With an impending $800B stimulus package, Iraq, massive layoffs, the super bowl, an economy sliding towards depression, the Australian Open, governor impeachment and numerous other semi-notable events you would think the news would write itself. Well CNN isn't going to let "news" get in the way of inane commentary. Not this time. I can think of one person that I would not mind being laid off in the very near future (Her initials are CC). [more]
According Mish's recent blog, he has spoken with clients of CAPS' most frequently referrenced doomsayer, Peter Shiff, who that claim to have lost 40% to 70% during 2008. He also supplies a portfolio statement to back up his criticism. Although Schiff correctly called the decline in US equities, he failed to protect his clients assets because he advocated alternative investment strategies that did not pan out. The article is too lengthy to fully summarize here, at least with my time constraints, but is very interesting and worth your time. [more]
I accidently stumbled across this interesting graphic breaking out the 2004 Federal Budget by department and use. Click on "Full View" in the upper right hand corner. It is four years old, but I have a hunch that it has not changed much over the past four years.
I posted a couple of NYT articles earlier in the week in which Michael Lewis and David Einhorn point out that the SEC had all of the information they needed to bring down Bernie Madoff thanks to an independent inquiry by Harry Markopolos of Rampart provided to the SEC years before Madoff was exposed. Today Meaghan Cheung, former SEC investigator in charge of reviewing the claims against Madoff, attempted to defend herself in a NYPost interview. Felix Salmon summarizes her unapologetic claims here, so I won't bother doing it again. NYPost article here. [more]
Two excellent NYT opinion pieces from Michael Lewis (Liar's Poker and The End ) and David Einhorn (Greenlight Capital). [more]