Market Commentary

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A Shift in Direction, or Blowing in the Wind?

Author: Bob Eisenbeis, Post Date: December 5, 2008

Both Treasury and the Fed, perhaps either sensing the preferences of President-elect Obama or simply having seen the light, have suddenly focused their financial triage efforts on attempting to directly stabilize housing prices and provide relief to homeowners facing mortgage foreclosure.  Reports are that Treasury has efforts under consideration to bring mortgage rates down to […]

Reflections on Mumbai and What It Might Mean

Author: Bob Eisenbeis, Post Date: December 4, 2008

Several years ago I had an occasion to go on a mission for the IMF to the Central Bank of India, headquartered in Mumbai.  It was the second week of December, so it was past the rainy season and the weather was warm, with temperatures in the high 80s and low 90s.  That India is […]

How big? How low? How now brown cow?

Author: David Kotok, Post Date: December 1, 2008

“How low can things go?”   Or   “How bad can things get?”   We keep getting these questions from clients and consultants.  Let’s look at a few items.    Interest Rates.   Our metaphor is World War 2.  During that period the Federal Reserve kept the 90-day T-bill rate at 3/8 of 1%.  The long term US Treasury bond […]

Transparency or Opacity?

Author: Bob Eisenbeis, Post Date: November 28, 2008

On the Tuesday before Thanksgiving, the US Treasury without even an accompanying press release published guidelines it will follow in determining eligibility for participation in the Systemically Significant Failing Institutions (SSFI) Program.  This is apparently one of the programs that Treasury has established under the Emergency Economic Stabilization Act, which also includes the Capital Purchase […]

T’is the Season for Giving While Saving?

Author: Carol Mulcahy, Post Date: November 27, 2008

Carol Mulcahy is a Client Relationship Manager at Cumberland and a Chartered Retirement Plans Specialist SM designee. She was recently approved to be an arbitrator with FINRA.  She has over 23 years experience in the banking and investment industry both in retail and institutional sales and marketing.  Her bio can be found on Cumberland’s home […]

Questions for Geithner

Author: David Kotok, Post Date: November 23, 2008

NY Fed president Timothy Geithner will face a Senate confirmation hearing about his nomination to succeed Hank Paulson as Secretary of the Treasury.  Here are a few questions for the Senators to consider.  Politics being what they are, we recognize that some of them may not be asked. Q. As the NY Fed president, you […]

G20 Summit Outcome Surpasses Expectations

Author: Bill Witherell, Post Date: November 17, 2008

Following a six hour summit meeting in Washington, DC, on Saturday (November 15th) the leaders of the major economies represented in the Group of 20 issued a lengthy Declaration. The results of this first in what promises to be a series of such gatherings were as successful as one could have reasonably hoped from such […]

See The USA In Your Chevrolet

Author: David Kotok, Post Date: November 16, 2008

The Dinah Shore Chevy Show (1956-1963) promoted the most popular car in America.  I remember my first Chevy (a used 1951) and my hottest, a 1957 “nosed and decked” all-black street monster with a soft growling sound emitted through dual exhausts.  The sound to a seasoned ear said a beastly 283 with a big 4 […]

Reforming the Global Financial System

Author: Bill Witherell, Post Date: November 14, 2008

The Group of 20 (G20) summit meeting on the global financial crisis is being held this weekend in Washington, starting this evening (Nov. 14).  While some have called it a second Bretton Woods conference, aiming to reform the global financial system, the outcome is likely to be somewhat more modest yet nevertheless important for helping […]

Was It or Wasn’t It?

Author: David Kotok, Post Date: November 13, 2008

It sure looked like a classic intraday reversal.  We were trading down over 300 Dow points.  We closed up over 550 Dow points.  The buying pressure was expanding right through the closing moments.  In the intraday trading the stock market tested the October 10 lows.  The Standard & Poor’s 500 Index actually broke slightly below […]

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