My morning reading:

• Billions of dollars wasted on investment advice (FT.com) see also ‘Fee-Only’ Financial Advisers Who Don’t Charge Fees Alone (Moneybeat)
• Shutdown? What Shutdown? It’s Time to Buy U.S. Government Bonds! (Daniel Gross)
• Hedge funds and private equity are thriving … thanks to pension funds (The Guardian) see also Risk-Free Returns for Everybody! (Institutional Investor)
• Bermuda’s Search for New Wealth (WSJ)
• It’s the Austerity, Stupid: How We Were Sold an Economy-Killing Lie (MoJo)
• Why the commercial real estate crash never came (Fortune) see also Why Wall Street Loves Houses Again (Atlantic)
• Open-Government Laws Fuel Hedge-Fund Profits (WSJ)
• MIT’s Williams Decodes Economics of Gene Sequencing (Bloomberg)
• What Apple won’t tell you: The iPhone 5s is outselling the 5c nearly four-to-one (Quartz) see also 5s (Dustin Curtis)
• Mo Town: Mariano Rivera’s last home game  (The New Yorker)

What are you reading?

 

Taper Delay Stimulates Debt
Chart
Source: WSJ

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.

23 Responses to “10 Tuesday AM Reads”

  1. VennData says:

    ​”… Baltimore Ravens coach John Harbaugh confirmed a TMZ report that wide receiver Jacoby Jones, who is rehabbing from a knee injury, was involved in a brawl on a party bus early Monday morning and was hurt when he was hit over the head by a stripper wielding a champagne bottle…”

    http://espn.go.com/nfl/story/_/id/9714106/jacoby-jones-baltimore-ravens-involved-incident-party-bus-john-harbaugh-confirms

    I’m starting to think the NFL and possibly all professional sports are not the bastions of probity and the American Puritan Ethic I was led to believe by their marketing. And…

    ​”My kids are really afraid we’re going to lose the Redskin name. They say to me, ‘They’re not going to take it from us, are they, Dad?’”

    http://espn.go.com/nfl/story/_/id/9689220/redskins-name-change-not-easy-sounds

    Add this to the “one mans opinion”​ file. Change the name and the children will be ruined by this softer, gentler America…

    1) The VA, Social Security and Medicare make the old and crippled soft.

    2) Obamacare will soften the insurance companies by handing them 40 million new customers.

    3) Allowing Americans to carry guns makes them soft and unable to defend themselves with their fists.

    4) Homeland Security makes American families too soft if an IED comes their way.

    5) Cutting taxes on the rich makes them too soft, and those renowned “job-receivers,” them too.

    6) Tax exempt status for Churches? Political operations? Softeners.

    7) Absentee ballots? Makes the vacation industry soft by giving them vacationers around elections.

    8) Meat inspectors? Get your steak well done, Softie.

    9) FDA? How is the government going to make it with all this ill hangers on. Let’s breed healthy folks.

    The Right is Right. Let’s start with the above, and once they’re out of the way, go after those non-Native-American themed sports franchises.

  2. Bob is still unemployed   says:

    Is the convenience of the iPhones’ new fingerprint sensor worth the insecurity it introduces (zdnet)?

    If (or when) your fingerprint is hacked, how do you change it? Each person has only ten fingerprints to use (20, if it is summertime and you’re wearing sandals).

    You leave your fingerprints on everything you touch. Think about it, using your fingerprints as a security password is like leaving your password written on Post-It® notes and scattered around places you visit each day.

  3. VennData says:

    Chrysler Feud Triggers IPO Filing

    http://online.wsj.com/article/SB10001424052702304213904579093654095921412.html

    ​The UNIONS are making this happen! This is not the success of Obama’s failed bailouts!!!​

    Obama has ruined America!!!!!! Support the debt ceiling end to all of his lies!!!!!!!!!!!

  4. rd says:

    At least now we are only worried about bankers blowing up the world’s financial system:

    http://www.newyorker.com/arts/critics/books/2013/09/30/130930crbo_books_menand?currentPage=all

    Although Congress does look like it wants to give Richard Fuld and company a run for the money in economic damage that can be inflicted.

  5. rj chicago says:

    Barry:
    Your take on the Atlantic piece you posted re: Why WS loves housing again?

    Attached yet another culling of the mortgage herd. This is taking place by various mortgage firms on what seems to be a weekly basis anymore.

    http://www.stltoday.com/business/local/citimortgage-laying-off-employees-nationwide/article_f841fe59-d324-5289-aa89-5f7dd646971f.html

    Also – Mark Hanson just posted again yesterday an interesting take on new vs. existing housing.

  6. RW says:

    Sequester Watch, #23

    Another week, another collection of ways in which the sequester is inflicting damage on key functions.

    EG, from one of the HuffPo pieces below, a nice e.g. of how cuts can cost you: “Members of Congress and the Obama administration rely heavily on the work of inspectors general to root out waste, fraud and abuse in the federal bureaucracy. But it’s a monster of their own making that is now tying the hands of these government watchdogs.”

    Also from below, remember how we kicked the FAA can down the road runway so travelers wouldn’t be inconvenienced by that nasty sequestery thingie. Well, it’s back: “FAA officials have told aviation industry officials and lawmakers that a new round of furloughs will be needed to close a budget gap of as much as $700 million in the fiscal year starting Oct. 1.”

    I’m sorry to jump on the ultimatum bandwagon—it’s clearly a tactic the Tea Party is using in ways that are antithetical to reason and sane governance. But if I were in charge, there’d be no restoring the next round of FAA cuts without the same treatment for Head Start and similar measures that are not a big deal to air travelers but mean a great deal to the beneficiaries who are losing them through these mindless cuts.

  7. 873450 says:

    If not for an unquestionable certainty we are exceptional and China is not, this would be cause for concern.

    http://www.nytimes.com/2013/09/24/business/global/high-speed-train-system-is-huge-success-for-china.html

    Speedy Trains Transform China

    “Just five years after China’s high-speed rail system opened, it is carrying nearly twice as many passengers each month as the country’s domestic airline industry. With traffic growing 28 percent a year for the last several years, China’s high-speed rail network will handle more passengers by early next year than the 54 million people a month who board domestic flights in the United States.

    Li Xiaohung, a shoe factory worker, rides the 430-mile route from Guangzhou home to Changsha once a month to visit her daughter. Ms. Li used to see her daughter just once a year because the trip took a full day. Now she comes back in 2 hours 19 minutes.

    Business executives like Zhen Qinan, a founder of the stock market in coastal Shenzhen, ride bullet trains to meetings all over China to avoid airport delays. The trains hurtle along at 186 miles an hour and are smooth, well-lighted, comfortable and almost invariably punctual, if not early. “I did not think it would change so quickly. High-speed trains seemed like a strange thing, but now it’s just part of our lives,” Mr. Zhen said.”

    Who needs infrastructure?

  8. garbo999 says:

    In less than a year, Texas Republican Ted Cruz has become the most despised man in the U.S. Senate. He’s been likened to Joe McCarthy, accused of behaving like a schoolyard bully, and smeared by senior members of his own party. Is this any way to get ahead in Washington? Well, Cruz is no dummy—just ask him—and his swift rise might prove that it’s the only way

    Read More http://www.gq.com/news-politics/newsmakers/201310/ted-cruz-republican-senator-october-2013#ixzz2fpJNW3PS

    • rd says:

      He can always run to be a Member of Parliament in Canada if this US Senator gig doesn’t work out. He would fit in with Stephen Harper’s government as well as the US GOP.

  9. S Brennan says:

    I what is turning out to be the best match-up EVAHHH, America’s Cup continues today. Broadcast on NBC Sports 1:00 PM Pacific.

    http://www.sail-world.com/USA/Americas-Cup:-Match-point-still-eludes-Emirates-Team-NZ/114935

  10. RW says:

    Corporate media either actively promotes or refuses to correct anti-Affordable Care Act (AKA Obamacare) mendacity and stupidity so one must turn to wiser and more trustworthy voices in the blogosphere; e.g.,

    Nauseating Health Care Idiocy from Forbes

    A non-blogging friend points me to this new article at Forbes by Chris Conover purporting to show that the “typical family of 4″ will see its health care spending rise by $7450. He quotes the Center for Medicare and Medicaid Services (CMS), saying “in its first ten years, Obamacare will boost health spending by ‘roughly $621 billion’ …above the amounts Americans would have spent without this misguided law.” How stupid is this? Let us count the ways. …

    …There you have it. Forbes’ most-read story of the day (with over 26,000 Facebook shares and 3400 tweets as I write this) is simply false. Between all the new taxes and the premiums from the newly insured, you can cover the total increase in health care spending. The typical, already insured family isn’t going to see increases due to the rise in overall health care spending. You add 30 million new insured at a far lower cost than what we currently spend per person. And the editors didn’t catch a blatant error on present value.

  11. formerlawyer says:

    Not sure this has been posted but Salon (via Alternet) has a piece on mortgage fraud referencing Barry here:
    http://www.salon.com/2013/09/24/banks_find_appalling_new_way_to_cheat_homeowners_partner/

  12. mpetrosian says:

    So if I spent money with a true fee only advisor at a firm that also offers other platforms, that money was wasted? TD offers commission only arrangements, they are actually incredibly flexible with advisors on how clients get charged. I guess all RIAs using TD are a fraud.

  13. Stock Soup says:

    i just heard an analysts on bloomberg radio day of the 9 million records iPhones sold

    well, it was really “shipped” and of that 2.5 to 3 million are are still unsold 5Cs

    however, another important take away from this is Apple’s brand. the consumer thinks it’s the hottest release yet. amazing

  14. rd says:

    The physics world is abuzz because some Chicago traders have disproven Einstein’s Theory of General Relativity. A Nobel Prize must be in the offing (if the AGs don’t get there first).

    http://www.cnbc.com/id/101056168

  15. rd says:

    In case anybody wondered if CEOs from large Wall Street firms are utterly disconnected from the real world, have little to no understanding of history, and have no empathy for anybody who makes less than $1M/yr:

    http://blogs.marketwatch.com/thetell/2013/09/24/aig-ceo-compares-outrage-over-wall-st-bonuses-to-lynching-in-deep-south/

    This would be incredibly hilarious if it wasn’t so mind-bogglingly offensive. His staff needs to pick up some of those PBS documentaries from the civil rights era so he can see how the people he denigrates really were treated – and that is the stuff that they didn’t mind having footage off. Imagine what occurred off-camera.

  16. willid3 says:

    maybe that big decline in US wage (leading decline in living standards) wasn’t all about robots>
    http://qz.com/127496/dont-blame-robots-for-americas-falling-wages-blame-trade/

    but trade?

  17. willid3 says:

    that iphone 5s costs about 199 to build, while 5c costs about 173. hm, wonder why there is such a wide difference in their retail price?

    http://allthingsd.com/20130924/teardown-analysis-shows-iphone-5s-costs-at-least-199-to-build-173-for-the-5c/?mod=atd_homepage_carousel

  18. willid3 says:

    US becoming a nation of individuals, living alone, and much much poorer?

    http://qz.com/127379/lonelier-and-poorer-the-incredibly-depressing-future-for-americans/

  19. VennData says:

    Government shutdown: Ted Cruz, Mitch McConnell split

    http://www.chicagotribune.com/news/chi-government-shutdown-20130924,0,2626124.story

    If you’re a REAL American, you must support Ted Cruz and reject McConnell!

    I am willing to wait it out, government shutdown? Pfft.

    I can live of My Social Security, Medicare, interest on my T-Bonds and PBGC-pension for a long time while the liberals on welfare get fried.

    GO TEDDY!

    • ilsm says:

      @VennData,

      But, oh the humanity, all those Lockheed workers cobbling together F-35′s that do not work will be furloughed or worse become not republicans.

      To name a just few whose jobs depend on the pentagon’ $700B plus trough being senselessly filled with half the world’s arms spending.

      Let the GOP shutter it!