Commentary
Feds Toss More Money Down AIG Hole
American International Group (AIG) made history this week by declaring a $61.7 billion loss for the fourth quarter of 2008. That equates to $22.95 per share, compare that to a stock price of less than a buck, (it was quoted at $0.34 today) and one can see the absurdity of our nation’s current financial situation. [...]
GM in doubt
3.05.09- General Motors, which has sucked in $13.4 billion from the feds (aka the taxpayers’ children) and is requesting billions more, disclosed in its annual report today that its very survival was in “substantial doubt.” The auto industry is almost as pathetic as the banking sector – and the misery is not going to [...]
Feds Scheme to Nationalize Citigroup
It’s round three in the federal government’s fight to save Citigroup. Last weekend, officials from the Obama administration and Citigroup discussed the possibility of expanding the government’s ownership stake in the troubled banking giant by converting existing preferred shares into common stock. This development makes the question of nationalizing large, troubled commercial banks a matter [...]
Dismal Consumer Confidence
2.26.09- Consumer confidence hit a record low this week. The Conference Board’s measure plunged to a previously unimaginable 25 in February from an already dismal reading of 37 a month earlier. It stood at 76 a year ago.
Stop Digging! – A Criticism of Economic Stimulus
Over the past two decades, the U.S. has shifted from a nation of producers and savers to one of shoppers and spendthrifts. Now, our collective recklessness is plunging our economy into its darkest period since the Great Depression. It’s time for politicians to create policies that promote fiscal responsibility as opposed to ones that encourage [...]
Downward Dow
2.17.09- Stocks were caught in a nasty downward spiral as President Obama signed the super mega-billion dollar economic stimulus package. Financial shares led the charge lower, sending the Dow to levels not seen in over a decade. All the world’s panicky investors were fleeing shares to buy gold and treasuries.
Geithner mumbles
2.12.09- Tresaury Secretary Timmy Geithner left reporters, investors, the public, and Scientologists scratching their heads over the federal government’s latest incarnation of the bailout of the banking system. Instead of clearing the air about this troubling issue, Geithner decided to fill the airwaves with useless drivel.
Credit is Tight, but its NOT the Bankers’ Fault
I came across a fantastic article earlier this week in the Washington Times – who would have guessed? Like everyone else, I’m quite distressed by the current global financial disaster. I’m also confused as to how it all started, and what solutions the government and private sector should seek in order to halt the economy’s [...]
Dow plunges on latest bailout news
2.10.09- Ughh! The Dow Jones industrial average plunged 381.99 points points (4.6 percent) settling at 7,888.88. I guess stock investors didn’t take kindly to Treasury Secretary Geithner’s latest financial bailout scheme – maybe it’s the $2 trillion price tag that’s causing such anxiety.
Gathering Clouds Set to Deluge Soggy Economy
The clouds forming over the McMansion-filled American landscape are getting darker by the moment. I’m not even talking about the dismal consumer confidence readings, plummeting retail sales and mounting job loses – these clouds have been with us for a while now. The new, darker vapor formations are emanating from Washington D.C. and the international [...]
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