Obama administration
Goldman Thrives while CIT Dives
There were some big stories in the bizarre world of finance this week, and decent profit reports from some of America’s largest companies. The good news about earnings helped promote a sense of calm, as thoughts about last year’s financial crisis faded into distant memory. I will focus today on two developments that I [...]
Mortgage Rescue Fails Miserably
The real estate market is still in very bad shape. The relentless slide in home prices that started after the housing bubble burst is wreaking havoc on recovery efforts aimed at stabilizing the real estate market. According to Bloomberg.com, 20.4 million of America’s 93 million homes (which encompasses houses, condos and co-ops) are saddled with [...]
Financial Regulation’s New Drapes
Not many in this country saw the financial crisis coming. Those who did were tarred as foolish and behind the times. Millions of Americans were becoming obscenely rich just by breathing as the credit and housing bubbles grew to monstrous proportions. Why question a good thing? That seemed to be the predominant refrain of the [...]
Watch Out for the Big Bad Fed
While the Iranian theocracy cracked down on mass dissent after they rigged the latest presidential election, the Obama administration announced major plans to revamp the regulatory architecture of the financial services industry. It seems as if the developments in Iran greatly overshadowed the American public’s interest in how the financial markets will operate in the [...]
Consumers High on Hope
Consumers are high on hope, choosing the drug peddled by politicians, mall operators and bankrupt car makers, over the dismal news coming from the housing and job markets. Consumer sentiment, the lifeblood of the American economy, climbed last month to the highest level since last year. The faint glimmers of good news in some areas [...]
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 [...]
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