May 21st, 2009 by Alec

Visit to the NYSE

Thanks to everyone who helped Marcie and I get on the trading floor! It was amazing to see how the cornerstone of America’s financial sector operates.

While I was really excited to be privileged enough to check out the exchange, I was a little disappointed knowing that most people won’t be afforded the opportunity to see how everything works. In my opinion, touring the NYSE is crucial for everyone at some point in their life.

We toured the trading floor, met with several traders & specialists, and learned a lot about the history of the market. The ‘Garage’ as the traders refer to it, is where the traders in the early days of the market, came to park their horse and buggies – today its over-run with large kiosks filled with computer equipment.

As recently as last month, the AMEX was moved onto the floor of the NYSE, and now the two are both housed at 8 Broad Street. Interestingly, the NYSE and the AMEX are not in separate rooms, however options trading and stock trading are. (Incidentally, the options traders didn’t look all that busy!).

I can’t say enough great things about the people at Triad Securities and Bluepoint Securities, who gave us the opportunity to check out the trading floor, and get a feel for the real Wall Street. Thanks!

– Post From My iPhone

May 1st, 2009 by Alec

The Bear Market?

In the first quarter of 09 I visited and screened a number of brokerages, who all, despite overwhelming evidence to the contrary, predicted a market rebound by the 3rd quarter of 09. While I sat listening to, what I considered foolish pandering for a new client, I couldn’t help but wonder how the simple keynsian cycle could apply when such a steep decline as we have seen in the past few years was predicated on hard losses (such as housing market crash) as opposed to simple dissolusion of investment, as I had understood the theory to apply.

As we are now amidst an 8 week stock rally, and are seeing increases in commodities and etfs as well, I have to wonder if I was wrong about the cloud of depression I predicted two years ago. After contemplating this for a while, I realized I wasn’t. Depression is still on the horizon, but it’s being postponed by greed. People have stopped selling, and fix suggests that investor confidence has risesn because too many Americans can’t pass up the opportunity to play Russian roulette with the market when stocks are so cheap. I must admit, I’m guilty of this also!

America is still broken, let’s take a lesson from GM – we pumped 15b+ into their old ways of doing business, and they still couldn’t make their 1b interest payment- artifically inflating the market over precieved good deals doesn’t negate the serious infrastructure problems that MUST be fixed before a real upswing can happen.

– Post From My iPhone

April 23rd, 2009 by Alec

Ted xxxstein & Collections Lawsuits

With the economy in, well lets just say ’serious decline,’ All SMB owners, including myself, have turned to debt collectors to try and recoup money from some of our NPC’s (non-paying clients). However, I’ve been alerted to a common trend in debt collection which is really, REALLY terrible. Apparently debt collection companies and credit card companies alike are going after people, who may have paid their debts, but can’t prove it. This has led to a rise in collection lawsuits.

Now, I hadn’t paid much attention to this topic, nor did I know that this was a serious issue. However, I added another telephone line a few weeks ago (now I think we’re over 8… oy) and I’ve been getting calls for Tex xxxstein, who apparently had the number before me. Okay, the guy could have been a deadbeat… after all, he doesn’t have the telephone line anymore, it’d make sense.

A few days ago I began receiving very aggressive collection calls on another one of my telephone lines for a woman with a foreign name (undoubetdly the previous owner of that phone number). Okay, thats fine, it happens, nothing suspicious…. I thought. Now, today, on a third line, I began receiving calls for another random person! This has to be a pattern.

If old, paid, debtors are going after innocent payees for satisfied debts, I absolutely understand why lawsuits against bill-collectors are on the rise. This is predatory, unjustified, and unethical. Worse, its turning big-companies and their army of bill-collector drone against the general public. I called off my collections-dogs today, and I’ll be sending very polite letters to my NPC’s tomorrow in an attempt to arrange a plan with them that they can afford.