| 05/11/2005 - EASTER WEEKEND - ALL BLUE |
| By Addison Wiggin "…drawing on over 20 years of friends, associates and contacts Bill has developed through his work in the investment industry, we've built what we hope will prove to be THE FINEST contrarian investment team - ever assembled!" |
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| 05/11/2005 - FORT SUMTER…AND THE U.S. TRADE DEFICIT |
| By Bill Bonner "…the economists note, as we have, that spending more than you can afford cannot go on forever. Eventually, the foreign investors and creditors are going to want their money back. They may begin to doubt the value of…" |
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| 05/11/2005 - FAIR WARNINGS |
| By Bill Bonner "…so now you know why sub-Saharan Africa lagged behind Europe in the Industrial Revolution. The Zulus and Hottentots refused to open their capital markets! And so did the Mayans, Iroquois, Canooks and Incans. The silly things…" |
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| 05/11/2005 - ESSENTIAL MATTERS |
| By Bill Bonner "…you know neither how your stocks nor how your marriage will work out. Most of what you hear is nonsense. Most of what you read is moronic. And most of the people you meet are fools. And most important: the people who meet…" |
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| 05/11/2005 - CERBERUS MAULS THE MIGHTY |
| By Addison Wiggin "Following every speech by Greenspan you hear the mass media prattling on about "emergency rate cuts" and the "soft landing" being orchestrated by Fed chief Alan Greenspan. The "slowdown" of the economy…" |
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| 05/11/2005 - A WONDERFUL WORLD |
| By Bill Bonner "…words can mean anything you want - unless you want to communicate with them. You can pay any price you want for a stock, too, unless you hope to make a profit. And you can take off your clothes in public - unless you want to…" |
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| 05/11/2005 - WORDS |
| By Bill Bonner "…that is nonsense up with which I will not put," said Winston Churchill, after his grammar was corrected by a prescriptivist interloquater. Churchill thought he had the right to stick his propositions at the beginning of a…" |
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| 05/11/2005 - A WICKED WORLD |
| By Bill Bonner "…I say this not as a theoretical matter but merely as an observation. Just look around you. Everything you see is headed for correction. That is true not only of today's stock market prices, but of every edifice on the planet…" |
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| 05/11/2005 - MORE PERFECT UNIONS |
| By Bill Bonner "…what a pity there is no Federal Reserve system of the heart - a group of wise old graybeards who could protect the currency of love…and keep Jack and Mimi's union in perpetual expansion, like the U.S. economy, with…" |
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| 05/11/2005 - FOR BETTER OR FOR WORSE |
| By Bill Bonner "…but even in nature's most perfect union, there are times when gravity fails, times when negativity, faithlessness and celestial accidents take over. Half of all marriages end in divorce. And why bother to get married at all?" |
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| 05/11/2005 - CAPITAL SPENDING BUST |
| By Bill Bonner "…it looked for all the world like a bubble. Sober men and women were buying stocks at levels that seemed absurd. With straight faces, CEOs announced multi- billion dollar acquisitions of start-up companies with no revenues…" |
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| 05/11/2005 - VANDALS OF THE INTERNET |
| By Bill Bonner "…separating fact from fiction is tough work. And it gets tougher - the more facts and fictions you have to work with. The Internet is ultimately just a means of communication - delivering an almost infinite number of facts and…" |
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| 05/10/2005 - WHO STOLE THE AMERICAN DREAM? |
| By Bill Bonner "…but that doesn't mean I don't notice that I'm being ripped off by two governments on two different continents. I pay a lot of money in taxes, and as far as I can see, I get nothing for it. I don't take advantage of every tax…" |
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| 05/10/2005 - GETTING PERSONAL WITH THE TECHS |
| By Bill Bonner "…rather than look carefully at the big tech companies they actually owned, for example, investors were happy to buy into the myth of the "New Era" and the "Information Age." And they flattered themselves by believing…" |
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| 05/10/2005 - ASIAN VALUES |
| By Bill Bonner "It's not unreasonable to assume that the day of America's high-tech hegemony are numbered, and that both India and China will become fierce competitors in the electronics and software industry…" |
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| 05/10/2005 - SORE LOSERS |
| By Bill Bonner "…the evidence will show, dear reader, that the Post- New Era man is not much different from the homo sapiens with which we were so familiar before the Bubble - that is, grasping, self-centered and foolish…" |
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| 05/10/2005 - DEAD ANIMALS |
| By Bill Bonner "…Pierre has been carefully breeding cattle for a quarter of a century. He has some of the largest Limousine bulls in the region, I have been told. They are huge, beautiful animals. This bull in front of us was no exception…" |
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| 05/10/2005 - RALLY CATS CASH IN |
| By Addison Wiggin "…the Commerce
Department announced the "trade gap" shrank by the largest
one-month percentage since records have been kept. A 4.4
percent drop in imports in February indicates consumers
bought less…" |
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| 05/10/2005 - THE THEORY OF IGNORANCE |
| By Bill Bonner "…as reported in previous letters, it was this capital spending boom - not productivity nor New Era information technology - that made Wall Street's numbers look so appealing. Businesses all over the planet felt the need to get…" |
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| 05/10/2005 - A FUNNY WORLD |
| By Bill Bonner "…thus do wars, collective myths, bubbles and mad delusions spring up - for our entertainment. The 'drug war' is one such fantasy. We imagine brave and true law enforcement officers battling it out to protect the nation…" |
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| 05/10/2005 - TIDES OF FORTUNE |
| By Bill Bonner "…we watch the tides here at the Daily Reckoning. We look for things that seem particularly loony, especially foolish, or tellingly exaggerated. Ordinary behavior tells us nothing; it is only at the extremes that we gain an…" |
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| 05/10/2005 - A BLUE WORLD |
| By Bill Bonner "I confess an ulterior motive to today's letter. We have put together a new investment service…which we call the "blue" site. Its goal is simple. And modest. To provide you with a systematic, clear way to invest in the kind…" |
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| 05/09/2005 - UPBEAT INVESTORS & THE MONEY SUPPLY |
| By Addison Wiggin "Upbeat investors sent stock prices sharply higher Friday," reports an article in USAToday, suggesting investors were buying in response to the release of GDP numbers, which rose over 2% - higher than expected." |
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| 05/06/2005 - MAY DAY, MAY DAY |
| By Bill Bonner "'…the natural condition of things is a world without profits," said my friend Mark, as we walked along Oxford Street. "Profits are unnatural. It takes real effort to get them. You have to disturb people…" |
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| 05/06/2005 - DREAM WORLD |
| By Bill Bonner "…Buffett believes investors are anticipating an unnatural act: 'The probability of us achieving 15 percent growth in earnings over an extended period of years is so close to zero it's not worth calculating,' said Buffett…." |
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| 05/06/2005 - COMPLETELY OPPOSED TO SOMETHING OR OTHER |
| By Bill Bonner "…another protester, describing the people around her: "This is the cream of society with intelligent people who have a passion for life." Cream rises to the top of a fluid society. But so does scum. Sometimes, it is hard…" |
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| 05/06/2005 - IS THE PAIN OVER? |
| By Bill Bonner "…the 'Winter of Woe' is over. It is a new season. But is the pain of lower stock prices and a slowing economy really all behind us? Investors think so. Analysts say so. The financial press has announced the end of the…" |
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| 05/06/2005 - TO CUT OR NOT TO CUT - DOES IT REALLY MATTER? |
| By Addison Wiggin "…is the bear market rally over? Will the next phase of the sell-off be as devastating as the first?… Reuters released a poll Friday, showing "all but one of the 25 primary dealers of U.S. government securities…" |
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| 05/06/2005 - MONEY CAN'T BUY HAPPINESS - BUT SO WHAT? |
| By Bill Bonner "I find that I am happiest when I am working outside. As a hobby, Churchill laid up brick walls during WWII. Masonry attracts me, too. Imagine what fun it would have been to work on a wall with Winston!" |
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| 05/06/2005 - DISMAL NEWS STOKES SPECULATIVE FIRE |
| By By Addison Wiggin "Unemployment numbers reached their highest rate in 2 and half years, this week, and the Commerce Dept. reported businesses slashed their payrolls by the largest amount since the last recession - a decade ago." |
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| 05/06/2005 - EPISCOPALIAN'S GUIDE TO SEX |
| By Bill Bonner "…sex never seems to go out of style. Still, fashions change in sex just as they do in the stock market. When the bull market was at its throbbing climax, Ted Turner described deal making as 'better than sex.'" |
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| 05/06/2005 - HIGH WIRE ACT |
| By Bill Bonner "'…perhaps the most troubling aspect of Fannie and Freddie," says a report from the Washington Business Journal, "has to do with their belief that they can take a risky asset - mortgage debt - and turn it into a virtually…" |
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| 05/06/2005 - NO MAGIC |
| By Bill Bonner "…faced with the onset of a business slowdown, falling stock prices, and the possibility of a recession, the Fed did just what everyone expected - it reduced the price of money. In fact, it did so more aggressively…" |
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| 05/06/2005 - DREAMS OF AVARICE |
| By Ray Devoe "…if this is a technology and falling business fixed investment led recession, as I believe it is, it will be much less likely to respond to Fed monetary stimulation through lower interest rates. With excess capacity…" |
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| 05/06/2005 - VICTORY IN EUROPE DAY |
| By Bill Bonner "Choltitz had let a sarcastic sense of humor creep into his conversation. He reported back to the German high command that he was going to blow up the Cathedral of Notre Dame… Invalides…the Palais Bourbon…" |
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| 05/06/2005 - MR. SAYLOR'S MICRO STRATEGY |
| By Eric Fry "…some CEOs try to boost the share prices of the companies they oversee by improving operating performance. Numerous are the timeworn means by which they seek to "enhance shareholder value." |
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| 05/06/2005 - DOW 2500 |
| By Bill Bonner "…okay. Why would anyone in his right mind buy a stock so favorably viewed for so long that every possible potential buyer already owns it? What happens to a company so widely admired that its reputation couldn't be better?" |
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| 05/05/2005 - AN UNLIKELY CONSPIRACY, AN ENTIRELY LIKELY SWINDLE |
| By Doug Casey "…in fact, I expect it will be dismissed out-of-hand by the court. I can hear the judges chuckling up the sleeves of their ample robes as they compare it to lawsuits alleging the Queen of England still owns the US…" |
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| 05/05/2005 - ASCENSION DAY |
| By Bill Bonner "…one feels like a fool for merely asking the question. How could a single mortal control an entire global economy…involving billions of people making billions of decisions every day? Perhaps he is not mortal, after all…" |
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| 05/05/2005 - GOD, MAN, AND ALAN GREENSPAN |
| By Bill Bonner "…stock prices rise from time to time - as if on an irregular, unpredictable ocean tide. Waves of bullishness rise up…between troughs of despair…and crash into the rocky shoreline. No matter how high the waves…" |
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| 05/05/2005 - GREEN[SPAN] MEANS "GO" |
| By Addison Wiggin "Despite the Fed's best intentions and a money supply expanding as fast as a small African country's GDP - the markets have hardly noticed. The Dow was down 113 for the day Friday is up a measly 1.8% YTD…" |
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| 05/05/2005 - SEX, FISH, AND PACKAGED MEAT |
| By Dan Denning "…Question: What do the Bay of Pigs invasion, the Kennedy assassination, George W. Bush (the senior), fishmeal, cat- fights between teenage girls, foot-and-mouth disease and on-line smut have in common? The answer is no joke…" |
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| 05/05/2005 - GOD, MAN AND ALAN GREENSPAN, PART II |
| By Bill Bonner "…life is not simple. It's most important features - love, faith, beauty, and stock prices - defy a thinking man's efforts and resist his theories; just as a man's wife frustrates his efforts at logical persuasion. Truth…" |
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| 05/05/2005 - SNOWBALL.COM'S CHANCE IN HELL |
| By Bill Bonner "A market capitalization equal to cash on hand presumes that the business itself is worth nothing. What about when a company has a stock market capitalization less than its cash; is the business of negative value?" |
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| 05/05/2005 - MERS EL KABIR |
| By Bill Bonner "…The French government could talk all it wanted about preserving the fighting spirit of its troops - but with the wehrmacht bearing down on them, the soldiers themselves threw down their guns and fled…" |
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| 05/05/2005 - THE LIFE OF ALAN |
| By Bill Bonner "After 18 fat years, all of a sudden, the American economic Nile has begun to run dry. Our hero is on the spot. For unlike Joseph, the Jew who interpreted Pharoah's dream and became Egypt's second-in-command…" |
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| 05/05/2005 - FAITH AND HISTORY, FEAR AND GREED |
| By John Mauldin "While members of the Church of the Fed place their Faith in the power of Greenspan, History itself dredges up a Pandora's box full of contradictions. Thus we become witnesses of a titanic boxing match between Faith and History…" |
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| 05/05/2005 - IRONIC TWISTS |
| By Bill Bonner "…consumers, looking for relief from high debt levels, will find little succor from the Fed. Neither short-term credit card interest rates, nor long-term mortgage interest rates are falling. The banking system…" |
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| 05/05/2005 - TOO MUCH, TOO SOON |
| By Addison Wiggin "Wall Street seemed to have plenty of disappointing economic data and earnings warnings this week. So what was missing? Stock buyers…'Analysts now say [the rally],' USAToday tells, 'in which the Dow recaptured the 11,000…" |
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| 05/05/2005 - THE BABY BOOMERS' GIFT TO THE 21ST CENTURY: RECESSION |
| By Bill Bonner "…an investor approaching retirement looks at his finances with a greater sense of alarm. He is often willing to forgo the incremental gains from stocks in favor of the surer returns from bonds…or mortgage lending…or rents." |
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| 05/05/2005 - WHY FOOLS FALL IN LOVE |
| By Bill Bonner "Neither reason nor logic explain love and marriage. Yet it is the way of most of the world. People fall in love, get married - and if they are lucky - for no act of will nor thinking leads them to it - they enjoy one of life's…" |
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| 05/05/2005 - GOD ONLY KNOWS |
| By Bill Bonner "…and what a spectacular success! The martyred Jesus was a big hit - bigger than Che or Abraham Lincoln. Within a few centuries, Constantine made Christianity the religion of the Empire. Now the sandal was on the other foot…" |
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| 05/05/2005 - A LONG DAY |
| By Bill Bonner "…the 6th and 7th of June, 1944, were black days for the Nindel family of Indiana. The crosses at Omaha Beach record that two Nindel boys, Preston and Robert, died within 24 hours of each other on those two days…" |
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| 05/05/2005 - DEBT EXPRESS |
| By Bill Bonner "…it is hard enough to see what is in front of our very eyes, let alone what is coming around the bend. Is the economy expanding or contracting? No one really knows. We have to wait to find out, looking backward to see where…" |
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| 05/05/2005 - WHAT THE FED CAN'T DO |
| By Bill Bonner "…the premise of today's values on Wall Street is that Alan Greenspan, public servant, will be able to do what no one has ever been able to do before - prevent stock prices from regressing to the mean…" |
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| 05/05/2005 - PROFIT WARNINGS, LAYOFFS… AND A RISING MARKET |
| By Addison Wiggin "Can Joe Six-Pack spend his way out of a global deflationary bust?" The major indexes seem to think so… the Dow closed up 78 on Friday. Just the kind of response we've come to expect from a schizophrenic market pumped…" |
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| 05/05/2005 - MORE IN THEORY THAN IN FACT |
| By Bill Bonner "America has more churchgoers than any other developed nation. It has always had higher levels of religious participation. Looking around the U.S., region by region, the higher the level of church attendance…" |
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| 05/05/2005 - A FREER PLACE? |
| By Bill Bonner "…I've begun businesses in both countries. The numbers may be technically correct, but they focus on the wrong part of the story. The big difference between France and America is not the difficulty of starting a business…" |
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| 05/05/2005 - AMERICAN HERO |
| By Bill Bonner "…but the wires that held up the grapevines slowed the plane. Harper jumped out of the cockpit with no further injury. At first, Jacqueline Thomas thought he must be a German. She started to run away…" |
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| 05/05/2005 - I, GREENSPAN … PART DUH |
| By Alan Greenspan "…the Fed was chartered to protect the currency and ensure the stability of the banking system. But its real mission - now - is to keep the economy expanding. Why? Because that gets politicians re-elected." |
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| 05/05/2005 - I, GREENSPAN … PART ONE |
| By Bill Bonner "…the world's financial press has realized what you and I saw months ago (thanks to Dr. Kurt Richebacher): This is no ordinary inventory correction. It is more like the busts of the 19th century…or maybe even the period…" |
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| 05/05/2005 - END OF THE RALLY? |
| By Addison Wiggin "Revised GDP numbers for the first quarter suggest the economy is not making a sexy "V" recovery, but more of a sagging U, without the upside… On the news Friday, the Dow fell 117 - a weekly loss of 296…" |
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| 05/05/2005 - MT. CISCO |
| By Bill Bonner "…[investors] have discovered that following the heels of a greed-obsessed mob leads nowhere they want to go. So, they've become `value' investors - looking for the real bargains amid the damaged goods and day-old bread…" |
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| 05/05/2005 - HOW TO CREATE AN ENERGY CRISIS |
| By Hans Sennholz "…the supply-and-demand principle points to three ways of creating an energy crisis. One, legislators and regulators fix energy rates that do not allow for rent, labor, and profit to bring it thither. In modern terminology…" |
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| 05/05/2005 - WILL THE FED SUCCEED? |
| By Bill Bonner "…the Federal Reserve System was chartered to protect the nation's money. This it has failed to do. Instead, it has acted like a security guard gone bad…sharing out the nation's savings - rewarding debtors, bankers…" |
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| 05/05/2005 - POMP AND CIRCUMSTANCE |
| By Bill Bonner "…'The unique combination of American terrorism," writes Harvard's Cornel West, "bears witness to the distinctive American assault on black humanity…the fundamental litmus test for American democracy…remains…" |
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| 05/05/2005 - STOP THE PRESSES! |
| By Addison Wiggin "While Alan Greenspan thinks he's averting a recession," said Jim Bianco, of Bianco Research, "He may be causing a depression." Inflation is already rearing its ugly head - CPI rose 3% in April. Gold reacted strongly…" |
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| 05/05/2005 - A GREAT AND SUBLIME FOOL |
| By Bill Bonner "…the problem is that Leckey doesn't even seem able to understand Twain's ironic humor. Twain typically takes common platitudes and turns them inside out, reaching for a deeper truth in the entrails. But Leckey keeps his hands…" |
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| 05/05/2005 - FIGHT THE FED? |
| By Bill Bonner "…thus do bureaucrats go about their business - making worse whatever problem they're supposed to be fighting, while actually increasing their own power. But as we will see tomorrow, it is a rare person who will not give up his…" |
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| 05/04/2005 - THE BELLYACHE BRIGADE |
| By James Padhina "…There are a lot of whiny, doom-and-gloom brats out there. I don't know how things got this way, but their thinking's all wrong, and it's got to stop. If you think what's gone on in labor markets lately is nasty…" |
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| 05/04/2005 - MR. LINCOLN'S WAR |
| By Bill Bonner "…There is no foolishness to which a man will not stoop, dear reader, if he has a mob at his back and a public office within his grasp. Instead of letting the Deep South do as it pleased…Mr. Lincoln decided he would tell them…" |
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| 05/04/2005 - "MONSTER RALLY" DIDN'T STOP THE BLEEDING |
| By Addison Wiggin "'not even Thursday's monster rally could stop the bleeding at sagging stock mutual funds,' reports USAToday. 'The average diversified U.S. stock fund fell 1.2%, and is off 8.1% for the year, according to Lipper….'" |
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| 05/04/2005 - REGULATION |
| By Bill Bonner "…every industry loves regulations. It imposes costs, but the costs are passed along to consumers. The real benefit to the regulated is that it helps prevent competition. So, I am grateful to the regulators." |
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| 05/04/2005 - ONE LONG, ONE SHORT |
| By Bill Bonner "…Popularity is poison. Today, I bring you a poison stock…and a possible antidote. Laying itself out on a bed of quicksand, IBM has - so far - avoided sinking, but its popularity won't pay off." |
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| 05/04/2005 - NO SAVING GRACE |
| By Paul L. Kasriel "[A]ll you have to do is look at the behavior of the current account deficit in recent years to know that Americans are spending more than they are producing. No matter how you cut it, the combined American saving rate…" |
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| 05/04/2005 - RUINOUS DISORDERS |
| By Bill Bonner "…Webvan, one of the most majestically hollow business concepts of the Internet bubble, has finally given up the ghost - after having wasted more than a billion dollars of investors' money." |
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| 05/04/2005 - DOOMSDAY FOR THE DOW? |
| By Addison Wiggin "gone are the days when stocks were the subject of every polite dinner table discussion… gone, too, are the gains from this spring's "surprise" rally. For month's Wall Street has been expecting weak earnings, but this week…" |
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| 05/04/2005 - THE WORST POSSIBLE WAY |
| By Bill Bonner "The only way consumers can continue borrowing and spending is by going further into debt. What is the worst thing a person who is deeply in debt can do? Borrow more money, of course. And when would be the worst time for a debtor…" |
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| 05/04/2005 - http://dailyreckoning.org/body_index3.cfm?id=848&tp=a |
| By Bill Bonner "…There was a time, believe it or not, when people treated Cramer, Abby Joseph Cohen, Henry Blodget, and Mary Meeker as if they had not lost their marbles or their scruples. Why, you may ask, would anyone care…" |
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| 05/04/2005 - THE NATION'S MOST MILD-MANNERED REVOLUTIONARY |
| By Gary North "…The basic plan for today's Federal Reserve, a financial innovation of the first degree, was drafted at a secret meeting held in November of 1910 on Jeckyll Island. It was the brainchild of Paul Warburg, "the mildest-mannered…" |
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| 05/04/2005 - MAKING THE WORLD SAFE FOR PROFLIGACY |
| By Bill Bonner "…And so, dear reader, the much-anticipated second half arrives today. And we greet it with a familiar question: will there be a 'recovery' as predicted…or must the economy and the stock market sink lower…" |
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| 05/04/2005 - OH BOY! THINGS ARE LOOKING UP! |
| By Addison Wiggin "…How buying overvalued companies with falling earnings constitutes a sign that things are looking up - is beyond me. But, hey it's USAToday. If they printed it, it must be true…" |
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| 05/04/2005 - PRISONERS OF THE AVERAGE |
| By Bill Bonner "…In paradise, dear reader, perhaps a man can drink all he wants, and stay happily drunk forever. But in this world, a binge of inebriation comes at a price…a headache, or perhaps only a period of quiet repose." |
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| 05/04/2005 - A FED CELEBRITY DEATH MATCH? |
| By James Padhina "It smells like a fight to me… Fed Chairman Alan Greenspan v. Fed Governor Larry Meyer. Being neither prizefighters nor kings, these guys aren't battling for money or for a come-hither woman named Helen." |
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| 05/04/2005 - THE NEW NEW ECONOMY? |
| By Bill Bonner "There are many new things about our economy. But what if the most important new thing really has nothing to do with technology…and everything to do with aging populations? What if Japan's deflationary economy…" |
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| 05/04/2005 - TURNING JAPANESE |
| By Bill Bonner "The Fed's number one objective," to repeat James Stack, "is to prevent a Japan-style scenario." But how will it do so? Lower interest rates did not work in Japan, why would they work here? Perhaps they will not…" |
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| 05/04/2005 - WHERE'S THE BEEF? |
| By Addison Wiggin "…the wild 'hope' of another Greenspan panacea helped the markets close higher through most of the week, but here at The Daily Reckoning we believe another reduction is a dubious proposition at best…and unlikely to cure…" |
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| 05/04/2005 - MAKING A DIFFERENCE |
| By Bill Bonner "…looking to the left these students find claptrap about government, Rousseau's noble savage cavorting in their mind's eye with pilgrims of Plymouth Rock and the Democratic Platform of the Roosevelt Administration in 1948." |
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| 05/04/2005 - BELLS RINGING |
| By Bill Bonner "…In the Belle Epoque, it seemed as though things just couldn't be better. New technology was transforming every aspect of commercial life - making things faster, more efficient, and more productive." |
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| 05/04/2005 - STUFF OF DREAMS |
| By Bill Bonner "…On or before this coming Thursday, from the cloud- capped towers of Waltham, Massachusetts, the nation will get a small preview - I think - of where borrowing against equity can lead. It is not likely to be pretty…" |
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| 05/03/2005 - DEADWEIGHT LOSSES |
| By Bill Bonner "…It is frequently said that the U.S. Constitution rests on two incompatible principles - liberty and equality - and that prior to Mr. Lincoln, liberty was dominant. Post-Lincoln, equality has been emphasized…" |
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| 05/03/2005 - BELLWHETHERS, HEROES AND VILLAINS |
| By Addison Wiggin "…Weakness in industry 'bellwethers' - like Microsoft - still indicate a lack of clarity with that 'vision' thing. USAToday reports that more than 800 companies have warned of shrinking profits…" |
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| 05/03/2005 - VICTIMS OF GREENSPANISM |
| By Bill Bonner "…On Friday, I posed the question: upon whom will the deadweight of Greenspanism fall? When? All government actions - whether making war, taxing citizens, or forcing funny money and artificial rates of interest upon them…" |
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| 05/03/2005 - PRO FORMA LIFE |
| By Bill Bonner "…What we find most interesting in the Amazon story is how the distance between 'pro forma' and GAAP numbers - like the space between opposing river banks - seems to widen as the big river nears the end of its course." |
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| 05/03/2005 - STINGY CUSTOMERS |
| By Addison Wiggin "…Tight-fisted consumers holding onto their cash are stifling the U.S. economy!' rants MONEY.com's Borzou Daraghi this morning. 'Wall Street is royally freaked out… for heaven's sake, stingy consumer, spend money!" |
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| 05/03/2005 - SERIAL DISHONESTIES |
| By Bill Bonner "…Things that need to be managed will soon be mismanaged. And even Alan Greenspan will someday come up with the wrong answer. This is not merely a matter of chance….but one of destiny. The use of force and fraud…" |
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| 05/03/2005 - BEETLE JUICE |
| By Jay Akasie "Unlike most U.S. preferreds, the VW brand offers an upside potential nearly identical to the ordinary shares but are cheaper and pay a richer dividend. It sounds to us a bit like buying a Bentley for the price of a Bug." |
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| 05/03/2005 - PURSUIT OF MEDIOCRITY |
| By Bill Bonner "it probably would have been better if the "Committee to Save the World" - Robert Rubin, Larry Summers, and Alan Greenspan - had failed. A modest boom would have been followed by a modest bust." |
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| 05/03/2005 - THE GREAT O'NEILL |
| By Bill Bonner "…Paul O'Neill is the type of character who exists only in America. He is a straight talker, and an optimist by avocation as well as vocation. O'Neill has been having a winning streak. But even ardent self-improvers stumble…" |
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| 05/03/2005 - NEGOTIATING THE "BRIDE PRICE" |
| By Dan Denning "…Hmmn… Kazakhstan. Risky? Perhaps. But here at the Daily Reckoning, we like to overturn the occasional emerging market rock to discover what slithery creatures lie beneath." |
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