Markets Now Testing 3 Hypotheses “Don’t fight the Fed.” –Wall Street mantra “Don’t fight the Fed . . . unless the Fed is out of ammo.” –2015 update(?) I don’t know if the Fed put is kaput, but the Chinese put — if there ever was one — certainly appears to be history. What I’m referring...Read More
Investors, Savers Between a Rock & a Hard Place I have no idea where the stock market is headed from here (and neither does anyone else). But, in the event that it suffers a sharp break — possibly in connection with the playing out of central bank stimuli — I have no doubt what at...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
Colbert Interview with Eliot Spitzer I’m not a Stephen Colbert regular, but I did catch his interview the other night with “disgraced former New York Governor Eliot Spitzer” (that’s now Spitzer’s official moniker, by the way). Colbert’s cut-to the chase question: even if Wall Street is full of inept crooks and greedheads, as most everyone...Read More
