What We're Hearing

Even though Grandma no longer has to worry about the Obama Administration 'death panels,' non-bank financial institutions do. At least, that's what you might gather if you heard Rep. Barney Frank's opening remarks this morning during a House Financial Services Committee hearing. He said -- and I do quote -- that there will be "death panels for non-bank financial institutions." Barney was going off on a tangent (somewhat) and later clarified that he was talking about large 'too big too fail' institutions such as AIG and Lehman. Supposedly, in a memo that's floating around Washington, Rep. Frank (when it comes to the Consumer Financial Protection Agency) says he wants depositories and non-banks to be treated equally -- and that this supposedly applies to mortgage lenders. Meanwhile, AIG's stock, once again, is on the rise. It's at $47 compared to a 52-week low of $6.60 and a high of $114. Since I (and my fellow Americans) own most of AIG, my recommendation is this: sell it, baby!...