This is the title of a recent blog entry from James Surowiecki's blog on The New Yorker. He poses an interesting notion that banks will be doing better than ever with rates so low - Wells Fargo average interest cost in Q408 was 1.44% - and spreads so high.
Warren Buffet's Chairman's letter in the annual report of Berkshire Hathaway is always a good read and offers a glimpse into the mind of America's investment éminence grise. It has been extracted from the 100pp page BH 2008 Annual Report.
“This is a nightmare, which will pass away with the morning. For the resources of nature and man’s devices are just as fertile and productive as they ever were. The rate of our progress toward solving the material problems of life is not less rapid. We are as capable as…
You should read the transcript From Ken Lewis testimony before the Financial Services Committee of the US House of Representatives. It is a reasoned discussion of Bank of America's performance and highlights several key points that we rarely read about: The US taxpayers will receive $2.8 billion in dividends this…
Today is a day to pause and reflect, if only momentarily, to witness the grand transition of power – peaceably and with dignity and respect – that is at the heart of the American experience. As even a casual student of history understands, the transition of power throughout the world…
I’ve been a little remiss lately, but I’m energized by the flood of information about the woeful TARP plan. The New York Times on Sunday sketched out the results they’ve uncovered, which are abysmal. Isn’t it amazing that in the infinite wisdom of our Washington leadership that they’ve ploughed $350 million into a program full of promise but bereft of results?
First, there is no obligation that the financial institutions receiving the TARP money have to publicly disclose what they’re doing with the money. (more…)
Yes, I realize we don't cover the auto industry here . . . but I believe that whether and/or how we rescue the American auto industry will be a harbinger of what's coming in 2009. There's no lack of material about this but you should consider this Wall Street Journal…
This day is never more poignant and meaningful than during wartime as we contemplate the young men and women who defend the freedom we hold so dearly. They don't choose to "wonder why", they simply "do their duty" which they've accepted as their mission and commitment to this country. Take…