A Safe Haven
By Allis Radosh and Ronald Radosh Dust Jacket “Even though I knew how the story would end, A Safe Haven still had me sitting on the edge of my seat, watching Harry Truman weigh the [...]
Leader of Continental Airlines Made Waves During His Tenure
There's something to be said for leaving things as you found them, but not when it pertains to stock performance. Soon after Larry Kellner became chief executive officer in late 2004, shares of Continental Airlines [...]
Handling Your Own Portfolio Can Be Risky, but Also Fruitful
About one year ago, I fired my longtime money manager. To paraphrase Warren Buffett, I discovered belatedly that now that the tide had gone out, my money manager was swimming naked! In a nutshell, [...]
As Economy Begins Recovery, Analysts Watch National
"Now this is not the end. It is not even the beginning of the end. but it is, perhaps, the end of the beginning." -- Winston Churchill, Nov. 10, 1942, Announcement of British victory [...]
Preserving U.S. Dominance Amid Automaker Bailouts
"We cannot, we must not, and we will not let our auto industry simply vanish. This industry is, like no other, an emblem of the American spirit; a once and future symbol of America's [...]
Woes of Pension Guarantor May Lead to Taxpayer Bailout
The $30 billion deficit of the Pension Benefit Guaranty Corp. highlights the difficulties the federal government faces in balancing different constituent interests. On the one hand, the PBGC protects the defined benefit pensions of [...]
Dividends, Not Diamonds, Are Everyone’s Best Friend
"The only thing that gives me pleasure is to see my dividend coming in." -- John D. Rockefeller For many long-term investors, dividends are the straw that stirs the drink. Over time, a stock's [...]
At Least One Fed Official Says We Are Leaving ‘The Abyss’
A woman recently approached Richard Fisher in a Dallas Starbucks and thanked him. She had refinanced her mortgage at 4.3 percent, down from more than 6 percent, and she wanted him to know she [...]
Chrysler Must Retool, Revamp and Rethink to be Successful
"No one should be confused about what a bankruptcy process means, This is not a sign of weakness but rather one more step on a clearly chartered path to Chrysler's revival." -- Barack Obama [...]
Regulators Must Crack Down on the Antics of Hedge Funds
The obstinate refusal of a small group of hedge funds to accept the government's terms for helping Chrysler avoid bankruptcy will probably unleash the legislative equivalent to waterboarding. Hedge funds have strong legal precedent [...]
Board of Directors Must Consider Many Factors During its Meetings
When I initially considered joining the board of directors of a publicly traded company, my first thoughts were the images conveyed by the film industry. I pictured myself sitting with nicely dressed people around [...]
Japan’s ‘Lost Decade’ Can Serve as Example, With Some Caveats
In his first presidential news conference on Feb. 9, Barack Obama highlighted Japan, the world's second largest economy, as an example of a country that has suffered from mistaken financial policies. Obama argued the [...]
Collect Too Many Bad Nickels and You’re Talking Real Money
I nostalgically wish to hear my father's perspectives on today's challenging economic environment. Having endured through World Wars and the Great Depression, Dad shared Warren Buffett's sunny disposition: "America's best days are ahead." On [...]
How Kosher is the AIG Bailouts? Some Say There’s too Much
'If there is a single episode in this entire 18 months that has made me more angry, I can't think of one other than AIG." -- Ben Bernanke, Federal Reserve chairman The government is [...]
Warren Buffet’s Annual Letter Offers Insight into a Great Mind
"If past history was all there was to the game, the richest people would be librarians." -- Warren Buffett Warren Buffett is no librarian, but he is considered to be the greatest investor of [...]
Our Society Can Learn Lessons From the Long-Ago Life of Louis XVI
Several years ago during a visit to the Palace of Versailles, my guide made the following observation: Louis XIV built it, Louis XV enjoyed it, and Louis XVI paid for it. Like the luckless [...]
Americans Shopped Until They Dropped; Now, the Consequences
Legendary Boston Celtics coach Red Auerbach traditionally lit a cigar to celebrate his team's victory. Unfortunately, we cannot smell the scent of victory over our escalating recession despite spending trillions of dollars that have [...]
It’s Time for a Massive Tune-up of the SEC, It’s Politics
"We thought the enemy was Mr. Madoff. I think it is you." -- Rep. Gary Ackerman, D-N.Y., in comments to Securities and Exchange Commission officials on Feb. 4 America's love-hate attitude toward regulation found [...]
Would Creation of ‘Bad Bank’ be a Modern-Day Bloodletting?
Could our financial prescription of creating a "bad bank" to acquire trillions in toxic assets be similarly misguided? The shifting of toxic assets from private borrowers to the federal government might be no more [...]
Our Lopsided Banking System Needs Some Serious Repair Work
Our commercial banking system does not currently provide the needed financial lifeblood for our society. As New York University professor Nouriel Roubini, founder of global economic and financial analysis firm RGE Monitor pointed out [...]
Learning Lessons From the Days of Bread Lines and Selling Pencils
Brother, can you spare a dime? Although I studied the Great Depression as an economics major in the 1960s, its dread faded. I even underrated the relevancy of Federal Reserve Chairman Ben Bernanke's expertise [...]
Goldman Sachs is a Beacon During Tough Financial Times
In a gloomy year I found respite in reading a thoroughly enjoyable book. "The Partnership, The Making of Goldman Sachs" served as a good year-end tonic. Its author, Charlie Ellis, brought a unique perspective. His [...]
Japanese Decision to Attack Pearl Harbor
Over the past few years I have enjoyed immensely Fateful Choices, Ten Decisions that Changed the World, 1940-1941 by Ian Kershaw. This essay is devoted to the Japanese Decision to Attack Pearl Harbor. Their choice [...]
The Berlin Wall by Frederick Taylor
“Berlin is the key to Germany. Germany is the key to Europe.” --Joseph Stalin Nearly two decades since its demise, the Berlin Wall has largely faded from our thoughts. But Frederick Taylor's latest book revives [...]
Battle of Stalingrad
Battle of Stalingrad 08/21/1942—2/02/1943 Overview The Battle of Stalingrad is considered by many historians to been the turning point in World War II in Europe. In essence, the battle bled the German army dry in [...]
Normandy Remembered
"Soldiers, Sailors and Airmen of the Allied Expeditionary Force! You are about to embark upon the Great Crusade…. The eyes of the world are upon you. The hopes and prayers of liberty-loving people everywhere march [...]
Financial Missteps at Harvard Likely Could Have Been Avoided
The extraction in the U.S. of oil and natural gas from shale rock remains controversial. On the one hand, the benefits from this domestic power source are so great that they have changed the [...]
Automobile Show Trials
I spent two years in Ann Arbor, Michigan at the height of the American automobile industry (1966-1968). Many of my colleagues took positions with automobile related companies. If Detroit would have enjoyed the weather [...]
Solving the Global Financial Crisis Will Require Global Cooperation
World stock markets have dropped 5 percent to 10 percent following the G-20 meeting that ended Nov. 16. Investors lack confidence that governments can halt the slumping world economy or unfreeze credit markets. For [...]
Congress Must Tread Carefully in Any Bailout of the Big Three
This past week, executives from the Big Three automakers -- General Motors, Ford and Chrysler -- pitched key congressional leaders for an increase in bailout funds to $50 billion. Mounting legislative opposition, especially from [...]
Navigating a Flattened World When the Good Times End
Those were the days, my friend. We thought they'd never end. Alas, the good times ended! It is hard to believe that just 12 months ago, the world seemed so rosy. We explicitly believed [...]
Reflections of Anna Schwartz Co-Author with Nobel Laureate Milton Friedman on the Seminal: A Monetary History of the United States
In this week’s Barron’s, Jack Willoughby interviewed Anna Schwartz, one of the most respected economists of our time. Ms. Scwartz felt that the bailout plan was too opaque and ad hoc to work. Ms. [...]
J.P. Morgan’s Financial Progeny Continue to Espouse His Ideas
Just over 100 years after the Panic of 1907, we should remember the legacy of John Pierpont "J.P." Morgan, the most influential financier and commercial banker in American history. His high standings will always retain [...]
Paying Tribute to Elie Wiesel: A-7713 (Tattoo on his left arm)
Several weeks ago, I was fortunate enough to attend an 80th birthday commemoration for Elie Wiesel at the 92nd Y. In hindsight, I wish over the years I had attended more of his lectures because [...]
Three Yards Forward is Better Than Government ‘Failed Mary’
Congress has passed the bailout. Treasury Secretary Henry Paulson's Hail Mary pass sought to break the financial gridlock that stopped lending and restore confidence in our financial institutions. Paulson argued that the $700 billion [...]
Feldstein Housing Proposal
IntroductionMartin Feldstein, the former Chairman of Council of Economic Advisors under Ronald Reagan, proposed a better solution to the housing than the current economic recovery proposal that will be considered by the House of Representatives [...]