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The top of today's reading list is about possible weaknesses in the China banking system........ and the tenth article discusses distortions to the Shiller CAPE analysis for stocks introduced by accounting changes in the 21st century. The bonus (11th article) argues that if you far enough right or far enough left you come to the same place.
- Closer Look: Repeated Liquidity Crunches Beg a Question: Where'd the Money Go? (Wang Shuo, Caisin Online) China bank balance sheets must be much weaker than we can imagine.
- Why Do We Care Whether the Poor Work? (Claude E. Fischer, Boston Review)
- The fury of Obama’s implacable enemies Gary Silverman, Financial Times) Book review for Angry White Men: American Masculinity at the End of an Era by Michael Kimmel.
- How Oil Made North Dakota Rich, in One Map (Amy Harder, National Journal) Fracking is driving the recovery.
- Bits and Barbarism (Paul Krugman, The New York Times) Hat tip to Rob Carter.
- This Chart Makes A Joke Out Of The American Dream (Danny Vinik, Business Insider) Left hand axis is correlation. Correlation of zero means that income of the son has no correlation to that of the father. Correlation of one means that the income of the son is fully correlated to the income of the father.
- A Step Back for Reverse Mortgages (Mark Miller, Wealth Management)
- East Asia’s Sins of the Fathers (Ian Buruma, Project Syndicate)
- Fixing the Shiller CAPE: Accounting, Dividends, and the Permanently High Plateau (Philosophical Economics) Acounting rules have distorted the Shiller CAPE in the 21st century. This article goes far beyond that point however and gets deep into analysis of the economic cycle and stock market performance.
- Bart Chilton Says Goodbye - The Essence of NeoLiberalism and the Sorcerer's Apprentice (Jesse's Cafe Americain)