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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!
I hope this email finds you doing well.
Fondly,
John
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| Market Commentary
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Treasury Secretary Tim Geithner's plan for the 2nd half of the original $700 billion TARP money was announced a week ago today. Heavy on complexities but light on details, his 19-minute speech was met with a resounding thud from Wall Street. The financial community was hoping for answers to all the shortcomings that they perceived had existed in the original plan delivered last fall by then Treasury Secretary Hank Paulson. Their snap decision last week was that Geithner's effort had fallen short (source: BTN Research).
The senators and representatives that crafted the compromise stimulus bill delivered their work to Congress last Wednesday. Both the House and the Senate signed off on the final $787 billion plan last Friday, largely along party line voting. The final senator cast his vote on the 1,073 pages of legislation just minutes before midnight. President Obama will fly to Denver today to sign the bill before heading onto Phoenix to announce the government's plan to slow the rate of home foreclosures (source: White House).
The US auto industry's initial plan to repay the $17.4 billion that was provided to them in December by the Bush administration will be delivered to the White House today. The business models they are expected to propose will describe their plans to attain financial viability. They then will have until the end of next month (3/31/09) to work out detailed agreements with their employees, dealers, creditors and unions (source: FT). |
| Notable Numbers for the Week:
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1. FROM MORTGAGES TO SECURITIES - 90% of subprime mortgages were packaged together into bonds and sold to investors, i.e., they were securitized (source: Fortune).
2. BUSINESS WITH CHINA- American exports of goods and services to China increased to $71 billion in 2008 from $65 billion a year earlier. Our nation's purchase of Chinese goods and services however totaled $338 billion or nearly 5 times the level of what the Chinese bought from us (source: Commerce Department).
3. UNION MEMBERSHIP - 7 out of every 8 American workers do not belong to a union (source: Department of Labor).
4. JOB GAINS - Over the last 12 months, 3.4 million Americans have lost their jobs. However, 526,000 jobs have been added in education and health services over the same 1-year period (source: Department of Labor). |
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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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