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| J. PINK ASSOCIATES, INC.,
FINANCIAL ADVISORS
555 Taxter Rd. Suite 190
Elmsford, NY 10523
Ph... 914-524-7770
Fax. 914-524-7771
Weekly Market Review |
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Greetings!
As the year winds down, I find myself setting goals for the upcoming year as well as thinking of what resolutions I will be making on New Year's Eve (I'm going to lose weight this year for sure, I just know I am). I suspect you might be thinking of your goals and resolutions too. As you do this, I have two items for you to add to your list (don't worry they're not big ones)
- Make an appointment to meet with me so we can start the year off by reviewing exactly where you are with respect to your financial goals
Take a moment to tell me how my team & I can better serve you
The second bullet point will help me with one of my goals which will be to continue to improve my service to you. This is very important, yet something I can only accomplish with your input. So please, help me help you. Tell me what I can do to be more valuable to you.
Thank you.
Happy Holidays,
John |
| Market Commentary
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Jobs (or the lack thereof) were on the minds of Americans last week. 533,000 employees were let go in November, the worst monthly result since 1974. Today's unemployment rate of 6.7% represents 10.3 million Americans that are out of work, an increase of 3.1 million idled workers in the last 12 months. Congress listened to the pleas of the nation's largest auto makers for a $34 billion lifeline last week, coming to no immediate agreement. The best that may be offered from Washington this week is a $15 billion short-term compromise, providing life-support for 60-90 days to an industry that is near collapse (source: Department of Labor).
Fed Chairman Ben Bernanke's comment was succinct: "More needs to be done." Speaking last Thursday, Bernanke talked of the urgency for additional federal programs to slow the rate of home foreclosures in the USA. 7% of mortgages in the country are currently at least 1 month late with a payment. One expense that continues to decline in cost for consumers is the price of gasoline, down yesterday for the 81st consecutive day (source: Mortgage Bankers Association, AAA).
Bond investors are watching to see how low Treasury yields can drop this week. The yield on the 10-year note fell to 2.56% last Thursday, a level last seen in March 1955 (source: USA Today). |
| Notable Numbers for the Week:
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1. HOUSING RELIEF - President George Bush signed a housing bill on 7/30/08 that will insure up to $300 billion in mortgages. The bill allows up to 400,000 homeowners to refinance their existing mortgages into new 30-year fixed rate mortgages backed by the government. A qualifying homeowner has to be spending more than 31% of his/her monthly income on the mortgage payment and be currently living in the house (source: USA Today).
2. TARP - The $700 billion "Troubled Assets Relief Program" (TARP) was signed into law by President Bush on 10/03/08. The $700 billion was divided between $250 billion to be allocated by the Treasury Department into bank purchases, another $100 billion to be directed by President George Bush (as needed) and $350 billion to be allocated by our next president (i.e., Barack Obama) in 2009 and beyond (source: Congress, Lincoln Journal Star).
3. SWEETENERS - In order to win Congressional support of the TARP bill, $150 billion of tax incentives were added to the legislation, including changes to the Alternative Minimum Tax law (source: WSJ).
4. BUYING TROUBLED ASSETS - The Fed announced on 11/25/08 a program ("Government Sponsored Entities Purchase Program") to buy $600 billion of mortgage-backed securities and debt from Fannie Mae, Freddie Mac, Ginnie Mae and the Federal Home Loan Banks (source: Investment News). |
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At J. Pink Associates, we do comprehensive financial planning and wealth management for families and small businesses by getting to know the unique details of your financial world and thoughtfully crafting a strategy to identify and support your goals.
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This material represents an assessment of the market and economic environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. Forward-looking statements are subject to certain risks and uncertainties. Actual results, performance, or achievements may differ materially from those expressed or implied. Information is based on data gathered from what we believe are reliable sources. It is not guaranteed by NFP Securities, Inc. as to accuracy, does not purport to be complete and is not intended to be used as a primary basis for investment decisions. It should also not be construed as advice meeting the particular investment needs of any investor. The indices mentioned are unmanaged and cannot be directly invested into. Past performance does not guarantee future results. The S&P 500 is an unmanaged index of 500 widely held stocks that is generally considered representative of the US stock market.
Securities and Investment Advisory Services offered through NFP Securities, Inc. a Broker/ Dealer, Member FINRA/ SIPC and a Federally Registered Investment Advisor.
NFP Securities, Inc. does not offer tax or legal advice
NFP Securities, Inc. Is not affiliated with J. Pink Associates, Inc., Financial Advisors
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