Financial Update #1/ Week of September 14, 2009

Good Morning Everyone and Happy Monday! The stock market is surprisingly flat this morning leading up to the President’s address to Wall Street which just wrapped up. Asian markets started the negative tone early this morning which carried over to European markets. China is upset about some punitive sanctions we just slapped down on their tire imports, so they are threatening to restrict importing to us their chickens and auto parts. Do we not have enough chickens in our country to feed all of us? I guess not, what do I know.

I do know that the President’s speech to Wall Street in respect to the financial industry calls for more government, more oversight, higher capitalization and liquidity for banks, more rules and regulations . . . and the creation of a Consumer Financial Protection Agency. Financials are the laggards this morning as expected, and thus far as I mentioned above the markets are amazingly flat. We’ll have to wait, I guess, for a bit to see what the reaction is to the speech once all the pundits come out with their spins.

Pricing is slightly worse than Friday morning’s pricing, and almost mirrors the pricing of last Thursday morning. Rates have pretty much been in a tight trading range for several days now awaiting a breakthrough we hope soon. I will be in the office all day today, please call me or email me here if I can help you in any way. Have a terrific Monday and a very prosperous week!