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Election 2008: Taking a Financial Flyer on the Race for the U.S. Presidency
A Portuguese online bank, Banco Best, is offering deposits tied to the results of the U.S. presidential election: If U.S. Sen. Barack Obama, D-Ill., wins the White House, Banco Best will pay 8% for the period between the deposit and Nov. 4; if Sen. John McCain, R-Ariz., wins, the bank will pay 2%. That reflects the general preference for Obama held in Europe; it’s worth noting that the bank’s not offering an equivalent deposit product biased the other way, which by all the rules of hedging it should be (opening branches in Arizona and Wasilla, Alaska, where demand might be expected…
15Oct2008 | Money Morning | Comments Off | ContinuedElection 2008: Who Will Get to Spend the $700 Billion?
By Martin Hutchinson
Money Morning
The market’s verdict on the $700 billion bailout was pretty clear: Stock prices started dropping the moment the bill was passed on Friday afternoon and continued to do so Monday, with the Dow Jones Industrial Average closing down 370 points for the day – after being down 800 points earlier that same day.
The economic effect is also pretty clear: Given that the bailout plan is being launched at a point when money is already tight – and that it pours $700 billion of our money into the most useless, toxic waste left over from the housing bubble –…
8Oct2008 | Money Morning | Comments Off | ContinuedElection 2008: The Achilles’ Heel of Obamanomics
Presidential hopeful, Barack Obama, recently told The Wall Street Journal that he intended to lift the United States out of recession through a burst of government spending on infrastructure and a venture capital fund for the new energy sector.
Obama has made few economic mistakes in his campaign – he avoided the economically counterproductive proposal to cut petrol taxes between Memorial Day and Labor Day backed by both John McCain and Hillary Clinton – but he has shown his Achilles’ heel with this proposal. There may be many reasons to increase government spending, to better defend America or to introduce a more generous…
19Jun2008 | Money Morning | Comments Off | ContinuedElection 2008: U.S. Economy Cries “No mas†to the Democrats
“Election 2008″ is an ongoing Money Morning series that looks for profit plays emanating from the presidential election campaign.
In Tuesday’s Pennsylvania Democratic Presidential Primary, Sen. Hillary Rodham Clinton achieved the absolute bare minimum she needed to prolong her battle against Barack Obama. And she still had a slight hope of somehow squeaking through to land the party nomination.
But that’s not the “real” story here.
In view of the irresponsible and damaging economic promises that are emerging from both contenders, the already-wheezing U.S. economy may be about to cry for mercy from the relentless and prolonged assault. And the longer the Democratic Primary War…
28Apr2008 | Money Morning | Comments Off | Continued
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