Easy like my Sunday morning reads:

• Wall Street Attracts Chop Shops 20 Years After ‘Wolf’ (Bloomberg)
• Retiring on Your Own Terms (MoneyBeatsee also Jason Zweig’s “Magic” Number for Retirement (Reformed Broker)
• The Argument for Mandatory 401(k) Participation (Morningstar)
• How do US taxes compare internationally? (Tax Policy Center) see also Anyone Who Thinks America Has High Taxes Needs To Look At These Charts (Business Insider)
• Apple devices flow into corporate world (WSJ)
• Bernanke Secret Sauce Drops Effective Fed Rate as QE Quantified (Bloomberg) see also Fed Policy Makers Rally Behind Tapering QE asYellen Era Begins (Bloomberg)
• Google and Motorola in the Wake of Nortel (Digitopoly) but see The Inside Story of the Moto X: The Reason Google Bought Motorola (Wired)
• Pot’s Sobering Lessons From Prohibition (Bloomberg)
• Who Runs Freedom Industries? West Virginia’s Chemical Spill Mystery (Businessweek)
• The 12th man? Ask Texas A&M about it — they trace it to a January 1922 Aggie football game (WSJ)

Happy Chinese New Years, Dim Sum for Brunch?

 

Retailers Lower Expectations After Cutthroat Season

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.

13 Responses to “10 Sunday Reads”

  1. hue says:

    Why I fled libertarianism — and became a liberal (Salon) Confessions of a former Libertarian: My personal, psychological and intellectual epiphany (Salon)

    Memory and Forgetting (RadioLab) Is our memory like a database that can be minded? the next story BR has posted
    The forgetting pill: How a new drug can erase your worst memories (Wired UK)

  2. Bob A says:

    “Rekenthaler Report The Argument for Mandatory 401(k) Participation”
    Great template for an article on “The Argument for Single Payer Healthcare”
    with the chart comparing cost per capita in countries with it compared the US.
    Oh look….somebody already did that
    http://www.washingtonpost.com/blogs/wonkblog/post/our-skyrocketing-health-care-costs-in-one-chart/2011/11/09/gIQANUPJ6M_blog.html

  3. Jojo says:

    Today I Found Out
    Why the NFL is Tax-Exempt
    Matt Blitz January 29, 2014 0

    John K. asks: I heard that the NFL is tax-exempt. Why is this when they make billions every year?

    NFLThe NFL made over nine billion dollars this past year in gross revenue. That is over one billion dollars more than Major League Baseball, the next most profitable American professional sports league. The Jacksonville Jaguars, the NFL’s least valuable team, is worth an estimated $850 million, which is the same amount as the New York Rangers, the NHL’s second most valuable team. With every long touchdown pass, every bone-crushing hit, every game-deciding interception, every Super Bowl Sunday, the NFL is raking in even more cash. That is why many fans are surprised, and even angry, to hear that the NFL is technically a tax-exempt, non-profit organization.

    To clear things up, according to the letter of the law, the NFL League Office is the company that is actually tax-exempt, not the NFL as a whole. The NFL is comprised of 32 separate organizations – the teams – all of which pay taxes on their individual revenue. The NFL League Office is classified as a trade organization. As a trade organization, the NFL League Office’s primary purpose is to “further the industry or profession it represents.”

    http://www.todayifoundout.com/index.php/2014/01/nfl-tax-exempt/

  4. Jojo says:

    Oh boy. Imagine something like this in the hands of your local street gang. A little C4 and ….
    =========
    Rocket Launching Quadcopter – Flight Test
    http://youtu.be/wO25_xrijLo

  5. Jojo says:

    Technology and jobs
    Coming to an office near you
    The effect of today’s technology on tomorrow’s jobs will be immense–and no country is ready for it

    Jan 18th 2014

    INNOVATION, the elixir of progress, has always cost people their jobs. In the Industrial Revolution artisan weavers were swept aside by the mechanical loom. Over the past 30 years the digital revolution has displaced many of the mid-skill jobs that underpinned 20th-century middle-class life. Typists, ticket agents, bank tellers and many production-line jobs have been dispensed with, just as the weavers were.

    For those, including this newspaper, who believe that technological progress has made the world a better place, such churn is a natural part of rising prosperity. Although innovation kills some jobs, it creates new and better ones, as a more productive society becomes richer and its wealthier inhabitants demand more goods and services. A hundred years ago one in three American workers was employed on a farm. Today less than 2% of them produce far more food. The millions freed from the land were not consigned to joblessness, but found better-paid work as the economy grew more sophisticated. Today the pool of secretaries has shrunk, but there are ever more computer programmers and web designers.

    Optimism remains the right starting-point, but for workers the dislocating effects of technology may make themselves evident faster than its benefits (see article). Even if new jobs and wonderful products emerge, in the short term income gaps will widen, causing huge social dislocation and perhaps even changing politics. Technology’s impact will feel like a tornado, hitting the rich world first, but eventually sweeping through poorer countries too. No government is prepared for it.

    Why be worried?

    http://www.economist.com/news/leaders/21594298-effect-todays-technology-tomorrows-jobs-will-be-immenseand-no-country-ready

    • willid3 says:

      usually technology almost always replaces more jobs with fewer jobs. otherwise the technology would never replace it. consider that the early computers were used to replace large groups of clerks who were doing the same work. or that social security would have been almost impossible with out them. the problem is really that we replace lost of jobs with a lot fewer and as you noted we are never ever ready for that displacement. and the benefits usually dont accrue to the workers, its usually the business that gets those.

  6. Jojo says:

    Hmmm. I didn’t realize how many people lived vicariously through “their” football teams and players.
    ————
    Media
    Super Bowl Underscores the Big Business of Must-See, Live TV
    FEB. 2, 2014
    David Carr

    It is a fact of modern life that the mass has gone out of media, with television ratings reflecting that each of us is building our own little campfires on our phones, tablets and big screens at a time and place of our choosing.

    Until a bonfire like the Super Bowl is lit.

    Then we all show up, generally in greater and greater numbers each year. And it’s not just for the biggest of all games. Live events — including the N.F.L.’s regular season, the Grammys, the Oscars and the Golden Globes — have all managed to escape the broad loss of audience in network television. New-media types will posit that second screens fueled by social media have made live events seem all the more urgent, and while that’s true, I think something more primal is at work.

    At a time of atomization in which we all end up down the hobbit holes of our special interests, big live television fulfills a need to have something, anything, in common. You can go on Twitter on any given night to discuss the second episode of the third season of “Girls” with your like-minded pals, but if you want to talk about something that your boss, your mother, your cabdriver and your bartender all have an opinion on, this week it will probably include the words “Peyton Manning” and some cliché about what can happen on any given Sunday.

    http://www.nytimes.com/2014/02/03/business/media/super-bowl-underscores-the-big-business-of-must-see-live-tv.html

  7. lucas says:

    My problem with mandating 401(k) participation is the documented poor quality of many 401(k) plans. As the article points out, the menu of funds is limited. Often a plan offers a certain fund, not because it is a good quality fund, but because the fund is paying the fund manager to offer it. AND many companies do not match. If 401(k) participation is mandatory, then at the very least, generous employer matching must also be mandatory.

  8. StillAboveWater says:

    Regarding the US taxation rate – since most countries have socialized health care, taxpayers in the US pay a hidden tax in the form of much higher private health care costs. US non-governmental health care spending is 56% of the total, according to this report:

    http://www.deloitte.com/assets/Dcom-UnitedStates/Local%20Assets/Documents/US_CHS_HiddenCostsofUSHealthCareforConsumers_032111.pdf

    If health care spending is 17% of GDP, then that puts private health care spending at 9.5%. 27.3% + 9.5% = 36.8% effective total taxation, just over the OECD average.

    Of course, adding in non-governmental health care costs to other countries’ tax rates would raise their tax totals, too, but I doubt it’s more than 1 or 2% of GDP.

    I’d also like to see a chart that adds in sales tax/VAT, property tax, and all other non-income taxes. “Governent do take a bite, don’t she?” But how much, exactly?

    • willid3 says:

      from the article it appears that it includes sales/vat taxes. but then we are comparing at the national level. not the state and local. and I am going to guess that in other countries their local governments also levy taxes just US version do.
      and why would we include the private health care cost as a tax? i can see it if you want to do that as a private tax added on by our ‘health care’ system. and of course if we did that, would be not also include things like tolls on roads levied by private companies?

  9. rd says:

    I suspect that bondholders are going to start to punish municipalities and companies that have poorly funded pension funds with Detroit tries to prioritize pension funding in bankruptcy after GM accomplished the same:

    http://www.bloomberg.com/news/2014-01-31/detroit-bankruptcy-exit-plan-favors-pensioners-over-bondholders.html

  10. intlacct says:

    QOTD: This has been a tough one to learn (for me, at least)…

    “The majority of unskilled investors stubbornly hold onto their losses when the losses are small and reasonable. They could get out cheaply, but being emotionally involved and human, they keep waiting and hoping until their loss gets much bigger and costs them dearly.” -William O’Neil

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