My afternoon train reading:

• Warren Buffett, the Human Big Data Engine (Good Data)
• Words to Start a Stampede: New York Apartment for Sale (NYT)
• Lunch with the FT: Meredith Whitney (
• U.S. Banks Face Two Ratios as FDIC Sets Capital Vote (Bloomberg) see also Banks pushing for repeal of credit unions’ federal tax exemption (LA Times)
• Economists looked even closer at Reinhart and Rogoff’s data—and the results might surprise you (Quartz)
• Here’s a secret decoder ring for reading stories about the next Fed chair (Wonkblog) see also Ed Yardeni’s Fed Center ( Cool tool
• Ageing demographics to crunch global growth (Macro Business) see also Horror Story: Rude Awakening Awaits Western Economies (WSJ)
• The Worst People In New York All Hate Eliot Spitzer — And That’s Why You Should Like Him (Business Insider)
• 24 hour TV news cycles and the wonders of technological change have created new breed of assholes, specifically designed for TV. (Salon)
• San Francisco’s Boeing 777 Crash: Why It Was Survivable (Time)

What are you reading?


BLS: Job Openings little changed in May
Source: Calculated Risk

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.

9 Responses to “10 Tuesday PM Reads”

  1. Internet Tourettes says:

    And I was worried about the NSA…… Fear, Uncertainty, and Doubt in Washington DC…..

    From the House Committee on Financial services:

    At a time when Washington is awash in scandals over mass surveillance and political targeting, the CFPB is amassing tens of millions of your private financial records and consumer data. According to Investors Business Daily, the “massive database of personal information” includes “monthly credit card, mortgage, car and other payments,” giving the bureau a snapshot of your bill-paying and spending habits.

    Meanwhile at Bloomberg:

    The Consumer Financial Protection Bureau is demanding records from the banks and is buying anonymous information about at least 10 million consumers from companies including Experian Plc (EXPN).

    “Do they need the reams and reams and reams of data we’re having to provide to them?” Susan Faulkner, senior vice president at Bank of America Corp., asked at a banking conference in March. “Don’t we have to find a healthier balance here?”

    Director Richard Cordray has said that the consumer bureau needs raw material to make “data-driven” decisions based on how financial products and services are used or abused. Research will improve regulation as well as the marketplace, he said.

    “The more information there is, the more innovation there can be and the more competition there is among the institutions around customer service,” Cordray told consumer groups last year. “It’s something we want to encourage.”

    • willid3 says:

      oddly enough. why aren’t we asking why companies have it? and did you know they sell it, to who ever might buy it? so being scared of the government getting is one thing, why shouldnt be as equally concerned that the private sector has it? and dont say the government can kill you, the private sector has a history of doing that too. in the US. in the last 100 years too

  2. Greg0658 says:

    Job Opening graph:
    why are sky blue & red (especially red) longtail?
    and the thin-ness for hires & openings?

    and to be cynical – how many openings is someone elses layoff? “robotic engineer needed” / say bye 10X

  3. Crocodile Chuck says:

    Meredith Whitney: the new Elaine Garzerelli.

  4. RW says:

    Okay, one more dammit and that’s it: It’s been a busy day and I made a truckload of money and I’m feeling guilty about it.

    Wage deflation charts of the day

    The big-picture …is that between 2009 and 2012, real median hourly wages fell by 2.8% — and that the poorer you were to start with, the more your wages fell. The top quintile didn’t do well: their wages dropped by 1.8%, in real terms. But the fourth quintile did particularly badly: its wages fell by 4.1%, on average.

  5. bear_in_mind says:

    @RW: Felix’s piece is sobering, indeed. IMHO, the money quote is: “This chart shows where a lot of the current stock-market strength is coming from: capital is taking more than 100% of real productivity gains, with labor steadily losing out.”

    As for the Asiana 777 crash, I’m amazed as much of the airframe stayed intact as it did. Not sure how many of you saw the video shot of the crash by a aviation enthusiast, but piecing together the FTSB data that the main under-wing landing gear hit the sea wall first, followed by the tail being sheared off, the fuselage proceeded to yaw violently left, then the nose touched the tarmac and began the pivot to the right which spun the plane between 270 and 360 degrees as it slid on its belly to rest on the earthen infield separating runways. The torsion forces across numerous structural planes must have been enormous. Heck, even the wings stayed essentially intact. I’m a non-engineer, but to me, that’s about as good as Boeing or Airbus could be expected to engineer a modern wide-body long distance hauler. Have to wonder if the next-gen 787 with all the carbon fiber structural components would perform as well under those kind of shocks and non-linear forces. My money is on the aluminum monocoque.