CEO’s Beware
All markets went sideways today, except Gold. Gold powered ahead to an ALL TIME HIGH.
In the news today…..
GM fired its CEO – and the Chairman took over as CEO while the board looks for a new replacement. What happened? Well, it’s simple. The Obama imposed CEO wasn’t up to the job – so the board fired him. Just a simple matter of politics not mixing with business. The board is in charge, and will find someone who can support their point of view. Let’s hope they get someone who makes a ton of money, so we taxpayers get some of our money back.
Bank of America CEO candidates – remember that Ken Lewis fired too (another Obama decision) – two candidates for the job have both said that Bank of America should be broken up. That probably means that the Merrill Lynch purchase just wasn’t a good fit, as it creates “risk” for a real bank. Banks should loan money and make money from those loans – no by other means. Interesting development. Maybe there’s a pony in all these CEO travails. Maybe boards will start exerting the authority they have, and allow shareholders to get a much better “say” and “profit” from their investments. CEO’s should be watching these development warily.
Here are the last numbers for today:
Dow Jones 30 Industrial – 10,452 (down 19 points)
10 Year Treasury Bond – 3.32% (up 0.05%)
Euro – $1.5046
Gold – $1215 (up $16)
Oil – $76.56 (down $1.81)
Gasoline – $1.99 (down $0.05)
Hi Tom,
With gold skyrocketing upwards as the USD falls. It got me wondering about your opinion of the Amero as a replacement currency.
Total conspiracy theory, right around the corner, or somewhere in between?
BTW, good to see the oil price falling.
The Amero is one of many possible USD replacement currencies if the US goes into hyperinflation – not just inflation.
Some other possibilities are – Dollars with zeros lopped off, IMF issued currency, or some other basket of currencies that may or may not include gold in the basket.
Tom
Yeah, I’ve been reading about the IMF SDR, it appears they are getting more publicity.
Maybe the Euro was a dry run of a multi-state currency, backed by a multi-member central bank.
So far it appears to work.
P.S.
One more thing. With the Renminbi peg to the USD, our currency devaluation isn’t helping us as much on returning some manufacturing type jobs to the US. Wonder how long the peg will last?