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What ‘Day Trading’ Haters Just Don’t Get (Business Insider)

The debate has raged in the blogosphere recently: is day trading dead? Michael Martin at Business Insider postulates that, when broaching the topic of day trading, most people simply do not understand what it means. “There is much more to Day Trading than sitting in front of your computer screen double clicking your mouse or ‘hot keys’.” A more clear understanding of the practice is “active risk management to keep your losses small.”
Willful Ignorance Threatens Foundations of America (Asia Sentinel)
The attack on intellectualism by Sarah Palin and others within the Tea Party movement is a troubling trend that threatens the very fibers of our democracy. A 2007 Gallup Poll, for example, showed that less than half of Americans believe in evolution, Christine O’Donnell among the skeptics. The Democratic party faces heavy losses in the mid-term elections because it has failed to become the whistle blower on ignorance, fraud and corruption, but rather perpetuated right-wing deceptions in Iraq and within our economy and financial system. Sadly, it feels our political system is simply owned by special interests who, in a vicious two-party cycle, play each side against each other. In the face of potential regulation, these special interests now want politicians who know how to play dumb without even trying. 

How the Banks Put the Economy Underwater (Naked Capitalism)
Persistently high unemployment in the US is largely the result of foreclosures and underwater mortgages, Naked Capitalism’s Yves Smith opines in her Sunday New York Times op-ed. Quote: “This chapter of the financial crisis is a self-inflicted wound. The major banks and their agents have for years taken shortcuts with their mortgage securitization documents — and not due to a momentary lack of attention, but as part of a systematic approach to save money and increase profits. The result can be seen in the stream of reports of colossal foreclosure mistakes: multiple banks foreclosing on the same borrower; banks trying to seize the homes of people who never had a mortgage or who had already entered into a refinancing program.”

Burning the Food Supply (The Reformed Broker)
Ethanol Subsidies: Bad Food AND Energy Policy (Wall St Cheat Sheet)
Today, more than a third of America’s corn supply is refined for energy use while food prices skyrocket. Subsidies are bad food policy because they are unnecessary in a farming industry now dominated by big business, not by average Joe American farmers threatening to abandon their crops for the big city. They are also bad energy policy because ethanol offers limited (at best) benefits to the environment while obstructing meaningful environmental policy change.

The Madden Jinx, Barron’s Style (Barron’s)
This week’s cover of Barron’s features the words Bye-Bye Bear, and reveals results of a recent poll of investment managers who say equities, specifically tech, are undervalued and the economy will continue to grow. Apart from the clear conflict of interest in the this poll, it is interesting to analyze the jinx perspective. As Barry Ritholtz surmised previously, this cover could give pause to bulls who now may be concerned about an overcrowding of the bandwagon, just at a time of great uncertainty in the market.

Launch Iran War to Save Economy (Washington Post)
President Obama’s reelection efforts in 2012 are likely to hinge on whether he can spur economic growth in the next two years, and columnist David Broder has a particularly ignorant idea: pursue a war with Iran that would solve the current conundrum. This column reeked so badly of stupidity on so many different levels that it would take more than a linkfest blurb to get into. I’ll let this post from Washington’s Blog due my bidding.

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