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HomeDetroit: D is for DISASTER
Posted by Larry Doyle on June 18th, 2013 10:29 AM |
Those in Washington and elsewhere have little interest in drawing attention to the municipal disaster that is the City of Detroit, Michigan.
While nobody likes dealing with disasters, there is no other single appropriate word to describe this once proud burgeoning metropolis. As recently reported by The Wall Street Journal,
The city of Detroit’s manifold problems are coming to a head. Emergency manager Kevyn Orr warned the city’s 150 or so creditors and unions on Friday that Chapter 9 bankruptcy is in the offing if they don’t accept the steep cuts he’s presented. (more…)
Readers Reflect on BofA Mortgage Racket/Lying
Posted by Larry Doyle on June 17th, 2013 8:45 AM |
Would you ever want to do business with an individual or an entity that lied to you? Probably not, right?
Should we add Bank of America to the list of those entities (financial institutions, regulators, our government) that have been less than forthright in engaging those with whom it was saying one thing but doing something entirely different?
A cursory review of the testimony I highlighted this past Friday, Bank America Mortgage Racket: We Were Told to Lie, might give many who read that commentary considerable reason to pause before engaging BofA. (more…)
Bank America Mortgage Racket: We Were Told To Lie
Posted by Larry Doyle on June 14th, 2013 9:02 AM |
Not that we needed any further evidence of the racketeering enterprises run within the mortgage operations on Wall Street, but with the recently delivered testimony of Simone Gordon, a senior collection officer within Bank of America’s mortgage ‘racket’ . . . we got it.
I first questioned whether the activities within the mortgage servicing enterprises on Wall Street rose to the level of racketeering in early 2011 after having becoming aware of Wall Street’s practice of robo-signing mortgage documents in order to engage in the fraudulent conveyance of countless mortgages. (more…)
Wealth Creation: The Key Principles
Posted by Larry Doyle on June 13th, 2013 9:44 AM |
It’s not how much you make, it’s how much you save.
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Many people in different businesses and within government across America do not like discussing or promoting personal savings rates but the simple fact is the path to financial security and wealth creation is navigated most effectively by embracing that key principle and a few basic tools.
These tools are not often discussed by those who would much prefer you spend, spend, spend so our economy can grow but that all too American style of living has simply led us down the ‘nonsense on cents‘ path of increased debt and often running in place if not worse than that in terms of building wealth. What are the keys for generating real wealth creation?
Forex Manipulation: Add It To The List
Posted by Larry Doyle on June 12th, 2013 10:00 AM |
Is it possible to manipulate the largest market in the world, that being, the foreign exchange market?
Well, if it is possible to manipulate the setting of overnight interest rates (i.e Libor et al) impacting trillions of dollars of derivative contracts and the pricing of equities (i.e. via high frequency trading), we should not be surprised that those on Wall Street are also able to manipulate prices within the foreign exchange markets . . . . and have been doing so for a long time.
In what might only be defined as another nail in the coffin of free and fair markets, Bloomberg exposes the stench of this manipulative activity. (more…)
Obamacare: ‘Train Wreck’ In Ohio
Posted by Larry Doyle on June 11th, 2013 1:12 PM |
Your healthcare premiums were going to go down under Obamacare, right? Not so fast.
The benefits will far outweigh the costs, correct? Well, let’s navigate to America’s heartland and pose that question to the citizens of Ohio who will be picking up the tab. Might some — perhaps many — individuals who delivered the state for the President care to reconsider?
Recent news emanating from the Buckeye state would seem to indicate that when it comes to healthcare, the only thing that will be declining are the savings accounts of a lot of individuals. (more…)
Uncle Sam’s Inside Info and Wall Street’s Insider Trading: Excuse Me While I Vomit
Posted by Larry Doyle on June 11th, 2013 10:23 AM |
Information is everything.
You may not be aware whether you own stock in the managed health care company Humana via a mutual fund or not. I would imagine if you own Humana as an individual holding, you would be keenly aware that this company saw close to a 20% increase in its stock price back on April 2nd.
Did you participate in that spike or did you have a sell order in place at a certain level and get taken out well below the upward move? (more…)
Sex, Lies, Stupidity, Oh My: SEC Whistleblower David Weber Vindicated, Receives Huge $ettlement
Posted by Larry Doyle on June 10th, 2013 8:21 AM |
“Doing the right thing can be hard” . . .
David Weber, former assistant Inspector General of the SEC, June 10, 2013
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In a world in which it is all too easy to look the other way, to go along to get along, and to sit down when the public needs you to stand up, hope springs eternal.
I am heartened that America still has a chance to eradicate the corrosive and corruptible elements that have thrived within our financial regulatory system when I learn that there are still people who care enough to do the right thing. Who is one of those people?
Former assistant inspector general of the SEC David Weber. Today is his day and America should feel very good about that. (more…)
A Great Weekend Read: How America Lost Its Way
Posted by Larry Doyle on June 8th, 2013 11:59 AM |
I am a big fan of Niall Ferguson.
I so respect and appreciate the way this history professor at Harvard thinks and writes. More often that not after reading his work I find myself thinking, “he’s right.” I find his work to be fully consistent with the thoughts and opinions I try to promote here at Sense on Cents.
To that end, I will soon be picking up a copy of Ferguson’s soon to be released book, The Great Degeneration: How Institutions Decay and Economies Die. As one reviewer wrote,
Professor Ferguson maintains that key maladies with western institutions encompass meager regulatory enforcement in the financial sector, rotten rule of law, government encroachment in the civil society, and breakdown of social contract between the generations (Edmund Burke’s concept of contract in which the current fiscal policies cannot inexorably create huge debts at the expense of the young and the unborn). Professor Ferguson disagrees with Keynesian economists who are advocates of low interest rate and issuance of public debt to stimulate economic growth.
The Wall Street Journal addresses Ferguson’s work in what I think is a great weekend read, How America Lost Its Way.
Enjoy the weekend.
Larry Doyle
Isn’t it time or overtime to subscribe to all my work via e-mail, an RSS feed, on Twitter or Facebook.
I have no business interest with any entity referenced in this commentary. The opinions expressed are my own. I am a proponent of real transparency within our markets so that investor confidence and investor protection can be achieved.
Eisenhower’s Forewarning: Military-Industrial Complex Farewell Speech c 1961
Posted by Larry Doyle on June 7th, 2013 11:47 AM |
I think we can forego commenting on this morning’s employment report or other specific topics of interest along our economic landscape and focus on the issue that is captivating our nation, that being, our government’s intervention into our private lives.
As we look forward and wonder what may have transpired to date and how this might all play out, I think we are well served if we go back in time and review the wisdom shared with us by President Dwight D. Eisenhower as he prepared to exit the White House.
My fellow Americans:
Three days from now, after half a century in the service of our country, I shall lay down the responsibilities of office as, in traditional and solemn ceremony, the authority of the Presidency is vested in my successor. (more…)
