Growing up in a small coastal city of Southern Georgia taught me to never underestimate hurricanes. They are not just something you see on TV; they are actual monsters to fear. Riding out a storm was never an option with my parents. The sheer magnitude of devastation they leave in their wake quickly brings you to your knees. My heart aches for those preparing to overcome Hurricane Harvey in Houston. Not only that one but Hurricane Irma, which is barreling directly toward South Florida. What damage will be left in the wake of her landfall for those residents is yet to be determined.
Today as we celebrate our independence, it’s easy to think of those founding fathers, like Franklin, Washington, Jefferson, or Hancock, that we attribute so much of our country’s success to. However, there’s one name you probably haven’t ever heard of, yet his role in our freedom was instrumental in so many ways, Haym Salomon. He is the broker that helped free the colonies. His contribution included making sure the Continental Army received the necessary financing to keep going during the American Revolution. Not only did he keep the money rolling in to prevent them from throwing in the towel, but he also helped found the country’s first national bank, the Bank of North America. Born in Poland in 1740, Salomon a Sephardic Jew, traveled through Western Europe learning the ins and outs of banking and financing. Eventually, he immigrated to the colonies, just prior to the Revolution, landing in New […]
The 2016 presidential election has been a roller coaster unlike any other in recent memory. Amidst the drama, you wonder how the outcome of the presidential election may affect the economy and your financial future. You’re not alone In a recent Bankrate poll, 61% of Americans said they think the election is the greatest threat to our economy over the next six months. That number is more than double the number of people concerned about terrorism, struggling overseas economies, and stock market decline — combined. We recognize that you and other people may be concerned or confused, so we wanted to share some perspective and historical information to help you better understand where we stand. Of course, no one can predict the future. But, we think that by looking back, you will gain a better view of what may be on the horizon. What does history tell us about presidential […]
Do big headlines drive the markets? At first glance, last week’s headlines may lead you to think that the markets are fluctuating more than they actually are. Yes, Hillary Clinton’s emails are in the news again (more on that below), but despite that surprise, the major indexes stuck to the same range-bound performance we’ve seen for the past three months. The S&P 500 ended down 0.69%, the NASDAQ was off 1.28%, and MSCI EAFE lost 0.44%. The Dow Jones Industrial Index eked out a 0.09% increase. Three Key Events Last Week 1. FBI Announces Renewed Look at Hillary Clinton’s Emails What happened? On Friday, October 28, FBI Director James Comey sent a letter to Congress alerting them that the agency would be reviewing new Hillary Clinton emails discovered during their investigation of former Congressman Anthony Weiner. When news of Comey’s letter broke, the major indexes responded quickly-and negatively. For example, […]
Over the past few months, the election and the stock market are topics of discussion on everyone’s lips. Now we are less than a month away from the big day. Despite much debate regarding how the outcome will affect different areas, we have yet seen how it will affect the stock market. With the United States as a key driver of the global economy, the result is likely to yield a reaction. No matter which of the paths we take, we can be sure after the election things will look very different. Overall, we should see a huge impact on health care, taxes, federal regulations, immigration policies, and more in the coming years. However, before we make predictions regarding this election and the stock market; let’s see what effect previous elections had on the stock market and global economy. Which combination is best? According to history, the stock market performed […]
Counting the Cost of Hurricanes Whenever disaster strikes, people often wonder: What’s all this going to cost? Though the human toll of injury and death may be incalculable, experts have gotten pretty good at estimating the economic costs of lost production and physical damage due to major storms. According to one economist, about two-thirds of the financial losses of a hurricane are related to property damage while one-third come from economic losses. The insurance costs of property damage due to Matthew’s wind and storm surge are currently estimated to be between $4 billion and $6 billion, though those figures may rise as claims start rolling in. The chart below shows storm damage estimates for four major hurricanes since 1979. We can see that Hurricane Sandy and Hurricane Katrina dwarf Matthew regarding overall damage. However, Matthew is estimated to have a higher percentage of losses due to wind damage, which could […]