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RGE Monitor’s Brad Setser argues that concerns about the dollar losing its status as global reserve currency may be overstated. He argues that rapid growth in total reserves probably means that recent months have seen a net increase in dollars held by foreign central banks. Britain and America may have less in common than is…
Daylight Savings Time (DST) began during World War I. Its objective, then and now, was to save energy.
In a previous post, I had mentioned how our current financial crisis has rippled across other sectors of the U.S. economy and overseas, sending noticeable shock waves across global financial markets. The critics and “doom and gloomers” are all lined up and waiting to unleash a heavy dose of “I told you so” to investors…
“Remember Friday, March, 14 2008: it was the day the dream of global free-market capitalism died,” says the Financial Times‘ Martin Wolf. “For three decades we have moved towards market-driven financial systems. By its decision to rescue Bear Stearns, the Federal Reserve, the institution responsible for monetary policy in the U.S., chief protagonist of free-market…
Larry Swedroe, Principal and Director of Research of BAM Advisor Services, explains why a bear market is a necessary evil. “The bottom line is that bear markets are necessary to the creation of the large equity risk premium we have experienced. Thus, if investors want stocks to provide high expected returns, bear markets, while painful…
Fossil fuels won’t last forever and we need to start moving away from them today.
A recent Barrons article points out that “gold and copper are each down 12% from the all-time highs seen on March 17 and March 6, respectively, while crude has fallen 11% from its March 17 high. London International Financial Futures Exchange sugar and cocoa are off 25% and 21%, respectively, from recent highs, while Chicago…
I attended Charlie Rose’s interview of Jeffrey Sachs at the 92nd Street Y on Tuesday night. Jeffrey Sachs, who is the Director of the Earth Institute at Columbia University and has been an economic advisor to governments in Latin America, Eastern Europe, the former Yugoslavia, the former Soviet Union, Asia, and Africa, as well as…
Social networking will become a ubiquitous feature of online life. That does not mean it is a business, says The Economist. “Social networking may end up being everywhere, and yet nowhere.” Michael Skapinker at the Financial Times no longer believes in the markets self-healing power. “The US Federal Reserve is providing a $US30 billion safety…
It seems that the parties involved in JPMorgans (JPM – $46.44) takeover of Bear Stearns (BSC – $10.87) like to work on the deal on holidays, Sundays, and when the Moon is Void-of-Course.* Following are the bear facts about the amended deal between JPM and BSC. If The Wall Street Journal timeline is accurate, Bears…
Thornburg Mortgage (TMA – $1.60) has changed their bylaws to allow large shareholders. It seems that CEO, Brian Mcmahon, is really going to save this company. I admire him for being honest about the condition of the company and its margin calls back when the whole mortgage market started to melt down. I’m willing to…
Is the commodity bubble about to pop? Edward Hadas at BreakingViews.com argues that commodities have become the last refuge for speculators as other bubbles have popped. But it looks like the party is now over. The Economist talks about the biological reasons why so many people believe in God, gods and religion in general. Still…
A 2008 report from Canada shows an alarming decrease in insect-eating species of birds.
Today the Chicago Fed released notes on the economy showing a decrease in U.S. economic activity to the lowest level in five years. This indicates the recession may have already begun. Watch for more recession news to end this stock market rally as analysts look for earnings decline. I’m taking some profits on some of…
You might be surprised to learn what your investment portfolio really looks like.
Photo:Singapor3, Creative Commons, Flickr Among banks and investment companies that are playing the green card, British bank HSBC Holdings (NYSE: HBC) is really a good sport with its triple threat: a climate change index, a climate change fund, and a climate confidence index.
As we push further into 2008 and see market conditions continue to deteriorate, the number one question that investors seem to be focused on is whether things have gotten bad enough to lead to a recession. Many financial experts seem to think so, but if we are heading in this direction, are the right actions…
I do not endorse any one broker, but this eTrade commercial really got to the essense of what trading for one’s own account is all about. This E*TRADE advertisement caused the following emotional and intellectual reactions in me: 1. I felt guilty about investing in Pharma companies who rely more on marketing than curing diseases.…
Russia has BP in its sights. This week has been a tough one for BP (BP – $59.89) in Russia. Earlier this week, BP's Russian venture TNK-BP, was raided by Russian security forces. Why? One of the TNK-BP employees is being accused of espionage (he is an alumni member of the British Council). And now…
I’m looking for Wall Street to do well no matter who wins the election this year. Three factors will keep the cash register ringing for investment banks:1. Demographics of baby-boomers saving for retirement.2. The cheaper dollar, meaning that foreign firms will be on a shopping spree for U.S. companies, which will help M&A advisory.3. Mortgage…
Is this the real price?Is this just fantasy?Financial landslideNo escape from reality
Photo:endlesstorture, Creative Commons, Flickr The folks at Standard & Poor’s Ratings Services crack me up. In December they said that they don’t expect a U.S. recession. Now they say there is a light at the end of the subprime tunnel, claiming that we are halfway through a forecasted $285 billion in writedowns. I must admit…
Today's big news on the stock market is coming in the form of the financial sector, with Visa (V) and Morgan Stanley (MS) leading a financial sector charge. Energy stocks, though, are being left out.
Could it be a Holy Mystery, like they told you in Catholic school, for anything that couldn't be explained? Steve Randy Waldman at Interfluidity.com has another theory on why Bear Stearns (BSC – $5.94) is trading above the $2.00. He offers up god, oh I mean Jamie Dimon, channeling J.P. Morgan. Could The House of…
If you are invested in a hedge fund, you should read Martin Wolf’s explanation of why today’s hedge fund industry may not survive. Mr. Wolf argues that the hedge fund industry is bound to attract “the unscrupulous and unskilled,” because it’s hard to distinguish luck from skill. He further argues that most hedge funds follow…