“The Wealth of Nations,” Updated — Repairing and Renewing America’s “Social Capital” “Our problems are man-made, therefore they may be solved by man.” –President John Kennedy * * * * * “Tens of millions of ordinary Americans will never recover from the financial collapse of 2007-09, a tragedy that spread misery around the world and cost U.S. households...Read More
Where’s All the Cash Coming From? “Using cash allows real estate investor Jeremy Rupp to pay less than the asking price, then after the deal closes, he gets a mortgage on the home to free up more cash to keep buying.” –Jim Buchta, “Cash is Still King“; The Star Trib (11/3/2013) Call it the real estate version...Read More
Former Treasury Secretary Henry Paulson Redefines Chutzpah* (Again) “I believe that the root cause of every financial crisis, the root cause, is flawed government policies.” — Henry Paulson –Andrew Ross Sorkin, “Five Years After TARP, Misgivings on Bonuses“; The New York Times (8/26/2013) Surprise, surprise, Henry Paulson exonerates himself and the banking industry generally for its role...Read More
Investment Bankers as “Crumb Catchers” So, I’m not the only one who well remembers one of the best books about Wall Street (and best contemporary American novels, period): Thomas Wolfe’s “Bonfire of the Vanities” (1987). Set in late 1980’s Manhattan, it chronicles life as a “master of the universe” through the prism of one Sherman...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
