My morning reads:

• Measuring the Benefits of Technology in the Economy (NYT)
• Go figure: Abenomics works: Japan household spending surges as “Abenomics” gains momentum (Reuters)
• Inflation & the Fed (Dr.Ed’s Blog) see also Looking for Inflation? It Vanished (WSJ)
• Equities Rally But So Do Bonds – What Gives? (Market Montage)
• Peak Oil Still Isn’t Real, You Guys (The Daily Beast)
• Generation jobless (Economist) see also Eurozone unemployment at record high as inflation drops (BBC)
• Gold as collateral, not stock (FT Alphaville)
• Wall Street Eats Up Two-Thirds of Your 401(k) With Fees and Formed a Coalition to Block Full Disclosure of That Fact (Wall Street on Parade)
• High-Speed Traders Exploit Loophole (WSJ) see also How Wall Street Defanged Dodd-Frank (The Nation)
• How Immigration Reform and Demographics Could Change Presidential Math (Five Thirty Eight)

What are you reading?

Real Culprit Behind Smaller Workforce: Age
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.

23 Responses to “10 Mid-Week AM Reads”

  1. willid3 says:

    more on that retirement scam.

    can’t imagine why they hate SS can you?

  2. Cato says:

    Apologies if this is a repost, but I read this today and seemed quite interesting – trading algorithms based on social media scanning seem quite worrying if this is accurate:

  3. VennData says:

    The “Rickett’s Family” improvements to Wrigley:

    ​”…thus the proposed addition of more than 41,000 square feet of signs to the stadium’s interior and surrounding neighborhood. The plans call for a 6,000-square-foot, three-panel video screen atop the left field wall that would be topped by lights illuminating the power alleys in right and left field. There also would be a 1,000-square-foot sign in right field and four new signs ringing the outfield. Those include two new LED signs akin to the one …”​,0,1930407.story

    Ah the “Rickett’s Family” much beloved in Chicago. We should put statues of the entire family all over town. They are so beloved! We welcome you Right-Wing Oklahomans to Chicago!

  4. Jim M says:

    Barry, love this blog. But that peak oil story you linked to is really phony. Misunderstands the concept of peak oil (which usually refers to production, sometimes to discovery, but not to reserves), appears not to understand the positive relationship between prices and reserves, etc. To top it off, it’s just two lines of snark leading a block quote from a National Journal article. That’s it.
    I love to see lots of viewpoints, but there’s also a fog of paid flackery out there. It’s hard to navigate, I understand–just trying to help in a spare moment.

    • cowboyinthejungle says:

      The recent barrage of “peak oil is dead” articles is amusing. It is hard to step away from a comforting narrative, but when that narrative is aligned against the evidence, you are fighting a losing battle.

      If one takes the time to look at the big picture (apologies for the infringement, BR), the story is 90% told, with only a few variables in play. On the plus side, game-changers in technology could come along to boost the recoverable amount in traditional crude fields from the typical 30% to a 70+% range. This could ease the transition into a basket of future energy sources. On the minus side is resource nationalism. Unlike in the mid-20th century, corporate oil no longer holds significant global market share. And national oil companies have political priorities that are at least as important as economic priorities. Exporter governments that sense trouble on the horizon could very well keep energy in-house, leaving importers in a difficult situation.

  5. hue says:

    1 or 5 Americans Thinks ObamaCare Repealed (Kaiser Foundation) 42% Americans Don’t Know ObamaCare is law

    Tourism Today: Trample, Disrupt and Destroy (NPR) A Chinese Threat to Afghan Buddhas (NYTimes)

    World Fastest Land Animal, Cheetah, Could Be Extinct in Wild in 30 Years (Raw Story)

  6. Iwasframed says:

    How come so many Reads require membership? Doesn’t the NYTimes let you read there stuff without limits if referenced from a third party such as here at The Big Picture? Why not the same access to the Journal and others?

    • spooz says:

      Easy enough to get behind paywalls
      for WSJ, google the story title and click on the link
      for other sites (like that have limited stories per month, log in with a different email address when you reach your limit

  7. dina says:

    It is not age. The Fed Is Destroying Jobs: Ken Griffin

    • willid3 says:

      or maybe its wall street? after all they were big on offshoring? they were also big on eliminating as many jobs as possible? but the age think might be because even as we hit retirement age, we can’t. maybe trying to save for retirement doesnt really work if almost all of your ‘gain’s are eaten up by fees? and thats in the years you actually have any? the fees dont stop if you had no gains.

  8. VennData says:

    Rickett’s family threatens to move Cubs.,0,4919937.story

    The Family. Oh what a family the Rickett’s family is.

    There’s conservative values for you. advertising, threats, and intimidation.

    See why Chicago has fallen head-over-heels in love with the Rickett’s family?

  9. spooz says:

    Sorry if I can’t be happy about a measure of medical care costs that does not include the price of INSURANCE, ie crony rents, as if that layer of cost does not exist. Garbage in…

    from Ed Yardini’s “Inflation & the Fed”:
    “Are they aware that much of inflation’s recent improvement (IMHO) is attributable to health care costs? That’s right: The PCED medical care inflation rate was down to 1.7% in March, the lowest since April 1998. There have been significant drops in inflation rates for drugs and physician fees. Does the Fed want to see higher inflation rates in the health care industry so that people will rush to buy medical care goods and services before their prices go up? “

  10. pmorrisonfl says:

    I’m somewhat unfamiliar with empirical data, so I’m having trouble parsing the infographic at the bottom of the post; the text claims that US working population is ‘shrinking as older workers retire and younger people are staying in school’, but the graph clearly indicates an increase in the number of older workers ( 55 and over), nearly identical in size to that of the decrease in younger workers.

    • willid3 says:

      well not being able to retire will tend to make it so that age groups keeps working wouldn’t it?

  11. Windchaser says:

    Oof, that Peak Oil article is pretty bad. The author gets ripped up in the comments, and rightfully so – Peak Oil isn’t about the amount of reserves, it’s about the point when oil gets so expensive to extract that we switch to alternatives or otherwise cut back on demand.

    So, sure, while US oil production has increased wildly in the last 10 years, this is predicated on the fact that oil prices have tripled and will stay high. If oil were to drop below $50 again, we’d see a lot of supply destruction. And somewhere around $150/barrel, biofuels and electric cars become viable.

    If the large untapped reserves of oil can become cheaper to extract *faster* than batteries or biofuels get cheaper, than we may see a resurgence in cheap, plentiful oil. But that looks pretty unlikely right now.

  12. wisegrowth says:

    Barry, a comment for you… I really like the titles of your posts. They are easy to understand what the post is about.
    I wanted to put in my 2 cents about the Fed and inflation…
    If inflation rises, the Fed should only raise the Fed rate if unit labor costs rise faster than inflation.

    also I want to put in my 2 cents on why the Fed’s strategy has been so wrong for unemployment…
    Even with positive inflation and a slightly less positive unit labor costs, a declining labor share of income has actually led to less national income going to hire more labor. An increasing capital share has led to more national income going to capital utilization. Unemployment has suffered.

  13. VennData says:

    Daughter of Newtown victim confronts GOP Senator Kelly Ayotte who voted against the gun control measure.

    You GOP voters in New Hampshire should be proud of yourselves for putting someone in office who’s got the guts to talk down some now parentless loud mouth.

    I am so happy that you GOP voters in new Hampshire are around. Anything I can do for you, you make sure to contact me.

  14. VennData says:

    Bangladesh ‘slave labour’ condemned by Pope

    He’s trampling on the rights of small business owners to run their firms the way they see fit!

    This is such a burden on small gun shops and farms to follow the pope’s changing mandates!​

    Stop the top down proclamations of foreign powers from stomping on the free consuming Americans who are protected by the Second Amendment!!

    Obama can cozy up to these foreign powers all he wants… SOCIALISM! There I’ve said it, I’ve said what you know in your hearts, regardless of the data, to be true!

  15. murrayv says:

    Peak oil is an issue of flows, not stocks. The increase in USA oil output will probably peak in 2017/8 and then go into decline again as all of the sweetspots get drilled and the flow from the less productive wells can’t keep up with the rapid production decline of the good wells. In the meantime, the major producing areas are all in production decline. Peak oil remains very real. Murray

  16. Moss says:

    Speaking of oil this is pretty amazing. No one really knows. Demand destruction is a powerful force probably more so than production decline.

  17. socaljoe says:

    “Peak Oil Still Isn’t Real, You Guys”


    Since the turn of the century, the price is up about 10 fold… and global supply is about flat.

  18. Giovanni says:

    The Abenomics piece had a certain element of ‘no duh’ to it. If you were a frugal person with lots of cash under the mattress and your government came out and said they were going to devalue your currency and increase inflation what would you do?