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....................................... Unusual Suspects, end of day, Tuesday, October 7
.......... Dubya has proposed a "healthy marriage initiative." I'd love to know the details. The one skill I've developed to help sustain our healthy marriage is to take the garbage out, without hesitation, when the wife asks. .......... I just had my first yoga class and I'd like to make a few observations.
The group was very tolerant of my cracking joints, groans and moans, and the copious amount of sweat I dripped everywhere. ;-) .......... Stephen Roach writes that "America's jobless recovery could well be here to stay." It's an excellent piece, and deserves close reading. He concludes by writing:
"America's model -- one that fosters flexibility, entrepreneurialism, innovation, technological change, and investment in human
capital -- always found that answer [how to create new jobs]. The global labor arbitrage forces the US and the rest of the developed world to rise
to the occasion once again."
Here are the Recurring Roachisms:
"America's increased emphasis on a relatively low-cost contingent workforce [temps] is emblematic of a new relationship between
aggregate demand and domestic employment that lies at the heart of the global labor arbitrage."
"...today's offshore outsourcing platforms now offer low-cost, high-quality alternatives to goods production and employment on a scale and scope the world has never before seen." "...service sector outsourcing is shifting to intellectual capital." "[The Internet] puts new meaning into the real-time monitoring of sales, inventory, production, and delivery trends [and] provides a new transparency to the price discovery of factor inputs and upstream materials and supplies.... It [also] allows the knowledge-based output of information workers to be exported instantaneously around the world." "In an era of excess supply, companies are lacking in pricing leverage as never before." And last Friday he wrote about politics and protectionism.
"Lacking the patience to wait for market-based currency realignments to rebalance the world, America's short-sighted politicians
have made China bashing the new sport in this jobless recovery."
.......... Legg Mason ordered to pay $20 million for "illegally distributing a copyrighted investment newsletter to its employees."
"According to the lawsuit, the company e-mailed unauthorized copies of Lowry's Market Trend Analysis, a daily e-mail commentary
on the stock market, to its network of broker-dealers for more than a decade. During that time only three Legg Mason employees
had paid the $700 annual subscription for the publication, but about a quarter of Legg Mason's 5,300 employees received the
newsletter, said Lowry's Reports Inc. President Paul Desmond."
.......... Alan Newman posted an update called "Act II: The Greatest Stock Market Mania Of All Time." He points to margin debt levels at NASD member firms, among other things, to support his case. Barry Ritholtz wrote about the spike in margin debt levels back in September if you want to read his take. Previous Entry >>> Random Thoughts -- October 6 |
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