Hot Links: Tapering IS Tightening

Stuff I’m Reading this Morning…

The Fed opted against another 1937-style premature tightening. Good call.  (Telegraph)

Bernanke’s exit was halted by the effect his words have already had on the housing market and the drag from fiscal policy on the economy, which is totally out of his control.  (TheEconomist)

The Fed has just learned that Tapering IS Tightening after all.  (FTAlphaville)

John Cassidy remembers the good old days of Federal Reserve Kremlinology.  (NewYorker)

The best thing for emerging markets would have been immediate tapering – how else will they learn their lesson?  (beyondbrics)

Julie Segal: Beating the Market has Become Nearly Impossible (InstitutionalInvestor)

Apple’s Tim Cook on the flood of cheap smartphones: ” “There’s a segment of the market that really wants a product that does a lot for them, and I want to compete like crazy for those customers…I’m not going to lose sleep over that other market, because it’s just not who we are.”  (BusinessWeek)

“1988 still looks a lot like yesterday: last year, the typical household made $51,017, roughly the same as the typical household made a quarter of a century ago.”  (NYT)

New Carl Icahn op-ed: Challenging the Imperial Boardroom  (WSJ)

Roger Nusbaum: Rethink your desire to retire, it may not be such a great idea…  (RandomRoger)

Brightscope and other sites are giving advisors an opportunity to display their credentials and experience – but what if they are untruthful?  (WSJ)

How the liquidity collapse post-Lehman strengthened the ETF biz.  (IndexUniverse)

Finally – because you asked for it – there’s ramen-crust pizza.  (SeriousEats)

We have the brilliant Michael Mauboussin at our conference this October, this is going to be awesome.  (TBP)

REMINDER: Backstage Wall Street is now on Kindle!