Friday Round Up

by James & Miel on March 13, 2009 · 0 comments

Hi All,

Dang, its been quite a week. Here are some headlines that seem to be on the financial pulse of the nation.

1) The Wall Street Journal is reporting that 18% of wealth has been trimmed from American households (1). I believe it. We’ve lost over $100,000 since last September.

2) Some good news is on the horizon. Evidently retail spending did not fall as much as expected. This suggests Americans are going back to shopping (1). Buy Baby Buy!

3) The Chinese are saying they’re “worried” about the US selling to much treasury debt (1) and are requesting a guarantee. This is problematic, as its not clear what we’re going to use to convince them we won’t inflate the debt away. Gold? Real estate? Cookies?

4) Energy corporations are fleeing the Bahamas for Switzerland (1). The reason is pretty clear, they don’t want to pay US corporate taxes. Global communications and markets are going to increase in integration in coming years, which means that human and financial capital will become more portable. Can you blame them for trying to save money on their taxes? This sort of thing will likely increase in coming years.

5) Oh yeah, subprime assets are still worthless. Tyler Durden over at zerohedge has a great posting on this. He notes that one hedge fund Carrington Investment Partners is liquidating and attempted to sell shares to assist their liquidation. They got no takers. Why? Cuz the funds assets are worthless. Here.

6) Ponzi scammer Bernie Madoff is going to spend the rest of his life in prison (1). It couldn’t have happened to a nicer guy.

Best,

James

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