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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 (and sometimes longer ones) 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.
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U.S. Money Vs. Corporation Currency, "Aldrich Plan.": Wall Street Confessions! Great Bank Combine - Primary Source Edition (Alfred Owen Crozier, Amazon) Hat tip to Roger Erickson. Alfred Owen Crozier (1863-1939) was a Midwest attorney who wrote eight books on the political, legal, and monetary problems of the United States. He is best known for his work US Money Vs Corporation Currency, "Aldrich Plan," Wall Street Confessions! Great Bank Combine (1912), which argues against the formation of The Federal Reserve. He feared national banking, but he feared private control of the United States money system even more. The following illustration from the book could have been (but as far as we know was not) the inspiration for Matt Taibbi's 2010 characterization of the TBTF (too big to fail) banks in The Great American Bubble Machine (Rolling Stone).
The Dollar Is on Its Longest Losing Streak Since 2011 (Bloomberg) See also next article.
U.S. Dollar Index Year-to-Date (Investing.com) Here is the wild ride for 2015.
Is SPX Recreating This Pattern? (Chris Kimble, Investing.com) Chris Kimble has contributed to GEI. In 2000 and 2007 the S&P 500 created bullish ascending triangle patterns, which two-thirds of the time suggests that higher prices are ahead. The key to this pattern is support holding. Both times multi-year support failed to hold and you know the rest of that story. Could the same thing be happening for the third time? Or is the third time a charm?
40 Years of the American Home (CNN Money) Click on image for animated infographic at CNN Money. Watch the median American home expand in size by 56% and increase in market cost by 800% over 40 years time. Econintersect: The median house price in 1973 was not given in the video. The value for January 1973 was $29,900, according to the U.S. Census Bureau. Note: The CPI inflation from January 1973 through December 2013 was nearly 450%. So the value of median home ownership over the 40 years was a real (inflation adjusted) gain of 177% before any adjustments are made for property taxes, costs of maintenance, homeowners insurance premiums, mortgage costs, opportunity costs for capital used, etc (all of which reduce the gain) and rent that would otherwise have been paid (which would add to the gain).
Other Economics and Business Items of Note and Miscellanea
What is Warren Buffett's Net Worth In 2015? (Investopedia) Headline could be accused of false advertizing because the author can't figure it out. His best estimate is that it is somewhere greater than $70 billion.
Corporate power without responsibility on the board (Financial Times) Two board actions in the last week are cited as examples of short-term "self-indulgence" rather than striving for "stability and long-term growth" at Industrivärden (Sweden) and Volkswagen (Germany).
Academic Journal Tells Female Scientists: Work With a Man If You Want to Get Published (Bloomberg) A paper on gender bias in academia was recently rejected by an academic journal, whose reviewer told the two female authors to "find one or two male biologists to work with" if they wanted to get their work published. That work was a scientific survey of how and why men in academia tend to publish more papers, and in more prestigious academic journals, than women. Econintersect: You couldn't make this stuff up. Well, yes you could and , if well written, it could win awards in literature.
Save More Tomorrow: Using Behavioral Economics To Increase Employee Saving (ValueWalk) Save More Tomorrow (hereafter, the SMarT program) involves people commit in advance to allocating a portion of their future salary increases toward retirement savings. this has been shown to increase retirement plan savings significantly.
Community Bankers Push Lawmakers to Fill Vacant Fed Seat (The Wall Street Journal) Senate Banking Chairman Richard Shelby (R., Ala.) heads the panel must consider the nomination of former Bank of Hawaii chief executive Allan Landon to fill one of two empty seats on the Fed board. Shelby said he told the White House a couple of weeks ago he won’t schedule a hearing for Mr. Landon until the president nominates a candidate for the other open seat at the Fed. Nearly 1,000 small bankers are in Washington for a policy summit hosted by the Independent Community Bankers of America, a trade group, have appealed to Shelby to hasten the approval of Mr. Landon.
Five warning flags that a business is failing (The Conversation)
Review: Generation Jobless by Peter Vogel (Financial Times) A new book takes an optimistic view of possible solutions to the youth unemployment problem. Generation Jobless? Turning the youth unemployment crisis into opportunity by Peter Vogel.
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