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$128 Million Federal Stimulus Grant For San Bernadino I-215 Freeway Widening
Reading Time: 1 minuteWe’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…
After The Cliff
Reading Time: 7 minutesNOTE: Every week or two I wrote a Client Note for my clients. I post the notes to my blog but with a time delay usually between 1 day and 1 week. To receive the Client Notes at the same…
Looking Under The Hood Of The AIG Bailout
Reading Time: 7 minutesYesterday, amidst massive political and public opinion pressure, AIG revealed the counterparties they had paid out money to since receiving bailout money from the US government (AIG Press Release). The payouts are as follows: $22.4 billion for collateral postings under…
The Hallmark of a Bubble, The Long Term Consequences of Massive Government Stimulus and Bank Earnings
Reading Time: 10 minutesYesterday, the great Howard Marks came out with one of his memos. I consider Marks one of the Top 15 investors of all-time and I try to read most of his memos. Yesterday’s memo, “Coming Into Focus” (https://www.oaktreecapital.com/docs/default-source/memos/coming-into-focus.pdf), was one…
How To Turn a Recession Into A Depression
Reading Time: 3 minutesRed and Blue tribal pundits agree that economic recovery can only occur if private capital returns to the market. That’s swell, at least they agree on something. So why is our brain trust in Washington doing every conceivable thing to…
Pension Benefit Guaranty Corp Deficit Increases By $22.5 billion In 6 Months
Reading Time: 2 minutesThere is actually a federal “corporation” that guarantees private sector pensions. Private sector employees with defined benefit pension plans pay an insurance premium to the PBGC which it invests and uses to pay pensions when private companies can’t do it. …