My afternoon train reading:

• Shutdown vs. Default: The Relative Impact (Economix) see also 3 things bigger than the taper on Wall Street (MarketWatch)
• This is what counts as restraint in executive pay: bonuses that quadruple your salary (Quartz)
• Notes from the Bloomberg Markets 50 Summit (TRB)
• Banks find appalling new way to cheat homeowners (Salon)
• One Big Trader Lost Millions Betting on Romney, Study Finds (Washington Wire)
• WSJ buries the lead deep on AIG’s CEO  (CJR)
• For serial-number hunters, $100 isn’t just $100 (Boston Globe)
• Gawker founder Nick Denton is still trying to reinvent reader comments — and it’s working (Gigaom) see also The third industrial revolution (Economist)
• Keith Jarrett: Embellishment Not Required (WSJ)
• Did Climate Change Worsen the Colorado Floods? (MoJo)

What are you reading?


Temperature chart for the last 11,000 years
Source: Real Climate

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.

12 Responses to “10 Tuesday PM Reads”

  1. postpartisandepression says:

    What is going on on this country? I don’t even see how that story in Salon about the Nationstar could be true? Are there no laws and regulations that apply? How was it ever legal not to tell a homeowner who their mortgage servicer was? Why wouldn’t you make it a requirement that the homeowner has to be informed of any changes by a certified letter? And if not then the servicer is liable for all missed payments. This sounds like we now live in a Somalia – a land of no laws? Where is the outrage?

  2. rd says:

    Re: CJR story on Benmosche:

    The irony of them referencing an interview at his villa in Dubrovnik is immense. It is a beautiful little city on the Adriatic that I had the pleasure of visiting in the 1970s before it was heavily shelled in 1991 when Yugoslavia was going through its nasty little civil war that resulted in multiple nations that hate each others guts. Benmosche is clearly incapable of putting that type of history in the context that apparently stable societies can suddenly go stark raving mad as his quote about lynchings indicates. He could easily turn into a Louis XVI and Marie Antoinette without having a clue that the guillotine awaits him.

    Re: Did Climate Change Worsen the Colorado Floods

    There is actually an easy test for this. These types of major floods and debris flows are cyclical in history. They leave clearly observable deposits behind in layers. If these towns and roads were built on old debris flow deposits, then this was just another one. If investigation indicates that these old relic deposits are not present, then this is a new phenomenon. The same types of things can be observed in the bedroom communities east of LA. There are big rocks that come from the mountains several miles form the base of the mountains – they were deposited by big debris flows in floods. Just because those haven’t happened in the past 50 years doesn’t mean that there won’t be a confluence of events that will make them happen again.

    Like stock market crashes, you usually have to have a bunch of different conditions come together simultaneously to create it. Having multiple factors coalesce at once is much rarer than just having one factor show up, so the frequency of the big event will be much lower. However, having multiple factors occurring simulataneously may not just be a normally distributed event – there may be a fat tail with a higher frequency than simple statistics would tell you, just like the odds of 2008-9 happening so soon after 2001-2 could not be predicted by the typical day to day volatility of the stock market.

  3. RW says:

    Yo, Wall Street!

    …so far business leaders haven’t said much publicly about either the shutdown or debt ceiling—and they don’t appear to be saying that much privately, either. I don’t know why they’re so quiet, but I suspect many are operating under the same assumption—that, one way or another, Boehner will find a way to make a deal.

    Well, what good is a financial sector if it can’t be counted on to panic? Now would be a real good time for Wall Street to make it clear to congressional Republicans that there will be consequences for the kind of misbehavior that screws up the economy…

  4. RW says:

    I understand this but it grates: Asshats and Professional Purveyors of Ignorance aside, there are doubtless many commenting on scientific topics who (a) lack competence and (b) possess insufficient humility to learn but, still, the loss of interaction cannot be good.

    Why We’re Shutting Off Our Comments

    Comments can be bad for science. That’s why, here at, we’re shutting them off.

    It wasn’t a decision we made lightly. As the news arm of a 141-year-old science and technology magazine, we are as committed to fostering lively, intellectual debate as we are to spreading the word of science far and wide. The problem is when trolls and spambots overwhelm the former, diminishing our ability to do the latter.

  5. VennData says:

    Ted Cruz fights health law, but most in GOP refuse to join

    “…U.S. Senator Ted Cruz, a Tea Party favorite, took his fight to defund President Barack Obama’s healthcare overhaul to the Senate floor on Tuesday, but most of his Republican colleagues refused to join him…”,0,2626124.story

    The GOP WANTS Obamacare, like they WANT Abortion, flag burning, gun confiscations etc., etc.

    It’s up to you GOP voter, to fight the far Left GOP and stand with Cruz, Bachmann, Palin, Santorum and shut down the government for as long as it takes to stop DC destroyers from wasting our money on social programs that go to Obama, McConnell, Boehner and the other Socialists!

    If the GOP continues to Support Obama, you MUST break from them and support the REAL Americans noted above!!!

  6. Herman Frank says:

    “Faith in the system” got another broadside with the news that “……….. By one estimate, as much as $600 million dollars in assets changed hands in the milliseconds before most other traders in Chicago could learn of the Fed’s September surprise ……….”

    “Oh, it was my computer Sir! The thing went all-agog! Don’t know what happened, couldn’t stop it! Sorry, we only made $60mln profit – shows you that we didn’t know what was happening; yes Sir, I’ll pay the parking ticket of $1mln for letting the computer role without supervision. Thank you Sir!”

  7. ZedLoch says:

    Did anyone else just open up their wallet and check the serial # of every bill in there? I got nothin.

  8. S Brennan says:

    What a comeback…and Larry Ellison deserves some love for making sailboat racing something worth watching…speeds in the 2nd race approached 50mph…not your fathers America’s Cup.