My afternoon train reading:

• Blackrock: ETFs are the true market (FT Alphaville)
• The Return on College, Around the World (Economix)
• Private equity’s new fee trick (Fortune)
• Hedge Funds Cut Gold Bets as Goldman Lowers Outlook (Bloomberg)
• Study: Caribbean Beaches Not Enough for Tourists (World Property Channel)
• What an NSA charm offensive looks like (Reuters) see also Snowden’s Leaks Cloud U.S. Plan to Curb Chinese Hacking (Bloomberg)
• Samsung Slides Equivalent of Sony as S4 Sales Disappoint (Bloomberg)
• Disruptions: Social Media Images Form a New Language Online (Bits)
• Shutterstock Creates First Silicon Alley Billionaire (Bloomberg)
• The Art of Analytical Reading (Farnam Street)

What are you reading?

 
Five Takeaways From Tankan Survey
Chart
Source: Real Time Economics

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.

6 Responses to “10 Monday PM Reads”

  1. 873450 says:

    TBTF muscles away check cashing outlets to prey upon working poor.

    Paid via Card, Workers Feel Sting of Fees

    http://www.nytimes.com/2013/07/01/business/as-pay-cards-replace-paychecks-bank-fees-hurt-workers.html

    A growing number of American workers are confronting a frustrating predicament on payday: to get their wages, they must first pay a fee … For these largely hourly workers, paper paychecks and even direct deposit have been replaced by prepaid cards issued by their employers … in the overwhelming majority of cases, using the card involves a fee. And those fees can quickly add up … $1.75 to make a withdrawal from most A.T.M.’s, $2.95 for a paper statement and $6 to replace a card. Some users even have to pay $7 inactivity fees for not using their cards … some employees end up making less than the minimum wage once the charges are taken into account …

    Taco Bell, Walgreen and Wal-Mart are among the dozens of well-known companies that offer prepaid cards to their workers … In 2012, $34 billion was loaded onto 4.6 million active payroll cards … expected that to reach $68.9 billion and 10.8 million cards by 2017 …. Bank of America, Wells Fargo and Citigroup, say the cards are cheaper and more efficient than checks … the incentives for employers to steer workers toward the cards are more explicit. In the case of the New York City Housing Authority, it stands to receive a dollar for every employee it signs up to Citibank’s payroll cards …

    This population — people who tend to use few, if any, bank services — is swelling. About 10 million households in the United States do not use a bank at all, up from nine million four years ago … For banks that are looking to recoup billions of dollars in lost income from a spate of recent limits on debit and credit card fees, issuing payroll cards can be lucrative — the products were largely untouched by recent financial regulations. As a result, some of the nation’s largest banks are expanding into the business, banking analysts say.

  2. XRayD says:

    Let’s see. Blackrock is in the ETF business. So ETFs are “the market”.

    The “market” is mostly the S&P 500, or SPY.

    Didn’t John Bogle tell us this 30 years ago?

  3. JB7456 says:

    Barry…this could be in your top 10 reads…a very noble idea….Congressmen and women having a dinner with a middle class family once a month.

    http://www.indiegogo.com/projects/dinner-with-constituents

  4. PeterR says:

    Just when you thought it could not get any weirder. Where do I sign up for new shares in the bitcoin trust?

    http://blogs.marketwatch.com/thetell/2013/07/01/winklevoss-twins-file-with-sec-to-create-bitcoin-trust/

    Let’s get this straight — the inventors of Fa(r)ceBook actually think that the US government is not going to shut down bitcoin, or at least enmesh it in years of litigation, AND that the dotcom suckers are ready for another round of irrational exuberance?

    Then again, they may be right . . .

    What did Sergeant Phil Esterhaus (Michael Conrad) say after roll call in Hill Street Blues?

    “Let’s be careful out there . . . ”

    http://www.youtube.com/watch?v=Jmg86CRBBtw