market

Fireside Chat

My friends, I want to talk for a few minutes with the people of the United States about banking — to talk with the comparatively few who understand the mechanics of banking, but more particularly with the overwhelming majority of you…

Franklin Delano Roosevelt, President. 12 March, 1933

It’s been ninety years, and we still haven’t learned the lesson.

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Fear and Loathing: The Plague Market

After opening fifteen hundred points down, the stock market dropped another two thousand.  Consumer goods are up 20% — hoarding toilet paper does some good after all — but the rest of the market is through the floor.

Coronavirus fears, a massive price war for oil, and a certainty among financial wonks that a downturn is due:  All these come together to create a truly nasty couple of days, (more…)