It’s now official; the nation’s Gross Domestic Product sank into negative territory in the third quarter by 0.3 %. On the surface, that’s not much of a decline but compared to the previous quarter’s 2.8% positive growth rate, it was as if the economy hit a brick wall. It marked the worst economic contraction since [...]

Our concept of free markets may change dramatically as the result of this crisis. I believe that in the years ahead, the majority of Americans will no longer espouse the laissez faire attitudes of the last century. Instead, markets will be regulated and to some extent controlled by the government. Whether that will turn out [...]

Events are unfolding or unraveling so quickly that even the morning’s newspapers are largely outdated by the time I sit down at my desk. Given that, the period between Election Day, the first Tuesday of November, and January 20th, Inauguration Day, worries me. The typical presidential transition requires eleven weeks. That feels like a lifetime [...]

Sometimes I’m called upon to forecast the future in this business despite the fact that no one really knows how things will turn out. Right now, according to a recent poll on Yahoo, 6 out of 10 Americans believe we are entering a second Great Depression. They point to the present global stock market crash [...]

Both sides of the Congressional aisle agreed on a frame work for the multi- billion dollar financial markets rescue on Thursday afternoon. There will be further haggling on the details but it looks as if the deal will pass–it better. That’s not to say I’m happy about it. It ticks me off that we have [...]

As a result of the turmoil in the banking sector, I have been fielding quite a few questions about the safety of local banks. The answer to the above question is yes; your bank deposits are absolutely safe—as long as the total amount of money in your name is no more than $100,000 per bank [...]

So, now the economy is the number one issue in the hearts and minds of this country’s voters. We are a fickle lot. A year ago it was Iraq followed by health care. Energy made the grade a month ago. Who knows what burning issue will take center stage this fall but since this is [...]

There was a time when the working man and woman in this country could look forward to living out their last decade or two in dignity and comparative security—no longer. An increasing number of elderly Americans are facing a future of destitution and poverty that would make Steinbeck’s “Oakies” shudder in their graves. Of more [...]

Growing up in debt has become an American way of life. It begins at birth when our parent’s portion of the hospital bills is charged to the credit card. Student loans get us through school, mortgages finance our homes and then we borrow on the house through equity loans to fill it full of stuff. [...]

Over the last few weeks, the stock market has become “breaking” news. The headlines, the talking heads, and even the politicians are solemnly pontificating on what credit tightening, sub prime lending and falling world markets means to you and me.