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Money Matters newsletter update, August 3, 2013
Marc’s Notes:
The latest Money Matters show is now posted on the website; www.moneymanagementradio.com. Show # 169- “Is the real estate recovery for real”.
Download it now!
Also a new Dream Portoflio is coming soon! Watch this newsletter!
The Super Dividend Payers list has been updated as of two weeks ago. Download it now!
Watch also this newsletter for a NEW MARKET SAFE NO RISK EVERBANK CD which could multiply your original investment many times over!
Swiss annuities are closing in 2 weeks. Hope you all took action on them! It is now getting close to being too late.
Market News:
Federal Reserve Chief Ben Bernanke will probably retire at the end of his term roughly 5 months from now and the rumors swirl as to whom will succeed him.
Known as “Helicopter Ben” for his easy money policies, many think he was one of the most brilliant lead central bankers to ever occupy the post. They said the same thing about former Fed Chief Alan Greenspan until his easy money policies arguably set off the housing boom and subsequent bust that almost imploded the world’s financial systems.
Ben Bernanke failed to see the bust part coming before it blew up in his face so you have to at least question his capability.
He finally woke up to the problems late in 2008 and addressed the myriad of financial implosions with much the same policies Greenspan implemented which predicated the whole mess. More easy money to everyone and everybody who asked for it, except you and I of course. Main street got little of that free money but some of us did get our mortgages reduced, again not you or I mind you.
In any case, Ben is now on his way out and history will judge him accordingly as we find out if his policies solved anything years from now.
One of the new wannabe chairmans being considered is current Fed member Janet Yellen.
If Ben drops believes in dropping money from helicopters (how he got his nickname Helicopter Ben), Ms.Yellen should be considered a bomber pilot for her easy money views. In other words, she believes as Ben does if not more so: shower the banking sector with free money and hope some of it trickles down to the ditch you’re in.
In either case the banks get mega richer and you and I end up paying for it in the ensuing inflation caused by all that printed money.
The other viable candidate for Fed Chief is “Horseshoe” Larry Summers. I call him that because this guy has hung around Washington for decades and just keeps coming back.
A Harvard graduate, Summers was on the staff of the Council of Economic Advisers under President Reagan in 1982–1983. He also served as an economic adviser to the Geroge Dukakis Presidential campaign in 1988. In 1993 Summers was appointed Undersecretary for International Affairs and later in the United States Department of the Treasury under the Clinton Administration. In 1995, he was promoted to Deputy Secretary of the Treasury under his long-time political mentor Robert Rubin. In 1999, he succeeded Rubin as Secretary of the Treasury.
He was Director of the White House United States National Economic Council for President Barack Obama until November 2010.
The claim to fame that gets my goat is his support of the repeal of the Glass Steagall act in the late 1990s which removed the restrictions from banks to gamble with customer funds. That repeal of that act was one of the catalysts to the banking crisis.
Summing it all up, when Ben goes, no matter who we get at the post of Fed Chief, we are likely to see more of the same: big banks get big money and everybody up there gets to puff on big cigars while you and I scratch our heads some more and wonder why we are all so broke.
All for now,
Marc
"I swear to uphold the banks at all costs"
