February 2009

Stories I'm watching over the weekend: Warren Buffett's worst year ever Read Buffett's shareholder letter Did Stanford Financial help sponsor some Congressional trips? NY Post graphic on where the budget is going The case for and against bank nationalization 6 companies doing well in the recession Good visual of just how big China and India really are The potential cost of a ... read more

In his address to Congress Tuesday, the President used the term "saved" to discuss money his team has purportedly found to cut from the budget.   Nine days later the President is changing his wording, and some in Washington reluctantly agree that there isn't much saving in these "savings." Here is the direct quote from the President on Tuesday:  "My administration has also begun to go ... read more

Details of President Obama's proposed budget are out, and while the details continue to cross there are a few overall themes: higher taxes on high earners, companies and more big government.  In addition to rolling back the Bush tax cuts on the wealthy in 2011, the President wants to raise taxes on companies, tax foreign profits and levy an excise tax on oil and natural gas production.   ... read more

Thursday stories I'm watching: Obama's budget soars the deficit to $1.75 trillion dollars Double whammy for the "rich" as budget also may hit the sacred mortgage interest tax deduction General Motors' troubles continue as they seek new loans Did the FBI uncover massive mortgage fraud problems as early as 2004? List of the 10 worst financial panics Joe ... read more

The President once again reiterated his desire to raise taxes on families making more than $250,000 per year.    While it is true that income would put a family into the top 2% of all earners, I think it is important to revisit what that means to different people. The "top 2%" includes a family of two earners making $250,000 per year ... but it also includes the super rich such as Warren ... read more

Few on-the-fly thoughts watching the President's Congressional address: Apparently the budget surplus made the wealthy wealthier ... I thought we blew the surplus on the war...? He's trying to minimize the nearly $1 trillion dollar spending plan by calling it "the beginning"... CEOs continue to be vilified... Watch "agribusiness" stocks tomorrow...saying he will end their subsidies ... read more

One of the big questions many have is: do we have an historical precedent for today's market and economy? We have heard references to the Great Depression, 1970s and other recessionary periods. In that vein, I searched the New York Times archive and found the following headlines.  All are from the same year.   Can you guess it?  (I have removed the price of the Dow because that may give ... read more

Stories I'm watching (or writing) this Tuesday: My four reasons to be long-term optimistic Some other signs the worst of the recession may be behind us Good advice for the President's speech tonight Can the New York Times explain how 53% translates into "broad support" for Obama's economic policies? This is a good thing for the President to do, but publicizing ... read more

In the face of a nearly daily barrage of bad news, new lows and low spirits, perhaps it is important to smash the news cycle and find a few reasons to be more upbeat regarding the economy and markets. With that in mind, here are four reasons to be long-term optimistic: 1. Everybody is so negative.   Right now it's practically in vogue to see who can be the most pessimistic, and that ... read more

Monday, February 23rd.   On this day in 1945, Marines raised the flag on Mt. Suribachi, Iwo Jima after a long, bloody battle.   In this time of economic turmoil, let's take a moment to remember their bravery. Business stories I'm watching today: Citigroup may be closer to nationalization GM & Chrysler working behind scenes to line up bankruptcy financing The reason housing may ... read more