Smart401k Blog

A few weeks ago I asked for your opinion:  would you hire Ben Bernanke based on his credentials?  I received a number of responses and it was actually split 50-50 on those who would and wouldn’t hire him.  Some of you agreed with the decisions he has made while others strongly disagreed.  To get a better sense of Mr. Bernanke’s impact since he’s been in office, I’d like to review his responsibilities, then look at some of the decisions he made through the last couple years and why those decisions were made.

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In the headlines

A look at some of the market movers over the past week:

• CIT Group arranged for emergency financing to allow it to avoid near-term bankruptcy, but more work is needed to stay out of Chapter 11 altogether
• New York Attorney General Andrew Cuomo is suing Charles Schwab over the firm’s handling of auction rate securities
• California lawmakers agreed on a budget proposal that will close the massive $24 billion gap
• TARP watchdogs continue to urge more transparency

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In the headlines

A look at some of the market movers over the past week:

• Lender CIT Group found itself close to bankruptcy after the government refused to bail out the company
• Microsoft fired back in the escalating battle between it and Google
• Bank of America and the U.S. government clashed over fees for government asset guarantees
• Bullish commentary on Goldman from Meredith Whitney lifted banks early in the week

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In the headlines

A look at some of the market movers over the past week:

• General Motors emerged from bankruptcy
• China continued its rhetoric around replacing the dollar as global currency
• Seven more banks joined the ranks of failed banks in 2009
• The U.S. Department of Justice began probing large telecom firms on antitrust concerns (more…)

I’m sure it’ll come as no surprise to hear that the downturn and volatility in the market prompted some investors to get out.  After all, The Dow Jones Industrial Average, one of the most common market benchmarks, fell 33% in 2008 and followed that up by reaching a 12 year low in early March. 

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In the headlines

A look at some of the market movers over the past week:

• Ponzi scheme mastermind Bernie Madoff was sentenced to 150 years in prison
• Pipeline company Enterprise Products Partners agreed to purchase Teppco Partners for $3.3 billion
• The U.S. Department of Justice opposed a plan that would have United Airlines and Continental cooperate on worldwide routes through the Star Alliance of air carriers
• The FDIC presented new rules for the purchase of failed banks by private equity firms

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Around each holiday, I try to remind myself of the true significance of that day, as tradition often shrouds the actual meaning.  For example, this time of year, it’s easy to get caught up in the BBQ’s, parades and fireworks, while overlooking an event that took place 233 years ago.  On July 4^th, 1776, the Second Continental Congress approved the Declaration of Independence, marking the birth date of the United States of America and break from British rule.  This day signifies the culmination of years of careful planning and sacrifices to get to that point.

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