Financial Review

November Jobs Report – Progress Not Perfection

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/SINCLAIR_NOE-SEG_1-12-05-2014.mp3Podcast: Play in new window | Download (Duration: 13:19 — 6.1MB)Subscribe: Apple Podcasts | Android | RSSFinancial Review by Sinclair Noe DOW + 58 = 17,985 SPX + 3 = 2075 NAS + 11 = 4780 10 YR YLD + .05 = 2.31% OIL – 1.12 = 65.69 GOLD – 15.50 = 1192.00 SILV – .20 = 16.39 Record highs for the Dow and the S&P 500. For the past week I’ve been telling you we could see a wild number on the jobs report. We did. The economy added 321,000 net new jobs in November. The unemployment rate held steady at 5.8%. Job gains for September and October were revised higher. September was revised from 256,000 to 271,000, and the change for October was revised from 214,000 to 243,000. With these revisions, employment gains in September and October combined were 44,000 more than previously reported. And that pushes the 3 month average up to about 277,000 jobs per month. November marked the biggest monthly jobs gain since January 2012. So far in 2014 the economy has gained an average of 241,000 jobs a month. This was the tenth consecutive month of job gains greater than 200,000, and an all-time record 50th consecutive month of job gains. Total employment is now 1.7 million above the previous peak. Total employment is up 10.4 million from the employment recession low. So far this year, the United States has added some 2.65 million jobs, putting the country on track for its best year …

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Financial Review

More Jobs

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/SINCLAIR_NOE-SEG_1-12-03-2014.mp3Podcast: Play in new window | Download (Duration: 13:16 — 6.1MB)Subscribe: Apple Podcasts | Android | RSSFinancial Review by Sinclair Noe DOW + 33 = 17912 SPX + 7 =2074 NAS + 18 = 4774 10 YR YLD + .01 = 2.29% OIL + .49 = 67.37 GOLD + 11.60 = 1211.10 SILV – .04 = 16.52 Record high for the Dow Industrials and the S&P 500. About 2 weeks before the Federal Reserve FOMC meets to determine monetary policy they gather together reports from across the nation on how the economy is doing; the Fed then binds those reports in a Beige folder, or what we call the Beige Book. As the name would imply, the Beige Book is not always a page turner, but it can provide some useful information as well as an indicator of what the Fed policymakers are thinking, and then there is the occasional surprise nugget of information. The Beige Book was released today and it shows the US economy holding up well despite global slowing; economic activity continued to expand in October and November, with lower gasoline prices boosting consumer spending. Despite a sharp drop in crude oil prices, drilling activity in shale production districts remained steady; oil and gas exploration activity decreased in North Dakota and increased in Montana relative to a month earlier; production remained at record levels. Lower oil prices have some oil companies concerned and closely monitoring prices, which are close to many firms’ breakeven price. Employment gains were …

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Financial Review

Oil and Implications

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/SINCLAIR_NOE-SEG_1-12-02-2014.mp3Podcast: Play in new window | Download (Duration: 13:15 — 6.1MB)Subscribe: Apple Podcasts | Android | RSSFinancial Review by Sinclair Noe DOW + 102 = 17,879 SPX + 13 = 2066 NAS + 28 = 4755 10 YR YLD + .07 = 2.29% OIL – 1.48 = 67.52 GOLD – 14.30 = 1199.50 SILV un = 16.57 Record highs on Wall Street. The day’s gains were broad, with nine of the 10 S&P 500 industry sectors higher. The only group to fall was telecoms. I think this is the 32nd record high for the Dow this year; pretty soon we’ll be counting them in dozens. Records for the bond market as well. US corporate bond sales for 2014 have topped $1.5 trillion, setting a new annual record, as borrowers lock in low rates. According to Lipper, investors have poured money into corporate investment-grade funds for 24 straight weeks, with inflows of $880 million for the week ending Nov. 26. Borrowers have offered $1.168 trillion of investment-grade notes in 2014 and $344 billion of junk bonds. Yields on corporate bonds in the U.S. fell to 3.57 percent in June and have since risen to 3.86 percent yesterday. So, record highs for equities, record issuance for corporate bonds; the story line is that this is a good place to be, and when you look abroad, it makes sense. Yesterday, Moody’s Investors Service cut Japan’s credit rating to A1. Japan is in a recession after a sales tax increase in April destroyed consumer …

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Financial Review

Too Much Pie

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/SINCLAIR_NOE-SEG_1-12-01-2014.mp3Podcast: Play in new window | Download (Duration: 13:17 — 6.1MB)Subscribe: Apple Podcasts | Android | RSSFinancial Reivew by Sinclair Noe DOW – 51 = 17,776 SPX – 14 = 2053 NAS -64 = 4727 10 YR YLD + .02 = 2.22% OIL + 3.22 = 69.37 GOLD + 44.30 = 1213.80 SILV + .88 = 16.56 Last week I said that you can never eat too much pie. I would like to amend that statement. That was a long weekend. While we were gone, the Dow hit another record hit on Friday, the 31st of the year. Dow stocks are still up about 7% for 2014; with all these record high closes, you might think it would be more, and you might think you could just throw a dart at any of the Dow 30 stocks and hit a winner. Unfortunately, not all Dow stocks were able to revel in the year’s rallies. In fact, nearly one-third of the market’s companies had negative returns this year. Big names that are down, including: Boeing – down about 7% despite fairly strong sales of airplanes, IBM – down 13% as they try to figure out what their business is, General Electric – is off about 6%, United Technologies – down about 3%, and Chevron – down about 6% for the year as oil prices have been sliding. The oil companies are about the only ones not happy with lower oil prices. On Thursday, as we were enjoying turkey and way too …

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Author Interviews

Shane Snow

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/SHANE_SNOW-11-28-2014.mp3Podcast: Play in new window | Download (Duration: 19:50 — 9.1MB)Subscribe: Apple Podcasts | Android | RSSListen to Sinclair Noe interview Shane Snow For more information or to buy the book, click the banner: Smartcuts: How Hackers, Innovators, and Icons Accelerate Success by Shane Snow Entrepreneur and journalist Shane Snow (Wired, Fast Company, The New Yorker, and cofounder of Contently) analyzes the lives of people and companies that do incredible things in implausibly short time. How do some startups go from zero to billions in mere months? How did Alexander the Great, YouTube tycoon Michelle Phan, and Tonight Show host Jimmy Fallon climb to the top in less time than it takes most of us to get a promotion? What do high-growth businesses, world-class heart surgeons, and underdog marketers do in common to beat the norm? One way or another, they do it like computer hackers. They employ what psychologists call “lateral thinking” to rethink convention and break “rules” that aren’t rules. In Smartcuts, Snow shatters common wisdom about success, revealing how conventions like “paying dues” prevent progress, why kids shouldn’t learn times tables, and how, paradoxically, it’s easier to build a huge business than a small one. From SpaceX to The Cuban Revolution, from Ferrari to Skrillex, Smartcuts is a narrative adventure that busts old myths about success and shows how innovators and icons do the incredible by working smarter–and how perhaps the rest of us can, too.

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Author Interviews

Josh Linkner

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/JOSH_LINKNER.mp3Podcast: Play in new window | Download (Duration: 19:49 — 9.1MB)Subscribe: Apple Podcasts | Android | RSSListen to Sinclair Noe interview Josh Linkner. The Road to Reinvention: How to Drive Disruption and Accelerate Transformation by Josh Linkner. For more information or to buy the book, click here: The Road to Reinvention: How to Drive Disruption and Accelerate Transformation by Josh Linkner. Companies, communities, and individuals fall for many reasons, but one of the most common—and easily avoidable—is the failure to reinvent. When people and organizations rest on prior successes rather than driving purposeful transformation, they discover too late that they have lost their market position altogether to competitors and external forces. The most successful companies, brands, and individuals make reinvention a regular part of their business strategies. Transformation demands an ongoing process of discovery and imagination, and The Road to Reinvention lays out a systematic approach for continually challenging and reinventing yourself and your business. Venture capitalist and serial entrepreneur Josh Linkner identifies six elements in any business that are ripe for reinvention and shares examples, methods, and step-by-step techniques for creating deliberate, productive disruption. Throughout The Road to Reinvention, Linkner also explores the history—the great rise, unprecedented fall, and now rebirth—of his beloved hometown, Detroit. First rising to greatness as the result of breathtaking innovation, Detroit had generations of booming growth before succumbing to apathy, atrophy, and finally bankruptcy. Now, the city is rising from the ashes and driving sustainable success through an intense focus on reinvention. Linkner brings …

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Author Interviews

Stewart Friedman

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/STEWART_FRIEDMAN.mp3Podcast: Play in new window | Download (Duration: 19:50 — 9.1MB)Subscribe: Apple Podcasts | Android | RSSListen to Sinclair Noe audio interview with Stewart Friedman. Leading the Life You Want: Skills for Integrating Work and Life by Stewart Friedman. For more information on the book or to purchase the book, click here: Leading the Life You Want: Skills for Integrating Work and Life by Stewart Friedman “For nearly thirty years, my life’s work has been to help people like you find ways to bring the often warring aspects of life into greater harmony.” — Stew Friedman, from Leading the Life You Want You’re busy trying to lead a “full” life. But does it really feel full—or are you stretched too thin? Enter Stew Friedman, Wharton professor, adviser to leaders across the globe, and passionate advocate of replacing the misguided metaphor of “work/life balance” with something more realistic and sustainable. If you’re seeking “balance” you’ll never achieve it, argues Friedman. The idea that “work” competes with “life” ignores the more nuanced reality of our humanity—the interaction of four domains: work, home, community, and the private self. The goal is to create harmony among them instead of thinking only in terms of trade-offs. It can be done. Building on his national bestseller, Total Leadership, and on decades of research, teaching, and practice as both consultant and senior executive, Friedman identifies the critical skills for integrating work and the rest of life. He illustrates them through compelling original stories of these remarkable people: …

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Author Interviews

Nomi Prins

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/NOMI_PRINS.mp3Podcast: Play in new window | Download (Duration: 19:50 — 9.1MB)Subscribe: Apple Podcasts | Android | RSSListen to Sinclair Noe interview Nomi Prins For more information on the book or to buy the book, click the banner: All the Presidents’ Bankers: The Hidden Alliances that Drive American Power by Nomi Prins All the Presidents’ Bankers is a groundbreaking narrative of how an elite group of men transformed the American economy and government, dictated foreign and domestic policy, and shaped world history. Culled from original presidential archival documents, All the Presidents’ Bankers delivers an explosive account of the hundred-year interdependence between the White House and Wall Street that transcends a simple analysis of money driving politics—or greed driving bankers. Prins ushers us into the intimate world of exclusive clubs, vacation spots, and Ivy League universities that binds presidents and financiers. She unravels the multi-generational blood, intermarriage, and protégé relationships that have confined national influence to a privileged cluster of people. These families and individuals recycle their power through elected office and private channels in Washington, DC. All the Presidents’ Bankers sheds new light on pivotal historic events—such as why, after the Panic of 1907, America’s dominant bankers convened to fashion the Federal Reserve System; how J. P. Morgan’s ambitions motivated President Wilson during World War I; how Chase and National City Bank chairmen worked secretly with President Roosevelt to rescue capitalism during the Great Depression while J.P. Morgan Jr. invited Roosevelt’s son yachting; and how American financiers collaborated with President Truman …

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Author Interviews

L Randall Wray

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/L_RANDAL_WRAY.mp3Podcast: Play in new window | Download (Duration: 19:50 — 9.1MB)Subscribe: Apple Podcasts | Android | RSSListen to the interview with the author, For more information or to buy the book, click the banner link below. Modern Money Theory: A Primer on Macroeconomics for Sovereign Monetary Systems by L. Randall Wray In a challenge to conventional views on modern monetary and fiscal policy, this book presents a coherent analysis of how money is created, how it functions in global exchange rate regimes, and how the mystification of the nature of money has constrained governments, and prevented states from acting in the public interest. Also, by this author:

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Author Interviews

Michael Norton

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/MICHAEL_NORTON.mp3Podcast: Play in new window | Download (Duration: 19:50 — 9.1MB)Subscribe: Apple Podcasts | Android | RSSSinclair Noe interviews author Michael Norton. Listen here: For more information or to buy the book, click here: Happy Money: The Science of Happier Spending by Michael Norton & Elizabeth Dunn Two professors combine their fascinating and cutting-edge research in behavioral science to explain how money can buy happiness—if you follow five core principles of smart spending. Most people recognize that they need professional advice on how to earn, save, and invest their money. When it comes to spending that money, most people just follow their intuitions. But scientific research shows that those intuitions are often wrong. Happy Money offers a tour of research on the science of spending, explaining how you can get more happiness for your money. Authors Elizabeth Dunn and Michael Norton have outlined five principles—from choosing experiences over stuff to spending money on others—to guide not only individuals looking for financial security, but also companies seeking to create happier employees and provide “happier products” to their customers. Dunn and Norton show how companies from Google to Pepsi to Charmin have put these ideas into action. Along the way, Dunn and Norton explore fascinating research that reveals that luxury cars often provide no more pleasure than economy models, that commercials can actually enhance the enjoyment of watching television, and that residents of many cities frequently miss out on inexpensive pleasures in their hometowns. By the end of this “lively and engaging …

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Author Interviews

Geoffrey James

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/GEOFFREY_JAMES.mp3Podcast: Play in new window | Download (Duration: 19:50 — 9.1MB)Subscribe: Apple Podcasts | Android | RSSListen to the audio interview with Sinclair Noe and Geoffrey James: For more info or to buy the book, click the banner: Business Without the Bullsh*t: 49 Secrets and Shortcuts You Need to Know by Geoffrey James In BUSINESS WITHOUT THE BULLSH*T, James explains how to clear the clutter from your work life so you can achieve real and lasting success. You’ll learn how to: Earn the respect of your peers Find and keep your dream job Use layoffs to build your career Give unforgettable presentations Neutralize workplace bullies Nail that all-important email Achieve lasting career security Full of the bluntest secrets from the most successful workers, BUSINESS WITHOUT THE BULLSH*T gives you the essence of what you need to know to achieve a successful and meaningful career in the business world. Other books by Geoffrey James:

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Author Interviews

Martin Wolf

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/MARTIN_WOLF_10-31-2014.mp3Podcast: Play in new window | Download (Duration: 19:50 — 9.1MB)Subscribe: Apple Podcasts | Android | RSSSinclair Noe interviews Martin Wolf. Listen to audio here. Click here for more information or to buy the book. The Shifts and the Shocks: What We’ve Learned—and Have Still to Learn—from the Financial Crisis by Martin Wolf From the chief economic commentator for the Financial Times, a brilliant tour d’horizon of the new global economy and its trajectory There have been many books that have sought to explain the causes and courses of the financial and economic crisis which began in 2007–8. The Shifts and the Shocks is not another detailed history of the crisis, but the most persuasive and complete account yet published of what the crisis should teach us about modern economies and economics. The book identifies the origin of the crisis in the complex interaction between globalization, hugely destabilizing global imbalances and our dangerously fragile financial system. In the eurozone, these sources of instability were multiplied by the tragically defective architecture of the monetary union. It also shows how much of the orthodoxy that shaped monetary and financial policy before the crisis occurred was complacent and wrong. In doing so, it mercilessly reveals the failures of the financial, political and intellectual elites who ran the system. The book also examines what has been done to reform the financial and monetary systems since the worst of the crisis passed. “Are we now on a sustainable course?” Wolf asks. “The answer is no.” …

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Author Interviews

Michael Malone

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/MICHAEL_MALONE_.mp3Podcast: Play in new window | Download (Duration: 19:50 — 9.1MB)Subscribe: Apple Podcasts | Android | RSSListen to Sinclair Noe interview author Michael Malone. for more information, or to buy the book, click the banner. The Intel Trinity: How Robert Noyce, Gordon Moore, and Andy Grove Built the World’s Most Important Company by Michael Malone Based on unprecedented access to the corporation’s archives, The Intel Trinity is the first full history of Intel Corporation—the essential company of the digital age— told through the lives of the three most important figures in the company’s history: Robert Noyce, Gordon Moore, and Andy Grove.

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Author Interviews

Philip K. Howard

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/PHILIP_K_HOWARD.mp3Podcast: Play in new window | Download (Duration: 19:50 — 9.1MB)Subscribe: Apple Podcasts | Android | RSSListen to the author interviewed by Sinclair Noe. Click the banner to buy the book or for more information. The Rule of Nobody: Saving America from Dead Laws and Broken Government by Philip K. Howard The secret to good government is a question no one in Washington is asking: “What’s the right thing to do?” What’s wrong in Washington is deeper than you think. Yes, there’s gridlock, polarization, and self-dealing. But hidden underneath is something bigger and more destructive. It’s a broken governing system. From that comes wasteful government, rising debt, failing schools, expensive health care, and economic hardship. Rules have replaced leadership in America.

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Author Interviews

Tom Sturges

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/TOM_STURGES-10-19-2014.mp3Podcast: Play in new window | Download (Duration: 19:50 — 9.1MB)Subscribe: Apple Podcasts | Android | RSSListen to the author interview. Click the banner to buy the book. Every Idea Is a Good Idea: Be Creative Anytime, Anywhere by Tom Sturges. Access a level of creativity you never thought possible, using techniques Tom Sturges—former head of creative at Universal Music Publishing Group—learned in his 25-plus years in the music industry. Everyone is innately creative. But many of us—especially those trying to develop careers in music and the arts—wish we knew how to better tap into our creative potential. Is there a way to more easily connect with the part of our minds that knows how to complete a song, finish a poem, or solve a problem? Music industry veteran Tom Sturges argues that there is. Sturges—who, in his 25-plus-year career, has worked with artists including Carole King, Paul Simon, Elton John, Neil Young, Foo Fighters, Red Hot Chili Peppers, Smashing Pumpkins and Outkast—has developed dependable techniques to help you recognize and harness your own creative power, whenever and wherever you need it Get insight and knowledge of the creative process from Sir Paul McCartney and other. . Every Idea Is a Good Idea invites readers to find the pathway to their own creative endeavors.

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Author Interviews

Erin Arvedlund

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/ERIN_ARVEDLUND_10-19-2014.mp3Podcast: Play in new window | Download (Duration: 19:50 — 9.1MB)Subscribe: Apple Podcasts | Android | RSSListen to the author interview. Click the banner to buy the book. Open Secret: The Global Banking Conspiracy That Swindled Investors Out of Billions by Erin Arvedlund “Gaming the LIBOR—that is, fixing the price of money—had become just that: a game. Playing it was the price of admission to a club of men who socialized together, skied in Europe courtesy of brokers and expense accounts, and reaped million-dollar bonuses.” In the midst of the financial crisis of 2008, rumors swirled that a sinister scandal was brewing deep in the heart of London. Some suspected that behind closed doors, a group of chummy young bankers had been cheating the system through interest rate machinations. But with most eyes focused on the crisis rippling through Wall Street and the rest of the world, the story remained an “open secret” among competitors. Soon enough, the scandal became public and dozens of bankers and their bosses were caught red-handed. Several major banks and hedge funds were manipulating and misreporting their daily submission of the London Interbank Offered Rate, better known as the LIBOR. As the main interest rate that pulses through the banking community, the LIBOR was supposed to represent the average rate banks charge each other for loans, effectively setting short-term interest rates around the world for trillions of dollars in financial contracts. But the LIBOR wasn’t an average; it was a combination of guesswork and outright …

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Author Interviews

Sharon Lechter – Think and Grow Rich for Women

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/SHARON_LECHTER.mp3Podcast: Play in new window | Download (Duration: 19:50 — 9.1MB)Subscribe: Apple Podcasts | Android | RSSListen to the author here Click the banner to buy the book. Sharon Lechter – Think and Grow Rich for Women: Using Your Power to Create Success and Significance Lechter, coauthor of the best-selling Rich Dad, Poor Dad (2007), revisits Napoleon Hill’s 1937 self-help book from the perspective of modern women, who stand to inherit nearly $30 trillion in global wealth. Mindful that advice on wealth accumulation can be much the same for men and women, Lechter argues that the difference in women’s values calls for a different perspective. But she takes issue with the notion that women need to seek a balance between home life and career, instead counseling women to replace guilt with power to make choices to create “one big life filled with love, family, satisfaction, success, and significance.” She begins each chapter with a contemporary review of Hill’s book, then offers lessons on how women have applied his philosophy, drawing on interviews with successful women, from the founder of Mary Kay cosmetics to Condoleezza Rice to Sandra Day O’Connor. Following Hill’s example, she offers a sisterhood MasterMind compendium of inspirational quotes from women and ends each chapter with prompts for formulating an action plan to further career goals.

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Author Interviews

Zachary Karabell – The Leading Indicators

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/ZACHARY_KARABELL.mp3Podcast: Play in new window | Download (Duration: 19:50 — 9.1MB)Subscribe: Apple Podcasts | Android | RSSListen to Zachary Karabell, the author of “The Leading Indicators” interviewed by Sinclair Noe. For more information on the book or to purchase the book, click the banner. The Leading Indicators: A Short History of the Numbers That Rule Our World interview recorded Feb. 2014 How did we come by the “leading indicators” we place such stock in? We allocate trillions of dollars and make public policy and personal decisions based upon them, but what do they really tell us? “The leading indicators” shape our lives intimately, but few of us know where these numbers come from, what they mean, or why they rule the world. GDP, inflation, unemployment, trade, and a host of averages determine whether we feel optimistic or pessimistic about the country’s future and our own. They dictate whether businesses hire and invest, or fire and hunker down, whether governments spend trillions or try to reduce debt, whether individuals marry, buy a car, get a mortgage, or look for a job. Zachary Karabell tackles the history and the limitations of each of our leading indicators.

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Author Interviews

Laurence Kotlikoff – The Clash of Generations

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/LAURENCE_KOTLIKOFF-09-07-2014.mp3Podcast: Play in new window | Download (Duration: 19:50 — 9.1MB)Subscribe: Apple Podcasts | Android | RSSListen to Laurence Kotlikoff in an interview with Sinclair Noe recorded 09-05-2014. To find out more about the book or to purchase the book, click the bannner. The Clash of Generations: Saving Ourselves, Our Kids, and Our Economy The United States is bankrupt, flat broke. Thanks to accounting that would make Enron blush, America’s insolvency goes far beyond what our leaders are disclosing. The United States is a fiscal basket case, in worse shape than the notoriously bailed-out countries of Greece, Ireland, and others. How did this happen? In The Clash of Generations, experts Laurence Kotlikoff and Scott Burns document our six-decade, off-balance-sheet, unsustainable financing scheme. They explain how we have balanced our longer lives on the backs of our (relatively few) children. At the same time, we’ve been on a consumption spree, saving and investing less than nothing. And that’s not to mention the evisceration of the middle class and a financial system that has proven it can’t be trusted. Kotlikoff and Burns outline grassroots strategies for saving ourselves–and especially our children–from what could be a truly catastrophic financial collapse.

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Financial Review

A Few Old Sayings

http://media.blubrry.com/eatthebankers/p/content.blubrry.com/eatthebankers/SINCLAIR_NOE-SEG_1-08-26-2014.mp3Podcast: Play in new window | Download (Duration: 13:16 — 6.1MB)Subscribe: Apple Podcasts | Android | RSS08262014 DOW + 29 = 17,106 SPX + 2 = 2000.02 (record) NAS + 13 = 4570 10 YR YLD + .01 = 2.40% OIL + .55 = 93.90 GOLD – .70 = 1280.90 SILV – .08 = 19.38 The S&P 500 notched its 30th record of the year and closed above 2000 for the first time ever. The Dow also rose but fell short of its record closing high after setting an all-time intraday high earlier in the session. There are a few old sayings about the market that seem to fit. The first is, “the trend is you friend”; we have seen a few minor pullbacks since the bottom in 2009, but since the start of 2013 there has been a strong and steady uptrend. “A trend in place is more likely to continue than it is to reverse, until it reverses” and today marked a continuation of the trend, not a reversal. Why is the market going up? Who knows? There are plenty of problems around the world. The US economy looks sluggish, but “stocks climb a wall of worry to march into bullish territory”; that’s a phrase that’s been thrown around for more than 60 years, but was made popular by Joe Granville in the 1980s. Another financial proverb claims “Worry is interest paid on trouble before it falls due.” And the opposite of the “wall of worry” is “Bear …

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