Bill Baker
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For over 25 years Bill Baker, author of "Endless Money: The Moral
Hazards of Socialism" and founder of the Conservative Economist web
site, has been an equity money manager or investment research analyst in
an institutional setting.

More than half these years he has spent concurrently developing two
companies: GARP Research & Securities Co. (member FINRA, SIPC) and
Gaineswood Investment Management, Inc. (an SEC registered investment
advisor). Before this he was at Reich & Tang, Oppenheimer Funds, and Van
Kampen American Capital, being directly responsible for mutual funds or
institutional accounts during most of that interval.

One of the funds he managed at Oppenheimer was awarded a Morningstar
five-star rating in November 1990 shortly before he left the firm. Mr.
Baker received his master of business administration from the Amos Tuck
School at Dartmouth College in 1980, and he was granted a bachelor
degree in economics in 1978 from the University of Pennsylvania. He is
vice president and a trustee of the Harbour League, a think tank
headquartered in Baltimore with affiliates in other U.S. cities.

Blog Entries by Bill Baker

Fiat Currency Fever: The Causes

Posted November 29, 2010 | 11:50:02 (EST)

Note: Any resemblance of this parody to an article published recently by the New York Times is purely intentional.


It is part religion, part politics. It is a way to voice a lack of confidence in individual freedom, property rights, and free market capitalism. It...

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The Real Reason for QE2

Posted November 15, 2010 | 14:16:27 (EST)

The Fed's announcement that it will buy approximately $600 billion of US Treasury securities or more in the coming months has, for the first time, provoked the ire of conservatives such as Sarah Palin. Monetary policy has not been a political concern for maybe a century, when William Jennings...

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Bernanke to World: "We're Going to Fiddle While Rome Burns"

Posted August 27, 2010 | 14:55:03 (EST)

In Jackson Hole, Wyoming today Fed Chairman Ben Bernanke said the risk of an "undesirable rise in inflation or of significant further disinflation seems low." Yup, can't argue with that.

If you are operating a bank, and you had lost your depositors' funds by making bad real estate loans, normally...

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When Will the AA Batteries Run Out?

Posted July 23, 2010 | 13:24:26 (EST)

Dagong International Credit Rating, a new Chinese credit rating agency, purports to adhere to "fundamental principles of truthfulness, timeliness, and consistency." It warns that "over-reliance on financing income and debt roll-over will ultimately lead to a strong reaction of bond market, thus when the borrowing costs and difficulties increase, the...

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The Wants and Fears of George Soros

Posted June 24, 2010 | 12:12:53 (EST)

George Soros has demonstrated to the world that he has one of the brightest financial minds of our era. He articulated a framework that he dubbed "reflexivity," which inconveniently argued that forces in the financial system could periodically become unstable rather than always tending towards equilibrium. His famous winning bets...

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The Ugly Face of Corporate Health Insurance

Posted February 22, 2010 | 14:01:49 (EST)

Suppose you were travelling out of state and you had a skiing accident. You sustain a deep compression fracture across half the plateau on the top of the primary lower leg bone that supports your knee, and you break off part of that bone as well. You most probably have...

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Tragedy in Greece

Posted February 11, 2010 | 10:34:45 (EST)

Similar to events at the early stages of the sub-prime crisis, the financial predicament of Greece is likely to blow over soon, especially once the unannounced details of the accord reached early today are acted upon. What was once a cradle of civilization now accounts for only 2.6% of European...

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Spoof Predictions for 2010 and Beyond

Posted January 6, 2010 | 13:29:59 (EST)

With each New Year, predictions thought out to be sagacious and sometimes offbeat are advanced by the gurus of Wall Street. The consensus this year seems to be that an improving economy will enable the stock market rally to continue but then be vulnerable in the second half to pressures...

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Cash Trades on Bluff and Deception

Posted December 14, 2009 | 11:27:17 (EST)

Imagine that the explosive printing of broad money, which has been the case since the founding of the Federal Reserve in 1913, ceased tomorrow. The gold price would spike initially. Zombie banks might go under. The dollar might rally. Goldman Sachs might get caught off balance with carry trade exposure....

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