Econintersect: Every day our editors collect the most interesting things they find from around the internet and present a summary "reading list" which will include very brief summaries of why each item has gotten our attention. Suggestions from readers for "reading list" items are gratefully reviewed, although sometimes space limits the number included.
- New Federal Tax Proposal To Hit Homeowners Hard! (Michael Haltman, Hallmark Abstract Service) Michael Haltman contributes to Global Economic Intersection. The proposed tax legislation from the House Ways and Means Committee, David Camp (R, MI) would slash several tax benefits for home mortgages and capital gains. The bulk of the changes would impact higher incomes and expensive homes.
- 6 Crazy Photos That Show Why California Is Desperate For Rain (Dina Spector, Business Insider)
- The incredible stock-picking ability of SEC employees (Jai Lynn Yang, The Washington Post) It's called insider trading. We listed the original academic paper on this previously: Stock Picking Skills of SEC Employees.
- How the Fed Let the World Blow Up in 2008 (Matthew O'Brien, The Atlantic) The Fed was preoccupied with inflation (which had been collapsing for three months) as the financial system imploded. The graph below shows the warning signals from the TED spread which is a reliable market measure of distress in the financial system. Maybe Bernanke could play the role of Nero in a future movie "While Rome Burned".
Today there are 12 articles about the investment environment discussed 'behind the wall'.
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