• FDR is a parallel to Obama. Government – federal, state, and local – costs too much… New Deal
• FDR inauguration in a banking panic
• FDR blamed bankers immediately
• FDR sent congress a record numbers of bills
• FDR “try something” & the new slogan is “whatever it takes”
• Record corporate profits – will they catch the attention of the tax man?
• FDR raised the marginal tax rate to 100% (500,000 equivalent in today’s dollars)
• Dynamite shack – sounds like quantitative easing
o For now the dynamite keeps getting stuffed into the plastic shack
• Synonym for early is wrong
• Interest rates are low but don’t have to rise in the near term
• FDR confiscated gold and the Fed now explains things are “the policy”
• Speculation at the expense of savers
• US margin debt is borrowing at the purpose of speculation – mirrors S&P 500
• Currently alarmingly high
• Lunch atop a skyscraper
• Amazon with no earnings, Netflix, Tesla
• Advice: do not get sucked in to QE and remember ocean of liquidity and risk manage accordingly
• FDR inauguration in a banking panic
• FDR blamed bankers immediately
• FDR sent congress a record numbers of bills
• FDR “try something” & the new slogan is “whatever it takes”
• Record corporate profits – will they catch the attention of the tax man?
• FDR raised the marginal tax rate to 100% (500,000 equivalent in today’s dollars)
• Dynamite shack – sounds like quantitative easing
o For now the dynamite keeps getting stuffed into the plastic shack
• Synonym for early is wrong
• Interest rates are low but don’t have to rise in the near term
• FDR confiscated gold and the Fed now explains things are “the policy”
• Speculation at the expense of savers
• US margin debt is borrowing at the purpose of speculation – mirrors S&P 500
• Currently alarmingly high
• Lunch atop a skyscraper
• Amazon with no earnings, Netflix, Tesla
• Advice: do not get sucked in to QE and remember ocean of liquidity and risk manage accordingly
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