“Nice . . . uh, Gig?!?” In 1998, I was gleaning the want ads and found a position for a Private Chef for a family…. I am presently one of 9 employees who work at their house. The place is huge and it is just the 2 of them. I cook dinner only 6 days...Read More
Shooting the, uh . . . Messenger “Who elected the credit rating agencies?” is certainly a popular refrain on (some) Op-Ed pages lately. The sentiment is that the credit rating agencies are unfairly holding a dagger to the U.S. financial system — threatening to downgrade U.S. debt unless it demonstrably gets its house in order....Read More
Wall Street – Washington “Do-Si-Do” If the SEC prosecuted bank robbers . . . . –98% would get away with it, scott-free; –the ones it apprehended would sign a cease-and-desist letter “neither admitting nor denying guilt,” and pay a civil fine of 2¢ for every $1 they stole. –the bank robbers so chastened would wait six months (maybe) before ....Read More
Whodunnit? “Fannie Mae and Freddie Mac!” Never have so many owed so much to so few. –Winston Churchill If Winston Churchill had been alive to witness The Crash of ’08 and the events leading up to it, I think he would have offered an updated version of his famous observation about the Royal Air Force pilots who defended...Read More
Ben Bernanke’s Unintended Consequences The good news? Ben Bernanke has confounded naysayers, and proven that The Federal Reserve really can resuscitate (levitate?) the stock market — now up 85% from The Crash of ’08 lows. How? By printing money — lots and lots of money — and driving interest rates into the toilet (and keeping...Read More
