My longer form, pour-a-ciup-of-joe, deep dive reads to start off your weekend:

• Can Ireland’s Celtic Tiger roar again? (Washington Post)
• What Type of Decision Maker Are You? (Farnam Street) see also Manias, Panics, and Crashes (Seeking Wisdom)
• On being ‘right’ in science (Plos)
• Ripping Off Young America: The College-Loan Scandal (Rolling Stone)
• Why a New Golden Age for UI Design Is Around the Corner (Wired)
• Complexity and the Ten-Thousand-Hour Rule (New Yorker) see also Searching for the Perfect Athlete (New Yorker)
• The Picasso Effect: What The Success of Cubism Teaches Us About Radical Innovation  (Ian Leslie)
• Alvy Ray Smith: RGBA, the birth of compositing & the founding of Pixar (FX Guide)
• Oppenheimer: The Shape of Genius (New York Review of Books)
• Sorry Maserati, BMW’s $131,000 M6 Beats You on Looks (Bloomberg) see also Go East! 370 HP BMWs Find Thrills on Fast German Autobahn (Bloomberg)

What are you doing this weekend?

 

Household Income’s Slow Climb Back
Chart
Source: NYT

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.

13 Responses to “10 Weekend Reads”

  1. WallaWalla says:

    I’ll be working my second job this weekend. Easy work that strikes true with the ‘bullshit jobs’ article you posted last week. But, it pays the continuing ed tuition bill. For how much you hear that people need to retrain and update their skills, there is surprisingly little financial support available for people enrolled in continuing education classes. At least that’s the case up here in Vermont. (whoopee, 2% reduction in cost!)

    A friend who also enrolled in cont. ed is in the situation where her two classes will be costing her 22% of her annual income and 90% of her yearly disposable income. She’s barely above poverty status,but that doesn’t count for much these days. Rolling Stone’s College Loan scandal is one the best articles I’ve seen about this issue.

    Thanks, as always, for the interesting reading material.If you don’t mind me asking, what are you doing this weekend?

  2. rd says:

    “At this point, someone usually chimes in with the “science doesn’t need the input of ‘non-scientists’” argument, suggesting that we only need to talk amongst ourselves in developing new theories of the world. ”

    There is a much bigger picture response to this. Science is like an infinite number of onions representing specific phenomena, each of which needs to be peeled down through its many layers to get to the “final truth”. However, there are not enough resources (people, money, time) to accomplish this in less time than many, many generations.

    Ultimately, it is predominantly the non-scientists that set the agenda and make the resources available. If you can’t convince non-scientists to put you on the agenda or give you resources, then you remain a hobby scientist, doing your experiments in your backyard or your study. Occasionally an Einstein pops out of this, but his ideas would have just remained thought experiments if they didn’t get on the public agenda of big science.

    In many cases, it is observations of a practical applications of phenomena that remain unexplained and hamper efficiency and productivity that drive the demand for science funding. It takes a lot to overcome the normal inertia of social and economic systems. As Henry Petroski points out, there was an operating steam engine long before the laws of thermodynamics were developed that explained how they work. http://articles.washingtonpost.com/2009-01-25/opinions/36838011_1_steam-engines-science-henry-petroski

    So, if you want to do science, you need to be able to convince non-scientists to provide you with the time, money, and people to execute your science, instead of no science or somebody else’s science.

  3. RW says:

    What is shadow banking?

    There is much confusion about what shadow banking is and why it might create systemic risks. This column presents shadow banking as ‘all financial activities, except traditional banking, which require a private or public backstop to operate’. The idea that shadow banking is something that needs a backstop changes how we think about regulation.

    Race to the Bottom: How the New Kansas-Missouri Border War Is Killing Jobs, Social Services, and Public Education

    Wednesday September 4, 2013: 7 PM, Stack Auditorium; 800 E. 52 St., Kansas City, MO.

    NB: Can the Celtic Tiger roar again? Please. If they had repudiated the debt and booted the banksters as Iceland did they might have had a chance but since they didn’t the answer is probably not, at least for this generation and possibly the next. Virtually all the growth since the crisis has come from multinational corps taking advantage of Ireland’s tax laws and this not only does not trickle down to the populace it further restricts revenue needed to ease their pain so, naturally, they are fleeing the country in droves just as their forefathers did.

  4. nofoulsontheplayground says:

    FXStreet.com, Thursday, August 22, 2013 by Chris Tevere, CMT
    “Potential Timeline for Fed Tapering QE and First Rate Hike”

    http://www.fxstreet.com/analysis/fundamental-update/2013/08/22/

    Earlier today the NY Fed published their July Survey Response of Primary Dealers. While this contains a plethora of information, we believe the most pertinent response was with respect to the their expectations for the monthly pace of asset purchases over the next year. In the table below we compiled their ‘median’ view after each of the FOMC meetings scheduled through July 2014 and sure enough they too believe that the Fed will begin to scale back QE at the September meeting, affirming our 3Q outlook.

  5. Bob is still unemployed   says:

    I just finished watching this video (about fifteen minutes long).

    SEC Whistleblower, Gary Aguirre on the Fake Crackdown on Wall Street Crime

    “In 2005, Gary Aguirre was senior council at the Securities Exchange Commission. He investigated a case involving insider trading at a major hedge fund, Pequot Capital Management. After a little digging, it became apparent that the soon-to-be CEO of Morgan Stanley, John Mack, was involved. Mack also happened to be a major campaign contributor to George W. Bush. Mr. Aguirre’s supervisor warned him that Mack was untouchable due to his political connections. So Pequot’s attorneys met with the SEC Director of Enforcement. The result? The case would be — first “narrowed” — then Mack’s testimony was delayed. The statute of limitations for Mack eventually ran out, and Mr. Aguirre complained about Mack’s “political clout.” Big mistake. Because he was promptly fired. Bob speaks with Gary Aguirre about his experience at the SEC. …”

  6. chartist says:

    When I graduated college in 1983, the BS degree cost $12,000 and the first job paid $18,000. Today, that same degree costs $60,000 and the starting pay is around $45,000. Not sure where the blame lies; are there just too many graduates for the available jobs? I think schools could do better at holding down costs, but my school did a major campus renovation, much of which was needed. All I hear from politicians is we need more education for young people. For what, so we can have more bartenders with MS degrees vs BS degrees?

    • S Brennan says:

      Absolutely, those who think there’s a shortage of scientists, engineers and other STEM professionals in the USA is an ignoramus, a corporate shill trying to depress STEM wages further…or most harmlessly, a naturalized citizen who wants to help others of his nationality cash in on the US taxpayers past/present investment in technology.

  7. VennData says:

    MBAs are useless. Look what they did for the management skills of Steve Balmer , George W Bush, the crooks on Wall Street, supreme assholes like Stephen A. Schwarzman and cranking out foot soldiers for the “You can beat the market” industry.

    Who should replace Balmer?

    Someone that open sources the whole thing, invest the cash into photo-realistic graphics and semantic web and let the chips fall where they may.

    But they won’t, they’ll get another quarter-to-quarter MBA asshole like Balmer and fail. And all you value investors with MBAs have gotten creamed waiting in this stock, because they are a closed system and people don’t want that. Have you got that yet? Apple? Facebook? have you got that they will go the way of Microsoft too because they are closed?

    • rd says:

      I don’t think “value” investing has much of a place in most of the tech sector. It is hard to wait for the value to come through in a beaten down stock that doesn’t pay dividends when entire technology cycles can be a decade or less and much of the previous infrastructure is obsolete in that timeframe. The average person browsing the internet today has never heard of Netscape which dominated the internet less than 20 years ago.

  8. Jojo says:

    Merrills promises to ‘learn lessons’ from death of 21-year-old intern
    By Daily Mail City & Finance
    PUBLISHED: 24 August 2013

    German student Moritz Erhardt, 21, who died while employed as an intern at Bank of America Merill Lynch

    Friends of German student Moritz Erhardt, 21, who died while employed as an intern at Bank of America Merill Lynch, said he modelled himself on Gordon Gekko.

    The investment bank at the centre of the furore over the death of a young intern after he worked ‘crazy hours’ has formed a committee to learn lessons from the tragedy.

    German Moritz Erhardt, 21, was close to the end of a seven-week stint at Bank of America Merrill Lynch when he collapsed at his accommodation after working until 6am for three days in a row.

    The bank said: ‘We have also convened a formal senior working group to consider the facts as they become known, to review all aspects of this tragedy, to listen to employees at all levels and to help us learn from them.’

    The tragedy highlights the tough rite of passage interns feel they need to go through to secure future jobs.

    http://www.dailymail.co.uk/money/news/article-2401345/Merrills-promises-learn-lessons-death-21-year-old-intern.html

  9. Robert M says:

    The new UI experience is the new SOMA.
    My reading is the current information on KFF.org in regard to the PPACA. Did you know you only entitled to the Premium Incentives(tax credits) and Cost Sharing help if you buy the health policy as an individual (family), i.e. not as group plan at work, through the Health Market place(Exchanges)?

  10. meellerbee_21 says:

    From the M6 article:

    A bank manager, a self-professed car lover, came outside to take a look. He called inside the bank, and soon we were joined by several co-workers who shared his passion.

    @britholtz is now making news about cars, too. :)