Good Saturday morning, here are some longer form reads for your weekend reading pleasure:

• Bubble, Bubble, Toil and Trouble: The Costs and Benefits of Market Timing (Musings on Markets)
• The Zen of Gen X: How We Went From Jaded to Sated (The Weeklings)
• Only Apple (Daring Fireball) see also Tim Cook, Making Apple His Own (NY Times)
• The House of Mondavi: How an American Wine Empire Was Born (LongReads)
• A Rare Peek Inside Amazon’s Massive Wish-Fulfilling Machine (Wired)
• How a Lawsuit Over Hot Coffee Helped Erode the 7th Amendment (Priceonomics)
• Artificial Intelligence Raises New Hope for Cancer Patients (Re/Code) see also Killing a Patient to Save His Life (NY Times)
• Life Without Sleep (Aeon)
WTF? How a Science Experiment Led to Sexual Encounters Between a Woman and Dolphin (The Wire) see also The dolphin who loved me (The Guardian)
• World Cup’s World’s Ball (NY Times)

Whats up for the weekend?

 
Rallies That Followed Massive Bear Markets

Source: Chart of the Day

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.

8 Responses to “10 Weekend Reads”

  1. ilsm says:

    House ‘passes’ pentagon appropriation bill. Spending spree at the pentagon to continue without strategy, the pentagon gets more money than in 1969 when it was also spread out around the world with 500000 troops in a shooting war and set to stop 40000 tanks of the Red Army.

    New budget: $491B (38 new F-35′s to rebuild if they can fix them) for discretionary spending preparing to fight ISIL as if it were the Wehrmacht, and $79B for the on-going drone strikes for perpetual war profitting.

    The biggest difference to 1968 is the pentagon had to take Vietnam out of a bigger discretionary hide.

    Sequester turn around, add $800M to refuel a super carrier, the total bill is more like $3000M. This keeps the US Navy with 11 super carriers. Did cut useless Littoral Combat Ship from 3 to 2, when zero is the answer.

    No base closings. A solid trough!

  2. RW says:

    Daniel Hamermesh on Economics is Fun

    Here is one of the questions I wanted to ask you, with regards to Heilbroner’s book. With the economics profession, in the aftermath of the financial crisis, being somewhat in disrepute…

    Stop! Stop, stop, stop. The economics profession is not in disrepute. Macroeconomics is in disrepute. The micro stuff that people like myself and most of us do has contributed tremendously and continues to contribute. Our thoughts have had enormous influence. It just happens that macroeconomics, firstly, has been done terribly and, secondly, in terms of academic macroeconomics, these guys are absolutely useless, most of them. …

    Hamermesh’s book recommendations:

    Big-Time Sports in American Universities by Charles T Clotfelter – “In a very real sense, the federal government and you, the average taxpayer, are subsidising big-time sports in American universities.”

    Murder at the Margin by Marshall Jevons – “Writing these economic murder mysteries was all the rage in the late 1970s and early 80s. This was the first. It’s also quite a good mystery.”

    The Harried Leisure Class by Staffan B Linder – “The crucial idea is that as our incomes go up we get busier and busier, because it takes time to spend the money.”

    Moneyball by Michael Lewis – “This is about a guy using econometrics to predict which baseball players will do better in advancing wins, a remarkable use of economic thinking.”

    The Worldly Philosophers by Robert L Heilbroner – “I am an economist today because of this book.”

    NB: Hammermesh’s own book is a good recommendation for those who want to understand economics better but don’t want to be overwhelmed by math or boredom; literally hundreds of real-world examples, many illuminating, some hilarious, most very much on point.

  3. courageandmoney says:

    Hey BR, One think I did notice on all of these charts you posted.that a meaningful correction took place in roughtly the 5th year. With so much discussion on DJI 17,000 Who am I to say the Dow could test it’s 14,000 break out?

  4. hue says:

    Bugalow 89 (Vice) James Franco short story about his much-discussed encounter with Lindsay Lohan

    It’s Official: The Boomerang Kids Won’t Leave (NYTimes) Saved this for today, but willid3 posted yesterdie

    The Technium: A Conversation with Kevin Kelly (Edge)
    Kelly, Wired co-founder, is well aware that his complete embrace of what he calls “The Technium”, is a lightning rod for criticism. But, he points out that “we are still at the beginning of the beginning. We have just started to make a technological society. The technological changes in the next 20 years will dwarf those of the last 20 years. It will almost be like nothing at all has happened yet.”

  5. Jojo says:

    Pope excommunicates Italian mafia, calling them ‘the adoration of evil’
    The pope’s harsh words for Italy’s mob is the strongest condemnation of the Mafia in the past 30 years
    June 21, 2014 1:23PM ET

    Pope Francis had harsh words for the Italian Mafia on Saturday, describing one crime syndicate as “the adoration of evil” and saying all mafiosi “are excommunicated” from the church.

    Francis’ condemnation was the strongest attack on the mob since Pope John Paul criticized the Sicilian Mafia in 1993.

    Francis made the remarks after visiting a stronghold of the ‘Ndrangheta, one of Italy’s most dangerous crime groups. There, he comforted the jailed father of a 3-year-old boy killed in a mob ambush and condemned mob violence against children.

    http://america.aljazeera.com/articles/2014/6/21/pope-excommunicatesmafia.html

  6. Jojo says:

    When it comes to soccer, molehills easily become mountains.
    ————-
    What language does soccer speak?
    Audiences around the world often struggle to find World Cup commentary in their native tongue

    June 21, 2014 8:00AM ET
    by Kanishk Tharoor @kanishktharoor

    Late last year, the Public Broadcasting Services (PBS) of the small Mediterranean island of Malta decided against transmitting the matches of the 2014 World Cup in the Maltese language. Instead, the tournament will be shown in English commentary beamed live from stadia in Brazil. Many of Malta’s inhabitants are multilingual, fluent in English and Italian, so the broadcaster reasoned it could save the expense of offering commentary in the national language. It wasn’t just penny-pinching that motivated the decision, but sheer embarrassment: Maltese commentators, PBS suggested, were just not up to the job.

    During two previous major football tournaments (Euro 2012 and the 2010 World Cup), commentary on the public broadcaster was littered with errors, odd digressions, and fuzzy ideas. A source inside PBS complained to Malta Today – an English-language newspaper – of the typically “poor quality” of Maltese commentators, who tended to “blabber on without describing what is going on in the pitch.” One match announcer was under the illusion that the country of Yugoslavia still existed. Sitting in studios far away from the action, the commentators seemed to be demonstrating their remove not only from the matches they were summarising, but from the world itself. These gaffes cost Maltese viewers the chance of hearing the 2014 World Cup narrated in their own language.

    Speakers of large international languages (like English, Arabic, and Spanish) can take for granted their immediacy and ease of access to the World Cup. The tournament is lavishly packaged and expertly delivered to them in their own tongues. For speakers of small languages – particularly those that share media space with bigger languages – the experience of accessing a major event like the World Cup can be comical and frustrating. Sometimes, it can be even a wounding reminder of their own smallness. George Micallef, a much-respected Maltese sports journalist, protested PBS’s decision to scrap commentary in his language. “I am hurt by this decision,” he said. “I do not expect the national broadcaster to ignore the Maltese language in such a blatant way.”

    http://america.aljazeera.com/articles/2014/6/21/soccer-commentarylanguages.html

  7. Jojo says:

    Nice gig!
    —————
    Ex-NSA Chief Pitches Banks Costly Advice on Cyber-Attacks
    2014-06-20

    As the four-star general in charge of U.S. digital defenses, Keith Alexander warned repeatedly that the financial industry was among the likely targets of a major attack. Now he’s selling the message directly to the banks.

    Joining a crowded field of cyber-consultants, the former National Security Agency chief is pitching his services for as much as $1 million a month. The audience is receptive: Under pressure from regulators, lawmakers and their customers, financial firms are pouring hundreds of millions of dollars into barriers against digital assaults.

    Alexander, who retired in March from his dual role as head of the NSA and the U.S. Cyber Command, has since met with the largest banking trade groups, stressing the threat from state-sponsored attacks bent on data destruction as well as hackers interested in stealing information or money.

    “It would be devastating if one of our major banks was hit, because they’re so interconnected,” Alexander said in an interview.

    http://www.bloomberg.com/news/2014-06-20/ex-nsa-chief-pitches-advice-on-cyber-threats-to-the-banks.html

  8. RW says:

    Mr Goldman Sachs and former Treasury Secretary Hank Paulson gets the big picture (or at least a major hunk of it).

    The Coming Climate Crash

    THERE is a time for weighing evidence and a time for acting. And if there’s one thing I’ve learned throughout my work in finance, government and conservation, it is to act before problems become too big to manage.

    For too many years, we failed to rein in the excesses building up in the nation’s financial markets. When the credit bubble burst in 2008, the damage was devastating. Millions suffered. Many still do.

    We’re making the same mistake today with climate change. We’re staring down a climate bubble that poses enormous risks to both our environment and economy. The warning signs are clear and growing more urgent as the risks go unchecked.

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