April 2009

The score is like something from of a cricket match gone horribly wrong: 3,675,971 to 1. Sadly, it's not sports.  That is the tally as of April 8th for the number of mortgage modifications performed under competing public and private plans. Private sector (Hope Now):3,675,971 Government (Hope for Homeowners): 1 The government figure is not a ... read more

Stories I'm reading this Thursday: Wells Fargo news helps the stock market Watch our exclusive interview with Bank of America CEO Ken Lewis An entertaining and revealing CEO shareholder letter Guy who knows calls the bank stress tests a "sham" 1/3rd of Americans under 30 ... read more

On the show today, HUD Secretary Shaun Donovan indicated my numbers were wrong when I asked why only one - ONE - mortgage has been modified under the Hope for Homeowners mortgage modification plan.   Either the Secretary needs to revisit his numbers, or his office need to revisit theirs.    Below is my email chain yesterday with a HUD official.  I have removed the name and email ... read more

While the President touts his $7 per week tax cut for "95% of Americans," it looks like many states are ready and willing to take any savings right out of the taxpayer's' pocket. Numerous states are considering raising taxes to fill budget gaps, and it's not just on the rich.   According to the article, 10 states are now looking at some form of tax hike. From today's Wall Street Journal: ... read more

Took yesterday off to run some errands and play handyman at home.   Came across this in an aisle at Lowes and found the choice of advertising images ... well ... interesting.   I assume (hope) the golf ball comment is just a metaphor. ... read more

Stories I'm watching this Wednesday: Insurers may be the next bailout Obama, corporatist Is America's healthcare system already socialist? Tim Geithner's plan is a taxpayer curse 10 dumbest taxes in history Computer scientist turned tech-CEO now giving advice to newspaper editors Americans need to get healthier Would you drive this? Listening to more music but buying ... read more

The top story in the Wall Street Journal tonight is that the Treasury plans to extend TARP funding to certain life insurance companies whose capital has been hit hard. From the Journal: The Treasury Department plans to extend the Troubled Asset Relief Program to certain eligible life insurers, according to people familiar with the matter. Several life insurers have been burdened lately by ... read more

Excellent article in today's Financial Times by Clive Crook. The premise is that even the coming tax increase on the wealthy will not raise enough revenue to fill the holes in the budget from the proposed spending programs. As Crook writes: In short, whether it intends to or not, Congress is leaning towards making the long-term deficit even bigger. It is preparing to underwrite a large ... read more

Stories I'm reading this weekend: My boss is not optimistic on the economy More evidence even tech jobs are not recession proof But here are the reasons stocks are on the run Dude, here comes the hemp bill Will the Boston Globe be the next paper to go? Can design save the ... read more

Are retail stocks beginning to tell a more positive economic story? The economy is soft and consumer spending is cold, but something interesting is happening in the stock market: many consumer-related and retail stocks are hot.   While stocks as a whole have done reasonably well in the past month, retailers are outperforming the broader market. Believe it or not, there are 41 retail and ... read more