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Page 5 of 512345
Subject: Jimmy Carter

James Earl “Jimmy” Carter, Jr. (born October 1, 1924) served as the 39th President of the United States from 1977 to 1981 and was the recipient of the 2002 Nobel Peace Prize, the only U.S. President to have received the Prize after leaving office. Prior to becoming president, Carter served two terms in the Georgia Senate followed by the governorship of the state of Georgia, from 1971 to 1975, and was a peanut farmer and naval officer.
As president, Carter created two new cabinet-level departments: the Department of Energy and the Department of Education. He established a national energy policy that included conservation, price control, and new technology. In foreign affairs, Carter pursued the Camp David Accords, the Panama Canal Treaties and the second round of Strategic Arms Limitation Talks (SALT II). Carter sought to put a stronger emphasis on human rights; he negotiated a peace treaty between Israel and Egypt in 1979. His return of the Panama Canal Zone to Panama was seen as a major concession of US influence in Latin America, and Carter came under heavy criticism for it. His term came during a period of persistent stagflation in a number of countries, including the United States, which significantly damaged his popularity. The final year of his presidential tenure was marked by several major crises, including the 1979 takeover of the American embassy in Iran and holding of hostages by Iranian students, an unsuccessful rescue attempt of the hostages, serious fuel shortages, and the Soviet invasion of Afghanistan. By 1980, Carter’s disapproval ratings were significantly higher than his approval, and he was challenged by Ted Kennedy for the Democratic Party nomination in the 1980 election. Carter defeated Kennedy for the nomination, but lost the election to Republican Ronald Reagan.
After leaving office, Carter and his wife Rosalynn founded The Carter Center in 1982, a nongovernmental, not-for-profit organization that works to advance human rights. He has traveled extensively to conduct peace negotiations, observe elections, and advance disease prevention and eradication in developing nations. Carter is a key figure in the Habitat for Humanity project, and also remains particularly vocal on the Israeli-Palestinian conflict. (Wikipedia Jan 2010)

Calling the top

Buyback Bubble Pops! A long way down

The buyback bubble can

It is always somewhat foolish to attempt to call the top of a bull market or the precise moment when a speculative bubble pops, but sometimes its better to be foolish than sorry.

During the ides of July 2007, when the Dow Jones Industrial Average was gently massaging 14,000, signs appeared that air was finally beginning to leak out of the Great Buyback Bubble that has long characterized the US equity market.

The headlines were about a liquidity crunch, sub-prime lending, and banking risk, but the buyback band kept on playing, as if these events were in some parallel universe.

Hugo Chavez

The US bond market’s friend

Hugo Chaves

On January 11, 2007, Hugo Chavez Frias was sworn in for a third term as Venezuela’s president, promising to expropriate strategic sectors of the economy, specifically public utilities and oil properties and to generally run rough-shod over property rights and the rule of law. This is unadulterated good news for the US domestic bond markets. Perhaps we should light a candle to Saint Jimmy.

US Trade Deficit

Interest rates have been falling for decades

As the trade deficit has increased, US bond interest rates have fallen.

Since the 1980s, the US. trade deficit has been a constant force in the American economy, rising more some years than others, while corporate bond yields have been generally falling.

Because rising trade deficits lead to increased demand for fixed income securities, and because issuers have not fully met this demand, the price of bonds has risen for twenty years, while bond yields have fallen.

Page 5 of 512345

Featured articles on inside pages

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World Economy

What Is ‘International Liquidity’?

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2010-10-29 16:02