I’ve been discouraged for some time by Obama’s apparent reliance for advice on two of the architects of the transfer of wealth and power to the mega investment banks. Larry Summers, who is the economic adviser on whom Obama relies most heavily, led the push for repeal of the Glass-Steagall Act in the Clinton Administration. [...]
Entries Tagged as 'Debt'
Why I’m Discouraged
July 1st, 2009 · 1 Comment · Bailout, Banks, Commodities, Corporate Power, Debt, Economy, Federal Reserve, Financial, Global Economy, Obama, Policy, Politics, Stock Market, Treasury, Wall Street
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Of Interest To Those Falling Behind on Credit Cards
June 17th, 2009 · No Comments · Debt, credit cards
From the NYT, via Calculated Risk, via Eurointelligence Briefing: Credit Card companies are getting desperate This is from the NYT, hat tip Calculated Risk. … Mr. McClelland’s credit card company was calling yet again, wondering when it could expect the next installment on his delinquent account. He proposed paying half of his $5,486 balance and [...]
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A Tale of Two Depressions
June 8th, 2009 · No Comments · Analysis, Bonds, Debt, Economics, Economy, Federal Reserve, Global Economy, Interest rates, Stimulus, Stock Market, Treasury
The “Tale of Two Depressions” updates an earlier column (“up to April 2009) that graphically compared many aspects of global economic activity in the Great Depression and the recent past. The key findings of this comparison are: 1) many aspects of real economic activity are closely following the downward path of the Great Depression; 2) [...]
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Tax Consumption Instead of Income?
May 25th, 2009 · No Comments · Debt, Deficit, Economics, Policy, Taxes
I’ve long thought that a tax on consumption rather than income seems obviously better. Consumption is income minus savings; thus a tax on consumption would make all savings tax free. Because ultimately all investment needs to be financed by savings (or external debt), taxing savings decreases investment, to the long term detriment of our prosperity. [...]
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The Focus Is Shifting to the Deficit – Bad News for Bonds and the Market
May 25th, 2009 · No Comments · Debt, Dollar, Economics, Financial, Global Economy, Policy, Stock Market, Wall Street
I’ve noticed lately many more articles commenting on the projected US deficits (which are enormous). I think that “green shoots” is about played out as a media and market focus. As the focus shifts to the questionable long-term economic prospects of the US and the problems created by the deficits, the mood on Wall Street [...]
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Beyond the Green Shoots, the View Is Not So Rosy
May 22nd, 2009 · No Comments · Debt, Economy, Global Economy, Stock Market, Video, Wall Street
I’m not sure if I’m just getting a biased view from the blogs that I read, but it seems that more commentators are looking beyond the “green shoots” to the underlying huge problems that confront the US (and world) economy. Those who’ve been banking on a quick recovery are delusional. A good exposition of the [...]
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Tracking the Shift Toward Riskier Assets
May 4th, 2009 · No Comments · Debt, Economy, Global Economy, Stock Market
The stock market is on a tear around the world – and not just the stock market but markets for riskier assets of all kinds, such as high-yield bonds and commodities. Excerpted below is an insightful article from an observer who watches from South Africa (when he is not traveling), Prieur du Plessis, in Investment [...]
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Obama’s Major Economic Address and (Failing) Defense of Bank Bailouts
April 15th, 2009 · No Comments · Bailout, Banks, Debt, Default, Economics, Federal Reserve, Financial, Nationalization, Policy, Restructuring, Video
On April 14, 2009, President Obama made a major address on the economy and his policies at George Washington University. It was a wide-ranging address that reiterated major themes that he has been making since taking office. Full Transcript. Video He offered a goal for his actions that I applaud: …I want every American [...]
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Marc Faber an Optimist?
April 13th, 2009 · No Comments · Banks, Debt, Gold, Interest rates, Stock Market, Video, inflation
Marc Faber, the original Dr. Doom, an optimist? It sounds like an oxymoron. However, after being highly pessimistic for most of the last year, Mr. Faber now seems more optimistic than pessimistic about the direction of the world’s security markets. In a wide-ranging interview recorded by Bloomberg Television, Mr. Faber touched on a wide variety [...]
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Soros: Obama "Lost a Great Opportunity" to Fix the Banks
April 9th, 2009 · No Comments · Bailout, Banks, Debt, Dollar, Global Economy, Gold, Interest rates, Obama, Policy, Restructuring, Stock Market, Treasury, Video, Wall Street
Tech Ticker has posted a series of video interviews with George Soros, a fabulously successful speculator and a big investor in liberal/progressive causes around the world. One in this wide-ranging, very worthwhile series deals with the Administration’s handling of the banking crisis: George Soros was an early and avid supporter of Barack Obama, so it’s [...]
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