Archives for category: Stock Market

The Wall Street Journal came out with the prediction that the GOP would carry the day on the upcoming midterm elections. Small wonder, now that the once venerable financial newspaper is now owned by Rupert Murdock, the British tabloid/paparazzi mogul, and his minions at News Corp.

It seems that everything that he touches turns into an extreme, radical right wing enterprise. Balanced and impartial news coverage ‘be damned’.

I still am amazed how this Australian/American can hold such sway on so many of our citizens, in light of the disgrace he has managed to bring to his publications in GB.Jack 2012 cropped

 

 

 

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It seems that Ol’ Rush Limbaugh, a confirmed prescription drug addict, is having a hard time holding onto sponsors. I think that folks are getting tired of listening to his vitriolic meanderings regarding anything Obama.

President Obama has been able to get things done, including extricating our nation from two very costly wars, healthcare reform, stimulus programs that have helped the country get back on track after the disastrous financial debacle of the previous administration and a small degree of reform of our financial institutions.

All of this in spite of relentless stonewalling by the GOP.Jack 2012 cropped

 

 

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Here’s a way to slow down high-frequency trading, which by the way does absolutely no good for our economy.

Reinstitute minimum commissions on all security transactions. How about 1/4 of 1% on all buys, and 1/8 of 1% on all sells.

This will also encourage folks to invest rather than gamble with the stock market. And it will help make the market less volatile.Jack 2012 cropped

 

 

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Here’s a David and Goliath story for you. The CVS chain of drug stores is taking on the killer tobacco industry by the decision to discontinue the sale of all tobacco and tobacco related products at its thousands of stores. Bully for them.

It is estimated that it will cost them about 2 billion dollars in annual sales. Yet, CVS has determined that it is more important to promote healthier living and sacrifice some of their profits.

To me, they are setting a great example for the rest of the huge pharmacy outlets such as Walgreen, Wal-Mart, and K-Mart to follow. It makes sense for health care providers to discourage the use of tobacco that is responsible for so many deaths on an annual basis.Jack 2012 cropped

 

 

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I get tired of the prognosticators, speculators, traders and gamblers telling us that tapering of the Fed’s $85 per month bond buying program is a bad thing. Every time these folks hint that the program will end (mostly unfounded) the stock market takes a dive. It has probably caused the Dow Jones Industrials to loose about 500 points over the past twelve months.

The fact of the matter is that when the Fed. does decide to begin lowering it’s bond buying program (tapering), it will be a very  significant signal that the outlook for our economy is quite positive. I think that it will cause investors to  become less nervous about their own portfolios.And the self described Professionals can cover their short positions.Jack 2012 cropped

 

 

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Mitt Romney announced his VP running mate this morning. It isn’t surprising that he picked Rep. Paul Ryan, the chairman of the House Budget Committee. In that very powerful committee he is responsible for the ‘Ryan Budget’, and is a great advocate of privatizing Social Security.

No wonder Romney and his Wall Street cronies like him. Can you imagine what fun they will have devising new products for those trillions of dollars that would flow into the markets? It will make ‘Mortgage Backed Securities’ look like penny ante. And when it all goes bust, guess who will have to pick up the tab.

That’s right, you and me, the tax payer.

 

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JP Morgan, one of the venerable institutional leaders on Wall St. and around the world, reports a loss of $2+ billion on some gambling practices that have gone awry. That could have just as easily been 20 billion or perhaps 200 billion. And guess who would be called upon to bail them out.

Yet, investment banking firms such as JPM are the ones that are grumbling about too much regulation. And they are getting a tremendous amount of support from the right-wing of the political spectrum. 2008 was not that long ago.

I think that these institutions should be split up. Separate the investment banking from the commercial banking operations. Then if an investment banking firm continues to make bad decisions only the company and its customers will have to pay the price.

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 The Goldman Sachs debacle brought to light by the resignation and simultaneous op-ed piece in the NY Times by Greg Smith, brought back memories from a long time ago.

When folks would ask me about my occupation, I would jokingly answer that I was a stock broker. But I didn’t tell my mother.

They would then ask, ‘Why?’

And I would respond that she thought I was a piano player in a whore house.

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Wishing all of you out there the best during the Holiday Season.

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The huge volatility of the stock market in the last week exemplifies why investors are wary of participating in the ownership of America’s corporations.

Traders, speculators, and gamblers have too much influence upon the ebbs and flows of our stock exchanges.

I think that INVESTORS need to take back ownership of our companies.

One way of doing this would be to reinstitute minimum commissions on all stock transactions. I suggest .75% on all purchases and .50% on all sells. This way it will force the speculators to take a more in-depth look at the companies stocks that they are contemplating buying.

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