Monday morning articles
What a Stock Market Bottom Looks Like: Life would be easier if this was the case. But if everything was obvious in the stock market it wouldn’t offer such wonderful long-term returns. (Wealth of Common Sense)
America Is Unleashing Its Economic Arsenal: Targeted measures are becoming a bigger part of US foreign policy. (Businessweek)
US Chip Sanctions ‘Kneecap’ China’s Tech Industry: The toughest export restrictions yet cut off AI hardware and chip-making tools crucial to China’s commercial and military ambitions. (Wired)
Five Decades Into The War On Drugs, Decriminalizing Marijuana Has High Bipartisan Support: Americans agree that the country’s legislation on marijuana does need an update. Polling conducted before the Oct. 6 pardon found 6 in 10 American voters said weed should be legal in the U.S.; 7 in 10 among voters under 45 (72%), Democrats (71%) and Black voters (72%), Republicans (47%) and voters 65 or over (45%). (FiveThirtyEight)
Crypto Hackers Set for Record Year After Looting Over $3 Billion: Consultancy Chainalysis has detected 125 hacks so far in 2022 Losses undermine confidence in crypto-based financial services. (Bloomberg)
Hackers Target Eager Homebuyers With a Dumb Scam That Keeps Working: Criminals have found a novel way to intercept wire transfers for down payments. Can a small team of Secret Service agents prevent your worst real estate nightmare? (Businessweek)
How Bad Can a Lawyer Be? A Philadelphia teenager and the empty promise of the Sixth Amendment (The Atlantic)
The Feds Think Bored Ape Yacht Club Was Up to Some Monkey Business: Then, of course, the crypto market crashed, and with it, the monetary values and trading volume of the entire NFT market. The Bored Apes pressed on with metaverse gambits, artificial intelligence, awards-show partnerships, and even real-life yachts, yet they never recovered their initial glamour. Rampant thefts, allegations of racist symbology, and myriad other controversies further tanked their reputation and cultural presence. (Slate)
How did America get addicted to a policy that fails everyone but the rich? In the post-Depression era, it became understood that “not only shouldn’t the market be left to do it all,” DeLong says, “it can’t do it all or very much unless it is properly primed and aided and guided.” (Los Angeles Times)