Early in my career at Forbes an editor introduced me to the quotation, "Everybody ought to be right," attributed to a 1929 Ladies Home Journal article by John Jakob Raskob, a financier for General Motors and Dupont and a darned good boom times investor.  What Raskob meant was:

"...a man is rich when he has an income from invested capital which is sufficient to support him and his family in a decent and comfortable manner - to give as much support, let us say, as has ever been given by his earnings."

Back in 2005, when I was still a financial journalist, I attended the Investment Company Institute's annual gathering in Washington, D.C.  The end of retirement was a theme of the event.

Timothy Geithner is getting what some on Wall Street will jokingly refer to as his first "real job" as a President and Managing Director at private equity house Warburg Pincus.  At Business Insider, Joe Weisenthal's take is that it could have been worse from a conflict of interest standpoint -- at least he's not as a Too Big To Fail bank, lobbying against regulations.

In The New York Times today, Lori Gottlieb, a bestselling author, practicisng psychotherapist and contributing editor to The Atlantic Monthly worries, "Has Obamacare made it un-P.C. to be concerned by a serious burden on a middle-class family’s well-being?"

Coming back from the gym this morning, I encountered an 18 wheeler with a flatbed trailer, stuck on a narrow West Village street, trying to navigate between the fancy cars parked on both sides.  I asked the driver if eyes outside the truck would help.  He was happy to tell me where to look while he steered the truck back and forth in an effort to straighten out the trailer without smooshing anybody's fine examples of German luxry auto manufacturing. 

The NSA's answer to charges that it spies on the phone calls of citizens in the European Union is that it isn't spying, it is analyzing information provided to it by the intelligence agencies of allied governments.  See, the NSA doesn't spy on Spanish people's phone calls.  Spain does.  Then they tell the NSA all about it.  Glad we cleared that up.

This morning I was not feeling 100% and so I skipped the very cool calisthenics class I like to take on Wednesdays for the more tender embrace of the elliptical machine.  Unfortunately, this meant that I did my silly walk while facing CNN with the sound off but closed captioning on.  It is very funny to watch report after report, rendered by CNN's botched, real time closed captioning, about how Kathleen Sebelius should resign her cabinet post because the Obamacare website hasn't worked.

A big fear among investors and people running actual businesses in the U.S. is that at some point, interest rates must rise from historic lows.  This must happen, in part, because nothing lasts forever.  But behind that truism, there is a lot that could cause rates to rise.

There are two kinds of borrowers who default on their debts.  One type defaults because they cannot pay.  It is typical to say that they have over borrowed but it is easily as likely that some sort of catastrophe has destroyed the borrower's earnings power, perhaps permanently.  Then there are defaults of choice.  A borrower decides not to pay, even if they have the means.  Perhaps they feel that they were swindled by the lender and that the debt is thus invalid.  Or, maybe they just don't want to pay.

When President Obama signed the Affordable Care Act into law, Amy Winehouse was still alive and the launch of Apple's first iPad was a month away.  We are talking ancient history, here.  Yet, as I write this, we are less than 12 hours away from a government shutdown caused by a budget impasse caused by Republican insistence that the law now known as Obamacare be delayed and then defunded.  The Republican struggle to unpass the ACA has not ceased since it became law.  Along the way the name "Obamacare" changed from a term of derision to one that the President now owns.

Posts like these generally start with a pronouncement of lapsed Catholicism on the part of the author.  I can be very atheisty.  I do not study the church.  I do not consider its views when I make any of my own decisions, be they moral, social, financial or dietary.  This means that I have something of a tin ear for the nuance of the papal utternance.