My afternoon train reads:

• Chase, Once Considered “The Good Bank,” Is About to Pay Another Massive Settlement (Taibblog)
• Does Fed “Tapering” Represent Fed Tightening? (Econtrarian)
• Close to Retiring? Uh-Oh, So is Your Financial Adviser (Time)
A Dozen Things I’ve Learned About Investing from Daniel Kahneman (25iq)
• Larry Summers’s Billion-Dollar Bad Bet at Harvard (Ticker)
• Shiller: Bubbles Forever (Project-Syndicate)
• Setting the Baseline for a Better Housing Affordability Index (Political Calculations)
• Facebook’s Surprising Dependency on Premium Content Creators (Digital Quarters)
• 13 Sites For Creative Inspiration (dustn.tv)
• Why Do We All Think We’re Above Average? (priceonomics)

What are you reading?

 

Have Bonds Bottomed?
Graphic
Source: Mebane Faber

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.

19 Responses to “10 Thursday PM Reads”

  1. trafficengineer says:

    Speaking of bubbles, here’s a good one from 8 years ago:
    http://www.ritholtz.com/blog/2005/07/the-megabubble-poll/
    How many have popped and have any turned out to be non-bubbles?

  2. Molesworth says:

    Needed some comfort after considering the thought of Larry Summers becoming Treas Secty.
    Plant music:
    http://datagarden.org/5037/data-garden-at-the-philadelphia-museum-of-art/
    and the kit to make a PsychoGalvanometer
    http://www.clubjameco.com/index.php/projects/project_details/24/21056/psychogalvanometer?sp_rid=MjAyMjI0MzE3MDQS1&sp_mid=5426052

  3. Alex says:

    Chase is “the good bank”?? Does anyone remember the 70s, when they were on the regulators watch list, and closed a bunch of branches so as to exit most of retail banking and focus on rich people? At least they were honest about it, they changed their slogan from “You have a Friend at Chase Manhattan” to “The Chase is Behind You”. I left them behind then, and haven’t looked back.

    • In the 2000s, JPM/Chase was thought to be the most solid of the big crappy banks

      • Frwip says:

        My understanding is that JPM was mostly “saved” thanks to its own incompetence, rather than out of any supposed brilliance.

        If I remember correctly, JPM was very late to the MBS game, out of institutional inertia and all-around cluelessness. They were so late, they ended up avoiding most of the backfire.

      • Thats right

        They screwed up sub-prime early, so when they had to liquidate,m there was still a bid to hit

      • Alex says:

        I’ll put it this way, Barry. If Chase or JPM/Chase is “the good bank”, I promise to never refer to you as “the good portfolio manager” or the “good blogger”.

      • heh heh

        Was the good bank, WAS . . .

  4. Anonymous Jones says:

    Shiller’s article is excellent. I was inclined to dislike it right off the bat (from the title), but the content was far more interesting.

    “There is no final denouement that brings all the strands of a narrative into an impressive final conclusion. In the real world, we never know when the story is over.”

    That’s a great quote. And the article also hints that there are people who always see bubbles, or decadence, or progress, no matter what the evidence. They are just pre-disposed to this perspective. It’s the type of people they are, with strong priors that no evidence can dislodge. “Oh, yesterday was a simpler time,” the decadence decriers always say. And I mean, always…they said it fifty years ago, 500 years ago, during Cicero’s time (probably by Cicero himself mocking some fool he had to deal with), and during the time of the Presocratics.

    I wonder if there is some evolutionary advantage for a society to produce a certain number of these types of people, or whether group-dynamics means that if you put together any number of randomly selected humans, certain of them would take on the role of the one who believes in progress, the one who believes that our better days are behind us, and the one who sees every asset as always overvalued.

  5. willid3 says:

    what does it take to shut down a bad hospital?
    http://www.dallasnews.com/opinion/editorials/20130717-editorial-what-does-it-take-to-shut-down-a-hospital.ece

    seems like there was a chain of hospitals (all owner by one person) who evidently was more interested in collecting money than actually doing health care.
    but this was going on for years. not months. and until it made news, it was basically ignored. even when people died by malfeasance.

  6. willid3 says:

    is a market moral? or is amoral?
    http://qz.com/105311/is-it-possible-to-have-morality-in-a-free-market/

    is it even possible for there to be morality in a market, where its totally driven by greed?

  7. willid3 says:

    hm.does this sounds familiar? like some one going on about the 47%?

    The poor … are like the shadows in a painting: they provide the necessary contrast.

    Everyone but an idiot knows that the lower classes must be kept poor or they will never be industrious.
    it is manifest, that in a free Nation where Slaves are not allow’d of, the surest Wealth consists in a Multitude of laborious Poor; for besides that they are the never-failing Nursery of Fleets and Armies, without them there could be no Enjoyment, and no Product of any Country could be valuable.
    hm are we trying to go back to the 18th century?

    http://www.theatlanticcities.com/jobs-and-economy/2013/07/hunger-makes-people-work-harder-and-other-stupid-things-we-used-believe-about-poverty/6219/

  8. Willy2 says:

    It shows that Summers fails to understand that the USD being the world’s reserve currency changes a number of things for the US. The larger the Current Account Deficit (CAD) is, the better it is for the US.

    • slowkarma says:

      No, if YOU lived in the south you’d probably live just as long as if YOU lived in Hawaii. You’d die sooner if, as soon as you crossed the Alabama line, you changed your entire life style and began eating chitlins con carne and wet barbecue, and washing it down with bourbon-and-Coke between smokes. Mass statistics are one thing, individual outcomes are another.

  9. b_thunder says:

    http://www.businessinsider.com/big-institutions-rotating-out-of-stocks-2013-7
    the rotation from smart money to hedge funds to even greater fools?

  10. VennData says:

    Military to Deploy Units Devoted to Cyber Operations

    http://www.nytimes.com/2013/07/19/us/military-to-deploy-units-devoted-to-cyber-operations.html

    Milton Bradley announces game with little spinner and fold-able board to recreate the real excitement of cyber espionage battles. For mature audiences only.