It has been since March 22nd that I last wrote a blog entry. This first foray into writing again is a brief summary of Hank Paulson's book, On the Brink. It is a good book and I recommend it. It is a reminder of what we have been through, as he writes:
"...The crisis that began in 2007 was far more severe, and the risks to the economy and the American people much greater. Between March and September 2008, eight major U.S. financial institutions failed - Bear Stearns, IndyMac, Fannie Mae, Freddic Mac, Lehman Brothers, AIG, Washington Mutual, and Wachovia - six of them in September alone. And the damage was not limited to the U.S. More than 20 European banks, across 10 countries, were rescued from July 2007 through February 2009. This, the worst financial crisis since the Great Depression, caused a terrible recession in the U.S. and severe harm around the world. Yet it could have been so much worse. Had it not been for unprecedented interventions by the U.S. and other governments, many more financial institutions would have gone under - and the economic damage would have been far greater and longer lasting..."
Most importantly, Mr. Paulson writes, "...By early 2009, it was clear that our actions had prevented a meltdown..."
Actions by Dr. Ben Bernanke (Federal Reserve Chairman) and others at the U.S. Treasury and FDIC Insurance actions, "...stabilized the financial system, restarted credit markets, and helped to limit the housing collapse..."
Hank Paulson remains "...optimistic about the economic future of the U.S. and its continued leadership role in the global economy...." I also am optimistic and tired of the doom-sayers.
This book is well written and gives us all a chance to look back on the crisis and reminds us that we are now in "recovery mode" and, though slow, it is happening and there are encouraging signs all around us if we dare to look.
An Introduction
Hi. Welcome to BourGroup and my blog. Phil
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.
Phil Bour is a CERTIFIED FINANCIAL PLANNER(tm) professional since 2004, a Magna Cum Laude college graduate and an accounting professional for over 35+ years. I love numbers, statistics and economic history.
I am also an Enrolled Agent (EA) to represent taxpayers before the Internal Revenue Service and to prepare tax returns.
"Phil"osophy: I believe that you can manage your money on your own (not necessarily through individual stock selection but through mutual funds, ETF's and other solutions) once you receive some one-time, professional guidance. Why pay annual fees when there may be little added value? For additional information, first read the "An Introduction" label at the left. Then move on to others.