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Quarterly Commentary |
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15 West 6th St., Suite 2401 Tulsa, Oklahoma 74119 Phone: 918-582-6864 Toll Free: 800-582-9823 Fax: 918-587-6502 |
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The first quarter of 2008 will most likely become a milestone in the development of the U.S. financial system. The move by the Federal Reserve to rescue Bear Stearns and take Bear’s riskiest assets onto the Fed’s balance sheet will have major implications for future regulation of the financial markets and their biggest participants. Read More |
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1st Quarter 2008 — Please click a link below to view the pdf file |
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By our view, the housing sector has been in a recession for the last year. The question was whether it would spillover into the broad economy. After the subprime mortgage crisis and the credit crunch hit, the hope was that foreign economic strength and a resilient consumer could keep us out of recession. Now it appears that growth in foreign developed countries is slowing and after last Friday’s employment report, the domestic consumer may pull back too. Read More |
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4th Quarter 2007 — Please click a link below to view the pdf file |
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We were wrong last quarter when we suggested that the worst of the credit crisis was behind us. It now appears that we are in the midst of the climax to this story. We understand that the financial market volatility makes you anxious and unsettled. We are anxious and unsettled too. We did not expect the perfect storm to hit, but it has. This kind of market event has only happened one other time in the last century. Fortunately, policymakers have a much better understanding of what is happening and have many more tools to deal with the problems. We must stick to our convictions that the country’s economic system is sound. Read More |
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3rd Quarter 2008 — Please click a link below to view the pdf file |
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The stock market ended the quarter on a sour note. The Dow Jones Industrials fell almost 10% in June, with four percent of that decline coming in the last week. The subprime mortgage crisis is still causing pain for the financial sector but it is not deteriorating like it was in the first quarter. The markets are more concerned now with skyrocketing energy prices and food prices. Read More |
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2nd Quarter 2008 — Please click a link below to view the pdf file |
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Past Commentary — Please click a link below to view the pdf file |
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4th Quarter 2008 |
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