Twitter Digest: 2011-12-08

  • Canon EOS Rebel XS DSLR Rescued After a Year Beneath the Sea – /cc @nickbilton #
  • The Long Shadow of German Hyperinflation #
  • Re-try: Wolf pack's attack on bison goes viral, gets anthropomorphically misinterpreted #
  • Disguised as B. Traven … RT @BreakingNews: Officials say Moammar Gadhafi's son al-Saadi Gadhafi tried to sneak into Mexico –@AP #
  • Interesting tax data. Really: Income Gains Reflected in U.S. Taxes May Boost Spending #
  • Cockroaches experience accelerations of up to 23 g #
  • OH: You can sleep in your car, but you can't drive your house. #
  • Righto MT @matthewphogan: @pkedrosky that is why historically people more willing to default on mortgages and cred cards before auto debt… #
  • Sad news RT @nytimes: Harry Morgan, ‘M*A*S*H’ and ‘Dragnet’ Actor, Dies at 96 #
  • Wish there was an undo for app delete on iPhone. Constantly do accidental drive-by deletes. #
  • Just had Levar Burton say "That would violate the Prime Directive". I've always wanted to be told that. #
  • Whoa, been to zero of these: Top 10 Mobile Phone Websites – #
  • In other news, Elvis still dead. RT @BloombergNews: BREAKING: S&P places large bank groups across eurozone on watch negative #
  • Cross-Country Snowboarding. Sure. Right. What? #
  • Just spent 30 efficient minutes with estimable @herbgreenberg. I take back the last seven mean things I said about him. Not the eighth tho. #
  • Before exiting rainy NYC tomorrow, doing a 615am EST (!) Bloomberg TV segment, and an hour of radio. Holy media. #
  • Had academic today disparage texting vs face-to-face conversation, & say "efficiency" & "low signal loss" pale against emotion. Bullshit. #
  • Eric Schmidt plumbs unplumbed depths of delusion: Schmidt says most TVs have Google TV by mid-2012 /via @dannysullivan #
  • Whew! — Oil, natural gas supply abundant due to technology – /cc @gregormacdonald #
  • Love this Black Diamond ski campaign. Turned a version of it into my wallpaper. #
  • Most interesting thing about calculating pi to 10 trillion digits is how often hard-drives failed – #
  • Banks! huh-yeah / What are they good for? / (Almost) absolutely nothing / Uh-huh – #
  • Whisky's for drinking; snowmaking water is for fighting over – #
  • And you thought Greece was bad … Lending to the Borrower from Hell: Debt and Default in the Age of Philip II – #

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  1. But What Do I Know? says:

    Re: the interesting tax data. The analyst, Mr. LaVorgna, has engaged in a bit of data mining and selective amnesia to reach his rosy conclusion. First of all, the third quarter of 2011 had an extra Friday compared to Q3 2010. This may not sound like much, but it is enough to account for almost half of the 4% change bandied about. The difference in withholding between the two quarters was about $11 billion, but a typical Friday brings in about $4-5 billion more than the typical Thursday (2010 had an extra Thursday). Secondly, LaVorgna makes an "adjustment" for the loss of revenue due to the 2% payroll tax cut in 2011 without considering whether or not the tax cut was helpful in creating or saving and jobs and their corresponding tax revenue. While economists don't really know how tax cuts relate to job creation/retention (surprise!), there surely must be some effect. Of course, many of the people who insist that cutting capital gains or corporate income taxes will stimulate growth and create jobs are unable to conceive that reducing individual withholding taxes might do the same.

    FWIW, Q4's withholding numbers are flat Y-O-Y. But be prepared for a drop when the numbers are reported, because there is one less day in Q4 this year than in 2010–and yes, it's a Friday.