Guys' Point of View

This short video clip was filmed about a month ago featuring Jim Cramer, CNBC's "Mad Money Man" himself. Cramer has some wise words for investors in these trying times. Think soft drink!

In 1891 Marcellas Berry an employee of American Express

Since 1975, American Express has been synonymous with its classic advertising slogan "Don't Leave Home Without It" when it was devised by David Ogilvy of Ogilvy & Mather, a preeminent New York City advertising agency. Today, many people are only familiar with American Express as an issuer of a variety of credit and charge cards. However, before American Express issued the first charge card in 1959 (they were the first company to issue the embossed plastic cards that we still use today), it was known for decades as a financial services company. In fact, American Express started out in 1850 and in its early history they enjoyed a virtual monopoly on the movement of express shipments such as goods, securities, currency, etc.) throughout New York State. Over the years, American Express has been in the pulse of many businesses and corporate ventures; and without a doubt the company has a very interesting and colorful history in financial services.

On this day in 1891, American Express copyrights its Travelers Cheque, which will be a boon to globe-trotting customers as a protection against theft and other loss of cash. The cheque business began quietly; in its first year of sales only 248 cheques (worth $9,120) were sold, but by 1909, annual sales were $23 million. During 2000, sales of American Express Travelers Cheques increased to $24.6 billion.

In regards to the creation and patent of American Express Travelers Cheques, inventor and company employee Marcellus F. Berry wrote, "There’s one thing every person does in a distinctive way. That is writing his signature. Therefore the foolproof device for taking money to strange places must carry the signature of the bearer. It must declare that it will be cashed only when a second, and matching, signature is added before witnesses." Berry was granted four copyrights for "the travelers cheque" which he himself named.

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Many decades before You Tube and the handheld

Home movie lovers and You Tube addicts of the world unite! On this day in 1923, the 16-mm Kodak Model A camera and projector are introduced in America for the first time. Although home movie equipment had been available in Britain since 1896, the Kodak equipment was cheap and infinitely easier to use, and therefore accessible to a much wider audience. Thanks to this type of technology, the movie world has benefited greatly from the aspiring efforts of such contemporary and famous filmmakers as Steven Spielberg and George Lucas. Both Spielberg and Lucas played around with home movie cameras in their youth which inspired them to be filmmakers (and rich beyond their wildest dreams as a result).

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Bling done right? Grillin' taken to a whole new level of luxury!

For generations, the outdoor barbecue has been the particular expertise and passion for the American Guy; grilling has become both an institution as well as a tradition - particularly with our leisure time such as the holiday we are celebrating today. In this tough American economy, if you are lucky to have about $50k lying around in the bank and need the latest jaw dropping gadget to impress those in your life, then this outdoor Guy gadget may be for you.

The famous Australian barbecue maker BeefEater has recently unveiled the ultimate in backyard bling - the world’s first fully operational gold barbecue. BeefEater commissioned the glittering grill (valued at over $50,000) in time for the Sydney Home Show as a wacky and fun way to celebrate recently being named the World’s Finest Barbecue in a global review of the world’s finest luxury products across a number of categories. The unique barbecue featured a six-burner barbecue and wok burner, roasting hood and warming rack, high output burners, quartz start ignition, vaporizer grid and reflector system, all individually plated in 24-carat gold.

To read more about the golden throne for all Guy's (and gals), click here.

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Andrew Johnson, our 17th President, signs the first

For the working men and women of our nation - especially in the halls of government - this is a memorable day in the history of work and human resources! Did you know that on this day in 1868 the first federal law relating to an eight hour workday is enacted by Congress and was signed soon after by President Andrew Johnson? This law was highly beneficial to people such as postal employees when the United States Post Office was then a cabinet level government agency. The United States Post Office became an independent agency beginning in 1971 when Nixon signed the Postal Reorganization Act of 1970.

In the new work law that President Andrew Johnson signed, it stated in part that, "eight hours shall constitute a day's work for all laborers, workmen, and mechanics who may be employed by or on behalf of the Government of the United States."

Hundreds of eight-hour leagues formed coast to coast during and after the Civil War pressuring eight states to pass eight-hour day’s legislation and helping to persuade the U.S. Congress to create a law for federal employees in 1868. This worker formation inspired the NALC (National Association of Letter Carriers) in 1889. It’s easy to forget that not so long ago, workers had no protection to stop employers from enforcing 12 hour shifts, sometimes 7 days a week. If you could not keep up, you were fired. When the law passed, the Post Office interpreted it to mean 8 hours a day for 7 days a week- or 56 hours a week. The NALC sued the federal government and the Supreme Court ruled in favor of the union. It awarded the letter carriers a total of $3.5 million, settling thousands of overtime claims.

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In its heyday, Woolworth stores paved main street America

In recent months you probably have heard the news reports that discount chain stores such as Dollar General Store, Dollar Tree, Wal-Mart, and Big Lots have seen a surge in sales due to the fragile American economy. Wal-Mart, of course, is the biggest chain store in the country that famously toots its own horn on "low prices." But did you know that the concept of low prices started with a man named Frank Winfield Woolworth toward the last quarter of the 19th century? He was 26 years old at the time!

On this day in 1879, Frank Woolworth - with a $300 investment - opens "the Great Five Cent Store" in Utica, New York. It was the forerunner of Woolworth's hugely successful five-and-dime chain store that eventually dotted the globe. The Utica store, his first, closed after a few weeks of daily receipts as low as $2.50! However, a second store he opened in Lancaster, Pennsylvania, became a success. Frank Woolworth brought his brother Charles Sumner Woolworth into the business, and together they opened more stores, often in partnership with other business associates. The Woolworth brothers also entered into partnerships with “friendly rivals” to maximize inventory purchasing power for both parties.

By the middle of the 20th century, the Woolworth's concept was widely copied (think Kmart, Target, and Wal-Mart), and five-and-ten-cent stores (also known as five-and-dime stores) were a fixture in American downtowns through the 1960s, and became anchors for strip malls by the mid-1970s. At Woolworth's 100th anniversary in 1979, it was the largest department store chain store in the world.

Woolworth's power and decline started in the late 1980s and on July 17, 1997, the chain store closed its remaining department stores in the U.S. and changed its corporate name to Venator. By 2001, the company focused exclusively on the sporting goods market, changing its name to the present Foot Locker that is a fixture at many malls and shopping centers everywhere.

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Former investment bank Bear Stearns hedge fund managers

I guess that you heard the news about the two former Bear Stearns hedge fund managers who are among the first to take the perp-walk to court for the huge sub-prime collapse. Cioffi and Tannin (pictured above) were indicted by a federal grand jury in Brooklyn on Thursday. At 7AM Thursday morning, Cioffi was arrested at his suburban home in Tenafly, NJ, while Tannin was given the cuffs at his Manhattan apartment. These men face charges of conspiracy, wire fraud, and securities fraud in trying to cover up the collapse of two major Bear Stearns hedge-funds back in the summer of 2007.

Many people feel their collapse was the first sign of the sub-prime crisis that would ravage Wall Street and the economy for months. According to a Bloomberg article which broke the news, justice is on the way:

The two men were charged with misleading investors about the health of two Bear Stearns hedge funds whose implosion ignited the subprime mortgage crisis. Cioffi was also charged with insider trading in the indictment, which cites a series of e-mails between the two men. They face as much as 20 years in prison if convicted of the most serious charges.

I'd be seriously surprised if they got 20 years, but who knows, maybe they'll get hyped up as scapegoats for all the country's economic woes?

The U.S. Justice Department is on a roll today though, as they've also announced they have, to date, charged 400 people with crimes relating to mortgage fraud in the sub-prime crisis. These charges are a result of victims being scammed out of over $1 billion in predatory lending and foreclosure rip-offs. No one is safe today as the lucky 400 include real estate agents, lawyers, lenders, appraisers and even some speculative borrowers.Bloomberg news sure is busy today with the big arrest reports:

FBI Director Robert Mueller and Deputy Attorney General Mark Filip will announce the national crackdown, dubbed Operation Malicious Mortgage, this afternoon in Washington. Nearly 300 people have been arrested thus far in cities ranging from Chicago to Dallas to Miami, department officials said.

Don't you think that "Operation Malicious Mortgage" is a cool name? We've waited a long time for some action from the government, but it's still too early to tell if this is an adequate response to make up for everything that went down in sub-prime. It seems like a decent start, anyway.

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General Dwight Eisenhower at his desk in 1945

For those of you who are die hard Coca Cola and military history fans, then this post is for you! On this day in 1945, then General Dwight Eisenhower was being honored in a feast at the Statler Hotel in Washington. With the nation's press looking on, General Eisenhower is asked if he wishes anything else. "Could somebody get me a Coke?" he asked. After polishing off the soft drink, he was again asked if he had any requests, to which he replied, "Another Coke!"

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