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Federal Budget Deficit Kills Spring Fever

Spring is finally here after a long, frightfully cold winter. And with it comes the delusions induced by spring fever. Both the Obama administration and investors are stricken with the heady optimism associated with this illness, classifying the trickles of less than horrible economic data as green shoots that will bring America out of the [...]

Bank Stress Tests are a Complete Farce!

Let’s hear it for the bankers! They only need another $75 billion in extra capital by November in order to stay alive. Nice work, boys! The NY Times reported today that ten of the nineteen bank holding companies subjected to regulators’ stress tests, the banks deemed “too big to fail,” will need to raise extra [...]

Still Heading for the Abyss

Stock markets across this troubled planet rocketed ahead late this week – mainly on Thursday – because it appears that the world’s largest economies are slowing down as they approach the abyss. But, what jubilant investors are missing is that we’re still headed for the abyss – the economic trajectory has not changed. Extremely tough [...]

The Culture of Debt

I have something that I’m quite proud of to share with you this afternoon. It’s an essay called The Culture of Debt, and I wrote it about three years ago. At the time, the credit bubble was still growing, feeding a boom in real estate and fueling all manner of mindless consumption. I wrote this [...]

The World According to Gordon Brown

It was all smiles at the conclusion of the G20 summit held in London yesterday. British Prime Minister Gordon Brown babbled on about the emergence of a new world order – which will be composed of the very same self-serving politicians that he was bickering with just a few hours before this laughable announcement of [...]

Timmy’s Big Week

U.S. Treasury secretary Timothy Geithner had a very big week. In February, the panicked American public and their clueless representatives in Congress saw a timid and overwhelmed Geithner fumbling and bumbling his way through a vaguely defined plan to rescue the banking system from all of the toxic securities purchased – with borrowed funds – [...]

Fed Buys U.S. Debt!

I believe that a disproportionate amount of media attention has focused on political squabbles inspired by the latest mega-billion dollar economic stimulus package, the continuing costs of bailing out financial institutions, and the recent show trials of A.I.G. employees. In my opinion, far too little attention is set upon the Federal Reserve, which is embarking [...]

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. [...]

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 [...]

Hello, Cliff!

It seems as if America’s fiscal situation is rolling quickly toward
the edge of a big scary cliff. The nonpartisan Congressional Budget
Office (CBO) warned earlier this week that the combined forces of
a weakening economy and high maintenance costs associated with
fighting two wars is causing the federal budget outlook to darken
significantly over the next few years.
The CBO [...]

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