Good Wednesday morning; here is the shizzle:

• Stock Market Bubble vs. Impressive Bullish Breakout (Ciovacco Capital) see also Stocks breaking the all-time high barrier (USA Today)
• Investors seem genetically programmed to chase performance (WSJ)
• DC Follies, perhaps? Euro surges to highest level against dollar in nearly two years (WSJ)
• The downsides of quantitative easing, Cardiff Garcia watch (FT Alphaville) see also Weak Jobs Report Blurs Fed’s Policy Path (WSJ)
• More information might not improve your ability to make decisions (Farnam Street)
• How the Internet Is Changing What Economists Do (Fiscal Times) but see Maybe Economics Is A Science, But Many Economists Are Not Scientists (Krugman)
• Norris: Federal Employment at 47-Year Low (Economix)
• The Media Can’t Stop Sucking Up to Alan Greenspan (New Republic)
• WaPo GOP edition:
…..-Gay rights supporters wage a quiet campaign to push Republicans to the middle (Washington Post)
…..-GOP Senator Mitch McConnell is right. But will Republicans listen to him? (Washington Post)
• Apple Targets Microsoft Office With Free Apps (NY Times) see also Why Microsoft Word must Die – Charlie’s Diary (Antipope)

What are you reading?

 

Bespoke Market Recap 102113
Source: Bespoke

 

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.

18 Responses to “10 Midweek AM Reads”

  1. rd says:

    Securitizing the mortgages worked out so well for everybody involved that Wall Street has now moved onto securitizing the houses themselves:

    http://www.bloomberg.com/news/2013-10-23/blackstone-creating-rental-home-bonds-after-buying-spree.html

    Meanwhile, in China people are self-immolating to protest local government takeovers of their properties to provide space for future development:
    http://www.npr.org/blogs/parallels/2013/10/23/239270737/desperate-chinese-villagers-turn-to-self-immolation

    Actions like this in the US in the mid-1800s led to pretty stringent state laws regarding property rights, ownership documentation, and transfer processes. Unfortunately, they got in the way of a quick path to fame and fortune for many of the mortgage bankers who graciously gave us MERS to more fficiently and expediently address mortgage transfers and now want it enshrined in national law to take precedence over those pesky state laws. That “rule of law” thing can really get in the way of making a lot of money. The Chinese are fortunate that they don’t have to worry about that.

    • willid3 says:

      they seem to only like rule of law when it favors them. like how they got arbitration made part of society not just the legal system. seems to always be about the cost. not about whether it was really better for society. but it was certainly better for business

      • willid3 says:

        not that that is unusual. its just that we seem to accept that their view is preeminent, and more important than how it affects society

  2. ami_in_deutschland says:

    Sobering:

    http://www.youtube.com/watch?v=OINa46HeWg8

    BTW, Barry, I’m only geographically European — I was born and raised in the good ol’ US of A.

  3. RW says:

    Unemployment Edges Down as People Continue to Leave the Workforce in September

    In spite of the September drop in unemployment, the employment-to-population rate (EPOP) remained unchanged at 58.6 percent. This continues the pattern that we have seen throughout the recovery as the unemployment rate falls mainly because workers leave the labor market.

    Doesn’t seem to be much chance the Fed will seriously contemplate ‘tapering’ until March at the earliest.

    • willid3 says:

      well, how many of those leaving are retiring? and how many are ‘retiring’ when they dont want to? how many are being forced to retire?

  4. ilsm says:

    @Norris NYT Ecomonix: 35 years of the all volunteer force has created a huge uncounted army of camp followers.

    Federal “employment” numbers may be at a 47 year low, salary and benefits for federal employees are near historic highs. In 2012 there were 847000 reserve and national guard part timers.

    The DoD contracted for $200B in 2010 for services, taking over for the fewer civilians and uniformed members.

    Military pay, benefits, retirement and retiree medical obligations are huge!

    OPM and military retirement trusts’ exposure is also huge and “actuarially better” than SS because most of the ‘cash’ buying special treasuries is “agency” and “general funds” contributions.

  5. Mike in Nola says:

    I see from Charlie’s favicon that he’s another Linux-loving MSFT hater. The enemy of my enemy, BR?

    Although the snark was appreciated by Apple fans, many saw it as whistling in the dark as Apple’s market share slides. It will still make boatloads of money, but as one podcaster who uses and likes Apple products says, it’s become a luxury brand and for some a way to show off wealth. It’s mostly refining products and not trailblazing as Jobs did.

    The iOffice stuff looks like a way to blunt MSFT’s release of apps for IOS to let you use MSFT products on your Apple products, threatening the walled garden. For example, the RDP app allows you to use your PC like you are sitting in front of it, though with reduced screen size. While you are doing that, you are no longer in the ecosystem. See, e.g. http://www.macrumors.com/2013/10/17/microsoft-launches-remote-desktop-apps-for-mac-and-ios/

    BTW, 180 Million iPad is two quarters of PC sales in the worst PC market in years.

  6. Bob is still unemployed   says:

    A couple of loosley-related articles about identity and tracking on and around the web…

    Identity: The Connective Tissue of the Internet of Things

    “During a presentation at the Bank of America Merrill Lynch 2013 Technology Conference, [Salesforce.com's CEO] Marc Benioff mentioned something bizarre, if not intriguing: Phillips, the electronics company long known for staple consumer products like TVs, cameras and audio equipment, was working on a new toothbrush. But this was not going to be any ordinary toothbrush. To meet the demands of consumers discontented with mere bristles on a stick, Benioff said Phillips was developing a toothbrush with GPS, Wi-Fi and ‘realtime feedback on how I brush my teeth. When I see the dentist and he asks, ‘Marc, have you been brushing?’ I can’t lie to the dentist anymore. He’s got all the data.’…”

    Senator unveils plan to restrict tracking of your location data in retail stores, backed by industry

    “For several years, browser companies and privacy advocates have struggled to establish a universal ‘do not track’ standard that would allow Internet users to click one button and opt-out of having their online histories tracked and used by companies, which use the information to offer personalized advertisements. But what’s to stop companies from tracking our movements and activities in real life, especially now that they have access to cheap motion sensors, and now that many of us carry location-aware devices with us at all times in the form mobile phones? New York’s Democratic Senator Chuck Schumer has answer to that: let the companies regulate themselves….”

    Hmmm… “let the companies regulate themselves” — yeah that has always been so successful in the past….

  7. hue says:

    Nation That Waited Decades To Pass Health Care Infuriated By Slow Web Site (Borowitz Report)

    Waiting For Work: Long-Term Unemployment Increasingly Plagues Europe and America (The Economist)

    Six Feet Under As A Retirement Plan? (CNBC)

    • willid3 says:

      isnt the 6 foot under plan the one is used by most Americans? and with a group that’s actively pushing to end social security (because its an entitlement!) it might even happen.

  8. RW says:

    And a couple from Moneybox

    Predicting A Crash Years In Advance Is Unimpressive

    …one of the reasons Nolan cites for why we should be impressed by rich hedge fund guy Stanley Druckenmiller wanting to cut Social Security benefits is that Druckenmiller “predicted the last financial crash (the collapse of the housing bubble) years before it happened.”

    In this era of obsession with bubbles, I think it’s important to recognize how fundamentally unimpressive it is to call a financial crash years in advance.

    Alan Greenspan’s Bank Capital Fraud

    It’s on the “thin regulation” front where Greenspan’s new media push is driving me nuts.

    …It’s as if Richard Nixon wrote a book about how tougher security at the Watergate Hotel could have avoided a lot of problems for America.

  9. NoKidding says:

    “Maybe Economics Is A Science”

    Maybe it isn’t.

  10. willid3 says:

    think health care inflation was bad?

    its not even close to higher education inflation

    http://qz.com/138691/after-rising-1200-over-the-last-35-years-surging-us-higher-education-costs-are-slowing-just-barely/

    odd how cutting state education spending ends up costing students and drives student loans.
    and those same students would have been tax payers for states later in life. but with that high debt from student loans. not so much. doesnt help that entry level jobs have been exported too

  11. krice2001 says:

    Barry – Enjoyed the Ciovacco Capital videos. Straightforward and well explained. I can see why you posted it.

    Federal Employment at a 47 Year Low! Who wudda thought?

  12. swag says:

    Murdoch hacking/corruption scandal back in the news

    Trials to begin, WSJ interference confirmed, secret tape fallout serious

    http://www.cjr.org/the_audit/murdoch_journal.php