My longer form weekend reading:

• The Hidden Technology That Makes Twitter Huge (BusinessWeek)
• Wall Street Isn’t Worth It (Jacobin) see also Can Suze Orman Save America? (Daily Beast)
• State of Work in the Age of Anxiety: The 40-Year Slump (American Prospect)
• What Does the Book Business Look Like on the Inside? (Vulture)
• Unaccountable: The Pentagon’s bad bookkeeping (Reuters) see also Accounting World, Still Resisting Sunlight (NY Times)
• How Republicans Rig the Game (Rolling Stone)
• Saudi Arabia’s Prince Turki: ‘American policy has been wrong’ (Washington Post)
• The Decline of Book Reviewing (Harper’s Magazine)
• Will the EU Kill America’s Death Penalty? (Vice)
• TV’s Crowning Moment of Awesome – (Esquire)

What’s up for the weekend?


Running of the Bears?

Source: Bespoke

Category: Markets

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.

11 Responses to “10 Weekend Reads”

  1. ilsm says:

    “Unaccountable: The Pentagon’s” 20 Years of pentagon ignoring GPRA!

    In FY 2010 the pentagon “bought” $400B on “contracts”, about half for services. The acquisition of services is done using the Federal Acquisition Regulation (FAR) part 37. It is soundly abused!
    It prohibits, outside of tight bounds, the ordering of “personal services”. However, the acquisition of “advisory and assistance services” is personal services. No one audits the invoices to see if any “service” delivered from the “labor hours” claimed, at the charged inflated labor rates. “Advisory and assistance services” is a reason the pentagon leases space all over Arlington, Alexandria and Reston, VA.

    Another type of service is performance based (not) sustainment contracts, which should be fix priced so the vendor takes some risk. These are managed like the “advisory and assistance services” contracts where time and materials are invoiced and no one audits whether any of the claimed cost delivers any performance based (not) sustainment outcomes that are “worth” the costs.
    The $200B spent for things delivered by contractors is similarly unaudited.

    Similar inflation of expenses is seen in the assignment of military and civil service grades to inflated positions………

    While for several years the pentagon’s chief buying officer has been trying to fix the waste with a “Better Buying Power” initiative now at version 2.0 which is roundly ignored. There are no incentives to end the waste.

    Nothing changes as long as the “see no evil, hear no evil, and speak no evil” paradigm rules, with its whistleblower non protections.

    “Unaccountable: The Pentagon’s” 60 Years of pentagon ignoring the waste!

  2. swag says:

    Rick Santelli, CNBC’s Glenn Beck (Columbia Journalism Review)

  3. hue says:

    Requiem For a Welterweight: Manny Pacquiao May Be Broke, But Is He Broken, Too? (SB Nation)

    White Men Can’t Trump? Up Close With Racism, Rage & Southern Supremacy (Salon)

    Don’t Say Goodbye When You Leave a Party. Just Ghost (Slate)

  4. > Unaccountable: The Pentagon’s bad bookkeeping (Reuters)

    Yeah, and James Clapper never lied to Congress . . . if you or I did this – say in a tax return – we’d be prosecuted. Every time I read this stuff, I get livid . . . all over again.

    Great article, and just another reminder that our defense establishment – just like our security one – believes it’s a kingdom unto itself.

    “The secretary of defense’s office and the heads of the military and DFAS have for years knowingly signed off on false entries. ‘I don’t think they’re lying and cheating and stealing necessarily, but it’s not the right thing to do,” Pentagon Comptroller Robert Hale said in an interview. “We’ve got to fix the processes so we don’t have to do that.’”

  5. jbb says:

    Admittedly I only skimmed the article about “the hidden technology” that makes Twitter “huge.” It seemed hyped. For instance, the phrase revolutionary technology. APIs, json, ajax, metadata — these are revolutionary? Most of them existed well before Twitter. APIs – while they may sound impressive – are a bunch of function calls that can be invoked from remote scripts to get data from services, be it from Twitter or some other data provider. And json (Javascript Object Notation) is a supposedly efficient way of structuring data in Javascript to send across the network. Data can also be sent as name/value pairs, XML, etc. These “revolutionary technologies” are used in tons of web sites and web applications.

  6. mathman says:

    Here’s some more superficiality:

    Well, if you thought you’d seen all the madness and absurdity that could possibly come out of the financial system by now, you are definitely being caught on the wrong flat foot as we speak. And there can be no doubt that much more of this will be revealed as we go along. Jamie Dimon renting Buckingham Palace to celebrate his $13 billion settlement with US regulators is just the beginning, though it’s a pretty clear statement of just how untouchable too big to fail policies have made Wall Street and the City feel. And they don’t feel that way for nothing, in every sense of the word, count on it.

    A Labour spokesman said this about the party at the Palace, which included appearances by the Royal Philharmonic and the English National Ballet: ““There is also the fact that this should be a special place. This is the home of the Queen. Where is it all going to end?“ Well, sir, maybe it’s time to wake up, because the new kings and queens of the world have taken over. And they intend to be loud and proud about it, like any group of conquerors throughout history ever did.
    (read the rest if you’re interested)