Wall Street: Tens of Billions Everyone Else: Trillions . . . in Debt If you are just joining The Crash of ’08 “in progress” (as it were), here’s where things stand: Wide swaths of the country are broke. Their houses are underwater, their jobs (if they have them) are under pressure, and their savings (if they have them)...Read More
Schwarzman’s “Nazi’s” Comparison We have met the enemy, and he is . . . us. –Pogo Stephen Schwarzman, a Wall Street honcho, made headlines last month for comparing President Obama’s proposal to raise (the absurdly low) tax rates on hedge fund compensation — called “carried interest” — to Hitler’s invasion of Poland. Funny, I had...Read More
(Re-)Defining “Full Employment” “Jobless Filings at Highest Point Since November” –headline, The New York Times (8/19/10) One year ago, 90% of you were in the top 10% of your class. Today, 90% of you are in the bottom 90% of the your class.–Stanford Dean of Admissions Fred Hargadon, to the incoming class of ’82 (which...Read More
Economic Theory, Then & Now The U.S. is now 234 years old, and yet over half the nation’s money supply was created since Helicopter Ben took over the flight controls four years ago. –David Rosenberg; Chief Economist, Gluskin Sheff It’s hardly a saving grace for today’s financial mess, but it HAS been gratifying to see...Read More
Life after Life Support There are no atheists in foxholes. –Famous aphorism There are no free market Republicans in today’s housing industry. –Real estate version When it comes to the housing industry today, even the Republicans sound a lot like Democrats. For now, at least, people of all philosophical stripes understand that the housing market...Read More
That’s the Bearish Case?? Though gold performs well as a defensive asset in times of global economic strife, its long-term record is spotty. Over $1,040 an ounce is only a record if you leave inflation out of the picture. Factor that in and gold prices haven’t gotten near prices from the early 1980s. –Melinda Peer,...Read More
