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on November 27, 2008 04:42 PM
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In the 1980s, the euphoria of oil prices around $100 a barrel in todays dollars led to a frenzy of lending activity in Texas. At least I think thats what any reasonable observer would call the annual growth rate of How to Start an Import Business business loans of over 40 percent at Texas banks and annual growth in commercial real estate lending of almost 50 percent that we saw in the early part of that decade. Booking assets at such a rapid clip has a seductive power. My favorite line from the musical Evita is when she belts out, All I want is a whole lot of excess! Well, we certainly pursued excess here in the 1980s. In pursuit of a seemingly sure thing, more than 550 new banks were chartered in Texas from 1980 through 1985. This made for a volatile brew, combining dramatic rates of growth in activity with a dramatic expansion of the number of players with limited experience in knowing Candlestick Trading For Maximum Profits what to do when things go wrong. The assumption of permanently high, or permanently rising, prices in an asset classin this case, oilinvariably leads to regrettable decisions.
Fisher Storms on the Horizon Part 1 of 18
Thank you, Bruce Ericson. I am honored to be here this evening and am grateful for the invitation to speak to the Commonwealth Club of California.
Alan Greenspan and Paul Volcker, two of Ben Bernankes linear ancestors as chairmen of the Federal Reserve, have been in the news quite a bit lately. Yet, we rarely hear Forex Trading Machine about William McChesney Martin, a magnificent public servant who was Fed chairman during five presidencies and to this day holds the record for the longest tenure: 19 years.
Chairman Martin had a way with words. And he had a twinkle in his eye. It was Bill Martin who wisely and succinctly defined the Federal Reserve as having the unenviable task to take away the punchbowl just as the party gets going. He did himself one up when he received the Alfalfa Clubs nomination for the presidency of the United States. I suspect many E-Mini Trading Course here tonight have been to the annual Alfalfa dinner. It is one of the great institutions in Washington, D.C. Once a year, it holds a dinner devoted solely to poking fun at the political pretensions of the day. Accentuate The Positive
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