Monday, May 3, 2010
The Berkshire Hathaway Inc. /quotes/comstock/13*!brk.a/quotes/nls/brk.a (BRK.A 115,325, -1,476, -1.26%) /quotes/comstock/13*!brk.b/quotes/nls/brk.b (BRK.B 77.00, -1.09, -1.40%) chairman also warned shareholders attending the company's annual meeting that the Greek debt crisis will produce "high drama" and said it's unclear how it ultimately will be resolved.
The financial crisis was stemmed by massive monetary and fiscal intervention in developed economies like the U.S. and the U.K. That's shifted a private-sector debt mountain on to governments, increasing concern about sovereign risks. (more)
That correction separated the second leg of the bull from the third. But let's face it, sentiment has been in this condition for several weeks now and the best we could muster was a minor correction of 30 points on the news the SEC was filing charges against Goldman Sachs for fraud.
We've had three opportunities to "sell the news" with the April jobs report and recently with INTC and AAPL earnings. None of them have panned out. The market could use the Greek excuse as a downside catalyst, the same as it did in January. And now Greek short term bonds are tanking as the EU waffles about writing that check in front of the German elections in May. (more)
The great American mortgage casino – How the Goldman case is about the broken down system that allowed massive gambling in America’s housing market fo
The number of defined benefit pension schemes that are in deficit has doubled over the past five years to stand at 92% of the total, making retirement prospects bleak unless changes are made, an accountancy body said on Friday.
Pension funding deficits have risen from $160 billion in 2003 to an estimated $350 billion in 2008 and continue to grow, the Certified General Accountants Association of Canada said.
"Canadians ability to maintain a financially comfortable and healthy lifestyle is bleak unless the retirement system undergoes a drastic makeover," Rock Lefebvre, Vice-President of Research and Standards at CGA-Canada said in the report. "Pension plans should not operate in a manner that unduly borrows from future generations to pay the present one." (more)
So, of course, I was more than excited when the new $100 bill was FINALLY announced and IT HAD ALL THAT GOLD ON IT! I admit that I am slightly biased on this. One of the central themes of my work at the Road to Roota Letters is that there is a group of people working to end the fiat money system and return the US back to the Gold Standard. For those unfamiliar with the concept read: (more)