Jim Rogers: Financial Calamity – It’s Coming, Be Worried, Be Careful
Fed’s Janet Yellen: Debt Free Multi-Millionaire
"Federal Reserve vice-chair, Janet Yellen, who is widely believed to be under consideration to be nominated by President Obama to succeed Ben Bernanke as Fed chair, is a debt free, multi-millionaire. The total does not include the pensions the couple earned at the University of California, Berkeley, where both worked as professors, nor Ms. Yellen’s pension from the Federal Reserve Bank of San Francisco, where she was president from 2004 to 2010, nor the home they own near campus. The disclosure forms do not include the salary earned by Mr. Akerlof as a senior resident scholar at the International Monetary Fund." Continue reading →
Was Keynes a Brilliant Investor?
"Keynes' initial foray into investing led to a smash up. He lost everything he had unwisely borrowed and had to be bailed out by his parents. He did not do well in the 1920′s. He was taken unawares by the the 1929 Crash and also by the 1937 rout. In both instances, he came perilously close to being wiped out again because of very concentrated holdings and continuing use of leverage. In short, Keynes was a speculator, at the same time that he criticized speculators and the 'casino' atmosphere of the market. The article does disclose Keynes’s very large gold mining stock position in the 1930′s but fails to note the irony of this holding or his private praise of gold as a portfolio diversifier." Continue reading →
US Interest Rates Will Continue to Rise
"The recent rise in long-term interest rates is just the beginning of an increase that will punish investors who are seeking extra yield by betting on long-term bonds. The relatively low interest rates on both short-term and long-term bonds are now causing both individual investors and institutional fund managers to assume duration risk and credit-quality risk in the hope of achieving higher returns. That was the same risk strategy that preceded the financial crisis in 2008. Investors need to recognize that reaching for yield could end very badly yet again." Continue reading →
Housing Recovery Mirage Over; Bernanke Hoping to Retire Before It’s Noticed
"At the end of 2010, the interest rate on a 30-year mortgage was just under 5 percent… 4.97% to be more precise. Over the next 28 months actions taken by the Fed pushed that rate down as low as 3.42%. So… wonders of wonders… miracles of miracles… soon we were witnessing the inexplicable recovery of our previously decimated and hopelessly underwater housing markets from coast-to-coast. Stories of streets being paved with the gold of home equity and sprawling rental empires were being passed along from Realtor to mortgage broker throughout our apparent Land of Opportunity… the worst was finally over… everyone said so… even on T.V. so it simply had to be true." Continue reading →
Bernanke Textbook Royalties
"The textbook business can be very very lucrative. Fed Chairman Ben Bernanke is co-author (from before he was in government) of 'Principles of Economics' and 'Principles of Macroeconomics' (written with Robert Frank, published by McGraw-Hill) and 'Macroeconomics' (with Andrew B. Abel and Dean Croushore, from Pearson). It appears that the McGraw-Hill books are more lucrative, generating $100,000 to $1 million in income for the chairman, who also made $50,000 to $100,000 from Pearson." Continue reading →
Bernanke Is Getting Killed in the Bond Market
"Federal Reserve Board chairman Ben Bernanke's latest disclosure statement for year end 2012 shows that he held positions in the Blackrock High Yield Bond Fund and US Treasury strips. If he continues to hold these positions, he is losing big time. His Blackrock bond position is down by at least 5%. Meanwhile, his strips position is likely getting destroyed. Here is a chart on the PIMCO 25+ Year Zero Coupon U.S. Treasury Index ETF, which is likely comparable to what Bernanke is holding. Over the last 12 months, it is down more than 24%. Bottom line: Bernanke is not only screwing up the nation's economy, he is screwing up his own portfolio." Continue reading →
102-year-old woman parachutes from Idaho bridge
"Dorothy Custer celebrated turning 102 on Sunday by parachuting from a bridge in Idaho. For her 101st birthday last year, Custer zip-lined over the Snake River Canyon. This year, however, she told KMTV that she had planned to have a 'very calm birthday.' But those plans changed when her family gave her a tandem jump with professional BASE jumper, Sean Chuman, for her birthday. In BASE jumping — which stands for Buildings, Antennas, Spans, and Earth — participants jump off of platforms and then parachute to the ground. 'That was a thrill,' Custer says just after landing. 'But it was so quick! It was over with before I knew it.' 'There’s nothing much left to do but just live now,' she explains." Continue reading →
The search for the world’s biggest BASE jump!
"Patrick Kerber opened a new exit point, by wingsuit BASE jumping off the Wengen-Jungfrau peak in Switzerland. Exit Point: Wengen-Jungfrau Peak, 4060m; Rockdrop: 138m; Landing: Lauterbrunnen; Flyable Altitude: 3240m; Time in Freefall: 2min 03s" Continue reading →
Official wants E-cigarettes covered in school rules
"The Citrus County School District wants to crack down on anything that even looks like cigarette smoking. According to the Citrus County Chronicle, Planning and Growth Management Director Chuck Dixon has proposed adding language that would include electronic cigarettes to the school's no smoking policy. Dixon said the Florida Department of Health recommended language for e-cigarettes be inserted into the district’s policy. Since the Food and Drug Administration doesn't have a minimum age for who can purchase E-cigarettes, the district wants to make sure the students don't have them." Continue reading →
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