Posted by Larry Doyle on January 19th, 2013 12:55 PM |
Given all of the attention to the gun issue, I welcome sharing this Wall Street Journal Weekend Interview with William Bratton. Who is he? Former New York City (and Los Angeles) police commissioner. How did he do while In New York?
Mr. Bratton publicly promised to cut crime by 10% in his first year and 15% in his second. Privately he told Mr. Giuliani that crime would drop 40% in three years.
And down it went. In two years, murders fell 39%, robbery 31%, burglary 25% and car theft 36%. By 1998, two years after he left the job but with his programs firmly in place, murders had fallen 70%, robbery 55%, burglary 53% and car theft 61%.
How might he address the gun issue currently? (more…)
Posted by Larry Doyle on January 18th, 2013 7:12 PM |
If anybody thinks that the governors of the Federal Reserve have any degree of foresight on the economy, the following transcripts from 2007 are a MUST read. One governor, (yes one and it was not Ben Bernanke), displayed real foresight and expressed real concern on what likely lay ahead on our economic landscape. Who was it? The one I recently highlighted as calling for the breakup of our TBTF megabanks. That would be Dallas Fed governor Richard Fisher.
After reading this release provided by the WSJ, you may doubt the Fed’s collective capability in managing the economy.
Are we about to see a continuation of the Wall Street-Washington revolving door at work for this critically important position? How so?
A leak yesterday puts the name of Mary Jo White into the mix to head the SEC. Who is she? Is she the right person for the job? Not according to Sense on Cents Hall of Famer Gary Aguirre, who pulled no punches yesterday in asserting,
“Obama is not going to clean up financial corruption by pinning a sheriff’s badge on Wall Street’s protector-in-chief.” (more…)
Posted by Larry Doyle on January 17th, 2013 11:54 AM |
Three days ago I wrote how strongly I believe that the Wall Street landscape needs to be restructured. How so? I made my case in defining Wall Street as an oligopoly and Why Should the Banks Be Broken Up?
I concluded my commentary by highlighting that Dallas Federal Reserve governor Richard Fisher would be addressing this same topic on Wednesday evening. What did the good governor have to say? (more…)
Posted by Larry Doyle on January 17th, 2013 8:57 AM |
We are now less than one month away from the five year anniversary of what I believe is the greatest fraud ever perpetrated on Wall Street. Regular readers know I am referencing the ARS (auction-rate securities) tragic debacle. I have been remiss in not addressing this situation for more than a few months and apologize for that.
Some past holders may wonder, “Is the ARS pain ongoing?” Indeed it is. Tens of billions of ARS remain outstanding. Some individuals and institutions still trapped in the painful ARS predicament may wonder if anybody even still cares about their plight. We do. Not only investors, but ARS issuers as well were ensnared by the Wall Street ARS trap and continue to experience very real pain in the process.
I broach this topic once again thanks to a reader who shared the following story about a communications firm entangled in the ARS mess the other day: (more…)
Posted by Larry Doyle on January 16th, 2013 8:41 AM |
What about me? What is in it for me? How does this work for me? The “ME” mentality strikes me as central to America’s new official economic policy.
Who is “ME”? Our Washington politicos.
What policy is that? Let’s navigate.
Having recently sidestepped the fiscal cliff, and as we continue to navigate the economic landscape, we are now faced, as the FT describes them, with “three enormous gorges.” Sounds ominous, right? What are the three gorges? (more…)
Posted by Larry Doyle on January 15th, 2013 9:20 AM |
If a cop were to a issue a challenge (perhaps even a threat), and an organization calls the cop’s bluff and beats him like a drum in the process, what does that say about the cop, the organization, and the activity in question? To what do I allude?
Well, let’s say for example, a criminal uses a laundromat for the purpose of facilitating his “business” but the laundromat is not held to proper account. Did the “business activity” ever really occur there? Did the cops ever fully and properly investigate and enforce their duty to uphold the law?
Not that Americans are not already fully aware of the charades being played out in the world of financial regulation and oversight but the latest iteration really takes the cake. To what do I refer? (more…)
Posted by Larry Doyle on January 14th, 2013 9:54 AM |
As much as I detest the involvement of the government in what are supposed to be free markets, I can appreciate the need for Uncle Sam’s stepping in to save our banking system in late 2008.
Now going on five years hence, it is time that we move to save capitalism. How do we do this? We need to break up the banks. Why so? Here’s a handful of reasons why: (more…)
Posted by Larry Doyle on January 11th, 2013 8:49 AM |
Senior executives at major Wall Street banks claiming they ‘knew nothing‘ of the scandalous rigging of Libor that generated untold billions of dollars in revenue over a multi-year time period might only be compared to one other comedic actor. Which one is that? How could we ever forget the fabulously funny . . .
While Schultz, Hogan and the boys brought enormous comic relief to so many, there is little to laugh about rigged markets and incomplete information emanating from Wall Street. (more…)
Posted by Larry Doyle on January 10th, 2013 8:51 AM |
“Investment capital goes where it’s welcome and stays where it’s appreciated.” Maine governor Paul LePage
The more information one holds, the better positioned he is to take increased risk. If that information were to include the ability to influence if not outright manipulate a game/market, then one’s risk profile —that is, the size of one’s position — is likely to really increase.
Can you imagine if you were playing the tables in Vegas and you had knowledge as to what the dealer held and what he was likely to pull, what would you do? (more…)
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Two months ago, I inquired as to who might be our nation’s next chief financial cop, that is, the next head of the Securities and Exchange Commission.
Three days ago I wrote how strongly I believe that the Wall Street landscape needs to be restructured. How so? I made my case in defining Wall Street as an oligopoly and Why Should the Banks Be Broken Up?
As much as I detest the involvement of the government in what are supposed to be free markets, I can appreciate the need for Uncle Sam’s stepping in to save our banking system in late 2008.
“Investment capital goes where it’s welcome and stays where it’s appreciated.” Maine governor Paul LePage
Federal Reserve Governors Comments from 2007
Posted by Larry Doyle on January 18th, 2013 7:12 PM |
If anybody thinks that the governors of the Federal Reserve have any degree of foresight on the economy, the following transcripts from 2007 are a MUST read. One governor, (yes one and it was not Ben Bernanke), displayed real foresight and expressed real concern on what likely lay ahead on our economic landscape. Who was it? The one I recently highlighted as calling for the breakup of our TBTF megabanks. That would be Dallas Fed governor Richard Fisher.
After reading this release provided by the WSJ, you may doubt the Fed’s collective capability in managing the economy.
(more…)
Tags: Ben Bernanke 2007 comments, does the Federal reserve understand the economy, Fed comments about sub prime mortgages, Federal Reserve, Federal reserve comments from 2007, Federal Reserve governors comments from 2007, Federal Reserve transcripts from 2007, Janet Yellen 2007 comments, Richard Fisher comments from 2007, Tim Geithner comments from 2007
Posted in Federal Reserve, General | 1 Comment »