Call it “Financial Darwinism” “Bitcoin Surges Above $5,200 on Hopes of Renewed China Trade.” —The Wall Street Journal (10/12/2017). No, I’m not rooting for Bitcoin to skyrocket to the heavens because I have a position in it. God forbid! Rather, it’s because I see Bitcoin serving a useful economic purpose. Two, in fact: One. Lightning rod. ...Read More
The “RoboCop Solution” to the Financial Crisis When it comes to holding the citizenry hostage, owners of pro baseball and football franchises have nothing on Wall Street. The former, of course, have refined to an art form the practice of extorting tax dollars from cities and counties to build ever more expensive (and grandiose) sports palaces. The pitch?...Read More
Greek Deja Vu See if you can guess what I’m talking about: –It’s from Greece. –Leading American companies are playing a central role in creating and exporting it. –It’s likely to affect every American household. Give up? Greek . . . . yogurt!! (what did you think I was going to say, “sovereign debt?” “Financial...Read More
Three Reasons Investors Are in a Funk Gauging from investors’ current bleak mood, you’d guess that the Dow Jones was down horrifically — to 6,000 or 7,000 or even lower. Instead, while recent volatility has admittedly been through the roof, the Dow has “only” dropped to just below 11,000, as of this morning. That’s less than 15%...Read More
