Week In Review


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?

 

 

 

 

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One Response to “Week In Review”

  1. Louie says:

    As noted in your week in review, Europe and America are both in a world of “you know what” due to the many years of “economic socialization” of economies/entitlements and now having to make cuts to reduce spending that their constituents do not want to happen. This has come into parody here with our own Financial Institutional Protestors, who are blaming the wrong people for what they feel they’re entitled to. This is totally being misdirected toward business, when it’s big Government who has mandated to our businesses and Banking institutions as to what they can and can not do and how to do it, or else.
    We seem to learn nothing from history and doom ourselves to repeat it over and over again. “Ground Hog Day” to the max. Simply use the Soviet Union and it’s course change to capitalism, which is actually working, to see why we would want to step backwards out of the “land of opportunity” and into the territory of entitlement and socialism.
    I’m quite sure in Europe, the major economic powers ie: Germany and France are now wondering what a great idea it was to abdicate their soverign currencies and form the E.U. using the Euro as a blended currency. They now are in the position of bailing out the rest of the E.U.
    Good luck to all of us until we finally wake up from this dream state we’re obviously in. Let’s all march up and down the Brooklyn Bridge. It’s great excercise.

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