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Main Street vs. Wall Street: And the Winner Is…
Last Sunday, Fed Chairman Ben Bernanke jumped into the Public Relations Politics foray when he appeared on 60 Minutes.
The political marketers were out in full force on this one. They did everything from the visit of Bernanke’s childhood home (which is now in foreclosure) to the close up of “Main Street” sign to the conversation on the street side bench in rural South Carolina. It was the perfect image of “I’m like you” kind of PR the government decision-makers are looking for right now.
They want to be trusted again. And they’re pulling out all the stops to get back into…
18Mar2009 | Q1 Publishing | 0 comments | ContinuedFears of Mortgage Rate Re-Sets May Fuel LIBOR Manipulation and Mask Deeper Banking System Problems
It’s panic time for U.S. legislators, regulators, banks and lenders. More than $24 billion worth of adjustable-rate mortgages (ARMs) are expected to “re-set” to higher interest rates in November – boosting the likelihood of further home foreclosures.
And it gets worse. That increase in borrowing costs will spread to other parts of the global debt market, representing an across-the board threat to corporate, institutional and sovereign borrowers. If interest rates remain high and interbank lending remains tight, the credit crisis is not likely to recede.
This raises two key questions. Are desperate times prompting desperate measures? Is LIBOR being manipulated by banks…
23Oct2008 | Money Morning | Comments Off | ContinuedFrank Holmes: “When Inflation Erupts, Gold Will Take Off”
Expect short-term hesitancy in the upward movement of the gold price until liquidity returns to the markets, says Frank Holmes, CEO and chief investment officer at U. S. Global Investors and co-author of the new book “The Goldwatcher: Demystifying Gold Investing” (John Wiley & Sons). In this exclusive interview with the Gold Report, he predicts gold will go to $1,000, even $2,000, over the next two years. A growing money supply due to a change in government policies will help lift some juniors out of their misery, too. Holmes advises selective nibbling until conditions improve and names a…
21Oct2008 | The Gold Report | Comments Off | ContinuedBailouts, Politics, & Wall Street
While politicians played politics, markets moved. Money raced out of stocks ($800 billion in equity was wiped out on the S&P alone today) and commodities and into ’safety havens.’ Those havens were treasuries and gold…ironic if you think about it. In the mean time, the bailout stalled, as the last batch of conservatism has prevailed and looks to hold true until Thursday (The Jewish holiday Rosh Hashanah will prevent another vote until Thursday at the earliest).
At this point, I don’t mind going out on a limb to say this: members of Congress are terrified of how markets reacted to the…
30Sep2008 | Oxbury Research | Comments Off | ContinuedBernanke and His Merry Men Rob Wall Street to Pay off Main Street
Those who were blindsided by the recent financial meltdown are now loudly blaming the “free market” for its failure to police its own excesses, and are calling for greater regulation to prevent future disasters. But for those who clearly observed the problems developing [no doubt in high definition slow motion], the blame can be directed squarely at the policies of the Greenspan/Bernanke Federal Reserve regimes. As has been the case countless times throughout history, the free market will now pay the price for government incompetence.
During Senate hearings last week, all parties involved completely ignored the Fed’s own culpability in…
8Apr2008 | Money Morning | Comments Off | Continued
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