Tag archive for ‘Accounting’
Eve of Destruction: Are we headed for a Global Recession?
The Great Depression did not come suddenly to the United States - it took awhile to build up the pressures that lead to the ultimate unraveling of the US economy. But from 1929 to 1933 - the GDP of the United States fell from about 800 billion dollars to 600 billion dollars… which not even adjusting for inflation today, would be equivalent of a fall in GDP of about 3.25 trillion dollars - or about a quarter of the US economy in present terms. I believe that unless something dramatic happens, from 2008-2015, we could see a similar contraction in wealth…
Getting to Sixty before January 20th
As it presently stands, the Novemeber 4th election resulted in 55 Democrats, 2 independents (Lieberman and Sanders who both caucus with Democrats - making an effective 57 Democrats), 40 Republicans, and 3 seats oustanding. The three outstanding seats are Coleman’s in Minnesota, Saxby-Chambliss’ in Georgia, and Stevens (the convict) in Alaska. By hook and because of a “crook” - it would appear that the Democrats may wind up with the 60 votes needed for a “filibuster proof Senate” before the 111th Congress is sworn in next January.
Why Republicans will likely have to cave on the automaker bailout.
Today, Congress reconvened itself in the “lame duck” session to attempt to force through before the 111th Congress the remaining laundry list of bills that Democratic leaders promised during the October campaigning period. One bill, however, has run into significant opposition - the automakers bailout bill. Despite holding sizable leads in the House and Senate, Democrats are unable to garner sufficient votes to pass the bill. As a result, Speaker of the House Nancy Pelosi has been forced to say, “Just wait” for the 111th Congress. For Republicans, the automaker bailout issue is fraught with peril for a party that is already weakened and attempting to regain both its confidence and its soul.
Encouraging the Freedom to Fail
American business is the most robust, the most efficient, and the most effective in providing returns to shareholders on invested capital. We take capital from all points on the globe and turn it into returns that are often multiples of what they initially invested. No other country is as effective at generating wealth as the United States. We are so effective because of our commitment to capitalism and free markets. Part and parcel of that commitment is a belief in freedom. One of those freedoms has to be the freedom to fail. For if failure is not a consequence of bad decision making by private enterprise, we will surely fail in the long term in generating wealth. Life without risk, in business, is not worth investing in.
Dewey Defeats Truman II: How McCain might win in a squeaker…
In the last 48 hours, something has emerged that could very well be the early indication of McCain defeating Obama on November 4. For the first time since McCain’s address to the convention, the overall spread between Sen. Obama and Sen. McCain has dropped to an average of 3 points - or essentially the margin of error. Thus, McCain supporters need not be so glum that all is foretold and that the race is lost. While some pundits like Hannity and Limbaugh have been railing against the “Main Stream Media,” asserting that traditional news sources are trying to convince people that the race is locked, when it is not, for the first time, there is actually some evidence of that fact in polling. A strategy to victory, although improbable, for McCain exists. Senator Obama may indeed be vulnerable
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