Blog Posts by Aaron Task

The past week has brought a string of stronger-than-expected earnings from the nation’s biggest banks and brokers. But investors focused on the results and forward guidance may be missing a bigger and potentially more important story that's also unfolded in the past week: A series of developments suggesting regulators may be (finally) ready to get tough on the industry.

Most notably, a bipartisan group of Senators led by Elizabeth Warren (D-MA) and John McCain (R-AZ) proposed reviving Glass-Steagall, which from 1933 until its repeal in 1999 forbid commercial banks which receive FDIC support from engaging in investment banking and other risky activities.

Related: New Glass-Steagall Bill is An Attempt to “Go Back to the Future,” Says Sen. King

In addition, the Federal Reserve proposed new leverage ratios that would force banks to keep at least 5% of capital in reserve vs. the 3% global standard required by the new Basel III standards.

And both Treasury Secretary Jack Lew and Fed

Ben Bernanke returns to Capitol Hill Thursday for day two of Congressional testimony. While the debate continues over the timing of any Fed tapering, there seems to be unanimity of opinion on Wall Street, among lawmakers and the American people, that Bernanke’s easy money policies have generally failed and will lead America (or at least the dollar) to ruin.

But Jack Rivkin, former CIO of Neuberger Berman, says the conventional wisdom is wrong and the Monday Morning Fed quarterbacks are all wet.

“It’s very easy to criticize if you’re not the one having to pull the trigger [but] I think Bernanke’s done a fairly phenomenal job,” Rivkin says. “I think [Bernanke’s Fed] deserves more than 100% of the credit for what’s been happening here.”

Related: Weak Retail Sales Means Fed Tapering Later vs. Sooner

The ‘happening’ Rivkin refers to is the slow but steady recovery the U.S. economy has mustered since the dark days of the financial crisis. And by “more than 100% of the credit,” he refers to

U.S. retail sales rose 0.4% in June and just 0.1% excluding autos, with both measures well below consensus estimates. The report raises new questions about the strength of the U.S. economy, the health of consumers and the timing of any Federal Reserve ‘tapering.’

First and foremost, the data provide further evidence the U.S. economy wasn’t growing very fast in the second quarter with “a very real possibility that Q2 GDP will be less than 1%” when the next revision is posted on July 31, writes Dan Greenhaus, chief global strategist at BTIG. “The number one takeaway from today’s report is that the consumer was a bit weaker than expected in the second quarter.”

Related: Ignore Feldstein, Fed Should Taper in 2014: Dean Baker

In the above video, I discuss today’s retail sales report with Breakout’s Jeff Macke, who notes reports of the death of U.S. consumers are always premature.

“I wouldn’t write off the consumer in the U.S. ever,” Macke says. “You know the consumer will come back. If

No sooner had President Obama declared last month that Ben Bernanke has “already stayed a lot longer than he wanted or he was supposed to," then the handicapping began over who will be the next Fed chairman.

Related: Obama Gives “Taper” New Meaning: So Who’s Next at the Fed?

This week, much of the chattering class has been focusing its attention on Larry Summers, a former Treasury Secretary and senior adviser to the President during his first term.

Politico, The Wall Street Journal, Bloomberg and other outlets have done ‘Summers for Fed chair’ pieces this week, generally citing the following rationales for his candidacy: Summers is a “brilliant” economist with extensive international experience who’s respected by the financial markets and has close ties to the President.

Related: Is Larry Summers Ready To Run The Fed?

Please let this blog and the accompanying video serve as an antidote to the idea Summers for Fed chair is a good idea. Or, more specifically, a reminder about how this

With the possible exception of Congress, few government institutions are held in such low regard as the Internal Revenue Service. The nation’s tax collector is never popular, but the IRS has come under intense scrutiny this year amid revelations its agents targeted Tea Party groups in what appears to be a politically motivated crackdown against conservative organizations.

Related: $2 Trillion Shadow Economy Not Counted in Jobs Numbers

So intense is the heat on the IRS that the House is considering a bill to cut its funding by 24% vs. year-ago levels while at least two sitting U.S. Senators openly support an effort to abolish the institution altogether.

Republican Senators Rand Paul (KY) and Ted Cruz (TX) are both actively supporting ABOLISH THE IRS, which is backed by Citizens United -- a tax-exempt non-profit best known for its victorious Supreme Court challenge of the McCain-Feingold campaign finance law.

“I want to abolish the IRS and create a new entity,” says David Bossie,

In his latest book, "Circle of Friends," veteran Wall Street reporter and Fox Business senior correspondent Charlie Gasparino details the federal government’s crackdown on insider trading. To date, federal prosecutors have charged 83 people and won 73 convictions, most notably against Galleon Group’s Raj Rajaratnam and his accomplices, while continuing their pursuit of SAC Capital’s Steven Cohen.

Related: Hedge Fund Titan Steven Cohen Isn't Off the Hook: Gasparino

Gasparino’s book examines all those cases (and more) in great detail but also examines the bigger question: Why have the feds targeted insider trading vs. the alleged crimes that led to the 2008 financial crisis?

The crisis was a “huge cataclysmic event and it’s odd nothing came out of it” in terms of prosecution, he says. “Why? It’s hard to prove irrational exuberance -- which was at the heart of the financial crises -- equates fraud.”

Cases against Wall Street executives “are very difficult” for prosecutors, Gasparino

After a rough June, the stock market has rebounded to start the second half. But volatility has risen and declines in former high-flyers such as Lululemon (LULU), Rackspace Hosting (RAX) and Lennar (LEN) suggest even more-than-normal risks to momentum trading.

Howard Lindzon, CEO of StockTwits, is often described as a momentum trader; he first gained public notice with WallStrip, an eclectic, entertaining video series that focused on stocks hitting 52-week highs.

“I am chasing winners because winners tend to continue to win,” Lindzon says. “I try and fish in areas where valuations don’t matter [because] in a liquid market and with proper money management you can get out” when the uptrend (inevitably) breaks.

Related: James Altucher Takes Credit for Rally Off 2009 Lows: ‘It’s Not Bragging If It’s True’

Still, Lindzon acknowledges “momentum investing” has negative connotations – “people shudder” when they hear the term, he quips – and so recently has begun adopting a new moniker:

The Fourth of July weekend is upon us and, for millions of Americans, that means barbeque to go along with the fireworks: 69% of us will host or attend a holiday cookout this weekend, according to the Hearth, Patio & Barbecue Association (HPBA).

And while many Americans are eating less beef these days, it’s still a huge business and a very big part of our diets:

• Americans spent over $67.5 billion on beef in 2012, according to the USDA.
• 93% of Americans eat meat at least one dinner per week, according to the 2013 “Power of Meat” study, published by the American Meat Institute and the Food Marketing Institute.

Related: How to Lose 35 Pounds Without Dieting

With that backdrop in mind, The Daily Ticker has put together a ‘summer steak buying guide’ with the help of Mark Schatzker, columnist at The Globe & Mail and author of Steak: One Man’s Search for the World’s Tastiest Piece of Beef.

According to Schatzker, the “two most important things” in selecting a steak are: How old the cow was