comMITTed to Romney!

John Cronin

Romney: America Must Correct Course September 28th, 2008 | 13 Comments | Posted in Business, California, John McCain, Mitt Romney, economy, wall street

http://www.lasvegassun.com/news/2008/sep/27/romney-america-must-correct-course/

The Associated Press

Sat, Sep 27, 2008 (9:57 p.m.)

Former Republican presidential candidate Mitt Romney says the U.S. must fix its ailing economy and boost its military prowess or risk losing its status as a superpower.

Romney told delegates to the California Republican Party’s meeting Saturday that a secure economy is as essential as a strong military to the country’s safety.

He says it was inconceivable to him just a few months ago that financial powerhouses such as Bear Stearns and Merrill Lynch would have collapsed.

Romney also gave the GOP base plenty of red meat, praising John McCain’s performance in the presidential debate Friday.

He stressed McCain’s knowledge of foreign policy knowledge and contrasted the freedoms America enjoys with the repression in other economically prosperous countries, such as China and Russia.

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Tags: Bear Stearns, Merrill Lynch

John Cronin

The End of Wall Street as We Know It September 22nd, 2008 | 13 Comments | Posted in wall street

In one week’s time, we have witnessed the stand alone investment bank business model of Wall Street swept away. Solomon/Smith Barney merged with Citi Bank years ago, Shearson, gone, years ago, E.F. Hutton, gone, years ago, Bears Stearns, merged with J.P. Morgan Chase, Lehman, bankrupt and merged with Barclay’s, Merrill Lynch, merged with Bank of America and now Goldman Sachs and Morgan Stanley have converted to commercial bank holding companies.

I remember vividly the experience I had a few years ago, walking down the storied “urban canyon” of Wall Street with a briefcase in one hand and a cigar in the other. About a hundred feet in front of me their was a family of Japanese tourists who had a mini DV camera set up on a tripod. They were filming me as I walked toward them. The kids looked to be between 8 and 12 years old and they were all beaming at me as I got closer to them. The father turned to his kids and then turned his face back toward me and as he pointed his finger at me he said excitedly in English: “Broker, Broker!”

I took a big puff on my cigar and as I exhaled I gave them a big smile and flashed the “V” for victory sign to them. They all squealed with delight and it was a wonderful moment.

I am sure that the enemies of capitalism are rejoicing this morning at the fall of Wall Street, but there are also millions of people around the world who hold treasured memories of New York’s financial district and all of the history that goes with it. They can rest assured that global capital markets will continue to be led by America and by Western Europe and that, although the business will in all likelihood be managed in a much better structured and much more conservative way, the brash optimism in America’s future and in the future of the stock market will continue.

I once heard a money manager say this: “Do these three things and you’ll never go wrong. 1. Buy stocks 2. Buy bonds 3. Vote Republican.”

~~John Cronin~~

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Tags: Bank of America, Bear Stearns, E.F. Hutton, Golman, Lehman, Morgan, Shearson