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Have We "Hit Bottom" Yet? I Don't Think So!
Leithner — What is the AOI's 'fair value'? Are stocks, considered as a whole, presently 'undervalued,' such that he who buys them today will (despite some nausea encountered over the short-term) be handsomely rewarded in the next several years? ...More…
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Poindexter: Philosophical Mediocrity,
Leithner — A generation later, virtually all of this passage remains accurate. Yet Kevin Rudd is curious about events and ideas - perhaps because he's genuinely inquisitive, or because he seeks weapons with which to bludgeon his opponents. Ideas matter so ...More…
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Once Again, Marxism Fails Miserably:
Leithner — Are financial markets falling, or is the sky? At the moment the answer is debatable. During September and the first half of October, comparisons between current conditions and the early phases of the Great Depression filled the newspapers and ...More…
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All Hail Recessions, Bear Markets, Bankruptcy and Failure
Leithner — Our analysts recently got together for our annual conference, and not surprisingly it turned into something of a two-day post-mortem Private ownership of savings ... can be socially controlled. The social abuses connected with savings are ...More…
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America's 2008 Elections,
Leithner — Government is a broker in pillage, Mencken said in Prejudices: First Series (1919), and every election is sort of an advance auction sale of stolen goods. It is high time for Christians who defend the state, its leaders, its military and its wars ...More…
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Perhaps It's Not Different This Time, After All
Leithner — He congratulated himself, his firm, the financial services industry - and above all the allegedly rude health of stock and credit markets. "I should be beyond being surprised," the chairman enthused, "but I cannot believe how much money ...More…
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Of High P/Es, Low Yields, Raging Inflation and ...
Leithner — Of liberty I would say that, in the whole plenitude of its extent, it is unobstructed action according to our will. But rightful liberty is unobstructed action according to our will within limits drawn around us by the equal rights of others. I ...More…
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What If We Analysed Households As If They Were Companies?
Leithner — The turn will come when we entrust the conduct of our affairs to the men who understand that their first duty as public officials is to divest themselves of the power that they have been given. It will come when Americans, in hundreds of ...More…
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Speculators Extrapolate, Investors Think "Regression to ...
Leithner — And the whole apparatus for spreading knowledge - the schools and the press, radio and motion picture - will be used exclusively to spread those views which, whether true or false, will strengthen the belief in the rightness of the decisions ...More…
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The Real Subprime Crisis: Why Should Uncle Sam Retain ...
Leithner — The present exigency is nothing new. From the beginning of our existence as a nation, periods of depression, of industrial failure, of financial distress, of unpaid and unpayable indebtedness, have alternated with years of plenty. The vital ...More…
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Avoid the Rush: Prepare Now for America's Bankruptcy
Leithner — I was duped ... by the Secretary of the Treasury, and made a tool for forwarding his schemes, not then sufficiently understood by me; and of all the errors of my political life, this one has occasioned me the greatest regret. I wish it were ...More…
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Of Black Swans and Out-of-Cycle Events
Leithner — The sense of security more frequently springs from habit than from conviction, and for this reason it often subsists after a change in conditions as might have been expected to suggest alarm. The lapse of time during which a given event has not ...More…