What do I think about the S&P 500's break above 2,000? Hear what I discussed with CNBC Worldwide Exchange in an interview today, August 27.

As I wrote in my last post, oil prices have stayed lower for longer than many would have expected, and we may see prices drift lower still as supply continues to outpace demand.

Some of the effects of lower prices are obvious, but others aren’t. Let's take a look at who stands to benefit from continued low prices—and who may not fare so well. 

As I write, the financial markets are dropping on fears that the situation in Ukraine is about to escalate. This doesn’t come as a surprise, and, frankly, it’s not very interesting from an economic point of view.

More striking is that oil prices have continued to decline despite this turmoil and everything else that’s happening around the world, particularly in Gaza and Iraq. Down more than 2 percent this morning, crude prices are at monthly and quarterly lows, and they're getting very close to annual lows as well.

Yesterday, we talked about how the U.S. government deficit, while improving, is still way too high, posing serious problems for the future. Today, I want to touch on two other problems that you might think have been solved—but haven’t.

The headlines today are all about the deal between Bank of America and the government. After months of negotiation, the bank will pay about $17 billion to resolve allegations that it didn’t follow the rules for residential mortgages before the financial crisis. 

No company likes to pay out billions of dollars, and BofA had a good case that it didn’t do nearly as much wrong as the government claimed. (Many of the allegations involved actions committed by companies that the bank acquired at the government’s urging during the crisis.) Nonetheless, the BofA deal should be a good thing for the bank—and the rest of America.

Learn why I told CNBC Worldwide Exchange that I think the Fed's tapering of its bond-buying program is a good thing for the financial sector in an interview today, August 7. 

Yesterday, we saw a passenger airliner shot down over what is arguably Europe. We saw an invasion launched as missiles rained down on civilian towns. And, in far less devastating news, we saw equity markets decline.

The Ukraine conflict has been simmering for months; the Middle East has been in conflict for decades. Still, yesterday's news came as a surprise, knocking markets down.

Today, I want to discuss two timely topics that are more interrelated than they seem. One is the growing trend of tax inversions, whereby U.S. companies change their legal structure to avoid or reduce their tax exposure. The other is the launch of a new development bank capitalized by the BRICS countries (Brazil, Russia, India, China, and South Africa)—a rival to the traditional international financial institutions, such as the World Bank and the IMF. 

What’s the common denominator here? Both developments suggest we need to rethink some long-held assumptions about how the world works.

In case you missed it, last Friday, July 11, I appeared on Fox Business Network's Countdown to the Closing Bell. Learn why my outlook for the markets has a bearish bent.