Monday, September 1, 2008
I Killed the Bank... Economic Commentary... College Football
Old Hickory, that's what people called him. But most of us know him as Andrew Jackson; the seventh President of the United States. The last President to have served in the American Revolution, he actually received a scar on his face for refusing to shine a British officer's boots. Talk about paying the price, Jackson's entire family died of war related issues. Having no political connections, Jackson went on to study law. He served in the Indian War, but really got his claim to fame for defeating the British in the Battle of New Orleans. One thing was for certain, Jackson was a man of high moral standing. Once he was President of the United States, he took on the interests which which appeared to be oligarchical in nature... you guessed it, the National Bank. Feel free to watch the following video on Jackson's role in destroying the bank.
I Killed the Bank
Speaking of Banks, the following map will show locations where banks have failed in the United States. Disturbing... yes... but what is more interesting is the fact that FDIC, a mono-line insurer is currently in the works of establishing a "line of credit" with Treasury should its' funds be exhausted in a rash of bank failures.
Maybe a more telling sign of trouble in River City was the latest report from the Bank of International Settlements which demonstrates a net cash flow out of U.S. banks. Only one year early, the trend was exactly the opposite. Fueling the fire are increasing spreads on credit default swaps, a downward trajectory in equity prices, and continued funding pressures in inter-bank exchange rates.
3-0 is not a bad way to start the season as I gave readers three complimentary picks. BC over Kent minus the points, S. Miss minus the points, and the knock out punch of the day was Alabama as an outright winner over #9 Clemson. Like I mentioned in my original commentary, Clemson has a tendency to stumble out of the gates.
While I have not made any picks this week, I am looking at five games:
1. Ole Mississippi +8.5 to Wake
2. Pitt. -13 to Buffalo
3. S. Miss +19 to Auburn
4. Akron +5 to Syracuse
5. Navy +8 to Ball State.
I will have my complimentary college selections in by Friday.
Posted by at 6:12 PM