Financial Markets

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Credit Expansion and Submarginal Investments

Financial MarketsMoney and Banks


Markets are ruthlessly efficient, meaning in large part that people will not undertake investment projects with risk characteristics that are not aligned with savers' preferences. All profitable opportunities...

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The Future of the Commodity Price Boom

Booms and BustsFinancial Markets


As late as 1999, oil was trading at $10 per barrel and gold at $250 per ounce, down from their nominal peaks in 1980 of $39 and $850 respectively. And that's not even adjusted for the fact that the value of a dollar was a lot lower in 1999 than in 1980. Many pundits at the time argued that...

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SEC: The Great Overseer Fails in Oversight of Self

Financial MarketsInterventionism


Today it was announced that the Securities and Exchange Commission (SEC) had a material weakness in the internal controls over its financial reporting. The SEC avoided a big fat "E" last year via its...

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Fannie Mae: Fuzzy Math = Transparency

Financial Markets


Peter Eavis has an interesting piece on Fannie Mae and the way it changed how it discloses its bad loans. Fannie's loss ratio appears to be escalating while Fannie's management is...

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Warren Buffett: "There's never just one cockroach in the kitchen."

Financial Markets


Leland C. Brendsel is accused of presiding over accounting manipulations and running Freddie Mac in a reckless manner. Buffett, one of the most successful and revered investors, sold a huge stake in the mortgage funding company before the manipulations came to light, and the


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Warren Buffett Has An Austrian Economics Moment

Financial MarketsInterventionism


Remember that Citigroup, Bank of America Corp. and JPMorgan Chase & Co. have formed a superfund to bail out troubled structured investment vehicles (SIV). The US Treasury Department and Henry Paulson "back" this plan...

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Sarbanes-Oxley: Helping to Nationalize Accounting & Auditing

Financial MarketsInterventionismMoney and Banking


Sarbanes-Oxley, of course, was just a small step along the yellow brick road that will lead to total rule over private industry, especially in the realm of accounting and audit. Talk is heating up regarding the new Treasury Advisory Committee on the Auditing Profession....

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Sarbanes-Oxley: Costs, Costs, Costs

Financial MarketsMoney and Banking


David Weild, former vice chairman and executive vice president of The NASDAQ Stock Market, speaks out on SOX. He makes some sober remarks, but at the same time he walks on coals...

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