Wall Street

Is Oil Artificially Priced in the "Free" Market?


David Callaway draws a timely comparison between Wall Street’s springtime predictions of $200 crude oil and key policy makers’ autumn predictions of a pending global economic meltdown. He points out that oil’s failure to reach $200 a barrel — it is now sitting in the low 70s after collapsing from $145 — is suggestive that the current economic gloom will not reach apocalyptic proportions. There is a good probability that Callaway is right — in the short term.

The Fed's Easy Money: What Does $100 Billion Buy?


How should American taxpayers feel about the decision of the U.S. Treasury to send $100 billion of newly minted FED money to nine of Wall Street's biggest banks? Perhaps this new strategy is an improvement upon last week's Treasury brainstorms, but it is still $100 billion of inflation stimulating money that would not be needed if Wall Street had been a proper steward of its trust.

The Obama Administration: Is it Bush III?


David Weidner says that J.P. Morgan’s Dimon will be the Obama camp’s first choice for the next Secretary of the U.S. Treasury. Does America really need another Wall Street C.E.O. as Treasury Secretary? What more does it take than the Paulson experience to help voters see the consequences of putting a Wall Street elite in charge of the nation’s money?

Wall Street's Retirement Savings Monopoly Should End


Wall Street has enjoyed astonishing success in convincing voters and the U.S. Congress that it is the best place for retirement savings. With its ‘wall-to-wall’ lobbing technique, the Street convinced federal legislators to provide remarkable incentives for Americans to send large chunks of their monthly earnings to New York City. No religion can match the enormity of this kind of tithe revenue. But, then, what is the religion of Wall Street if not the religion of money? And what is the ethos of Wall Street unless it is self-indulgence and unlimited pride?

Is It Time To Buy Back Into Wall Street?

Wall Street has a problem. Its soiled leaders know they must act fast to convince the public to buy back in. Their argument is that money thrown into the market while share prices are depressed will produce greater returns than if people wait. After all, don’t bubbles always re-inflate once the government blows massive amounts of taxpayer money into them?

Americans Angered Over Paulson Bailout Plan


The Paulson bailout plan incensed millions of Americans. Financially responsible individuals were dismayed at the prospect of paying for the speculative improprieties of Wall Street. Some people decided to close stock accounts. Others sent redemption notices to mutual fund companies. As MarketWatch chief economist Irwin Kellner points out, a portion of the exodus reflects “capitulation” — the agony of Americans who cannot afford to lose more money if a market recovery is prolonged.

Bubble Blowing: A Response to Vanguard's Bogle


Vanguard’s Bogle is right: “We’re letting the nuts run the insane asylum.” But does the stock market have to be an insane asylum? Is a place that trades on irrationality the right place for our retirement savings? You be the judge. Wall Street says, “Yes!” But they get the commissions, fees, and proprietary trading platforms by which to shake down the public. Then, too, when elite traders (traitors) get bored with the rewards of mere pillage, they can use leveraged derivatives to risk the nation’s tranquility.

The Market's Upturn Awaits the Public's Capitulation


The essence of the contrarian position that Mark Hulbert advances is that elitist short players on Wall Street will not relinquish their short trades until the advisors for Mom & Pop investors advise them to capitulate and accept their losses. When millions of working class Americans sell their stocks in a desperate panic, that is when the markets will turn, says Hulbert. By design, Ponzi-style markets turn under these conditions because this is the moment where exploitation is maximized for elites.

Wall Street Misrepresents Capitalism

Today’s 777 point sell-off in the Dow signals Americans that our capitalism is not properly serving our interests. American capitalism is now an asymmetrical game that benefits elite traders while undermining the common good. People’s retirement savings should not be exposed to the capital destruction that occurs when prices in the “float” fail to provide fair market discovery of real corporate value.

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