My afternoon train reading:

• Microsoft’s Concept Videos From 2000 Were Spot-On. So Why Didn’t Ballmer Build Any of It? (Bloomberg)
• A gold surplus + no more Indian buying = ? (FT Alphaville)
• Critic Says DFA Has Descended Into Scientism (Mututal Fund Wire) see also Why DFA’s New Research is Flawed (Advisor Perspectives)
• The Party May Not End, But It’s Getting Quieter (Moneybeat)
• Hank Paulson: This Is What It Was Like to Face the Financial Crisis (Businessweek) see also Where Is Dick Fuld Now? Finding Lehman Brothers’ Last CEO (Businessweek)
• US Foreclosure Starts Hit Lowest Level Since 2005 (World Property Channel)
• Summers Seen Prone to Tighter Credit Than Yellen in Poll (Bloomberg) see also Obama’s Fed Pick: A Done Deal or Runaway Speculation? (Real Time Economics)
• States That Get The Most Disaster Aid Have Sent Dozens Of Climate Deniers To Congress (Think Progress)
• The Supersizing of American Colleges (Priceonomics)
• Learning from Sherlock Holmes (Seeking Wisdom)

What are you reading?


Median Home Price (Inflation-Adjusted)
Source: Chart of the Day

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.

22 Responses to “10 Thursday PM Reads”

  1. Molesworth says:

    Are we all certain Bernanke is out? Maybe he’ll stay on and save us all painful congressional hearings?

    • ilsm says:

      I do think Desert Storm (conventional close air and interdiction), Bosnia, and Kosovo have changed the ambivalent conclusions WW II strategic bombing study.

      Drones are a tactic, a precision pin prick version of Zeppelin tactics from WW I. In WW II those tactics caused logistic difficulties, and raised the costs but did not work requiring boots on the ground (except for A bombs which are not pin pricks).

      In the war on terror, attrition or assassinating enemy combatants, as in Vietnam, is part of the wrong strategy. The US cannot kill enough of them, particularly those looking to martyrdom, to make them like us.

      One commenter talks about “limitations”. Implying better optics, which would add size and weight, if they could be put together by the optical physicists.

      The tactical flaws should not excuse insane strategy.

  2. willid3 says:

    teaching a pig to sing?

    “Otherwise giving policy advice is, to paraphrase Robert Heinlein, like teaching a pig to sing: it wastes your time and it annoys the pig.”

  3. bear_in_mind says:

    Much like a seismograph tracing the onset of an earthquake, your “Chart of the Day” certainly does grab one’s attention. Rather than ripples lessening in amplitude, implied price volatility appears to be accelerating. I’m sorry… did I just hear Dr. Bernanke mutter, “Unintended consequences?”

  4. pekoe says:

    MIssing from the commentary about tuition prices is the drastic decline in state support for state universities. 20 years ago Virginia paid over 25% of the UVA budget, and now they pay 6%. At UVA, middle class and wealthy parents pay high tuition which is then redistributed to poor students as aid. So, rising tuitions have become a tax that that is not called a tax. The state wants to call the shots but not pay the bills, and conservatives demagogue “those liberal elites” for rising costs while evading what used to be their responsibilities. And of course, rising tuitions at public universities only enable rising tuitions at private universities. I am not saying this process is everything, but it is a major part of it.

  5. Been Around 1963 says:

    Paulson’s memory is as selective as ever. The guy has gotten an undeserved free pass from the financial press. And he is a staunch proponent of The Big Lie about affordable housing goals.

      • bear_in_mind says:

        Here’s an even bigger arse… and looks we’ll have him to kick-around once again. Un-effen-believable…

        Obama set to name Summers as Fed chief: report
        Market Pulse column
        Sept. 13, 2013, 1:55 a.m. EDT

        By Carla Mozee

        LOS ANGELES (MarketWatch) — U.S. President Barack Obama plans to name former U.S. Treasury Secretary Lawrence Summers as the next chairman of the U.S. Federal Reserve Board of Governors, according to a report Friday by Japanese newspaper Nikkei, which cited unnamed sources. An announcement is expected as early as late next week, following the conclusion of the Fed’s policy meeting on Wednesday. Treasury Undersecretary Lael Brainard, who served as an economic adviser under the Clinton administration, will likely be named the central bank’s vice chairman, the Nikkei said. Summers would succeed Fed Chairman Ben Bernanke, whose term expires in January. Summers and current Fed Vice Chairman Janet Yellen had been considered the front-runners to become the Fed’s next chief.

  6. Actually, I think the NSA and rubber stamps like Ruppersberger and Rogers have damaged the country’s NS if anyone has. . . in any event, far more damaging than this would be to muzzle the press and simply trust that our government is providing the necessary oversight over itself . . . if Snowden’s revelations have shown anything it’s been that this oversight has been severely lacking.

    Reps. Dutch Ruppersberger (D-Md.) and Mike Rogers (R-Mich.) accused the media on Thursday of having severely damaged the country’s national security by publishing National Security leaks. (Politico).

    • bear_in_mind says:

      I call BS on Ruppersberger and Rogers. By their pretzel logic, we should never have learned of Watergate or the Pentagon Papers. They’re just more liars wanting to keep their lies from seeing the light of day.

  7. Francisco Bandres de Abarca says:

    On Sherlock Holmes: Jeremy Brett portrayed Sherlock best, hands down.

    Some of the novel uses for elements within a cell phone are mentioned in this article (very ingenious):

    Then there’s this great photo:

    Journalist: Is that a crash helmet you’ve got there, Commander Kermit?
    CDR Kermit (doing his best Bill Dana as Jose Jimenez): Oh, I hope not!

    Here’s to hoping the frog survived the ordeal.

  8. dreamshade says:

    Forget the news, I’ve got a joke for you.

    An Austrian economist gets tired of dealing with money and goes back to school for a career switch. A decade later, he has a medical degree and opens up his own general practice.

    His first patient comes in for a routine checkup, and he asks, “So, doc, how’m I doing?” And the Austrian doctor says, “You’re dying.”

    The patient freezes for a moment, then he starts to panic. He shouts, “Well, what do I do?” And the Austrian doctor says, “Nothing.”

    The patient panics even more. He screams, “Do I need surgery? Do I need a prescription? Do I need therapy?” The Austrian doctor replies, “No! Those things could have unintended side effects! Just let it run its course!”

    The patient sits down with his head in his hands, catching his breath. He finally says, “Okay, doc, give it to me straight. What am I dying of?” The Austrian doctor says, “Old age.”

    The patient nearly falls off the cushioned table. “Old age?!” he shouts. “I’m 32 years old! When am I supposed to die of that?!” And the Austrian doctor growls, “ANY DAY NOW.”

  9. Bob is still unemployed   says:

    Not reading too much this afternoon/evening, but more watching Mr. Paulsen’s interview and comments on Bloomberg TV.

    After watching the interview, I feel like I need to take a shower.

    His attempt to morph the goal of TARP from the blatant saving of the banks into the saving of Main Street is specious at best.

    If he really had been intent upon saving Main Street he would have prevented the banks from executing their apparent arbitrary foreclosures of innocent homeowners as part of the TARP settlement.

    If he were really intent upon saving Main Street he would have insisted that the banks management of the banks be held accountable for the misdeeds that were done.

    etc., etc., etc…

    Lacking the above, it appears to me as if Mr. Paulsen has been doing little more than a publicity tour trying to clear his sullied reputation.

    Is there no shame from those who killed the middle class?

  10. Chief Tomahawk says:

    Uh oh! Matt Egan has labeled Larry Summers with “the brilliant economist”.