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HomeTune in Sunday Evening to NoQuarter Radio’s “Sense on Cents with Larry Doyle”
Posted by Larry Doyle on March 29th, 2009 9:14 AM |
Please join us Sunday evening from 8-9 p.m. ET for NoQuarter Radio’s Sense on Cents with Larry Doyle. With the stock market near 12 year lows, what is driving 
the flows? What is truly going on in the economy? Where are markets headed? Given the Washington political circus, how will new legislation impact the future of Wall Street? So much to cover.
I will be speaking with Michael J. Panzner, a 25-year veteran of the global stock, bond, and currency markets who has worked in New York and London for such leading companies as HSBC, Soros Funds, ABN Amro, Dresdner Bank, and J.P. Morgan Chase.
He is the author of When Giants Fall: An Economic Roadmap for the End of the American Era, Financial Armageddon: Protecting Your Future from Four Impending Catastrophes, and The New Laws of the Stock Market Jungle: An Insider’s Guide to Successful Investing in a Changing World.
He has also been a columnist at TheStreet.com’s RealMoney paid-subscription service and a contributor to AOL’s BloggingStocks.com. In addition, Panzner has appeared on or been quoted byCNBC, Bloomberg, The Wall Street Journal, USA Today, Barron’s Reuters, CNN, MarketWatch, BusinessWeek Online, TheStreet.com, Slate, CFO.com, and other print, radio and television outlets. (more…)
From the Archives: The Greatest Generation
Posted by Larry Doyle on March 29th, 2009 5:30 AM |
Our economy and country are experiencing challenges which will not be fixed in short order. While our economic foundation is being tested, is our moral fiber being questioned as well? I would clearly say it is. While I am not here to address specific social questions of a moral nature, I remain convinced that as a nation we need to rediscover the virtues of sacrifice, decency, integrity, love of family, and love of country. While the media may put these topics in the category of political correctness, any fair measure or assessment of our nation on these topics would, in my opinion, show us to be deficient.
In light of that, I believe an increase in civil service is necessary and important to redirecting our nation. I called on this civil service to be mandatory last November. My call was not well received but that is OK, I do not write to be popular.
How prophetic that a measure passing through the House and Senate for Expanding National Service is receiving strong bipartisan support.
I am happy to share my piece from last November, The Greatest Generation, with our newer readers.
LD
Gambling for Our Future
Posted by Larry Doyle on March 28th, 2009 12:21 PM |
Cartoon by Mike Smith, Las Vegas Sun
Sense on Cents Central Station
Posted by Larry Doyle on March 28th, 2009 6:30 AM |
***UPDATE: The live event has ended, but you can watch the replay at the end of this post.***
Join me at No Quarter USA blog on Saturday morning beginning at 10:30 a.m. ET for Sense on Cents Central Station. This endeavor is a few hours of written Q/A and LiveChat with your resident host, Larry Doyle. I like to utilize the theme of a ride on the rails, so please allow me to expound.
With so many cross currents at play in the markets, economy, and world of global finance, where can one go to develop a framework of understanding, enjoy the company of friends, and make sense of the madness? Welcome to Sense on Cents Central Station. Our ride departs at 10:30 a.m. (I’ll open the chat room at around 10:15 a.m.) with an expected return at 12:30 p.m. While we traverse the curves along our track, we can address a wide range of issues, including: Obama’s economic plans, Secretary Geithner’s outlook, the market performance this week, month, and year to date, developments overseas, the outlook for our financial regulatory structure, issues of personal finance, or anything else on your mind. (more…)
Laszlo Birinyi: “Not a Time to Buy”
Posted by Larry Doyle on March 28th, 2009 12:10 AM |
Our Economic All-Star, Laszlo Birinyi, believes . . . Market Extremes Not a Time to Buy.
Based on Birinyi Associates’ proprietary market and sector indicators, we are at short-term extremes. Traders with aggressive accounts should look to take profits, and investors with more long-term accounts should be cautious on taking new positions. Consumer discretionary, technology, and materials stocks are the most extreme, while health care and utilities companies have lagged.
According to Birinyi:
The Overbought/Oversold indicators are short-term measures, while the Momentum indicators are for the longer term. The momentum indicates the market can certainly go higher, but we have had an abrupt move and some consolidation should be expected.
LD
The Good Guys
Posted by Larry Doyle on March 26th, 2009 3:00 PM |
Wall Street has become a very easy target for our politicians, our populace, and a large part of the world. Wall Street is Gordon Gekko and the “greed is good” approach, correct? People would just as soon run you over as help you up, correct? The entire Wall Street machine is littered with Masters of the Universe, correct?
Well, I know plenty of people on Wall Street who fit that bill but I know multiples more who are truly decent, caring, hard working people trying to make an honest living for their family.
One of the early lessons I learned on Wall Street was the fact that there is NO security in the securities industry. As such, I needed to be exceedingly careful in who I engaged and how I engaged them. As I have highlighted in my Career Planning tab above, reputation is everything. I readily admit that not everybody on Wall Street shares that opinion. (more…)
How Long Can You Tread Water?
Posted by Larry Doyle on March 26th, 2009 11:10 AM |
The other day, I provided a cursory overview of the details embedded in the recently proposed Public-Private Investment Partnership, Will Banks Truly Sell these Toxic Assets?
The main point I tried to highlight in that piece was the need for true price discovery for these toxic assets. A loyal reader provided tremendous insight in highlighting that the PPIP needs to assure that sellers are truly at arm’s length from buyers to insure that the price discovery process is real and fair.
There are potential concerns with this price discovery process highlighted in my piece Send in the Clown. Are the bank portfolios, located within the largest banks needing to sell toxic assets, attempting to prop the market higher? (more…)
Will TARP Screw ARPS Even Tighter?
Posted by Larry Doyle on March 25th, 2009 1:37 PM |
I have written extensively how Wall Street perpetrated a multi-billion dollar scam in the name of Auction Rate Preferred Securities (ARPS). For our newer readers, ARPS are securities funded by longer maturity underlying loans or preferred shares but marketed as short term cash or money market surrogates. How would that work? Wall Street ran very regular (weekly, monthly) auctions to provide liquidity for ARPS holders. The scam worked well until the overall market hit the skids and the Wall Street dealers backed away from providing liquidity to these supposed short term cash/money market instruments.
In the process of reviewing the underlying loans backing these deals, investors became aware of the long term nature of that collateral and thus their investment. While there is overwhelming evidence supporting the gross mismarketing of these securities, the SEC and FINRA have dragged their feet in rectifying this situation. Why? Great question.
I have highlighted that FINRA actually owned $647 million of ARPS as of year end 2006. That news is shocking to whomever I inform. Did FINRA sell their bonds? If so, to whom? When? What price? Did they front run an imploding market?
Could taxpayers via the TARP (Troubled Asset Recovery Program) actually get stuck making investors whole for a scam perpetrated by Wall Street? This fraud gets more bizarre at every turn. Welcome to the world of finance 2009.
I thank PT for sharing with me a story that broke yesterday: (more…)
Daniel Hannan Skewers Gordon Brown
Posted by Larry Doyle on March 25th, 2009 10:28 AM |
If you thought all British politicians were staid and reserved, let me introduce you to Daniel Hannan, a member of the European Parliament representing South East England for the Conservative Party. If a picture speaks a thousands words, this video clip is a full three part novel. Little doubt that Mr. Hannan is beyond exasperated with the current level of deficits and ongoing deficit spending in the United Kingdom. Well worth a listen and look see. Please share it with your friends via the ShareThis link located above near the byline.
Would You Like to See Our Specials?
Posted by Larry Doyle on March 24th, 2009 12:03 PM |
From The Washington Post:
