My Sunday Morning reads — pull up a cup-o-joe and enjoy!:

Nate Silver: Confidence Kills Predictions (Index Universe)
• Govt watchdog is calculating size of implicit subsidy of TBTF banks (Barron’s) see also Bailout Recipients (ProPublica)
•  The Lure of Hedge Funds (Research Affiliates)
• Shiller: Before Housing Bubbles, There Was Land Fever (NYT)
• A Heretical, Rational Perspective on Gold (Cognitive Concord)
• Jeremy Grantham on population growth, China and climate sceptics (The Guardian) see also The brutal logic of climate change, international shipping edition (grist)
• The Dark Side of the Digital Revolution (WSJ)
• The Remarkable Decline in the Wall Street Journal’s Long-Form Journalism (Atlantic)
• Surviving the NBA’s Heat Wave (WSJ)
Funny!   What Do You Think About Penny Stocks? (BrightScope)

What’s for brunch?


Techs Rust Belt Takes Shape

Source: WSJ

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.

12 Responses to “10 Sunday Reads”

  1. farmera1 says:

    From Shiela Baer, she thinks the FDIC has come up with a way to segment the big banks so the taxpayers won’t be on the hook if (rather when) they do something stupid and bet lots of other people’s money on the latest scheme. The end results will/might be an orderly unwinding without us poor tax payers footing the bill for all of those big bonus packages the banks hand out.

    Why taxpayers may now be off the hook when a big bank fails

    “Is “too big to fail” over? Believe it or not, it just might be. Even though the Dodd-Frank financial reform law banned future taxpayer bailouts of banks, the public remains skeptical. Given the size and complexity of the largest banks, it is difficult to imagine how the government could run them through an orderly bankruptcy process. Even if the regulators had the political will to do so, how could they possibly avoid systemic disruptions? Here’s how.”

    Sheila was one of the few insiders that fought the big give-aways to banks under both Paulson and Geitner. She does have a lot of cred on this subject. As the ex-head of the FDIC she understands these kinds of things.

  2. theexpertisin says:

    I admire Grantham for his style and substance on climate change. However, his hope that China will come riding to the rescue and save the planet is speculative fantasy.

    The notion that lip service about climate change from the Chinese is anything but a smokescreen is to be myopically naive about Chinese priorities. Climate change by their deeds ranks somewhere below expaning fossil fuel claims in the South China Sea, stoking nuke technology in Iran, North Korea and Venezuela and dramatically expanding their offensive military capabilities on earth and in space.

    Take a look at the air quality in almost all urban areas of China. Is it better or worse than a few years ago?

  3. RW says:

    Economic Policy: Saturday Twentieth Century Economic History Weblogging

    We–we East African Plains Apes–are gift-exchange animals. We seek reciprocity: neither to give so much that we feel exploited by those who give too little back in return, nor to give so little as to unbalance the scales and leave us doomed to submission, but rather to fairly balance the scales. On top of this propensity in human nature to truck, barter, and exchange we have built our market economy. This means that market exchanges have to fulfill five distinct social roles: (1) The prices at which commodities are exchanged survey as signals and incentives to direct and coordinate the human division of labor. (2) The fact of trade and exchange cements social bonds …. (3) Present generosity–giving more than you receive right now, whether explicitly a loan or not–creates a status hierarchy that distributes social decision-making power. (4) The unlucky benefit from a modicum of social insurance by implicitly trading away some decision-making autonomy for current resources. And (5) the prices the market attaches to the resources at one’s hand make some rich and others poor: ‘We know these matters:/How the poor debtors/Still sell their daughters./How in the drought/Men still grow fat…’

    But the logic of the competitive market economy focuses on fulfilling (1) and only (1) of these distinct roles, leaving the other four hanging.


    … noteworthy happenings this week. Five GunFAILs among the ‘highly trained’ class (cops and National Guardsmen) this time. Two concealed carry ninja FAILS: a drop & discharge in a WalMart, and a permit-seeker who shot himself in class. …Two quick-draw artists had accidents this week, one shooting himself and one shooting and killing a 9-year-old girl [among] this week’s 11 child victims …

    PS: The blog seems to be doing that thing where released comments only show up after login (front page counter indicates a # of comments but nothing is visible below the fold).

  4. hue says:

    How Pink Floyd Made Money
    Roger Waters: Once you made a few quids, you have to decide if you still are a socialist

    Ruin Porn: Detroit, an America Autopsy (npr)
    For some, Detroit may be a symbol of urban decay; but to Charlie LeDuff, it’s home. An NYTimes Pulitzer winner, LeDuff is now a TV reporter for the local Fox affiliate, where LeDuff has, quote, thrown out the rules of how to be a TV reporter. He doesn’t comb his hair every day and almost never dresses up. He stares into the camera and makes funny faces. On camera he wears sunglasses and talks with a swagger, referring to the mayor as Dave and the county executive as Bob, unquote. LeDuff played golf through the city, an 18-mile course, on camera. Listen or read the transcript, especially the great stuff about Monica Conyers, a former city councilwoman and wife of John Conyers.

  5. idaman says:

    Microsoft’s qtrly y/y revenue growth was 17.7%

    I guess that puts them in the disruptor category.

  6. idaman says:

    um, OK , after backing out win8 deferred revenues, revenue growth was 8.2%.


    Hmm, I can’t wait to see what numbers Apple pulls off Tuesday/

  7. krice2001 says:

    Questioning the mission of college,
    I guess some universities are going to be evaluated by how practical their education is?

    “I’d sound yet another alarm. Scratch the surface of some of the efforts to reform state universities and you find more than just legitimate qualms about efficiency and demands for accountability. You find the kind of indiscriminate anti-intellectualism and anti-elitism…”

    I do think it’s important to teach “useful” skills but who makes those calls? And is atmospheric science practical? How about international relations? Or astronomy? Part of what we get from universities is research that takes us somewhere we hadn’t expected as a society and sometimes that creates economic opportunities. I see these efforts as potentially reducing innovation.

    Barry, I think you’re a product of Stony Brook?

  8. S Brennan says:

    I read this story:

    And while reading it, it occurred to me that the root of our problems with “industrial scale schooling” could lie with differential development rates which are at the genetic beginnings of our species. Before rate of advancement in school became the sole determinate of our life’s trajectory, one was free to develop in harmony with ones body, but now we are contorted into tested regime that ignores our biology, science free schooling if you will.

    I say this as a person who did poorly in primary/secondary school. Now, some of this performance might be rightly attributed to a broken household, where children were accountable for the sins of their parent, however, might some of this also have a biological root? At a local college many years later I graduated with high honors which allowed me to transfer as an Engineering student to the best university in my state which was rated #5 country wide with my GI Bill monies. Perhaps that is why Finland does so much less testing and get’s vastly superior results?

  9. nofoulsontheplayground says:

    “In India, No Frills Hospitals Offer $800 Heart Surgery”

    From the article:
    What if hospitals were run like a mix of Wal-Mart and a low-cost airline? The result might be something like the chain of “no-frills” Narayana Hrudayalaya clinics in southern India.

  10. formerlawyer says:

    Paywalls did not kill WSJ long form journalism, Murdoch did?

  11. DeDude says:

    So that leftist liberal rag NYT is bashing Denmark for it’s welfare state and how it harms (and certainly will destroy the country).

    Kind of a shame that all the facts appear to be contrary to this narrative (not that it stops the NYT from presenting that narrative as if it was a fact).

    I guess making an article by citing a few right-wingers from Denmark is so much easier than trying to check the basic facts of its economy.

  12. Cato says:

    I don’t think there has been enough reflection on the mass panic in Boston, New Yorker had a good piece on this: