Here we go again. Starting today, seniors have six weeks to sign up for another year of Medicare Part D -- the prescription drug benefit -- that goes along with Medicare Part A (hospitalization), Part B (outpatient and doctor costs) and Medigap (the supplement that covers other costs including co-payments and deductibles).
Thursday, November 13, 2008
Market madness continues Terry Savage: If you only saw the closing numbers on Thursday -- the Dow Jones industrial average registering a gain of 552 points -- you missed all the drama. Shortly after the opening bell the market headed lower, plummeting toward a 5½ year low at midday. Then suddenly the market reversed course.
The stock market is always right. Nonetheless, I must admit to being more than a little annoyed that the stock market greeted the election results with a two-day nose-dive of more than 929 points, the worst two-day performance since 1987.
Americans will soon face a recession that few are prepared to endure. In fact, if you're under age 45, you haven't seen a severe recession in your entire working life.
Until April 15, 1971, the United States dollar was as good as gold. While ordinary citizens couldn't own gold in 1971, foreign central banks could trade in their dollars and receive gold, at a fixed price of $35 an ounce.
Grab your wallet and stare closely at the money. What's it worth? It's worth whatever it will buy. But can you imagine a time when someone looks at your cash and really doesn't want it, because it "isn't worth the paper it's printed on?"
Wednesday, October 29, 2008
Markets may have hit bottom, but unclear if bear is gone Terry Savage: The stock market gained 889.35, to 9,065.12. on Tuesday. It was a nearly 11 percent gain for the Dow Jones industrial average, its second-best day ever after the 936 point one-day rally two weeks ago, and the sixth-largest percentage gain for the Dow. Almost every market sector participated in the rally.
Monday, October 27, 2008
Dohmen makes the case for a worst-case scenario
When everyone is telling you that this credit crisis could not have been predicted, you can point to one man who boldly -- and incredibly accurately -- told you exactly what was going to happen. His name is Bert Dohmen, publisher of The Wellington Letter for the past 30 years (www.DohmenCapital.com), one of my all-time favorite newsletters.
Thursday, October 23, 2008
Gas price in free fall, but flip side of that is trouble Terry Savage: The world's stock and commodity markets are pricing in a global depression. That's the only way to understand the staggering declines not only in the major stock indexes Wednesday, but the greater percentage losses in commodities that are the raw materials of the industrial economies of the world.
Nancy Kelly-Ristau is the face of the American nightmare. She's 55, divorced, and facing the fact that she can no longer afford her home in west suburban River Forest, where she lives with her two daughters.
Once upon a time, in the olden days (at least 25 years ago), you went to the bank for a mortgage. The banker checked your finances, and your down payment, and gave you a fixed-rate, 30-year loan. Then they filed the documents away in the basement and sent you a bill every month for the payment.
