Auctioning Off a Public Resource — to Everyone’s Detriment “It is unconscionable that candidates for public office have to buy access to the airwaves — which the public itself owns — to talk to the public.” –Newton Minow, “A Glimmer in the Vast Wasteland“; The New York Times (10/3/2012) No, I won’t be endorsing a...Read More
Crime and (No) Punishment. Still. “President Obama [chose to] save the banks rather than throw all the bankers in jail, which they deserved.” –Thomas Friedman, “Hard Lines, Red Line, and Green Lines“; The NYT (9/23/2012). As unsavory as Richard Nixon’s pardon by Gerald Ford was, you could at least argue two things: 1) it was...Read More
Pawlenty Takes Top Lobbying Job Pawlenty’s exit from the public stage should be applauded, [former Pawlenthy aide Brian] McClung said. “It’s what the founders had in mind when our system was created,” he said. “Pundits and the chattering class often seem confounded when someone chooses to do what Governor Pawlenty is doing, but it’s a good...Read More
Investing Theme Du Jour: “Dynamic Asset Allocation” As a result (I assume) of subscribing to The Wall Street Journal, I’m treated to a steady stream of junk mail pitches from various mutual funds, money managers, etc. The latest: a Boston-based firm that claims to deliver superior returns based on their prowess at “dynamic asset allocation.”...Read More
Will He or Won’t He QE III?? If you’re going to spend 5 minutes watching the markets today — personally, I can think of better uses of my time — the interval to watch is definitely 1:16 p.m to 1:21 p.m. Why’s that? Because Fed Reserve Chairman Ben Bernanke starts speaking at 1:15 p.m. today regarding...Read More
“Collateral Damage & Unintended Consequences” Pimco’s Mohamed El-Erian is to today’s financial establishment what Walter Cronkite was to the American mainstream, a generation (or two) ago: an unofficial spokesman whose views distill and encapsulate the broad consensus. So, his dispatches these days — including his latest, ‘Central Banks’ “Responsible Irresponsibility?”‘ — automatically command attention. Half-Time at The Crash of...Read More
