The Standard & Poor’s 500 index ended the month up 0.3%, though it took a roundabout way to get there. All the hot air about the Fiscal Cliff pretty much guarantees December’s going to be a wild ride.
Some weekend reading links:
Hot air Rises Above on CNBC — Ryan Chittum takes the TV network to task for its…particular approach to covering the markets. (CJR)
You almost have to willfully misunderstand the unknowableness of the markets to be able to blab for hours a day on CNBC. Every 50 point move in the Dow has a narrative that can be turned into live TV drama at the expense of the truth.
The collapse of long-run potential GDP estimates continues… — The difference between the Congressional Budget Office’s Potential GDP estimates, 2007 v 2012. (DeLong)
One running shoe in the grave — “”Running too fast, too far and for too many years may speed one’s progress toward the finish line of life,” concludes an editorial to be published next month in the British journal Heart.” (WSJ)
Woody Allen answers 12 unusual questions — “The most annoying thing about me? Constant whining.” (Kottke)
Disaster economics – “Between 1985 and 2004, the government spent annually, on average, fifteen times as much on disaster relief as on preparedness.” (New Yorker)
Why special dividends aren’t so special — Jack Hough explains why a company offering a special dividend isn’t necessarily a company that deserves investment. (Barron’s)
Bank of America CEO Brian Moynihan apparently can’t remember anything — Matt Taibbi lambasts Moynihan for his stonewalling during a deposition in the MBIA v Bank of America case. (Rolling Stone)
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