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After a period of a few weeks in which investors and analysts felt a little better about the prospects of the economy at the end of the year, the pallbearers have returned. The enthusiasm about a recovery in the banking system was sandwiched by bad news from bank analysts who think the largest financial firms will have to raise tens of billions of extra dollars on the one side and Congressmen who say that they will not provide more TARP money on the other. With insurance companies now begging for dollars as well, there is not going to be enough...
That leaves investors and traders who look at earnings as essential to their decisions in a huge fog bank which does not show any sign of lifting. And, it won't. Buying and selling stocks is now based more on rumor and momentum than it has been at any time in recent memory. The last period like this may have been early 2000 during the Internet stock craze. This time around, obscure banks analysts can turn the market against the sector. News that Steve Jobs was seen at a 7-Eleven in Fresno can drive Apple (AAPL...
Amidst the worst financial crisis in a generation, the chief executive of one of the world’s largest banks will address Harvard Business School graduates. In a press release issued earlier this week, school officials announced that James L. Dimon—chairman and CEO of JPMorgan Chase—will return to his alma mater to speak at Class Day on June 3. Dimon was heralded last month by the Financial Times as one of the 50 people who will lead the way out of the crisis. The announcement generated excitement among students, who said that they...
...what happened in Gaza. But we have no option but to pick ourselves up from here. What happens in these next couple of months will really be critical. We need three elements: a credible political negotiation for a two-state solution; a program of major change on the West Bank, and an easing of the blockade in Gaza. If we get those, we'll be back in business again. (See pictures of the recovery attempts in Gaza after the Israeli invasion...
Have you found any? Yes, I think the fact that the new Prime Minister [Benjamin Netanyahu] is really clear that he wants economic and security change on the West Bank. That's what we agreed we'd work on with him. There are one or two things that [Netanyahu's] term "economic peace" can mean. One, that economic development is a substitute for state, and that's obviously not acceptable. I personally think he wants the second, to build the [Palestinian] state from the bottom up. I understand and buy into that. It's important for the Israeli government...