Why AIG blew up

The NY Times has a good article today which examines why we’re stuck paying hundreds of billions in bailouts to AIG.  The article is titled Propping Up a House of Cards. It’s a good article, and it does a good job of explaining what happened, but I think it draws the wrong conclusion.  The NY […]

You should pay my mortgage

I was reading a story on CNN tonight. It was one of those stories that made me bang my head up against the wall because it feels so good when I stop. I’m going to quote a bit of the story so you can see what pissed me off. Take Joe Martinez of Bristow, Va., […]

An open letter to President Obama

I read today where the President launched a new website to allow us to track where the “Recovery Act” money is going.  It’s at Recovery.gov.  On the website, President Obama says This is your money. You have a right to know where it’s going and how it’s being spent. Learn what steps we’re taking to […]

Financial Bailout Plan

This needs to be read by more people, so more people can contact congress to let them know what they think of it.  I’ll post the reasons for my own thoughts later (I think it sucks!) but for now, here’s the text of the proposed plan according to the NY TImes.  Please read it and […]

Writedowns soar – stocks soar

It’s been done to death today, but a quick scan of the headlines tonight will make you think everyone is in on a huge April Fool prank.  UBS wrote down $19 billion and Deutsche Bank wrote down $4 bilion, so investors bought everything in sight, sending the market up almost 400 points to close at […]

The good, the bad, and the clueless

It was quite a day today in the financial media.  I’ve read stories tonight about why it’s great for everyone that the Fed bailed out Bear Stearns, I’ve read stories about why it’s bad that the taxpayers are bailing out Bear Stearns, and I’ve read stories where I don’t think the author had a clue what he […]

The bad 2%

I said most of this last week, but Paul Farrell probably says it better in this articleposted on MarketWatch tonight.  I also talked about Warren Buffett a bit last week when he posted his annual letter to shareholders, but Mr. Farrell quotes both Buffett and PIMCO bond guru Bill Gross when he says “Buffett and […]

Subprime Loans

I was reading about Bank of America’s buyout of Countrywide this morning, and I happened upon this article at The Wall Street Journal: http://blogs.wsj.com/marketbeat/2007/11/30/we-are-all-subprime-borrowers-now/?mod=sphere_ts I normally read a lot of opinions and I can respectfully disagree with those who look at things from a different angle than me, but this really ticked me off.  The […]