Drew Horn

Wall Street Breakfast: Must-Know News

You must admit, the whole thing gets to be more complex and interesting daily. It reminds me of the fellow on a street corner with a pea and walnut shells. He shows you exactly what he is doing, you understand it because what you see reinforces his claims, but ----- do you really see? Do you think you know? Do his actions move faster than your mind can comprehend?

Banks "too big to fail" take billions one day and give them back the next. Insurance companies (too big to fail) sell policies but have little or no reserves to pay claims but continue to sell "insurance". Mortgage borrowers & lenders commit fraud and tip the worlds economy into panic, and are then encouraged to use a future unearned tax credit for a down payment on the next house and mortgage.

The most interesting thing about this street corner game is that the fellow with the shells and pea is the president of the United States. And the people continue to watch and play his game!

Wall Street Breakfast: Must-Know News

You must admit, the whole thing gets to be more complex and interesting daily. It reminds me of the fellow on a street corner with a pea and walnut shells. He shows you exactly what he is doing, you understand it because what you see reinforces his claims, but ----- do you really see? Do you think you know? Do his actions move faster than your mind can comprehend?

Banks "too big to fail" take billions one day and give them back the next. Insurance companies (too big to fail) sell policies but have little or no reserves to pay claims but continue to sell "insurance". Mortgage borrowers & lenders commit fraud and tip the worlds economy into panic, and are then encouraged to use a future unearned tax credit for a down payment on the next house and mortgage.

The most interesting thing about this street corner game is that the fellow with the shells and pea is the president of the United States. And the people continue to watch and play his game!

Wall Street Breakfast: Must-Know News

You must admit, the whole thing gets to be more complex and interesting daily. It reminds me of the fellow on a street corner with a pea and walnut shells. He shows you exactly what he is doing, you understand it because what you see reinforces his claims, but ----- do you really see? Do you think you know? Do his actions move faster than your mind can comprehend?

Banks "too big to fail" take billions one day and give them back the next. Insurance companies (too big to fail) sell policies but have little or no reserves to pay claims but continue to sell "insurance". Mortgage borrowers & lenders commit fraud and tip the worlds economy into panic, and are then encouraged to use a future unearned tax credit for a down payment on the next house and mortgage.

The most interesting thing about this street corner game is that the fellow with the shells and pea is the president of the United States. And the people continue to watch and play his game!

Wall Street Breakfast: Must-Know News

The most troubling part of today's Must Know News is the description of how government continues to enable Americans to borrow money many of them will not be able to repay. This isn't new. Its a continuation of US government policies that have, and will again, result in taxpayers paying mortgages of others who don't earn enough to own a home. Its being done at the same time we are paying for the mortgage abuses that contributed to the current recession. It seems that the United States Government is out of control and each branch simply reacts to the lobby with a special interest agenda and the biggest political contribution. This is one more example of why our country is in trouble.

Wall Street Breakfast: Must-Know News

Longing for clarity and focus, hoping for common sense, it seems there is no consensus and a leadership vacuum . Obama wants to dump the next two generations of Americas resources into the stew-pot, the EU only wants to stir the stew, the World Bank and IMF seem irrelevant, Japan seems impotent, China may be holding on to assets to tide it over until the next up cycle.

All eyes will be on the G20 meeting and most will assume that the USA will continue to bail out the world. "After you Alfonse"!

The Urgent Financial Crisis Facing Obama

Felix, I don't blame you for taking time to think about it. While you are contemplating things, ask yourself this one:

"What should our objective be ?" Back to 2007? Borrow and print money till we pay for all the rescues with a return to Nixonian stagflation of 17% treasuries? Reduce our growth and standard of living to a sustainable level?

There are lots of other options but we hear few if any serious ideas on where we should or want to go. Wall St. is mute, Government is guessing and thrashing around. Even the usual pundits have a vacant stare in their eyes. It seems that all are pointing to the other guy and saying " I don't know, ask him."

Or perhaps, in the face of uncertainty, it is unreasonable for us to expect leadership.