From Wall Street to Warren Buffett’s Buying Spree
The Debt Set
As the US and Europe both struggle with their respective debt crises, we think it is worth noting, given Thanksgiving’s arrival, that perhaps this global inability to deal with debt does have a bright side… It really illustrates how similar we all are, despite borders and geographic differences. No one in our global community really seems to be able to get it together. Specifically….
In the U.S., our congressional “Super Committee”, which thankfully evokes images of members of congress in superhero costumes, is facing a Nov 23rd deadline to come up with a plan to reduce US debt by $1.2 trillion over the next ten years. See, now your credit card bill doesn’t seem so high!
In Europe, Italy and Greece both welcomed new leaders: Mario Molti and Lucas Papademos, respectively. European leaders are still scrambling to figure out how to deal with the Eurozone debt crisis, exacerbated this week by news that both France and Spain’s costs of borrowing money went up. Remember, countries are like individuals – the less credit worthy you are, the higher your interest rates.
Big Banks Cut Jobs
Many big financial institutions announced they are in the process of cutting about 75,000 jobs – a calculated move just before holiday bonus time. No bonus and no job- happy New Year! And speaking of Wall Street…
Occupy Wall Street
Yes! Occupy Wall Street and it’s sister sit-ins across America have continued to protest and voice their demands for … Well, we’re not exactly sure what they are asking for, but the protests have continued and more people are joining the movement every day.
Mitt Romney Needs More Thank You Notes
In what can only be described as yet another early Christmas gift to Mitt Romney, Herman Cain had a Rick Perry sized brain freeze when asked about his opinion on President Obama’s policy on Libya. The uproar that followed just goes to show that even though most Americans probably have no idea what Obama’s policy on Libya is, they at least want their presidential candidates to have a clue…
Buffett Takes Stock in IBM
Warren Buffett went on a buying spree – and purchased nearly $11 Billion (yes, Billion) worth of IBM stock, amounting to a 5.5% stake in the company. An interesting move for an investor who has historically not been too interested in tech companies.
So…. How Was Your Week?