Putting the Real Estate Debacle in Perspective
Over the next week, I would like to write up three essays: 1) Putting the Real Estate Debacle in Perspective 2) Citicorp, A Corporate Rogue and 3) Did Stan O’Neal Rape Mother Merrill? The [...]
Scottsboro Boys “Justice Delayed is Justice Denied” Samuel Leibowitz was no Gregory Peck
In my course at Fordham, Currents in Courage, we read To Kill a Mockingbird, Harper Lee’s Pulitzer Prize winning book. The infamous persecution, trial, and lifelong suffering of nine innocent black boys, accused falsely of [...]
Some Perspective on the Credit Crisis
Since the credit crisis emerged on August 9, 2007 when the credit agencies downgraded over 100 collateralized securities, I have tried to carefully follow the reasons for the problem, the depth of the crisis, [...]
Contrarian Investment Strategies “Beat the Market by Going against the Crown” David Dreman
A very good friend of mine sent me this book, because he found it to be a terrific investment resource. After reading the book, I fully agree with my friend that Mr. Dreman has [...]
Fire Next Time: Follow Up Article
On August 15, 2007, I wrote a essay that indicated that unless the Federal Reserve and the Treasury took major remedial steps to make major regulatory changes that they would someday be unable to [...]
Are Some Wall Street Firms Worthless?
Several months ago, the Wall Street Journal printed an article, “U.S. Investors Face an Age of Murky Pricing.” The authors pointed out explicitly that many securities trade outside of the securities exchanges, and thus [...]
Ike: An American Hero by Michael Korda
I liked Ike when I was eight and he was running for President. I like Ike now, especially after reading Michael Korda’s new biography of Eisenhower. However, for many years in-between I incorrectly perceived Ike [...]
Enron Precedent Overturned
While I have always believed the white collar crime pays very well in the United States and that the American justice system suffers from Alzheimer’s disease, I frankly had a little more confidence that the [...]
Giuliani’s Defense of Bernard Kerik
In a recent whistle stop in Manchester, New Hampshire, Rudy Giuliani tried to defend his recommendation for Bernard Kerik become chief of Homeland Security. At one time, Rudy and I were friends. (Rudy attended my [...]
How China Powers the World Economy “How fit is the panda”
In the September 29, 2007 Economist, the author discussed the importance of China in the world economy mostly from the perspective of the potential downside. That is, given China’s unprecedented growth rate for over [...]
A Turning Point for Health Care
Today’s, Wall Street Journal explained very well the significance of the changes in health care responsibility that resulted from the General Motors-United Auto Worker’s new labor pact. Simply stated, employers led by the automobile [...]
Understanding the Real Estate Slump
In an article from today’s New York Times, the author David Leonhardt pointed to the major reason why residential real estate prices have eroded over the past few months. Moreover, Mr. Leonhardt points out [...]
Criticism of Foreign Medical Practices in Treating Cancer
I recently read an article by Michael Tanner, director of health and welfare studies, at the Cato Institute that outlined his concerns about treatment of cancer patients under national health plans of foreign countries. [...]
Ed Hymen Predicts Federal Reserve will reduce Federal Funds to 4% over next 5 Quarters
In the past, I have never commented on the prediction of economists; however, given the turbulence of the stock market, I thought I would try to summarize Mr. Hymen’s thoughts. Mr. Hymen over the [...]
William Stephenson: The Real James Bond “A Man Called Intrepid” (1897-1989)
Ian Fleming, the author of the James Bond series, said that “James Bond is a highly romanticized version of a true spy. The real thing is… William Stephenson. Ian Fleming worked for Stephenson during World [...]
Monetary Crisis Tests Federal Reserve Chairman’s Toolbox
In today’s Wall Street Journal, David Wessel pointed out that the Federal Reserve which was created in 1913 was equipped to prevent and respond to commercial banking panics. The problem in the current crisis [...]
Hitler’s Jewish Soldiers: The Untold Story of Hitler’s Racial Laws
By Bryan Rigg, a Cambridge University Researcher While many of us have heard the phrase, “Love and War make strange bedfellows,” many of us are not aware that many Jews served in the German army. [...]
Commercial Paper Federal Reserve Reduction in Discount Rate Eases Logjam in Corporate Borrowing
The action by the Federal Reserve to not only lower the Discount Rate but also to encourage commercial banks to borrow from the Federal Reserve eased pressure on a crucial part of the financial [...]
American Jewish Demographics
Last week, I had the pleasure of listening to Scott Say, the author of Getting Our Groove Back. Mr. Shay articulated rationally the dramatic decline in the number of Jews in America, the negative [...]
Jean-Marie Lustiger: Jewish French Cardinal (1926-2007)
The New York Times reported the death of Cardinal Jean-Marie Lustiger, who was until the age of 13 Jewish. Cardinal Lustiger converted to Catholicism in 1940 over the objections of his Jewish parents. After the [...]
Truman’s Recognition of the State of Israel
About a decade ago, I was intrigued by the prospect of somebody writing a play about Truman’s decision to recognize Israel. Over the years, I have reflected repeatedly about the strange sequence of events [...]
Truman’s Recognition of the State of Israel
About a decade ago, I was intrigued by the prospect of somebody writing a play about Truman’s decision to recognize Israel. Over the years, I have reflected repeatedly about the strange sequence of events that [...]
Sovereign Wealth Funds Threaten the United States
Over the past few years, the enormous dollar holdings accumulated by foreign wealth funds represents a major threat to American ownership of United States corporations and real estate. My definition of a sovereign wealth [...]
$58 Billion Shortfall for New Jersey Health Retiree Care
According to today’s New York Times article, the state of New Jersey admitted that they have a shortfall of $58 billion in today’s dollars, to provide all the health care it has promised its [...]
Washington’s Farewell Address (1796)
The United States must “act for us and not for others.” Several years ago, I wrote about Washington’s Farewell Address, which was written in a prominent Philadelphia Newspaper and not delivered. I did not think [...]
Tax Loopholes Sweeten a Deal for Blackstone
The New York Times, on 7/13/07, cited Lee Sheppard, a tax lawyer, who critiques deals for Tax Notes magazine. Mr. Sheppard noted that the absurdly favorable treatment accorded to Blackstone executives. That is, the [...]
Crossroads of Freedom: Battle of Antietam by James M. McPherson
Battle of Antietam By James M. McPherson I just finished an exciting book, written by James McPherson, America’s most eminent Civil War historian, about the Battle of Antietam, fought on September 17, 1862. The author [...]
Nixon and Mao
I recently read the book Nixon and Mao, the Week that Changed the World, by Margarat MacMillan. This book highlights the remarkable and surprising trip by Henry Kissinger and Richard Nixon to China in 1972. [...]
Lincoln’s Second Inaugural Address – Follow up
Because I am confined to my apartment for much of the day given my illness and the hot weather, I chose to watch again Ken Burns’ Documentary of the Civil War given the controversies surrounding [...]
Hitler’s Military and Political Blunders: May 1940-Jan 22, 1942
Hitler knows that he will have to break us in this Island or lose the war. If we can stand up to him, all Europe may be free and the life of the world may [...]
Edward Murrow, Pioneer Broadcaster for Radio and Television (1908-1965)
Edward R. Murrow’s independence and incisive reporting heightened the journalistic stature on radio and television. The importance of radio journalism, live coverage of fast-moving, earthshaking events, gained recognition with the events leading up to [...]
The World Turned Upside Down: 2007 Witnessed a Revolutionary Change in Global Financial Forces
Lyrics Version 1 If buttercups buzz'd after the bee, If boats were on land, churches on sea, If ponies rode men and if grass ate the cows, And cats should be chased into holes by [...]
J. Robert Oppenheimer (1904 – 1967)
J. Robert Oppenheimer: Shatterer Of Worlds Father of the Atomic Bomb J.Robert Oppenheimer (1904-1967) “I Feel that I Have Blood On My Hands” I just finished a book about Robert Oppenheimer, and must admit that [...]
Presidential Elections: Anti-Catholic Prejudice
Today, the prejudice against Catholics is limited to a fringe element of our population. However, before the presidential election of John Kennedy, most political pundits felt that only a Protestant could win our highest office. [...]
The Children’s Crusade (1212)
The Children’s Crusade is one of the more unusual and disturbing events in the Medieval Ages. We know only scanty facts about the sad episode; however, thousands of children died during their journey to [...]