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Those are cell phone pictures of my jammed, three-hour commute into work today.   You can see the time I parked my car (6:39am) and that at  9:15am me and 1,000 other people were still crammed inside a broken down train.  Transit in the New York area is nearing critical mass and something needs to be done. There has been much debate about the $787 billion dollar stimulus plan and ... 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

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

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

Nearly every comment I've received from trusted contacts and investors says the same thing: we need a concrete plan from the Treasury and the President about what will happen with the banking system. Today shares of Bank of America (BAC) and Citigroup (C) took big hits again.  Citigroup broke below $2 bucks and BofA is at a price not seen since 1984.   Stock investors are saying - ... read more

There is a great scene in the 1993 movie "The Fugitive" where a U.S. Marshall played by Tommy Lee is looking for the missing Dr. Richard Kimble (Harrison Ford) who was accused of killing his wife and is now on the run.   In the hunt for Kimble, Jones asks a hospital worker some general questions and the worker spits out, unprompted, "I haven't seen Dr. Kimble."   Jones looks at him and ... read more

Got the following note from a contact about the current markets.   He runs multiple billions and has been correct in predicting the situation so far. Here's his view on what's happening right now: Failure to announce a plan from Treasury. Failure of the Fed and Treasury to follow through (When is the Fed going to buy Treasuries?) Failure to raise confidence. (How many times does the public ... read more