My afternoon train reads:

• Individual Investors Are An Emotional Wreck + That Is Astonishingly Bullish (Phil Pearlman)
Farrell: Are we being misled (again) by earnings? (MarketWatch)
• EARLY WARNING SYSTEM: Bernanke Says Interest on Reserves Would Be Main Tightening Tool (Bloomberg)
• “The Rapidly Shrinking Federal Deficit” (Calculated Risk)
• The ‘laws of economics’ don’t exist (Reuters) see also Great, now engineers think that they are economists too (pandodaily)
• Debunking today’s carried interest tax arguments (Fortune)
• The Class War Has Begun (Slate) see also Why More Affluent Americans Pay No Taxes (The Fiscal Times)
• Ex-Regulator Says US Nuclear Reactors Are Flawed (NYT)
• 3 Ways to ensure an excellent product, from the man behind America’s best burger (Fast Company)
• The second coming of Facebook (Fortune)

What are you reading?


S&P 500 Earnings (inflation-adjusted ) 1900 until today

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.

16 Responses to “10 Thursday PM Reads”

  1. Bam_Man says:

    Bernanke Says Interest on Reserves Would Be Main Tightening Tool

    Of course. And if anyone thinks that they can “control inflation” once it gets started by tweaking the interest they pay on reserves, I have a bridge to sell you.

  2. slowkarma says:

    I hate articles that tell half a story. Why Affluent Americans Pay No Taxes…attributes a big part of this “problem” to the fact that affluent Americans buy tax-free munis. But tax-free munis aren’t a subsidy to affluent Americans, they’re a subsidy to state and local governments. Taxable corporate bonds that could be judged to be about as reliable as a given set of munis will pay an effective rate of interest (after income taxes) that’s about the same as the muni return. Most affluent Americans actually own a mix of bonds for this reason. The argument here isn’t about rich vs. the rest of us, it’s about whether the extra money goes to the federal government on one hand, or state and local governments on the other — which is why the feds don’t like it anymore (they want the money) but the state and local governments fight to keep (because they want the financing break.) That’s barely hinted at.

  3. farmera1 says:

    America’s Exceptional (as in exceptionally bad) Health Care System at work.

    Lot’s of facts and figures, but no matter, we still are number one.

  4. willid3 says:

    can’t imagine why we think that running 50 year old nuclear technology would be more problematic than running some thing that was designed in the last few years? and that old technology is a much custom build than the new designs which are closer to being mass produced. consider how many of us are driving a 1950s (say a 51 Chevy or Ford) car as a daily driver?

  5. rd says:

    “And stop trying to be an economist. You’re not an economist. You are a software engineer. I don’t want you practicing medicine or law either.”

    The world would appreciate it if economists stopped practicing economics. Our economic systems would be more stable and we would all be able to live healthier, happier, more fruitful lives.

    • willid3 says:

      yep. but note they are ‘practicing’ economists. which means maybe some day they actually are economists, and not practicing! but i dont think we should hold our breathes, they have all been practicing a very long time,. and still not getting it right!

      • hue says:

        signs of the times. back during the Internet mania, everyone was a trader. doctors & engineers getting rich, daytrading Qualcomm, JDS Uniphase. now we’re all arm-chair economists and fiscal and monetary experts. Winklevoss twins, facebook guys, have a huge position in bitcoins.

  6. willid3 says:

    seems that the Fed and the OCC want to keep bank secrets from Congress

    such as just how much of a mess did they make of the economy?

  7. willid3 says:

    just wait, the house is going to vote to allow business to turn your info over to the government in exchange for help with cyber attacks. they also get immunity, anti trust waivers, all its all voluntary. and what do you get? nothing

    you were expecting the house to actually be in favor helping individuals? not unless they are in the top 1% they dont.

    seems companies are really tired of providing benefits (bih shocker there. they have been working on eliminating them for at least a decade now)

  8. willid3 says:

    hm. it seems that some body had to explain to Fox news the difference between Fisker and Tesla. one made money, one didn’t. one let go 75% of their employees, the other didn’t.

    its just to confusing for them i guess.
    sort of like how that Rutgers scandal wouldn’t have happened in the private sector.
    right sure. college sport seems to be very like business, only more so. they do tend to fire the CEO (head coach) a lot faster than companies fire the CEO. but they both have been known to have issues with covering up embarrassing incidents shall we say?

  9. willid3 says:

    the real Texas advantage, cheap labor

    some times they dont even pay the worker. and of course nobody does any thing about that.

  10. S Brennan says:

    Having actually done one of these interviews for a 3 month contract engineering job, I got a laugh out of this.,32020/

    Being an American today means an unending series of humiliations, the worst part, is listening to the press ["Liberal" NYT or "conservative" doesn't matter] explain how native born Americans are stupid, lazy good for nothings that need to be replaced by foreigners desperate to escape a poverty manufactured by their respective country’s elite.

  11. Willy2 says:

    “Rapidly Shrinking Federal Deficit”. Good to put those words in quotation marks. Because according to my info the deficit is actually rising. The latest figures I came across say that the deficit is/was on track to reach ~ $ 1.8 trillion.
    Makes me wonder, who is right ? Hatzius or my info ?