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 [...]
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 [...]
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 [...]
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. [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 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 [...]
The patients waiting for cataract surgery were dignified, stoic, and silent. Many had endured hot and uncomfortable journeys to come and stand in the long line outside the clinic. Yet they waited, patient and [...]
Death of 50-100 Million One-Fifth of the World Infected “I had a little bird, its name was Enza I opened the window And in-flu-enza." The Great Influenza of 1918 could have killed as many [...]
Edward VII might have been the son of Queen Victoria, but in this case the apple fell very far from the tree. He truly relished his role as the leader of the social life [...]
In 1519 Hermando Cortes sailed from Cuba to Mexico with one hundred ten mariners, five hundred and fifty-three soldiers, ten canon and sixteen horses. Over the next three years, he defeated an empire composed [...]
Charles Schulz was the creator of “Peanuts” and 355 million people around the world read the tender and sage comic strip starring Charlie Brown. Mr. Schulz recognized his responsibility for his comic characters. He [...]
The treatment of Chief Joseph, known to his followers as Thunder Rolling Down, was disgraceful both personally and to his tribe, the Nez Perce. The chief of a peaceful tribe, many of whose members [...]
As the green light suddenly glowed the young second lieutenant shuffled up to the door of the C-47 and leapt out into the darkness. Other troopers tumbled out behind him. Parachutes unfurled and clapped [...]
On August 16, 2005, the Wall Street Journal reported that since 2003, Northwestern University, Harvard University, John Hopkins University, the Mayo Clinic and the University of Alabama at Birmingham have agreed to civil settlements. [...]
According to the foreign policy association, the United States needs to implement new ideas, technologies, and institutional skills to solve the world’s mounting water problems. The United States currently has no consistent or comprehensive [...]
Geronimo, one of the most famous, and maybe infamous, Indian chiefs and warriors died in a prison hospital in Fort Sill, Oklahoma. He was both feared and admired by his cavalry adversaries. One of [...]
Al Smith, four times Governor of the State of New York, who rose from the sidewalks of New York, was the first Roman Catholic to represent a major political party for the presidency of [...]
Peter Peterson, the Former Chairman of the New York Economics Council, Lehman Brothers, and the Blackstone Group, has articulated in his book Running on Empty the growing financial crises that confront the United States. [...]
The Tour de France is the world’s greatest bicycle race, currently extends some3500 to 4000 kilometers and is divided into twenty stages. It began as a wild adventure for only the heartiest of riders [...]
“Man Mountain or Tin Man” Born 1906 Sequals, Italy Died 1967, Sequals, Italy He was a phenomenon, the most colossal boxer ever to win the world heavyweight championship. They called him the “Man Mountain, [...]
When I spoke to Jeff Smith, Managing Director Bank of America Capital Markets, about addressing this group of global fixed income managers, I was reading William Manchester’s biography on Douglas McArthur, an American Caesar. [...]
