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HomeQuiet Market? Think Again . . . Copper is Melting Down!!
Posted by Larry Doyle on February 3rd, 2010 3:16 PM |
Just a quiet Wednesday in the markets?
Let’s see . . . major equity averages are flat to down .5% on the day, bonds have backed up 5 basis points but remain within the range, the dollar is doing a little better but not making a major move. Might be a good day to catch the early train home because nothing is going on? Not so fast . . . let’s look a little deeper because I think there is a major move afoot in a certain market segment. What would that be? (more…)
Proprietary Trading Did Bring Down Wall Street
Posted by Larry Doyle on February 3rd, 2010 12:37 PM |
The Wall Street lobby in all its glory is fighting tooth and nail to defend its turf from the volley launched by former Fed Chair Paul Volcker. Recall that the newly designated Volcker Rule, if implemented, would disallow proprietary activities from those institutions taking consumer deposits. This implementation would effectively reinstitute the Glass-Steagall Act which was rescinded in 1999.
The proprietary activities most often highlighted by those in the banking community are investment and trading activity within private equity, hedge fund and prop trading desks. The banks are screaming that these activities should not and need not be separated from their overall operations because these activities did not cause our economic crisis. They would be correct on one hand, but how convenient that their definition of proprietary is not truly comprehensive. How so? (more…)
Judd Gregg Exposes Peter Orszag
Posted by Larry Doyle on February 3rd, 2010 10:10 AM |
Are we a nation of laws or not? Do we merely do what is expedient and politically correct as opposed to what is right and principled? Do we allow political polls and political winds to override the pursuit of truth, transparency, and integrity? All too often, our nation gets so caught up in the moment that we lose sight of who we truly are, from where we have come and where we hope to be going. As a result, I believe we have lost both our moral and economic compass.
I broach these questions and make that assertion based on yesterday’s engagement (video clip below) between Senator Judd Gregg (R-NH) and Peter Orszag, White House Director of the Office of Management and Budget.
As a backdrop to Gregg exposing Orszag’s arrogant and presumptuous demeanor, please recall that the law enacted to implement the TARP (Troubled Asset Recovery Program) required that any funds recovered through this program be effectively returned to taxpayers to pay down our national debt. That’s the law.
Do the laws of our nation stand for anything or can they be presumptuously overrun at the administration’s whim and fancy?
I commend Judd Gregg for standing his ground and exposing Peter Orszag in this engagement. America deserves to witness this undressing because the very core of Gregg’s argument is the lack of respect so many in our country have for principle. You may feel differently and believe Orszag’s goals are worthy. I would ask you if the ends justify the means. Do you really want to go there?
What do you think of Judd Gregg? Peter Orszag? Are we a nation of laws or not?
LD
Update: David Slaine Pleads Guilty
Posted by Larry Doyle on February 2nd, 2010 10:02 PM |
GUILTY!!
Wall Street master of the universe David Slaine has now been reduced to just another in a long line of Wall Street crooks.
God forbid one tries to make an honest living in the financial industry.
I first wrote about Slaine on January 17th. At that point, I wondered whether Slaine’s cover as a government mole in the ongoing insider trading investigation on Wall Street had been blown by The Wall Street Journal. Was somebody trying to out Slaine in order to distract or derail the ongoing investigation?
We may never know. What we do know now is that Slaine had already pled guilty at that point.
Reuters reports today, Ex-NY Fund Manager Slaine Pleads Guilty: >> (more…)
Optimal Internet Browsers for Viewing Sense on Cents
Posted by Larry Doyle on February 2nd, 2010 7:03 PM |
I want everyone’s visit to Sense on Cents to be enjoyable and easy on the eyes. A few readers, however, have indicated they are having trouble viewing the comments box and/or that the left sidebar margin extends into the main reading content area when they click to view an entire article.
Although only a few readers (I’ve only heard from three) are having difficulties, that doesn’t mean there aren’t others experiencing similar issues. As such, I thought it might be helpful to provide a little technical support regarding internet browsers. Keep in mind I am not the most computer savvy, but I hope the following troubleshooting information is helpful. (more…)
Britain Sweeps Madoff Investigation Under the Rug
Posted by Larry Doyle on February 2nd, 2010 11:12 AM |
Great Britain just took the definition of America’s strongest ally to a whole new level. How so?
News this morning that the U.K.’s Serious Fraud Office (SFO) will not pursue legal action against the local operations of Bernard Madoff Investment Securities is just another kick in the balls to investors everywhere and the innocent Madoff investors especially.
The New York Times highlights this breaking news story in writing, Britain Will Not Pursue Legal Action Against Madoff:
Britain’s Serious Fraud Office said Tuesday that it would not pursue legal action against the local operations of Bernard L. Madoff, the U.S. financier now in jail in the United States.
In a statement, the S.F.O. said its investigation had found “ insufficient evidence to provide a realistic prospect of conviction” against either the company or its directors.
What did investigators find? (more…)
When Will America be Honest with Itself?
Posted by Larry Doyle on February 2nd, 2010 9:05 AM |
Initially I intended to write this morning about the development of a bubble in China’s property market. As I was formulating my thoughts, this commentary took a turn. I went with it. I hope you will follow along.
I strongly and adamantly believe that before you can fix a problem, you have to be honest and acknowledge the reality and the core of the problem in the first place. I remain extremely concerned about the future of our economic landscape due to the very fact that I believe many within our society at large, and the financial and political spectrum specifically, are neither honest with themselves nor the American public. In fact, time and again I find myself thinking that the media and our financial and political leaders believe America can’t handle the truth. That’s is such bulls&*%! I believe that mentality, however, is pervasive and is poisoning our country.
In speaking with a friend just yesterday, I shared the use of a phrase which I believe is all too prevalent in far too many corners of our society and our economic landscape. What phrase is this? (more…)
Education Funding Needs Sense on Cents
Posted by Larry Doyle on February 1st, 2010 12:02 PM |
Throwing money at problems is not necessarily a sure-fire fix. That said, without funding many initiatives never truly get off the ground. Money does make the world go round . . . but in what direction, on what axis, and at what rate?
Let’s enter into one segment of the Washington dynamic that is receiving increased funding — education. I concur with President Obama that quality secondary education is vitally necessary to address our long term social and fiscal problems.
In President Obama’s State of the Union speech last week, he referenced that he does not want to be in second place behind China, India, or any other nation in the world. Well, if we employ a little truth in advertising here, President Obama should have highlighted that the United States educational rankings currently place us 18th of the top 25 industrialized nations. (more…)
