Posted by Larry Doyle on May 31st, 2013 4:49 AM |
Having broached the topic of the launch of The Volcker Alliance in my commentary yesterday, I welcome drawing further attention to it today for the simple reason that the needs are so great.
We need to change the debate in America so we can change the outcome. Future generations deserve nothing less.
To that end, I welcome highlighting this Statement by The Chairman: (more…)
Posted by Larry Doyle on May 30th, 2013 9:27 AM |
In what can only be described as a Sense on Cents Instant Classic, perhaps the most highly respected chair in the history of the Federal Reserve, that being Paul Volcker, delivered a tremendous address yesterday at the Economic Club of New York.
For anybody who cares about the well being of our markets, our economy, and our nation, I strongly recommend you take a mere ten minutes to fully read and absorb the wisdom of Volcker’s words.
What are some of the highlights? (more…)
Posted by Larry Doyle on May 29th, 2013 5:22 AM |
Are we in the midst of the greatest transfer of wealth in modern times?
I will allow others to debate the merits of that question, but I propose it in order to address what I see increasingly as the “new normal” reality of our current economic condition here in the United States. What lies at the core of this new normal dynamic? A rent-seeking economy, defined as:
When a company, organization or individual uses their resources to obtain an economic gain from others without reciprocating any benefits back to society through wealth creation.
An example of rent-seeking is when a company lobbies the government for loan subsidies, grants or tariff protection. These activities don’t create any benefit for society, they just redistribute resources from the taxpayers to the special-interest group. (more…)
Posted by Larry Doyle on May 28th, 2013 8:56 AM |
Have you ever read a passage or a line from a speech and thought, “He didn’t actually say that, did he?”
I had just that experience this morning in reading a delivery made by Douglas Shulman. Who is Mr. Shulman? The former commissioner of the Internal Revenue Service during the time when the targeting of selected conservative groups was launched. For those who care about truth, transparency, and integrity I can only hope that we learn all the details of that activity.
What about Shulman himself, though, and his past? Where did he work prior to joining the IRS?
Under the heading of “you just can’t make this stuff up,” Shulman was vice-chairman of Wall Street’s favorite self-regulatory organization FINRA prior to being appointed chairman of the IRS by President Bush in early 2008. Oh boy!! (more…)
Posted by Larry Doyle on May 27th, 2013 8:36 AM |
In the midst of thinking about the greatest sacrifice made by the countless numbers of fallen American heroes this Memorial Day morning, I navigated my way to this National Memorial Day Concert site.
Let us pay our respect to all those men and women who have made the ultimate sacrifice in all the conflicts and battles that have been waged to protect our freedom.
I do not possess nor do I believe that there are words that might properly convey the respect and honor our fellow citizens deserve who have made this sacrifice and paid immeasurable personal costs so that we can be free. I salute you.
I hope people who see this post will take a few minutes to scan the attached photos below of cemeteries in Europe for these fallen heroes from WWII knowing full well that there are hallowed grounds elsewhere in the world and here at home as well where our heroes lay from battles waged faraway so we may remain safe and free.
Posted by Larry Doyle on May 25th, 2013 12:26 PM |
A healthy does of ‘sense on cents‘ in this 18 minute exchange between Bill Moyers and The New York Times’ Gretchen Morgenson. Call it what you want but from my standpoint capitalism and democracy are being compromised by cronyism and corruption. The evidence is overwhelming.
The health and well being of future generations require that we must continue to call out the crony collusive conspiracy at play in America. Check this out and pass it along.
for those receiving this commentary via e-mail, you can access this video here.
I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.
Posted by Larry Doyle on May 24th, 2013 2:25 PM |
WOW … This 5-minute video has received very few viewings. That is a shame. Let’s change that.
In a recent Congressional hearing Rep. Steve Pearce throws high hard heat right at the head of Treasury Secretary Jack Lew. In a delivery that would have made Hall of Fame pitcher Bob Gibson proud, Pearce knocks Lew down once, twice, three times and more.
In the process he addresses a number of issues that this blog has embraced over the years, including: a pursuit of the truth — transparency — Jon Corzine’s misappropriation of funds from customer accounts — the redistribution of wealth from those on fixed incomes into our banking system, and more. (more…)
Posted by Larry Doyle on May 24th, 2013 7:55 AM |
I am a Sheila Bair fan.
Throughout our continuing economic crisis, I have found the former chair of the FDIC to be an individual who tried to do what was right on behalf of the American people while promoting the rule of law and principles of free market capitalism. I juxtapose those strengths with practices pursued and implemented by an array of government officials, financial regulators, and their financial consorts.
I recently completed Bair’s book, Bull By The Horns: Fighting to Save Main Street from Wall Street and Wall Street from Itself, and would give it a 4+ star rating. (more…)
Posted by Larry Doyle on May 23rd, 2013 9:05 AM |
Incestuous activity in every fashion is a destructive and corruptible force. Would anybody hoping to be regarded as a serious, credible individual dare say, “Hey, I think incestuous activity is actually pretty good.”
Certainly not, although those engaged in the behaviors may appreciate the benefits that accrue to them without wanting them brought to light.
On that note, the incestuous dynamic that defines the Wall Street-Washington-Regulatory menage-a-trois continues to thrive. You don’t have to take my word for it. Let’s listen to what Simon Johnson, former chief economist of the IMF, professor at MIT Sloan, and a senior fellow at the Peterson Institute for International Economics has to say on this topic. (more…)
Posted by Larry Doyle on May 22nd, 2013 5:06 AM |
Little surprise that Jamie Dimon will remain as both CEO and chairman of JP Morgan.
Was there really any doubt? There wasn’t.
While shareholder groups might pretend they can exert influence over the management of large corporations and especially banks, there is little meaningful resemblance to a democratic process in proxy voting.