I’m flying back from Phoenix today. Here’s what I’m reading as I wait for the rest of Phoenix to wake up (I’m still on East Coast time).
First, more on the euro’s troubles, in Eastern Crisis that Could Wreck the Eurozone
Manufacturing and shipping around the world are collapsing. And people wonder why we worry about the world’s financial system running off the rails.
Treasury Secretary Geithner is a tool of his friends on Wall Street, as this opinion piece shows: Banking on the Brink. The money quote (for me, anyway) …
The real question is why the Obama administration keeps coming up with proposals that sound like possible alternatives to nationalization, but turn out to involve huge handouts to bank stockholders.
The news isn’t helping the dollar. Dollar Falls Versus Euro, Yen on Speculation U.S. to Raise Citigroup Stake
The dollar and the yen fell against the euro on speculation the U.S. government will increase its stakes in domestic banks to shore up the financial system, damping demand for the currencies as a refuge.
That’s all for now. I’ll be back in the office tomorrow. Dinesh and John are watching the portfolios.
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Sean I attended the cambridge show in Phoenix and heard your presentation which was emailed to me some days earlier. I liked the personel touch in the conviction of your voice. Here’s another rally killer: any move up in stocks will be met with tremendous overhead resistance all the way up.