The Difference Between the Lottery and Wall Street

Yesterday, I wrote an article about a deceptive shift of language from “income inequality” to “income inequity.” In it, I quoted Barack Obama, who recently claimed that hedge fund investors were the “nation’s lottery winners.” I think his dismissive assessment deserves another look, since it represents the attitude so many Americans have toward the wealthy. So how is the lottery different from Wall Street? First, success at the lottery is a matter of pure chance. Success investing Read more […]

Obama Narrative Falls Apart: Fed Reveals Rich Got Richer Under Obama while the Poor Lost Money

“He that is good for making excuses is seldom good for anything else.” – Benjamin Franklin Reason bounces off liberals like bullets off Superman. They are impervious to any form of logic, which is why, despite their deeply flawed philosophy, they have remained relevant for so long. If the facts were laid bare, and everyone were exposed to liberalism in such a way that they would see it for what it truly is, it would be relegated to a small enclave of crazies on the fringes of societies. Unfortunately, Read more […]

Bear Stearns Executives Rewarded for Failure

Many of the Bear Stearns executives responsible for the subprime mortgage fiasco that set off a worldwide economic downturn didn’t have to share in the financial ruin they helped precipitate. In other words, these captains didn’t go down with the sinking ship. In fact, they jumped off Bear Stearns and started piloting other major American economic ships. An article in Mother Jones profiles six Bear Stearns executives who went on to highly successful (and highly compensated) jobs at other companies Read more […]

New Jobless Claims: Why Economic Indicators Exist To Keep You Blind

So Bloomberg is reporting “good news”: “First-time jobless claims unexpectedly fell by 7,000 to 340,000 in the week ended March 2, the lowest since the period ended Jan. 19, according to data today from the Labor Department in Washington. The median forecast of 50 economists surveyed by Bloomberg called for an increase to 355,000. The four-week average dropped to a five-year low. Companies are easing up on dismissals as purchases of equipment climb and households maintain spending in the face Read more […]

The Future of the Futures Market

One factor in determining why we have high oil and gas prices is how drunk oil investors are. No joke. It was recently found out that a drunk broker who worked for the UK-based PVM Oil Futures was responsible for single handedly raising the price of oil to an 8 month high in 2009. During an “alcohol induced blackout,” senior broker Stephen Perkins traded about 7,000,000 barrels of oil worth about $520 million at the time. This caused the price of a barrel of oil to increase by $1.50. The Daily Read more […]