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May
11, 2009 |
The Capitalist Advisor |
Is the Worst of Public Policy
Already Priced In?
Bush-Obama policymakers, sanctioned by an irresponsible and
lawless Congress, have repeatedly assaulted the crucial
pillars of profit-seeking and wealth creation: the rule of
law, sanctity of contract, and security of property. But the
horrors have been priced in, for now.
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April
24, 2009 |
The
InterMarket Forecaster |
The
InterMarket Forecaster |
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April
20, 2009 |
The Capitalist Advisor |
Socialist Finance in America – Part
V
Consider the options available to a government that says it
will guarantee the deposits of the banking system, a
government that considers the majority of banks too big or
too important to a community to fail, a government that, in
making these assurances, and otherwise intervening in the
money and credit system, ends up undermining the financial
condition of the banking system. There is only one option
available to such a government and that is to take over
failed banks and run them as part of the government. |
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April 10, 2009 |
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Track Record 2008 |
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March 31,
2009 |
The Capitalist Advisor |
Banking Without the
“Too-Big-to-Fail” Doctrine
The same policy that contributed so much to the recent
banking crisis – the “too-big-to-fail” doctrine – also
contributed to the previous crisis, in 1990-1991. Below is a
speech I delivered in May 1992 at a Federal Reserve Bank
conference in Dallas. It seems even more relevant today. At
the time I worked at Citicorp, but certainly was not
speaking at the Fed on behalf of that “too-big-tofail” bank.
The same factors undermining the banks back then have been
undermining them recently, nearly two decades hence – which
is a sad commentary on the refusal of bankers and
policymakers to repeal state subsidization of failure and
insolvency. As predicted below, we’re now seeing a creeping
nationalization of the biggest, most reckless banks –
a.k.a., socialist finance. |
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March
27, 2009 |
Investment Focus |
Residential MBS Revisited
Two years ago, amid early turmoil in housing and sub-prime
mortgages – yet before most portfolio managers saw even the
hints of economic recession or any bear market in equities
or junk bonds – we made the case that non-sub-prime
residential mortgage-backed securities (RMBS) would yield
steadier and superior returns versus those on T-Bonds,
riskier mortgage bonds and corporate bonds, or stocks.
While... |
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March
18, 2009 |
The
InterMarket Forecaster |
The
InterMarket Forecaster |
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March
9, 2009 |
The Capitalist Advisor |
The Silver Lining in Job Destruction |
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February
28, 2009 |
The Capitalist Advisor |
Obama's Plans Will 'Work' -- to Breed Dependence
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February
25, 2009 |
The
InterMarket Forecaster |
The
InterMarket Forecaster |
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February
20, 2009 |
The Capitalist Advisor |
Depressing Growth, Stimulating Inflation
Investors should beware of jargon laced laws and
interventionist schemes bearing titles conveying the precise
opposite of their actual, likely effect. The latest,
so-called “stimulus” package is, in fact, a depressive
package. |
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February
13, 2009 |
The Capitalist Advisor |
Why They Won’t Leave Bad Enough Alone
They believe free markets, left to their own
devices, are prone to breakdown and “failure,” yet fixable
and curable by government intervention. They attribute the
recent economic-financial credit crisis to tax cuts,
de-regulation, or “gaps” of non-regulation. They say greed
is a vice which breeds fraud and recklessness. They insist
that government can “stimulate” an economy by a near-endless
printing of its money and bonds. They declare to critics
that the only alternative to their interventions is to “do
nothing.” |
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January 31, 2009 |
The Capitalist Advisor |
Debating Doctor Doom II
In 2007-2008 we had to counter the perma-bulls. Now it’s
time to oppose the perma-bears. |
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January 27, 2009 |
The Capitalist Advisor |
Debating Doctor Doom I
In 2007-2008 we had to counter the perma-bulls. Now it’s
time to oppose the perma-bears. |
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January 15, 2009 |
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Outlook 2009 |