My Monday afternoon reading:

• 3 Popular Economic Warnings That Are So Much More Complicated Than They Look (Motley Fool)
• Buffett’s Fourth Law of Motion: Your Behavior (A Wealth of Common Sense)
• The US is nowhere near another housing bubble (Quartz) see also The Tale of a House, and an Entire Market (NY Times)
• Why Aren’t App Designers as Famous as Chefs? (Digits)
• Make ISPs into “common carriers,” says former FCC commissioner (Ars Technica) • A Vindicated Snowden Says He’d Like to Come Home (New Yorker) • Ezra Klein Is Joining Vox Media as Web Journalism Asserts Itself (NY Times) see also Q&A: Ezra Klein Promises “A Completely Different Product” (BuzzFeed)
• How to Talk to a Climate Skeptic: Responses to the most common skeptical arguments on global warming (Grist)
• Tech billionaire compares self to Jews under the Nazis, fears pogrom (LA Times)
• The Village Voice’s Pazz & Jop Critics’ Poll: Top 10 Albums By Year, 1971-2013 (Village Voice)

What are you reading?

 

The Fed’s Imperfect Tools for Growth

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.

10 Responses to “10 Monday PM Reads”

  1. Google autocomplete results: “Why is [state] so…”

    http://goo.gl/seHQUC

  2. MayorQuimby says:

    Fed printing has resulted in hyper mis-flation. Money went to wrong places – everything mispriced in all directions, huge distortions introduced.

    But that isn’t the problem – the problem is that .gov et al are deficit spending as if all this funny money is built upon a rock solid foundation. God helps us all if it turns out it isn’t.

    http://theeconomiccollapseblog.com/wp-content/uploads/2013/07/Total-Debt-Growth-vs.-GDP-Growth-425×255.png

    Hyperinflation was never going to happen but I believe future historians will all agree that the present-day “perpetual inflation at any cost” policies are ultimately way more harmful than beneficial.

    We shall see.

  3. Born Again says:

    2011 was a great year for music. There is no reason Divergent Spectrum (Bassnectar), Megalithic Symphony (AWOLNATION) and Torches (Foster The People) should all be left off a “best albums” list.

  4. slowkarma says:

    The Thomas Perkins letter to the Wall Street Journal was about as foolish a screed as you will find in the early years of the 21st Century, but I gotta say, you linked to about the worst newspaper columnist in America, Michael Hilzik, to comment on its arrant stupidity. You really have to experience Hilzik’s columns for a while to get the full flavor of them; I would have stopped reading them years ago, but I’m somewhat fascinated by their awfulness.

    Everybody should read Robert Gates’ “DFuty.” I’m just finishing it, and it’s fascinating. There was a right-wing country song a few years ago called “Gotta Turn This Train Around.” The amazing thing about Gates’ memoir is the evidence he presents that nobody can turn this train around, even if we could agree that we wanted to. Can’t even slow it down. One piece of evidence: all the Democrats want to end the war and cut defense spending, but every single one of them, no matter how much of a pacifist they might be, will fight like dogs to prevent *any* defense cut in their districts. Harry Reid’s major concern in the midst of two wars was to get the defense department to fund research into irritable bowl syndrome. Cheney *really* wanted to bomb almost everyone…his opinions, as expressed to Gates, are genuinely frightening. How did he get to be VP? Who’s be crazy enough to give him that job? Well…

  5. RW says:

    Patience Grasshopper; patience.

    Similarities with 1997 emerging markets crash only go so far

    Suddenly, it feels like 1997 all over again. The biggest one-day swoon of Argentina’s peso on Thursday was more than a little reminiscent of the day 17 years ago when the Thai baht was driven into free fall, triggering a wave of contagion through Asia.

    …While there are clear vulnerabilities or evidence of economic mismanagement in several emerging markets, including Venezuela, Ukraine, Turkey and South Africa, the frailties that Argentina succumbed to are not broadly representative.

  6. 873450 says:

    USA turning into Saudi Arabia

    http://hosted.ap.org/dynamic/stories/U/US_FOOD_STAMPS_INCOME_INEQUALITY?SITE=AP&SECTION=HOME&TEMPLATE=DEFAULT&CTIME=2014-01-27-04-43-09

    THE NEW FACE OF FOOD STAMPS: WORKING-AGE AMERICANS
    WASHINGTON (AP)

    “In a first, working-age people now make up the majority in U.S. households that rely on food stamps – a switch from a few years ago, when children and the elderly were the main recipients … participation since 1980 has grown the fastest among workers with some college training, a sign that the safety net has stretched further to cover America’s former middle class … the program now covers 1 in 7 Americans … findings coincide with the latest economic data showing workers’ wages and salaries growing at the lowest rate relative to corporate profits in U.S. history … Congress, meanwhile, is debating cuts to food stamps, with Republicans including House Majority Leader Eric Cantor, R-Va., wanting a $4 billion-a-year reduction to an anti-poverty program that they say promotes dependency and abuse.”

    GOP Rep. Cantor to working poor: “Let them eat dirt.”

  7. Robert M says:

    From: The Tale of a House, and an Entire Market

    “Even at that price tag, the house struck Leslie Johnson as a good deal. Rising prices had taken on an aura of inevitability, and the whole country seemed to believe that they would never fall.
    Ms. Johnson, a billing specialist at a law firm, had a son who was living in a nursing home after being severely disabled in an accident. She already owned a house, but says her homeowner’s association was making it difficult for her to install a wheelchair ramp and to build an accessible bathroom so her son could live at home.
    The $540,000 price of the Backus Drive house seemed beyond her reach. But after providing documentation of her income (which she declined to disclose publicly), she was told that she had been preapproved. “They told me to go ahead and buy and just refinance later on to a more manageable mortgage payment,” she said.
    From that point on, some of the most unsavory aspects of the subprime lending industry came into play.
    With a credit score at the low end of average, Ms. Johnson got a loan with high interest but a low teaser rate for the first two years. In February 2006 — when prices in Prince George’s County were nearing their peak — she put 5 percent down, and got a piggyback loan to cover the rest of a 20 percent down payment. Even with the teaser rate, her monthly payment was $4,175 for both loans, more than she was taking home in her paycheck each month. (That figure is based on public records; Ms. Johnson recalls the payment being somewhat lower.) But she had some savings that would help her cover the payments, she said, until she could refinance, which the bank assured her she could do very soon.
    Begs the question of why no one has been prosecuted for what used to be called fiduciary responsiblity.