Opinion

Felix Salmon

Counterparties

Nick Rizzo
Nov 19, 2011 00:24 UTC

Europe’s web of debt, illustrated — BBC

S&P makes a bit of an error with a headline about Brazil’s credit rating — Bloomberg

Miners in Australia can earn $200,000 annually — WSJ

The new head of the FDIC “could make Sheila Bair look like a kitty cat” — WSJ

The “do-nothing” economic budget plan that would save us $7.1 trillion — Washington Post

Krugman: let the Supercommittee fail — NYT

Nate Silver on which economic indicators best predict Presidential elections – Five Thirty Eight

Sean Parker’s thinking of Thanksgiving, says the tech “gravy train” is almost over — CNET

Newsweek staffer: “I mean, Regis Philbin is our cover this week” — WWD

One of the worst parts of the euro zone crisis, for me, is watching the televised vindication of that nut Nigel Farage — Zero Hedge

COMMENT

chris9059, it’s not a horror, but they are engaged in extraction. And since the natural resources existed in the ground without someone creating them, in the Ricardian economic sense we can refer to the ownership of those resources as giving rise to “rents”. So it just strikes me as funny you used that phrase.

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Counterparties

Nick Rizzo
Nov 18, 2011 00:24 UTC

Banks “are devising complex and potentially risky” deals to keep borrowing from the ECB — WSJ

Congress’s 10 favorite stocks, and which members hold the most (it’s mostly Kerry) — Ritholtz

Why the missing MF Global customer money is like a “lost child” — Dealbook

The Nevada AG brings felony charges in a robo-signing case — WSJ

26 reporters arrested in the Wall Street protests and what they do — The Awl

TechCrunch’s CEO is leaving AOL — BI

2.5 stars: Yelp files for a $100 million IPO — Fortune

And the ECB releases an iPhone game, but the whole goal is keeping inflation low. Of course — Reuters Macroscope

Many more great links are available each day from Counterparties.com.

COMMENT

I realised as soon as I was notified regarding the debit card substution that it was another plot to line the pockets of BofA, since there are financial penalties for making mistakes with debit cards and would definitely be harmful to people with no bank accounts-in other words, people who can least afford it. I immediately signed up for direct deposit as I didn’t want BofA to have my money for one minute more than was absolutely necessary, but they still have it for at least 24 hours for “processing”. I was so incensed at the blatant and shameless rip-off that this scheme represented that I called Representative Jerry McNerney’s office and e-mailed Senators Barbara Boxer and Diane Feinstein to complain although this doesn’t harm me as much as it would the people in dire straits (I am currently on unemployment but have no dependents). Let’s see whether or not the California legislature addresses this issue-the Democrats might but the Republicans sure won’t.

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Counterparties

Nick Rizzo
Nov 17, 2011 00:07 UTC

Evans-Pritchard: EU leaders are bypassing democracy to save the Euro — Telegraph

Both parties are reaching for accounting gimmicks as Supercommittee nears failure — WSJ

Federal prosecutions are up, except for bank fraud — NYT Economix

Congress declares pizza a vegetable — AP

Congress is less popular than BP during the oil spill, or worse, Paris Hilton — Washington Post

Your middle class neighborhood is probably disappearing — NYT

“Blink” your small business worries away with Malcolm Gladwell and BofA — Market Watch

We shouldn’t have said Fannie Mae paid Gingrich $300K. It was actually $1.6M — Bloomberg

COMMENT

Re: Evans-Pritchard, The Great Euro Putsch

IMF dirty MF
Takes away everything it can get
Always making certain that there’s one thing left
Keep them on the hook with insupportable debt
– Bruce Cockburn, “They Call It Democracy” (25 years ago)

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Counterparties

Nick Rizzo
Nov 16, 2011 00:08 UTC

An audit says that it’s nearly even money the FHA runs out of cash next year — WSJ

Struggling cities are paying more and more to ratings agencies — Bloomberg

Gingrich called Freddie Mac “insane,” was later paid $300K to lobby for them — Bloomberg

70% of the top 1% have been employed by their father’s firm — milescorak

Even Glenn Hubbard is calling for “radical change” — Washington Post

Even as one of their reporters is arrested by the NYPD, the Daily News says “Bravo” to Bloomberg’s eviction of Occupy Wall Street — NYDN

Short sellers are “waiting and watching” for a chance to all make a killing on Groupon — Reuters

And Netflix takes up 32.7% of all internet bandwidth — Mashable

COMMENT

dsfan, what’s interesting about the 70% figure is not so much the number itself, as the fact that it’s so much higher for the top 1% than for everybody else. Look at the graph in the full article — for most of the income scale, the percentage is 35-45%. Then suddenly at the very high end, it spikes. IOW, the very wealthy use their connections to help their kids get a good start. Not surprising, and not even necessarily immoral or anything like that — but it should make us doubt the “I got my wealth by lifting myself by my bootstraps” rhetoric that the wealthy use to justify their anti-tax zealotry. Nobody becomes wealthy SOLELY through their effort — they rely on many other factors, including the luck of being born into the right family, the physical and legal protections of the gov’t, and so on.

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Counterparties

Nick Rizzo
Nov 15, 2011 00:41 UTC

Angela Merkel hints at a fiscal union for the Eurozone — Bloomberg

Meanwhile, her party votes to allow voluntary exits from the Euro — Bloomberg

The United States has youth unemployment in line with Arab Spring countries — Rortybomb

The SF Fed thinks there’s more than a 50% chance of a US recession next year — FRBSF.org

All the key fiscal drags the President will face in the next two years – FT Alphaville

It turns out that Wall Street fleeced municipal governments roughly $50 billion — Businessweek

Banks are trying to recoup $15 to $20 monthly per depositor — NYT

Like a man biting a dog, farmers are buying up foreclosed housing developments — WSJ

What “stock and flow” means for the future of online media — AdAge

Very few places in America have lots of bars and cheap marijuana — Atlantic Cities

And Michael Lewis is still using poop analogies, this time about transatlantic journalism — LAT

Counterparties

Nick Rizzo
Nov 11, 2011 23:57 UTC

Paul Krugman explains the Euro crisis in one sentence — Business Insider

An interesting attack on ECRI’s recession call — Stone Street Advisors

Pretty much everyone at MF Global was fired en masse — Reuters

29% of all US mortgages are underwater — Ritholtz

And the gigantic foreclosure settlement won’t give homeowners very much — Huffington Post

Unemployment for young veterans is 30% and rising — Businessweek

While homelessness for female veterans has increased each of the last six years — LA Times

UK MPs will probably find James Murdoch “ill-informed” but not “mendacious”.  They’ve got it reversed — Guardian

COMMENT

So what I don’t understand, with all this talk of “underwater” mortgages, is what happens if some entity happens to take your underwater property through imminent domain?

How much is “just compensation”? Do you get stiffed? Does the lender? Are you happy or sad?

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Counterparties

Nick Rizzo
Nov 10, 2011 23:35 UTC

“The euro zone is in a death spiral.” — The Economist

The Fed should buy every single Euro bond owned by a U.S. bank. Now. — Brad DeLong

Oops! S & P accidentally downgraded France, then issued a correction — Bloomberg

In the wake of MF Global, all American futures trading firms will be audited — Dealbook

Study shows that banks that received bailout funds soon took on more risk — Credit Writedowns

Congratulations, Jefferson County: you are now the biggest municipal bankruptcy in American history — Bloomberg

Why Americans won’t do dirty jobs — Businessweek

Ringtones are a $2.1 billion a year business — AllThingsD

Research in Motion will keep developing Flash, even after Adobe has abandoned it — Electronista

Zynga to employees: Surrender your stock or be fired — WSJ

Watch out Jamba, Starbucks is in the juice game now — Reuters

The way we were: a decade of anti-Berlusconi Economist covers — The Economist

All these links and many more are available at Counterparties.com

COMMENT

@TFF, we gotta have our iPhones, even if we’re picking crops.

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Counterparties

Nick Rizzo
Nov 9, 2011 23:48 UTC

Some of the links today from Counterparties.com:

Why the ECB couldn’t save Italy even if it wanted to — WSJ

Echoes of pre-crash Japan in China today — Chovanec

The huge Chinese loan-sharking industry has lead to suicides and disappearances — Bloomberg

Some MF Global customers may have to “share cash” — Businessweek

Krugman: The return of secular stagnation — The Conscience of a Liberal

Bruce Bartlett: The Fed has an obligation to do more about unemployment — NYT Economix

Oil companies have ex-military “psy ops” experts fighting anti-fracking “insurgency” — CNBC

Goldman raised its lawsuit allowances thirty-fold — Reuters

Yelp is planning an IPO, at a $1 to $2 billion valuation — WSJ

And Raj Rajaratnam will pay a $92.8 million dollar penalty, or more than five Kardashian weddings’ earnings — Dealbook

Counterparties

Nick Rizzo
Nov 8, 2011 22:38 UTC

World faces subpar growth for the next 14 years, Conference Board says — WSJ

“Italy is at the brink of being unable to afford to borrow in the public markets” — WSJ

SEC is shocked to learn that banks continue to break the law after promising not to — NYT

Wall Street bonuses are set to fall up to 30% — Dealbook

FHA loans for low-income homebuyers are increasingly going to the wealthy — Bloomberg

Michael Lewis on “The King of Human Error” — Vanity Fair

The text of the NYT vs. Huffington Post “Parentlode” lawsuit — Scribd

How Bill Daley and Washington Elites misread America — New York Magazine

Counterparties

Nick Rizzo
Nov 7, 2011 23:42 UTC

Some fresh links available, as always, on Counterparties.com:

“The eurozone decouples from the world” — FT

Namibia’s bonds are now safer than Italy’s — The Globe and Mail

MF Global clients have “zero clarity” about their missing cash — Reuters

NY Fed: The repo market still has “potentially systemic” risks — NY Fed

The wealth gap between young and old Americans is at a record high — Pew Social Trends

22.4% of young male high school graduates are unemployed — WSJ

The most remunerative college majors — WSJ Real Time Economics

Malcolm Gladwell: Steve Jobs was more “tweaker” than inventor — New Yorker

Great headline: “Greenwich lean time” as hedgies ditch CT real estate — NY Post

And Robert DeNiro will be playing Madoff in an HBO film — The Hollywood Reporter

Counterparties

Nick Rizzo
Nov 4, 2011 23:24 UTC

An illustrated guide to “Europe’s insult diplomacy” — Businessweek

“The epistemology of U.S. banks’ European exposure” — FT Alphaville

The G20′s list of banks that are Too Big To Fail — WSJ

MF Global used an old trick to hide its debt — WSJ

MF Global: JPMorgan has our missing $658 million — Bloomberg

1 chart, 32 ways of looking at unemployment — NPR

Apple’s supply-chain secret? Hoarding lasers, like a James Bond villain — Businessweek

And the NY Observer’s Betabeat blog doesn’t understand the difference between pricing and opening for IPOs — Betabeat

Counterparties

Nick Rizzo
Nov 3, 2011 22:20 UTC

Another compelling argument that we are approaching the Italian endgame — FT Alphaville

The Keynesian who 20 years ago saw through the Euro — New Yorker

If Papandreou wins his confidence vote, then he’ll step down. Maybe — Reuters

The US will not implement a Tobin tax, no matter how nicely you ask — WSJ Real Time Economics

After a great deal of confusion yesterday, Brad DeLong now thinks he understands what MF Global was thinking, but that doesn’t mean it was smart — Brad DeLong

US gasoline consumption is down 5% year-over-year, the most since 2008 — The Bonddad Blog

60% of China’s rich want to leave the country — Credit Writedowns

The smartest people in DC are 100% wrong about the economy — Business Insider

Bank of America threatened a Utah woman with foreclosure over a single dollar — Consumerist

Over the last 2 years, 80% of the hottest IPOs later tanked — Businessweek

 

Counterparties

Nick Rizzo
Nov 2, 2011 22:12 UTC

Morgan says its exposure to Spain is $500 million; a regulator says its $25 billion — Bloomberg

“Faced with two unappetizing choices, Greece seems intent on choosing neither” — New Yorker

Joe Weisenthal thinks this chart explains a lot about Greece — Business Insider

Why were people giving their money to MF Global in the first place? — Brad DeLong

Almost a third of jobless Americans have been out of work more than a year — Pew

15% of all Americans are on food stamps — WSJ Real Time Economics

Do more arts and humanities grads mean that college is oversold? — Marginal Revolution

Inside the transnational organ-selling gangs — Bloomberg

Big brands are just now learning that they can use Facebook for free — WSJ

Groupon spent nearly as much on marketing as Visa — AdAge

And AOL’s traffic is barely higher despite acquiring the Huffington Post — AllThingsD

COMMENT

The Visa/Groupon advertising comparison, while technically accurate, may be a little misleading. This is just Visa’s own ad budget which is purely their brand advertising. All the customer acquisition for Visa cards is done by the acquiring banks and surely dwarfs this number and Groupon’s spend.

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Counterparties

Nick Rizzo
Nov 1, 2011 22:32 UTC

Just a few of the many links on Counterparties.com today:

“It’s all over. The government is about to collapse,” says one Greek official — Guardian

Tim Duy wonders if the EU deal just collapsed — Tim Duy’s Fed Watch

Hundreds of millions of customer dollars are missing from MF Global — Dealbook

China’s PMI manufacturing index is at its lowest level in almost three years — Bloomberg

Credit Suisse plans to get rid of 1500 more jobs — Bloomberg

New York federal prosecutors are seeking $2.5 billion from Allied Home Mortgage — Reuters

Fannie and Freddie execs will take their bonuses now, please — Politico

Bruce Feld: Racism is alive and well in Silicon Valley (or at least US military installations) — Feld

And Meredith Whitney went as Puss in Boots to her office’s costume party — Dealbook

COMMENT

did Whitney’s husband, JBL, go as Randy “the Ram” ??

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Counterparties

Nick Rizzo
Nov 1, 2011 00:41 UTC

Here are a few of our links today from Counterparties.com:

The 30 year return on bonds is higher than equities for the first time in 150 years — Bloomberg

Brad DeLong is not a huge fan of the ECB — Project Syndicate

Germany has $78 billion more than thought after discovering an accounting error — Der Spiegel

Bill Gross wonders how one can solve a debt crisis with more debt — PIMCO

Prince Charles has been offered the veto over 12 UK government bills since 2005 — Guardian

The Treasury Department will hold off on selling more of its 77% share of AIG for now — WSJ

Here’s a good, long piece on the changes Jon Corzine made at MF Global — Reuters

And here’s his MF Global employment agreement — SEC

The more important (but less covered) Herman Cain scandal of the day — Journal Sentinel

Together for a year, Newsweek and the Daily Beast are (surprise!) still not profitable — Adweek

COMMENT

That’s a felony? Seriously? On what charge?

Even after reading the accusations, I don’t have a clue what they were supposed to have done or why it is supposed to be wrong. (Likely why nobody will ever hire me to run a political campaign.)

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