Mnuchin’s mortgage profits

President-elect has picked Steve Mnuchin as his choice for Treasury Secretary. Mnuchin, 53,  is Chairman and CEO of OneWest Bank Group — the former IndyMac Bank at the heart of the mortgage crisis that created the 2008 financial collapse. At the time IndyMac’s failure was the third largest in banking history at $32 billion in losses. […]

Taking a pass/fail with the Electoral College

Let’s discuss the election recount efforts of Green Party candidate Jill Stein in PA, MI, and WI. Stein is not requesting a recount for her campaign, she had too little of the vote for it to matter. No, Stein is looking to put these three states into play with recounts so that on December 19th […]

Who pays retail on holiday shopping?

Cyber Monday, which is an anachronistic term, is happening today. The term came about when people had a V.32-baud modem at home and had to wait to get to work and a faster Internet connection after Thanksgiving to shop. Now the term is bringing on the death of retail shops, since the shopping is not […]

Most Americans don’t go to market(s)

What is the downside to the soaring stock market? One is the exclusion of a majority of Americans who are not in the markets, which stands at 54%, according to the latest survey by BankRate. To put an exclamation point on the divide, fully 66% of millennials have no skin in the game, the survey found. […]

Savor the holiday, no rush to shop

Tomorrow is Thanksgiving in the US, which markets the beginning of the holiday shopping season. Brick and Mortar stores are seeing the worse run up to the season ever. Macy’s, Sears and K-Mart decided it was cheaper to close stores before the shopping season even began. In a desperate attempt to lure shoppers in, many […]

Taking stock of equities run up

Yesterday we spoke of traders window-dressing their returns at year’s end to make clients portfolios look better. Monday’s trading was not that, it was the black-box algos trading up to set new all-time high records on the Dow Jones industrials, the broader S&P 500 and the tech-laden Nasdaq. The President-elect’s honeymoon is being extended as […]

Quiet markets as Trump sets out his cabinet

The holiday shortened week will give a temporary reprieve to the strengthening dollar as most bond and currency traders take time off before the year-end push. A bit of an explainer for some readers. The strengthening dollar against other currencies makes import items more expensive, but it is also a trigger for higher bond yields, […]