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Home‘There’s No Money Left’
Posted by Larry Doyle on May 17th, 2010 8:46 AM |
Spending money you do not have is a clearly defined road to fiscal ruin.
Politicians the world over, but especially in Washington, have little appreciation for this concept. A departing chief secretary in the U.K. Treasury, Liam Byrnes, addresses this topic with crystal clarity in a message left for his successor, David Laws. (more…)
No Quarter Radio’s Sense on Cents with Larry Doyle Open Mic Night
Posted by Larry Doyle on May 15th, 2010 2:28 PM |
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.
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Do you feel as if nobody is listening to you? Do you feel as if you have been disenfranchised? Do you feel as if Washington is working on its own agenda? Do you sense that large parts of the media are parsing information and representing their protected interests rather than truly pursuing truth, transparency, and integrity?
There is little doubt that many in America feel and believe all of the above. What can you do? Bring your questions and opinions right here as this Sunday from 8-9pm ET No Quarter Radio’s Sense on Cents with Larry Doyle Open Mic invites you to be my guest.
Will the Euro recover or continue to plummet in value? Will the EU break up in the process? Will our economy slide back into a recession if the EU slows, as it assuredly will given necessary fiscal austerity measures. (more…)
May 15, 2010: Market Week in Review
Posted by Larry Doyle on May 15th, 2010 6:12 AM |
The European Union, the European Central Bank, and the International Monetary Fund (and the Fed, as well, although they don’t want to truly highlight it) provide $960 billion in backstops for the Euro-zone and what happens? The Euro ends the week lower by 3%!! Ladies and gentlemen, that is nothing more than a major “F&%@ Y#&“ on behalf of global investors to the aforementioned central banks and government entities.
Think there is tension in Euroland, and specifically between France and Germany? As The UK-based Telegraph reports, President Nicolas Sarkozy ‘Threatened to Pull France Out of Euro’:
President Nicolas Sarkozy slammed his fist on the table and threatened to pull France out of the euro at a meeting of European leaders deciding Greece’s aid package last Friday, according to Spain’s El Pais newspaper.
The last time there was this kind of tension between these countries, guess who was coming ashore at Normandy? (more…)
Jersey Governor Chris Christie: The anti-Obama
Posted by Larry Doyle on May 14th, 2010 2:11 PM |
America needs more men like recently elected New Jersey governor Chris Christie.
Say what you want about Christie’s politics, but what Christie brings is a straight talking, shoot from the hip, apolitical approach. If you are sick of politicians, and most people in America are, then you are going to like Chris Christie.
Washington better watch out. Christie’s delivery and drive for truth, transparency, and integrity are going to resonate.
Barack, watch, listen, learn.
LD
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Joe Saluzzi Exposes ‘Theft on Wall Street’
Posted by Larry Doyle on May 14th, 2010 9:17 AM |
Themis Trading’s Joe Saluzzi was designated a Sense on Cents Hall of Fame medalist this past January. Mr. Saluzzi has once again distinguished himself by providing a significant degree of transparency into the technical structures of our seriously flawed equity exchanges.
A recently released white paper, Exchanges and Data Feeds: Data Theft on Wall Street,written by Joe and his colleague Sal Arnuk at Themis Trading is getting a LOT of attention on Wall Street and in Washington. I welcome highlighting and bringing this 3-page paper to Main Street. If you have any interest in the markets and our economy, this paper is a MUST read. Allow me to whet your appetite: (more…)
How Long Can Uncle Sam Rig the Game?
Posted by Larry Doyle on May 13th, 2010 5:32 PM |
Is the market rigged?
Actually, the question of whether our markets are rigged or not is becoming less and less a question and more widely accepted as fact. This reality is evidenced by the totally incredulous evidence that four major banks on Wall Street had perfect (not one negative trading day) first quarters.
Some may think this is good for our economy. I am not one of them. Why? (more…)
The World of Wall Street CDOs or “Don’t Lie to Me”
Posted by Larry Doyle on May 13th, 2010 2:18 PM |
News that the SEC and federal prosecutors are further investigating Wall Street firms involved in the structuring and distribution of CDOs (collateralized debt obligations) is not a surprise. Although Goldman Sachs has been targeted initially for its marketing of an Abacus transaction in conjunction with Paulson and Co., the simple fact is Goldman was not anywhere close to the largest player in this space. Who was? Well, I should more appropriately ask, “Who wasn’t?” All of Wall Street jumped on the CDO gravy train. (more…)
ARS Investors Targeting Andrew Cuomo
Posted by Larry Doyle on May 13th, 2010 7:30 AM |
I know fraud when I see it. I also know a miscarriage of justice when I see it. The manner in which auction-rate securities were distributed was a fraud. The manner in which this fraud has been largely adjudicated has been a massive miscarriage of justice. No miscarriage has been greater than that laid at the feet of those auction-rate securities investors who purchased ARS from Oppenheimer and Company.
In true American patriotic spirit, these ARS investors are not taking this injustice sitting down. I have never owned an auction-rate security, but I welcome joining their fight and highlighting their cause. On that note, Andrew Cuomo should watch out. A group of Oppeneheimer ARS investors just released the following statement: (more…)
What is Driving the Gold Market?
Posted by Larry Doyle on May 12th, 2010 3:22 PM |
While equities are rebounding nicely today, overall equity volumes remain generally light. That said, there is a bigger development in the markets today. What is it? The shiny yellow stuff is on fire.
Gold is trading close to 1250/oz. and making new highs in the process.
What is driving the gold market? As The Wall Street Journal reports in writing, Gold Prices Extend Climb:
“The gold price is being driven by … the rising concern of the ‘exit strategy’ for central banks given that the ECB is the latest agency to join the (quantitative easing) bandwagon,” JP Morgan analyst Michael Jansen said in a note.
“Indeed, the perceived breach of the ECB’s independence … adds to the view that in the long-term monetary and fiscal authorities will be forced to choose between anemic economic conditions or monetary-driven inflation.”
Anemic economic conditions or monetary-driven inflation? Little wonder why we are witnessing civil unrest in Greece today. What about other Euro-zone nations? What about the UK? The US?
LD
Barack, Do You Hear What David Cameron Is Saying?
Posted by Larry Doyle on May 12th, 2010 2:07 PM |
Does anybody believe Barack Obama, or anybody in his cabinet, when it comes to fiscal discipline? I mean, really. I have no doubt that Barack and team know what is coming in November so they are working feverishly to get programs passed now.
How do you think the crowd in Washington is feeling today listening to the winds whip across the Atlantic from the UK? What is in those winds? Let’s review a Bloomberg report, U.K Coalition Government Plans Deficit Cuts, Bank Bonus Curbs:
Prime Minister David Cameron’s Conservative Party and his Liberal Democrat partners put cutting Britain’s record budget deficit and tighter banking regulation at the heart of their coalition agreement. (more…)
