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  1. The Implications of the Federal Reserve as a Systemic Regulator

    One of the most important ideas in the United States government is the separation of powers, and the role that each branch of government performs. Briefly described, Congress makes the laws, the President enforces laws, and the Courts ensure laws are administered justly.

    When it comes to the Federal Reserve, however, it exists by creation of Congress and is charged with a mandate of maximum sustainable growth and maximum employment. The appointment process is a political one: with ...
  2. Fix the cigarette lighter.

    Elwood: It's got a cop motor, a 440 cubic inch plant, it's got cop tires, cop suspensions, cop shocks. It's a model made before catalytic converters so it'll run good on regular gas. What do you say, is it the new Bluesmobile or what?
    [a brief thinking pause while Jake attempts to light a cigarette]
    Jake: Fix the cigarette lighter.

    I didnít get to watch much of the action today, but you could easily tell it was one heck of a fight. You may have noticed the last hours ...
  3. The Bears are biting back

    A lot of my TSP friends have been getting Bearish on me. I donít hold any malice against them; in fact, I love the swatting of Bullish & Bearish banter among us. Most of them arenít invested so they have a keen interest in seeing this market take a dump. I am invested, so my interest lies in taking profits. Most of them are killing me on the tracker, so if youíre following me over them then you might want to have your head examined.

    For the most part, Iíve been Bullish in the short-term ...
  4. Behind Closed Doors

    In normal times, the word I'd use is frustrated. But that doesn't fit my feelings right now. Concerned is closer to the mark, but even that doesn't quite capture it.

    For some time now we've been witnessing some extraordinary market activity. We've seen the demise of Lehman Bros. and Bear Stearns. We watched AIG brought back from the brink. Billions of dollars have been poured into the banking sector. Freddy and Fannie have been resurrected. General Motors has now become Government ...
  5. Cherry picking...

    For the purpose of this blog Iím going to keep it relatively optimistic, hence the ďcherry picking.Ē But please remember that while many charts look bullish, $TRAN has yet to make a higher high and has a ways to go before it test its 200 MA.

    At some point Iíd like to see a second test of the lower green trend lines on the S&P 500 & the S&P 500 Equal Weighted charts. I would expect a bounce off those lines, but if that doesnít happen and they fall through, I will see that as a serious ...

    Updated 06-04-2009 at 10:19 PM by JTH (Error correction)

S&P 500 (C Fund)
DWCPF (S Fund)
Dow Jones U.S. Completion Total Stock Market Index (^DWCPF)
EFA (I Fund)
iShares MSCI EAFE Index (EFA)
AGG (F Fund)
iShares Lehman Aggregate Bond (AGG)