Michael Farr is President and majority owner of Farr, Miller & Washington, LLC. He is Chairman of the Investment Committee and is responsible for overseeing the day to day activities of the firm. Prior to starting Farr, Miller & Washington, he was a principal with Alex, Brown & Sons.
Mr. Farr has appeared on The Today Show, Good Morning America, NBC's Nightly News, CNN, Bloomberg TV, Reuters, and the Nightly Business Report. Mr. Farr is heard on Associated Press Radio, CBS Radio and National Public Radio. And he has been quoted in The Wall Street Journal, Forbes, Fortune, The Washington Post, Businessweek, USA Today, and many other publications. His market blogs can be found on HuffingtonPost.com and Politico.com.
He is a member of the Economic Club of Washington, DC, National Association for Business Economics, The World Presidents' Organization, International Atlantic Economic Society, and The Washington Association of Money Managers.
Mr. Farr is an award-winning author of three books. The first,"A Million Is Not Enough," was published by Hachette Book Group USA in 2008. That was followed by "The Arrogance Cycle," released in September 2011 by Globe Pequot Press. His third book, "Restoring Our American Dream: The Best Investment," was released in March of 2013 by Headline Books Inc.
Mr. Farr is currently Chairman of the Sibley Memorial Hospital Foundation and a Trustee of Sibley Memorial Hospital and of Sewanee, The University of the South. He is a current Director of Goal Financial, LLC and Atlas Financial Services Group, Ltd. He has formerly served as Vice Chairman of the Salvation Army, Chairman of the Travelers Aid Society, and Trustee of Ford's Theatre; Nation's Capital Progress Foundation; the Paul Berry Academic Scholarship Foundation; and Neediest Kids.
Mr. Farr is a graduate of the University of the South in Sewanee, Tennessee. He is married and has two children.
President Obama proposed a 3.7 trillion dollar budget for 2012. Revenues to support that amount of spending are estimated to be about 2.6 trillion dollars. That represents proposed deficit spending of 1.1 trillion dollars in 2012 which would be an amazing improvement from the 1.645 trillion dollar estimated deficit of 2011.
Ben Bernanke, Chairman of the Federal Reserve, testified before Congress today and said that unemployment could remain elevated for quite a while. Moreover, he said that he needs to see “a sustained period of stronger job creation” before he considers the recovery firmly established. That sounds like it will be quite a while before the Chairman considers the recovery firmly established.
The Congressional Budget Office released its updated "Budget and Economic Outlook" last month for the next ten years....and for the entire forecast period, the cumulative deficit is now expected to be $1.44 trillion higher than under the prior CBO estimates.
Data out this week confirmed one of the Fed's greatest fears—housing prices are double-dipping. The S&P Case-Shiller Index of 20 major metropolitan areas fell for the third straight month in October, taking the index back to its lowest level since April 2010. And while the index is still 4.4 percent above the April 2009 low, the new trend suggests that we may easily test those lows in the months to come.
Things appear to be heading in the right direction as we prepare to welcome a new year. GDP growth estimates are being revised upward, corporate profits are up sharply, and stocks are about to log their second consecutive year of impressive gains.