Introduction Two Brothers, Earl Black, professor of political science at Rice University, and Merle Black, professor of politics and government at Emory University provided an understanding or the regional divisions within the United States and [...]
In reading about recent events, I share the bewilderment of the central character of The Gods Must be Crazy. In this 1980 movie comedy, the central character, N!xau, embarks on an odyssey filled with [...]
“Economies Evolve, and so, too, must economic policy” -Hyman Minsky “Sometimes you have to shoot stray horses and their negligent keepers.” For the sake of G_D, we surely should not pay errant gate keepers [...]
A Demon of our own Design: Markets, Hedge Funds and the Perils of Financial Innovation By Richard Bookstaber “You do not deliberately obliterate hundreds of billions of dollars of investor money. The financial markets that [...]
Randy Pausch’s (Carnegie Mellon Professor) last lecture that was televised on public broadcasting served as the inspiration for this essay. I have used Randy’s words in order to keep his message more meaningful. One commentator [...]
“People of the same trade seldom meet together, even for a merriment and diversion, but the conversation ends in a conspiracy against the public, or is some contrivance to raise prices” —Adam Smith 1776 [...]
The proposed acquisition of Chrysler by a private- equity firm, Cerberus, reflects a growing trend throughout the world. That is, between twenty and twenty-five percent of all mergers and acquisitions over the past year [...]
I have just completed listening to a course Abraham Lincoln, In His Own Words, which was taught by Professor David Zarefsky. I was so inspired by this course that I thought I would try to [...]
By David Halberstam Although David Halberstam’s final book, The Coldest Winter, desperately needed editing, I am glad that I plodded through his narrative of the Korean War. Over the years, I enjoyed immensely Halberstam’s ability [...]
Over the past year, I have been fascinated by articles in the New York Times regarding the failure of the Interior Department to collect billions of dollars annually from oil and gas companies that drill [...]
The leading editorial of the New York Times, Looking at America (December 31, 2007) highlights how people in some of the most trusted posts in the nation plotted to cover up the torture of [...]
Morgan Stanley’s Pristine Heritage “At all times, the idea of doing only first class business, and that in a first class way, has been before our minds.” J. P. Morgan Junior read into the [...]
Reuben Goldberg (July 4, 1883 - December 7, 1970) was an American cartoonist who received a 1948 Pulitzer Prize for his political cartooning. He is best known for his series of popular cartoons depicting [...]
“You must understand that Germany will never on its own move to attack Russia… If you provoke the Germans on the border, if you move forces without our permission, then bear in mind that heads [...]
What Motivated Me to Write this Market Letter? After Wednesday’s tumultuous market, highlighted by the twenty-five percent decline in the stocks of FNMA and Freddie Mac, I thought I would compose a market letter. [...]
“This whipped jackal, Mussolini, who to save his own skin made all Italy a vassal State of Hitler’s Empire, comes frisking up at the side of the German tiger with yelping not only of appetite…but [...]
In today’s New York Times, Henry Louis Gates, Jr. a professor at Harvard pointed out that the problem of elevating most blacks out of poverty requires urgent attention. Moreover, part of our failure to [...]
In the New York Times article “A Spy’s Path: Iowa to A-Bomb to Kremlin Honor” the newspaper highlighted that Soviet President Vladimir Putin had posthumously given the highest Russian award to a Soviet agent, George [...]
"Let China sleep. For when China wakes, it will shake the world." --Napoleon Bonaparte If Japan would have heeded his warnings, she would have avoided a pulverizing debacle during World War II. Ironically, in defeat, [...]
Today’s New York Times commented that the political alliance of Pat Robertson and Rudolph Giuliani could compete for the strangest bedfellows of 2008. While I agree with Joseph Biden that Giuliani does not possess [...]
History Buffs have always been fascinated about the rationale for Hitler’s disastrous invasion of the Soviet Union on June 22, 1941 rather than pursue a Mediterranean Strategy. I am currently reading a book called Fateful [...]
On August 15th, I wrote an essay Fire Next Time. In that essay, I described some of the problems that I felt would impact negatively the stock market and the economy. Subsequently, including today, [...]
Since the financial crisis started on August 9, 2007 with the credit agencies precipitously downgraded over one hundred issuers, I have felt that despite many flaws in the global financial system we could muddle [...]
IntroductionYesterdays, shocking announcement by Merrill Lynch of $8.4 billion dollars deserves scrutiny. That is, this loss represented about 20% of Merrill’s net worth, and led to further stock decline. Merrill’s stock has declined in the [...]
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 [...]
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 [...]
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, [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
