It is understandable that all focus may be on equity markets in the aftermath of a 1,500-point drop in the Dow Jones Industrial Average. The sequence of triple-digit down days over a recent four-day period (down 335 points July 31, down 300 points August 1, down 100 points August 2, and most notably down 750 […]
Congressmen Brian Schatz of Hawaii and Peter DeFazio of Oregon have introduced the Wall Street Tax Act, a crass and poorly constructed tax on financial transactions. More specifically, the bill aims to charge a 10 basis point fee on all financial transactions (stocks, bonds, derivatives, etc.). The bill is backed by Alexandria Ocasio Cortez, a […]
Much attention has been paid over the years to the low correlation that exists between economic growth and stock market performance, particularly in the nations of emerging markets. The oft-cited analogy of Mexico’s pitiful GDP growth and stellar stock market from 1993-2013 vs. China’s transformative GDP growth and pitiful stock market over the same period […]
Is Wall Street Dead? The Day Morgan Stanley and Goldman Sachs Looked into the Abyss If reading our series so far has given you the impression that September 14 (Lehman’s bankruptcy), September 15 (Merrill swallowed up, market down 500 points), or September 16 (AIG bailout, money markets collapsing) were stressful days, then I am […]
Bailout Bombs Begin The first article in our series replaying the horrific events of September 2008 (Getting Your Fannie Whipped) portrayed a government intervention, but it was an intervention into two companies (Fannie Mae and Freddie Mac) that most people viewed as quasi-government entities, to begin with. The second piece (Ground Zero: The Fall of […]
Dear Valued Clients and Friends, In what has been one of the most memorable interviews in financial media all year, CNBC’s Becky Quick scored a rare joint interview last week with Jamie Dimon, CEO of banking giant, JP Morgan, and investor extraordinaire, Warren Buffett. The two appeared together because they are working together via Dimon’s […]
Dear Valued Clients and Friends, That the tax reform bill which became law at the beginning of 2018 contains stimulus for the U.S. economy is not subject to dispute. Opponents of the bill politically still acknowledge that there is a stimulative effect from the bill, though the magnitude and sustainability of that stimulus is subject […]
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