This past June, crude oil prices were hitting highs above $110 a barrel and the narrative was that this was why stocks were selling off. The S&P 500 had a weekly correlation of .55 with oil, meanwhile, and had actually spent most of the year rising with it. So not only was the “story” of…

Oil prices are now at their lowest level in five years, having sold off some 45% from their June peak, a scant five months ago. It’s a crash. Lower oil and gas prices are good for the economy but an oil crash is probably not. Let’s allow for some nuance in this discussion. I believe…

Cartoon by Harley Schwadron

The Lending Club IPO takes place today on the NYSE under the ticker symbol LC. It’s a fascinating story and could make for a breakthrough business model that truly disrupts the way financiers interact with the public. Get up to speed here: Lending Club Set to Debut, and Industry Is Watching (New York Times) Lending…

I have no comment to add here, but you should know that the Wall Street – Washington influence corridor is alive and well and open for business. The banks got an Eleventh Hour rider attached to the new $1 trillion congressional spending bill that just passed. Here’s Common Dreams: Further sticking it to the American people,…

Wall Street’s brokerages are pushing securities-based lending in their wealth management divisions to stunning effect. Individual investors are being billed both investment management fees and interest on the same assets, while exposing themselves to additional retirement risks. If you’ve ever wondered where the hell all these “all-cash” bids for real estate were coming from, now…