of the Cyprus deal) (Yanis Varoufakis)
• U.S Stocks Continue to Shun Foreign-Borne Risks (Barron’s)
• Middle-class folk need to stop spending like they are rich—and start saving instead (Quartz) see also The Recovery is Real (Tim Duy’s Fed Watch)
• The Best Way to Save Banking Is to Kill It (Bloomberg)
• Germany doesn’t like its own fiscal union, so why would it ever agree upon a European one? (Bond Vigilantes)
• Americans Want More Social Security, Not Less (Forbes) see also Declining Wealth Brings a Rising Retirement Risk (Economix)
• Winter Is Here: How Game of Thrones became the most important show on television (Grantland)
• Hashtags considered #harmful (Nieman Journalism Lab)
• 35 Astounding And Uplifting Facts About The Universe (BuzzFeed)
• How Samsung Became the World’s No. 1 Smartphone Maker (Businessweek) see also Apple fans: Microsoft is no longer the enemy (Macworld)

What are you reading?


US Gains Ground (recovers) versus Rest of the World

Source: Bespoke

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 Thursday AM Reads”

  1. MikeNY says:

    Wow, even the measured, sober Tim Duy now suspects the Fed is inflating another asset bubble.

    Of course they are; in “the asset-based economy”, that’s the only way they can generate “growth”.

  2. Hunters across country say they are boycotting Colorado over new gun control laws
    By Associated Press,

    COLORADO SPRINGS, Colo. — Hunters across the country say they are boycotting Colorado because of recent legislation meant to curtail gun violence.

    Colorado last week became the first Western state to ratchet back gun rights in response to mass shootings at a suburban Denver movie theater and an elementary school in Connecticut. Opponents warned that the gun controls would hurt hunters, especially an expansion of background-check requirements to apply to personal and online gun sales.

    Republican opponents of the new background-check law said it would make criminals of hunters lending each other weapons for weekend hunting trips. In response, Democrats changed the bill to give people a 72-hour grace period to share guns without triggering background-check requirements. …”

    out of Context, Nancy Regan was Correct, “Just say No.”

    Why empower that which you disagree with?

    differently, ‘Boycotts’ do, actually, work.

  3. hue says:

    another take on the Bertrand & Morse income study
    trickle-down consumption: how rising inequality can leave everyone worse off As the wealthy has gotten wealthier, a new paper revealed, they created an economic arms race in which the middle class has spent beyond their means to keep up

    don’t go swiping my heart: research suggests the more we spend on a digital screen, the more our biological ability to connect face to face withers away

  4. tradeking13 says:

    Super Rare Mercedes Gets Totaled After Shop Mechanics Take It For A Joy Ride (Business Insider)

  5. 873450 says:

    U.S. Senate imposes austerity on U.S. Senate

    Latest Victims of Budget Woes Know Cuts Well

    “It’s time,” said Senator John McCain of Arizona, a longtime patron who, like many others in the Capitol, said he recognized the infeasibility of government-subsidized haircuts for senators and their staff. … “In fact, I was talking to some of my friends there the other day, and they said they recognized too that the time has come.”

    “With the sequester, I’ve got a pretty big hole to fill,” said Terrance W. Gainer, the Senate sergeant-at-arms … he offered buyouts to his entire staff. So far, four of the nine employees in the hair care unit have told him they would accept, allowing him to replace them with less expensive private contractors who will not collect federal pensions or benefits. Mr. Gainer said he expected to cut losses in the shop to $100,000 a year from about $500,000 by privatizing.
    “Senators used to get free haircuts. But that stopped in 1979, when public pressure over wasteful government spending led the shop to impose a $3.50 fee. But even today, the shop’s full menu of unisex salon services are still far less expensive than many hair establishments around Washington. A basic trim is $20 plus tip, a manicure is $18 and eyebrow trimming runs $15.”

  6. Joe Friday says:

    Middle-class folk need to stop spending like they are rich

    More like the Rich & Corporate need to stop paying taxes like they’re Poor folk.

  7. AHodge says:

    Charlie Rose with B of A CEO moynihan last night. A complete lovefest flop. charlie (his producers) put up this great quote from Sandy Weill
    QUOTE What we should probably do is go and split up investment banking from banking, have banks be deposit takers, have banks make commercial loans and real estate loans, have banks do something that’s not going to risk the taxpayer dollars, that’s not too big to fail,” Weill told CNBC. “If they want to hedge what they’re doing with their investments, let them do it in a way that’s going to be mark-to-market so they’re never going to be hit.”
    They should be broken up, said Weill, “so that the taxpayer will never be at risk, the depositors won’t be at risk, the leverage of the banks will be something reasonable…”UNQUOTE

    After displaying this… charlie gave Moynihan a total pass in not answering. His apparently sentient producers could have then put up this fro another blog
    QUOTE In a separate interview with CNBC, Sheila Bair, former chairman of the Federal Deposit Insurance Corp., said she was “flabbergasted” by Weill’s reversal.
    “He and his institution were in the lead in pushing for the repeal of Glass-Steagall and then, of course, Citigroup is the poster child for too-big-to-fail in the bailouts during the 2008 crisis,” Bair said. “It is truly ironic.”
    If City was the poster child for too big to fail, B of A was a close second

  8. AHodge says:

    i may forgive charlie someday. if he learns to give a tough financial interview.. or stops doing them.

  9. willid3 says:

    deficit hypocrites?
    raise interest rate so that ‘savers’ wont be impacted. will increase the deficit since government has to pay more interest.
    and not sure that you would see much interest in the private sector for bonds or loans. they barely have much need for it now. cut back and buyers who drive the economy will evaporate and then what?

  10. kaleberg says:

    “Middle-class folk need to stop spending like they are rich—and start saving instead.”

    Quartz doesn’t have a clue.

    This headline implies that rich people don’t save. They do. They can afford to. Unlike the poor and the middle class, the rich spend relatively little.

    If they want the middle class to stop spending like they are rich, they want them to stop saving, not start saving.

    Either they are extremely ignorant and extremely ingenuous.

  11. Richard W. Kline says:

    Re: the relationship between income inequality and savings rate declines, incomes below the top 10% have stagnated for 30 years and absolutely declined at the bottom, while non-income public funding supports have been eviscerated where not eliminated by the wealthy, yet the tyros at Quartz ‘analyzing’ this situation think the problem is excess _consumption_ in mimicry of the rich? What I think is that those tyros are practising excess ‘stenography’ of the meme-generators in the bond industry who want more money shifted into 401(k)s and equivalents for the 1% to skim and pump and dump.

    Sure, there’s a relationship between growing income inequality and savings decline. When costs rise while incomes don’t, savings are the first things cut back. Of course, the ‘analysis’ fails to discuss the causitive aspects of the condition, i.e. that those at the top ballooning their wealth have distorted both the financial and the real economies in ways that overtly drive down the incomes _and_ savings of everyone else. All the meme generators want to communicate is that those sinking into the moras are _personally responsible_ for their own failure,i.e they don’t ‘choose to save’,’ or more accurately choose to designate enough of their income stream into the maw of the financial services [sic] industry.

    If Americans are not the most political-economic incompetent society around, I can’t begin to guess who’s whorse. If we spent less time thinking how exceptional and God-fearing we (think we) are we might spend more time observing how thoroughly we are conniving with our own impoverishment by a few who possess remarkably little actual structural power. . . . Nah, that would be a COMMIE kinda thing to do, especially when credit is so readily available on low, sliding rates . . . .