Archive for March, 2010
Posted by Larry Doyle on March 27th, 2010 9:56 AM |
UPDATE: This episode of NQR’s Sense on Cents with Larry Doyle has concluded. You can listen to a recording of the episode in its entirety by clicking the play button on the audio player provided below. Once the audio begins, you can advance or rewind to any portion of the episode by clicking at any point along the play bar.
If 70% of our economy is driven by the consumer, and Sense on Cents is trying to help people navigate the “economic” landscape, then prudence dictates we drill deeper into how the American consumer is doing during these challenging times.
What drives consumer behavior? How is the consumer adapting his/her personal spending habits? What triggers personal consumption? How can we source this information without being captive to the heavily massaged data provided by the government or industries with inherent bias? Well, if you are interested in learning more you have come to the right place as this Sunday evening from 8-9pm ET, No Quarter Radio’s Sense on Cents with Larry Doyle Welcomes Rick Davis.
Richard C. Davis is the founder and President of the Consumer Metrics Institute. The Consumer Metrics Institute grew out of Mr. Davis’ frustration with the lack of timeliness and poor quality of information available to individual investors about the consumer economy in the United States.
“It became clear to me that nearly all of the so-called ‘Leading Indicators’ available to individual investors were in fact no more timely or leading than last month’s account statements,” he says. (more…)
Tags: consumer behavior, consumer habits, Consumer Metrics Institute, leading indicators, No Quarter Radio, personal consumption, personal spending, Rick Davis, Sense on Cents, the American consumer, U.S. economy
Posted in General, No Quarter Radio, Sense on Cents | 1 Comment »
Posted by Larry Doyle on March 26th, 2010 3:13 PM |
If you think there was fraud involved in the underwriting of mortgages, then you ain’t seen nothing yet. If there is one sector of Wall Street that has notoriously been connected with fraudulent activities it is the municipal bond sector. Why is that?
Very simply, when you have individuals who are earning municipal salaries (high 5-figures to low 6-figures) awarding bond deals which generates millions in fees for Wall Street underwriters, then it is not hard to understand that those municipal employees are going to have their hands out looking to get ‘greased.’ Who really pays for that grease? You and me. (more…)
Tags: antitrust case against Wall Street, Bank of America Bear Stearns Societe Generale, CDR Financial Products, failure of financial regulation, GE financial businesses, JP Morgan Lehman UBS Named in Bid-Rigging Conspiracy, municipal bid-rigging, municipal conspiracy, municipal financial employees, municipal frauds, municipal kickbacks, municipal market, municipal payoffs, penalties do not fit the crime, Richard Donovan of Kelley Drye and Warren LLP, Salomon Smith Barney, Wall Street crime, white collar crime, white collar crimes
Posted in General, municipal finance | 3 Comments »
Posted by Larry Doyle on March 26th, 2010 10:36 AM |
Thank you to our friends at 12th Street Capital for sharing a sneak peek of Uncle Sam’s release of his new “Socialized Housing Manifesto.” (Click on the image to access pdf document.)
What is the one word that Uncle Sam is clearly trying to emphasize throughout the 4-page release? Responsible. Who the hell is Uncle Sam to define who and what is responsible or not? (more…)
Tags: condoning mortgage fraud, Housing manifesto, Housing plan march 26 2010, HUD Housing Plan March 26 2010, mortgage plan March 26 2010, mortgage principal reduced, mortgage reductions, Obama's Housing manifesto, Obama's redistribution plan, redistribution, socialized housing, socialized housing finance, Socialized Housing Manifesto
Posted in General, Housing Crisis, Moral Hazard, Mortgage Cram-Down, Mortgage Crisis | 8 Comments »
Posted by Larry Doyle on March 26th, 2010 8:24 AM |
My blood is boiling. Why?
The assault on the principles of free market capitalism is escalating with news that banks are poised to start reducing principal balances on certain mortgages.
I empathize with those who are strapped, but I have never felt more strongly on a topic than this principal reduction. Despite any and all bulls*%# put forth by those in Washington, the principal reduction program is an enormous escalation of the violation of moral hazard which our country sadly continues to embrace. I have no doubt it will expedite the development of a socialized housing finance system.
Do not think for a second that banks will take the hit on these principal reductions. Who will take the hit? Me and you. Those who have worked hard, saved, played by the rules, and taught our children to do the same. (more…)
Tags: Federal Housing Administration, FHA, herb allison, Housing Crisis, housing finance, how to get principal reduction on mortgage ion, kick the can down the road, Moral Hazard, mortgage principal, Mortgages, mortgages principal reduced, Neil Barofsky, New Plan to Cut Some Mortgage Balances, Obama principal reduction program, our future, principal reduction, principal reduction of mortgages, principal reduction program, socialized housing finance, TARP, violation of moral hazards
Posted in General, Moral Hazard, Mortgage Cram-Down, Mortgage Crisis, Mortgages | 13 Comments »
Posted by Larry Doyle on March 25th, 2010 12:58 PM |
If we do not educate our children, we can bend over, kiss our ass, and wave our future good-bye. In fact, we are well on our way to this reality. Go ahead and point the fingers at whomever you would like for this reality, but let’s ask those in the inner cities screaming for an opportunity for a better life that ONLY comes through education.
To this end, I share with you two exceptionally well scripted letters on this topic in today’s Wall Street Journal. The letters not only address the benefits of charter schools, but the need for real change within public schools. The change that will come only when the stranglehold of the administrations and unions is unleashed. Remember, it is supposed to be about the kids. (more…)
Tags: charter schools, Charter Schools and Student Performance, Charter Schools and the Fragility of Motivation, Education, L.B. Brown of Fairfax VA, personal motivation, public school education, Rick Nagel of Mercer Island WA, the case for charter schools, urban education
Posted in charter schools, General | No Comments »
Posted by Larry Doyle on March 25th, 2010 9:38 AM |
The Euro is plummeting in value because of the ongoing fiscal problems in Greece and the recent downgrade of Portugal’s sovereign credit, correct? Well, these are the most recent developments, but the problems go much deeper than that.
Although the very nature of short term mentality in a heavily dominated short term trading environment would point to these problems within Greece and Portugal as the primary reasons for the problems with the Euro, let’s work a little harder and navigate a little deeper.
First off, we need to accept the premise that we are experiencing structural changes in the context of a secular market. Our friends in Washington and on Wall Street (as well as other global financial centers) work very hard to present our current economy and market as possessing merely cyclical risk. Don’t buy it. (more…)
Tags: BCA Research, cyclical risks, debt-GDP ratios, Euro, Euro vs dollar, Europe's debt problems, fiscal problems in Europe, George Soros, global fiscal stimulus, John Mauldin, Niels Jensen, Portugal's sovereign credit, public debt, secular markets, structural changes, the value of the Euro, UK debt, why is the Euro plummeting
Posted in Euro, European Union, General | No Comments »
Posted by Larry Doyle on March 24th, 2010 3:27 PM |
Are we at a crossroads in history? Has America seen its better days?
I am a strong believer in being able to control my personal destiny and try to impart as much on my children and those whom I mentor. America is the greatest nation on earth in which to pursue opportunity. That said, are we a nation in decline? Are too many years with too much debt and not enough moral courage catching up to us? I am seriously concerned that they are.
(Very interesting video clip after the fold) (more…)
Tags: America's future, Bloomberg National Poll, children's future, courage honor truth integrity, David Murrin, David Murrin CNBC interview march 24 2010, day of reckoning for america, Emergent Asset Management, end of american empire, fall of the american empire, image of U.S. in other countries, is America becoming a socialist nation, Maria bartiromo interview with david Murrin, socialism, strength of our nation, the principles of hard work, virtues in America
Posted in General | 13 Comments »
Posted by Larry Doyle on March 24th, 2010 12:22 PM |
I wrote extensively in 2009 as to How Wall Street Bought Washington. Well, it would appear that the purchase and sales agreement between these two entities remains in place.
A recent press release highlights developments on Senator Chris Dodd’s proposed Financial Regulatory Reform along with a recent assessment by Washington insider and Illinois Senator Richard Durbin.
DEMOCRATIC FINANCIAL REFORM BILL EXITED SENATE BANKING COMMITTEE WITHOUT RESTORING KEY INVESTOR LEGAL RIGHT TO HOLD KNOWING AIDERS AND ABETTORS OF FRAUD ACCOUNTABLE (more…)
Tags: aiding and abetting fraud, Arlen Spector, banking lobby, Central Bank, Denise Voigt Crawford, Dick Durbin, financial fraud, financial regulatory reform, FINRA, Illinois senator Richard Durbin, Jack R, Jack Reed, Jeff Merkley, Lehman Brothers fraud, Lehman cooked the books, Mary Schapiro, NASAA, North American Securities Adminstrators Association, opinion Research Corporation, Ray Hanania WJJG, Richard Ketchum, SEC, senate Banking Committee, Senator Chris Dodd, Senator Chris Dodd financial reform, Stoneridge, Ted Kaufman, Wall Street Bought Washington, Wall Street lobby, Wall street owns Washington
Posted in General | 2 Comments »
Posted by Larry Doyle on March 24th, 2010 9:22 AM |
Do you hear that large sucking sound? Those are the engines of wealth redistribution humming in Washington.
Let’s stop the bulls&%#! President Obama’s healthcare reform, much like many of his other initiatives, is all about wealth redistribution. Whether that’s a good thing or a bad thing is a topic for another post, but that is how I see it. I said as much in January (“Healthcare Reform to Make You Ill”), and I will repeat today:
Ultimately, the reform as drafted is a massive redistribution program.
The New York Times addresses this redistribution this morning in writing, In Health Care Bill, Obama Attacks Inequality: >>> (more…)
Tags: healthcare impact on charitable contributions, healthcare is a right not a privilege, healthcare reform, healthcare reform legislation, healthcare right comes with responsibility, In Health Care Bill Obama Attacks Inequality, income inequality, income redistribution, Obama's plans on redistribution, Obamacare right and personal responsibility, Reagan revolution, rights and privileges, rights and responsibilities, two parent family, wealth redistribution
Posted in General | 4 Comments »
Posted by Larry Doyle on March 23rd, 2010 9:31 PM |
A Bloomberg National Poll of 1002 people over the last three days is quite revealing. (The poll has a margin of error of +/- 3.1%)
Almost across the board, those polled (who were randomly selected) are more negative than positive or even neutral on a variety of key topics. Rather than my adding editorial comments, let’s look at the data:
The Value of Your Investments
A lot better 6%
A little better 25%
Same 22%
A little worse 29%
A lot worse 17%
Not Sure 1%
The Overall U.S. Economy (more…)
Tags: Bloomberg National Poll, Bloomberg poll by Selzer, Don't fight the Fed, investment poll and survey, poll of how American view economy, poll on business, poll on economy, poll on housing, poll on strength of nation, survey by Selzer and Company
Posted in General | 1 Comment »
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