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 [...]
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, [...]
"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 [...]
"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 [...]
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 [...]
"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 [...]
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 [...]
"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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
'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 [...]
"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 [...]
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 [...]
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 [...]
"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 [...]
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 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 [...]
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 [...]
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 [...]
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 [...]
“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 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 [...]
"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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
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 [...]
The stunning defeat in the House of Representatives of the Emergency Economic Stabilization Act of 2008 reflects deep-seated dislike for Wall Street that has roots back to the founding of our country. Most Americans [...]
