Daily Intent

Were you to ever question this publication’s astuteness to current information, market data, trends and ideas, your view on the Market Street Report is set to change.  In the New York Times this past Saturday there was an extensive article on the “Hemline Index”.  Yes, just one day after this publication blasted the world with the “Short-Skirt Theory”, none other than the New York Times had an extensive article on the matter.

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I was speaking to a friend the other day about the market, the troubles many are in and what is to come.  Long story short, Susie Orman’s interview with Oprah found its way into the conversation.  Yes, Susie Orman.

In truth, I find I agree with Ms. Orman on many issues, having many months of reserves built up before purchasing a home, being disciplined about saving, etc… however her belief in…

“Keeping up with the Joneses”.  She used this is the foundation for telling a girl not to spend money. I find less relevant than a stronger emotion pervading our society.

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“It is a sense of enormous expectation, the sense that one’s life is important, that great achievements are within one’s capacity, and that great things lie ahead.”
-Ayn Rand, Introduction to The Fountainhead.

“…it is a confirmation of the spirit of youth, proclaiming man’s glory, showing how much is possible.” - Ayn Rand, Introduction to The Fountainhead.

“It is those few that move the world and give life its meaning.” -Ayn Rand, Introduction to The Fountainhead.

Ayn Rand is one of my favorite authors.  Her economic and life philosophies are bold; she has intense faith in man-kind.    I would recommend reading Atlas Shrugged  to all.

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   1. The world economic super powers united on an interest rate cut to spur the world economy.  The US Fed lowered their overnight lending rate .50%.  And they’re set to lower it again in the coming weeks.   Europe and Russia experience significant banking and market pains.  Iceland even made headlines.
   2. $700Bn Rescue package passed into law.  What is done with it is still in question.  Meanwhile: 770, 350, 270, 115, 650, 100 = Dow daily drops in the last week and a half.    CNBC is loving the attention.  It feels like a game of “flyer’s up” is in the works. “500!”
   3. Bank of America / Countrywide commits to helping an additional 390,000 borrowers.  The government asks other banks to follow suit.
   4. Housing Numbers: Pending sales were up 7.4 percent in August in comparison to July.  The hardest hit areas of CA, NV, AZ and FL performed well. Jobless claims numbers come in a touch under Sept 11th, 2001 numbers.
   5. General Electric Co. got a $3 billion investment from Warren Buffett.  One of the biggest hedge funds out of Greenwich, Conn., Tontine Associates, is down 65% on the year.  This is a $10Bn fund!
   6. The Dodgers dominated the Cubbies, take on the Phillies NLCS tonight!  Red Sox continue their late post-season greatness.  Preseason NBA basketball underway.  College football: Sooners return to the top.  USC top 10. UW?  OSU Beavers you’re scary.

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“My project was to use laughter to help children learn.” - Jim Henson

“My project was to tell unforgettable stories.” - Martin Scorsese

“My project was to bring a city to life.” - Robert De Niro

“My project was to encourage people to dance to their own tune.” - Ellen DeGeneres

“They had their projects.  What’s yours?” - American Express Ad

For many, the space for savings is being suffocated by oil.  For some, the current space for building capital (employer) is getting sucked into a black hole. And more still are experiencing the uneasiness of limited governmental leadership.

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