- The markets are flat today. Yes, it's Saturday. But I wanted to give you some good market news for a change.
- Yikes.
- $WFC (Well's Fargo) slashed its dividend by 85% yesterday. Calling it a "very difficult decision," Wells Fargo & Co. on Friday slashed its quarterly dividend 85%, to 5 cents a share from 34cents, in an effort to save $5 billion and help the company pay backthe government's recent investment in the firm.
- The Kansas City Federal Reserve president speaks out against the government's bank rescue efforts. "We ... are drifting into a situation where institutions are being nationalized piecemeal with no resolution of the crisis," Thomas Hoenig remarked in a speech in Omaha, Neb. I expect a White House briefing soon from Press Secretary Robert Gibbs denouncing Hoenig.
- The takeovers of Washington Mutual, Wachovia, Countrywide and Merrill Lynch were "hasty," according to Hoenig. He called for the Obama administration to declare banks insolvent and use its power to takeover failing institutions and continue operations under new management.This would be "temporary" and has precedent in history, he said.
- Oil is back over $45, as the US government ignores the energy issue.
- Over at Cafe Hayek, Russell Roberts writes, LET THEM FAIL. We're going to run out of money. We can't keep GM and AIG and Fannie and Freddie and every insolvent bank and every mortgage afloat. It can't be done. It's not a strategy. It's just desperation to avoid pain. We're going to have to start letting them fail.
- It's Saturday! NCAA hoops on the TV as we march towards March Madness. The sun is out there, and there are yard things to do after a month of rain.
- Yes, that's Kristin Kreuk!
