A personal message for Larry Summers
From one disappointed non-central banker to another. How to restore America's once and future economic vitality?
Plugging for 9%
At America's big banks, the live-in regulators seem almost to outnumber the paid help. A risk-averse cadre are these government overseers. Good, safe loans are what they want. Enter here a new real estate finance company with designs on the lunch that banks no longer seem to have permission to eat.
Sell the painting
Christopher Wool's "Apocalypse Now" fetched $26,485,000, including commission, on Nov. 12. Within days of the Wool sale, a copy of George Washington's first presidential Thanksgiving proclamation failed to clear its $7 million reserve price. How to compare the two?
Investors lack income, the economy lacks oomph and businesses lack growth. Solution? More corporate bonds and higher corporate leverage. Hearing the ducks quack, Wall Street is busily providing sustenance.
Fuel least popular
The Environmental Protection Agency makes war on it, people of any shade of green despise it, and the advent of cheap natural gas threatens to marginalize it. Coal--and a certain attractive small-cap miner--are the topics under discussion.
Now with helipad
"How many condo units are necessary in this town?" an especially exuberant Miami builder was recently quoted as posing. The answer? "Unlimited. Because we are selling to the world."
It wasn’t an ATM after all
If borrowing to wretched excess were an Olympic event, America might or might not take the gold, or bitcoin.