My WSJ-heavy afternoon train reading:

• Everything you ‘know’ about the Fed is wrong (Minyanville)
• Consumers Are Just Fine, Thank You.  (WSJ)
• Dixon’s Take: Traders Beware, ‘News’ Ain’t What It Used to Be (Minyanville) see also From ‘War of the Worlds’ to the Hack Crash (MoneyBeat)
• Apple to Tap a Hungry Debt Market (WSJ)
• The New Normal . . . Never Was (I Heart Wall Street)
• RRE: Romancing the Overseas Buyer (WSJ) see also A Collector’s Approach to Property (WSJ)
• Executive-Pay Tax Break Saved Fortune 500 Corps $27 Billion Over the Past 3 Years (Tax Justice)
• Reinhart-Rogoff a Week Later: Why Does This Matter? (Next New Deal) see also Greg Mankiw On R&R: Hey, Everybody Makes Mistakes (HuffPo)
• World Thinkers 2013 (Prospect)
• Dinosaurs and their ‘exaggerated structures’: species recognition aids, or sexual display devices? (Scientific American)

What are you reading?


What’s Wrong With This Picture?

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.

11 Responses to “10 Thursday PM Reads”

  1. hue says:

    First Bush Library Quietly Celebrates 11th Birfday (Borowitz Report) previous link was to wrong story!

  2. James Cameron says:

    Somehow, I don’t think posterity is going to quite remember it this way . . . and liberating nations from dictatorships? . . . I recall a different pitch at the time.

    “They’re going to find out that we stayed true to our convictions, that we expanded freedom at home by raising standards at school and lowering taxes for everybody, that we liberated nations from dictatorship and freed people from AIDS. And that when freedom came under attack, we made the tough decisions required to make the American people safe.”

    We made the tough decisions

  3. davebarnes says:


    If you search on Google for the WSJ headline and then use the Google link the article is NOT behind the paywall.


  4. Manofsteel11 says:

    The Bespoke chart is but one manifestation of the inability of the very few to manipulate/overcome free market crowd wisdom. It shows that both main street and many individuals on wall street know who is running the show, how, and what are the most probable consequences of multiple disconnects.
    (And yes, just as it represents stock market downside potential, it may just as well represent gold’s upside should things unravel). May I be wrong.

  5. spooz says:

    Regarding consumers are just fine, the two indicators WSJ looks at:

    gasoline prices down:
    not clear it will make up for the increase in payroll taxes

    wealth effect of housing prices being up:
    not clear that consumers will be able to take advantage of that as they have been able to in the past, through leveraging. Many are still underwater and or have fairly fresh memories of being so , and are in no mood to use their homes as ATMs again. And nobody believes that housing prices can’t go down anymore.

  6. wisegrowth says:

    What’s wrong with that picture above? Shouldn’t the lines be moving together, instead of apart like that? Now is not the time you want to be banking on a large bull market. But there is some upside left, so why not squeeze a little more out.

  7. Mike C says:

    What is fascinating is the massive divergence between AAII (individual investor) sentiment and professional money manager sentiment:

    Barron’s has conducted its “Big Money” poll since the 1990′s. Last fall when the stock markets weren’t doing really well, this poll came in with one of the lower readings that has taken place in the past decade and the results….the market responded with a rally…oops they were a little off!

    Now we have the opposite taking place as the “Big money has NEVER been more bullish!”

    So who is the “DUMB” money here, individual investors or money managers?

  8. S Brennan says:

    Is really worth reading…we overproduce by a factor 2:1 graduates with STEM degrees, wages are declining…and still we bring in far more than we produce.