What We Read Today 05 October 2013

Econintersect: Click Read more >> below graphic to see today’s list.

The top of today’s reading list reports on one of Bill Gates’ self-declared mistakes (ctrl-alt-del) that he blames on IBM …….. and the last article is about India’s first contraction of the Composite PMI since the Great Recesssion.

• Bill Gates admits Control-Alt-Delete was a mistake, blames IBM (Tom Warren, The Verge)

• Are Obama’s $3,000 ACA premiums affordable? (Alex Wayne and Alex Nussbaum, Employee Benefit Advisor)

• Regression and causation: a critical examination of six econometrics textbooks (Bryant Chen and Judea Pearl, real-world economics review, issue No. 65, September 2013) Wonkish formal mathematical presentation which documents the widespread confusion among economists confusing correlation with causation.

• The austerity chart that’s worth 1000 Words (Andrea Terzi, Money and the Real Economics)

• Obamacare Forcing Small Businesses To Change Health Insurance Plans (Dorothy Hinchcliff, Financial Advisor, 27 September 2013) Many existing small company plans do not provide required coverage to satisfy the 2010 PPACA law. See What’s ‘Essential’ Under Obamacare?.

• Too Big to Jail (Brian O’connell, Investing Daily) Buried deep inside the Dodd-Frank financial reform bill is a provision focused on what the legislation calls “Systematically Important Financial Institutions,” which are financial services firms whose risk for failure has the potential to trigger damage across the rest of the US economy. Do you know what Dood-Frank did? It replaced “too big to fail” with “too big to jail“.

• Google vs Facebook Vying for Global Internet Dominance (EconMatters) EconMatters contributes to Global Economic Intersection.

Click on graphic for larger image at EconMatters.

Graphic Source: Oxford Internet Institute

• All the Reasons Why JP Morgan May Be Facing the Biggest Bank Fine Ever (Tim Fernholz, The Atlantic) If there is an additional $11 billion settlement for JP Morgan Chase, the total expense for the firm will for legal fees and fines since the Great Financial Crisis will be $42 billion. JPM’s net income in 2012 was $21 billion.

• I’m going to prosecute Jamie Dimon. (Rodger Malcolm Mitchell, Monetary Sovereignty) Rodger Malcolm Mitchell is a Global Economic Intersection contributor.

• Private sector output contracts at fastest rate in four-and-a-half years (HSBC India Services PMI (with Composite PMI data), Markit)