Given Friday's surprising employment report, it is understandable that the other big announcement that day -- the one pertaining to governors for the Federal Reserve -- attracted a lot less attention. Yet the news is more consequential for the economy and markets. It is also good news.
Do Americans want a government of the people by the people for the people? Or do Americans want a government of the corporations by the corporations for the corporations, one dedicated to the proposition that the rich are better than everyone else?
We have become a nation where our leaders can throw billions at places like Goldman Sachs, which does nothing to touch the lives of average Americans, but underfund the war against cancer, which touches almost every family.
Seth Godin, who has helped thousands of entrepreneurs be productive, says that business people never realize that with a little bit of push, they can move past a seeming dead end and reach business success. I hope that is true in my case.
Republicans are proposing a 4% home mortgage Ponzi scheme that's the modern day version of "40 acres and a mule." It's every bit the false promise that dashed the hopes of ex-slaves after the Civil War.
It began with the bursting of the bubble in residential real estate here in the United States. It quickly spread to other hot real estate markets around the world. Complex debt instruments that were linked to sub-prime mortgages, both here and abroad, imploded in value.