Another Bubble?
The 2003 bounce came when stocks were not cheap – they traded at a multiple to cyclical earnings of about 21, according to Prof Shiller, when at the bottom of previous bear markets this multiple had fallen below 6. So…
47% Of Households Will Pay No Federal Income Tax In 2009
Source: “47% Will Pay No Federal Income Tax”, CNNMoney, September 30
Top Gun FP Client Note: The Crack Based Economy
NOTE: Every week I write a Client Note for my clients. For a limited time, I am allowing non-clients to sign up and receive the Client Note. You can sign up at the top right hand corner of the website. …
$128 Million Federal Stimulus Grant For San Bernadino I-215 Freeway Widening
We’ve been frugal. Now we can get back to normal. We might even take a trip. – Charles Ojuri, whose small construction firm received a $780,000 contract to clear trees around I-215 John Husing, an economist who closely tracks the…
Another WSJ Editorial On The FHA’s Shaky Finances
One place to start is the Federal Housing Administration, the nation’s insurer of nearly $750 billion in outstanding mortgages. The agency acknowledged this month that a new but still undisclosed HUD audit has found that FHA’s cash reserve fund is…
CA To Sell $2 Billion Worth Of Office Buildings To Raise Cash
We’re looking to get these properties sold as soon as possible. – Eric Lamoureux, CA Department of General Services Spokesmen The state wants to sell the buildings for the cash and then lease them back from the new owners. It…
Robert Reich: Why The Dow Is Hitting 10,000 As Regular Folks Lose Their Jobs
Great post by Robert Reich on what’s going on: So how can the Dow Jones Industrial Average be flirting with 10,000 when consumers, who make up 70 percent of the economy, have had to cut way back on buying because…
Top Gun FP Client Note: The Wisdom of George Soros
NOTE: Every week I write a Client Note for my clients. For a limited time, I am allowing non-clients to sign up and receive the Client Note. You can sign up at the top right hand corner of the website. …
The Next Fannie Mae
The Wall Street Journal wrote an editorial on the dangerous growth at Ginnie Mae on August 11th: “The Next Fannie Mae”. It makes the same points I made the other day in “Ginnie Mae Accounts for 20% of New Mortgages In…
Going Broke: Sac Bee Feature Series On California’s Budget Crisis
A couple of interesting front page feature pieces in the Sacramento Bee on California’s budget mess: “Going Broke: State’s a wreck – can it be fixed?”, The Sacramento Bee, September 20, A1 The most interesting piece from this article was…