My afternoon train reads:

• Gold to grey: Societe Generale’s big (bearish) scorecard on “the end of the gold era” (Alphaville)
• Traders’ April Fools Pranks Were Once Routine on U.S. Exchanges (Bloomberg)
• Why Abundant Oil Hasn’t Cut Gasoline Prices (Businessweek)
• Cyprus & Lehman (Dr. Ed’s Blog)
Bair: Regulators Let Big Banks Look Safer Than They Are (WSJ)
• Why Retailers Ask for Your ZIP Code (Bucks)
• Three Myths About Housing Market Rebound (WSJ)
• The Greatest Disappointment about Obama (Crooks and Liars)
• Climate Maverick to Quit NASA (NYT)
• Seinfeld Rerun Gold: Generated $3.1B in Syndication (since it was last aired on NBC in 1998) (

What are you reading?


Record ETF Inflows Help Fuel Stock Rally

Source: Marketbeat


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 Tuesday PM Reads”

  1. willid3 says:


    Consider one of the historical episodes that Stockman views as turning point on the United State’s road to perdition: the Roosevelt administration taking the dollar off the gold standard in 1933. The country was in a dire position at that time: a quarter of the population jobless, desolation rampant, the hopelessness fueling political extremism. A surprising number of people in the United States and Western Europe were starting to consider Communism a more attractive option, and in Germany this despair led directly to the rise of Nazism.

    wonder shat he really thought would have happened had FDR not intervened. that the majority would just lay down and die? then who would have fought WW2?

  2. Bob is still unemployed   says:

    From the zip code article: It turns out, though, that stores are asking you for marketing purposes — an issue that is starting to come to light in state courts. Stores want your ZIP code because, combined with your name from your credit card, they can use it to find out other information about you from commercial databases, like your full mailing address.

    The easiest database to obtain is the census block database. You can acquire this data from the US Gov. Various demographic data are available at the census block level of resolution, income, demographics, etc.

    But the Holy Grail in marketing are the household and person levels of data. Who are the people in the house, what do they make, what are their names, ages, buying preferences, etc.

    That level of data is more fleeting, hence it is worth much, much more.

    The reason why the stores ask you for your zip code is that they have a confirmed name (from your credit card account) plus a zip code. The question that floats out there is — do they actually get the zip code from your account, and merely ask about your zip code in order to acquire your implicit permission to use the zip code from your account?.

    The stores can either use that information in their own internal databases (unlikely) or sell the data to a third party aggregation service that also vacuums up the data from your various customer courtesy cards (hardware stores, supermarkets, etc).

    All this data are crunched to created a profile about you that even your family members do not know.

    When you come down to it, this is scarier than what the government does….

    • rd says:

      The link appears to be equating a college degree with skills, which is incorrect.

      The list fo fast growing jobs all require a fair amount of skill in that job (do you want to share a highway with an unskilled truck driver?) but not necessarily college degrees.

      There are college degrees that create desirable skills and college degrees that simply create debt. Unfortunately, too many students are choosing the latter, usually because the first type is hard and requires the science, math, and writing background that they blew off in high school.

  3. spooz says:

    Regarding SocGen’s bearish Gold report, a lot of people hold it as a hedge against another financial crisis, something that they don’t include in their scorecard. I guess I have less confidence than SocGen in the central banks’ being able to hold it all together.

  4. winstongator says:

    The Gas article starts with: “For the first time since 1995, the U.S. will likely produce more oil than it imports.” First, this is misleading. This only says that we are now importing less than 50% of the oil we use. This reflects at least as much our reduced consumption compared to increased production. The US still imports a lot of oil, and the article only focuses on refined products and our export of them. 65% of the cost of gas is the crude, only 14% is refining. It’s great that we are operating as the western hemisphere’s refiner, but we’re deluding ourselves if we think that it will somehow make us energy independent.

    To a large degree the idea oil independence is a myth. The government includes natural-gas liquids, ‘other’ liquids, and processing gain when it computes “barrels of liquids”. It’s crude oil that matters most, and that is still only at 75% of its 1980 level.

    This statement is bs, “while U.S. oil production is forecast to rise this year, much of it will be refined into gasoline or diesel for the new drivers of Brazil, India, and China.” The US is nowhere near a net exporter of oil. Nearly all the oil produced in the US goes to US gas. Even if we sent some oil (or oil refined to gas) to China, it would need to be offset by imports from somewhere else.

    It will take 15 years, based on rosy projections for the US to be a net exporter, and embedded in those assumptions is a reduction in consumption of nearly 33%. The ‘we’re an exporter of oil products’ is code for ‘go buy an SUV’. Not nearly enough of that article was devoted to the reduction in consumption, and the recent push of more fuel efficient vehicles (a byproduct of higher CAFE standards).

  5. Joe Friday says:

    FROM ‘Three Myths About Housing Market Rebound’:

    How can you complain about the lack of inventory and shadow inventory in the same breath?

    HUH ?

    Putting aside what is or is not actually occurring, a shadow inventory would exist because houses are being withheld from the open market, which in turn would reduce the inventory available for sale. So, obviously one could complain about both simultaneously.

  6. Joe Friday says:

    Why Abundant Oil Hasn’t Cut Gasoline Prices

    They were excellent stenographers for the same old litany of propaganda spewing from Big Oil.

  7. rd says:

    “Likewise, a 1964 New York Times article reported that the “oldest of gags” at the NYSE consisted of sending a new member into a crowd with an order to buy an imaginary stock. “The other brokers in the crowd, who are in on the joke, keep bidding up the price while elbowing the neophyte member out of strategic position. The price soars and he sweats. Then finally he gets the point and everybody laughs.” ”

    I think they did this joke in 1999 but forgot to make it only imaginary stocks.

  8. S Brennan says:

    RD, anybody with a science degree [yes, that's me] will tell you, “you don’t have a clue”.