Riding Herd on the Financial Range - # 19
If you think things are swell or getting better, you're not reading between the Headlines
8.9.2009
Howdy Folks,
We have a new Associate Justice, Ms. Latina Sotomayor herself. As I wrote before, from what I have read regarding her opinions on warrants and criminal statues seemed pretty main stream. While she is still considered an activist judge, she couldn't be any worse than Souter so I am hoping for an improvement. The high court for sure (hopefully) also reins in any maverick behavior that she might have gotten away with on the 2nd Circuit. I am willing to give her a chance, but what about those Senators and their lame confirmation hearings? I was embarrassed, but we were spared most of it as it was way overshadowed by the media’s reporting of the circus surrounding Michael Jackson’s death and memorial extravaganza. Thus America missed most of the right wing extremist asking those awkward pesky questions about cuts in Medicare and end of life counseling in the healthcare reform act.
However, the health care debates rages on and the administration and folks that have been voting like imbeciles are, in my opinion, completely misreading the public. The way things are going I would expect to see a whole new slate of faces after the 2010 elections. Power to the seniors and you kids who have parents still alive as you are the ones that are going to stop this Obamacare nonsense.
I can't wait to see the President going over this act line by line at the White House as he promised, and finding the contradictions between what he has said and what he is trying to sneak in. There is always a good chance that he will be surprised since it was written by Apollo, Podesta, and the Tides organization, but then again maybe not since it says pretty much what he believes.
Just for the record, I wrote AARP a letter and cancelled my membership. Listening to their video and support of the health care bill found on their website is so off message on so many levels that one can be assured that they are NOT looking out for seniors. I cannot support such blindness to at least questioning the agenda and lies on the record. .
The recent Headlines say it all:
ONE IN NINE AMERICANS NOW USING FOOD STAMPS
For the first time, more than 34 million Americans received food stamps, which help poor people buy groceries, government figures said on Thursday, a sign of the longest and one of the deepest recessions since the Great Depression
FDIC HEAD BAIR: BANK FAILURES WILL GET 10 TIMES WORSE
Bair said up to 500 more banks could fail…
ONE OF THE MOST RIDICULOUS POLITICAL APPOINTMENTS OF ALL TIME
House Speaker Nancy Pelosi and Senate Majority Leader Harry Reid recently announced appointments to a 10-member panel to investigate the financial crisis. The chairman of the panel is Phil Angelides who served as California State Treasurer from 1999 to 2007. Yes. You read that correctly. California, the state with a worse credit rating than Bulgaria. Phil really does have a handle on how to fix things. He'll have some fabulous insight. Perhaps he should be named the Democrat’s Financial Cover-up Czar. Haahahhhhhahhhhahha
TOP ECONOMIST DAVID ROSENBERG: 'CLUNKERS' EXPOSES GOVERNMENT STUPIDITY
We couldn't believe this when we saw this quote from the U.S. Transportation Secretary (Ray Lahood) in yesterday's NYT (page B3) on the “Cash for Clunkers” program: “There obviously is a real pent-up demand in America ... people love to buy cars, and we've given them the incentive to do that.”
Are you kidding me? If there is pent-up demand for autos why do we need a rebate? If there are 20% more vehicles than there are licensed drivers, why the need to perpetuate this cycle of overspending? Why is it a politician's job to create incentives to spend? Shouldn't they be focusing their attention on health, education, defense, infrastructure, public safety, job skills and productivity growth (and perhaps the youth unemployment rate of around 20%)?
We're not exactly espousing an Ayn Rand libertarian view but at a time when the deficit is running at 13% of GDP, at what point is enough? These rebates are not manna from heaven — it’s a future tax liability to hasten a decision that the auto buyer would have made in any event.
GOV'T FAILURE: U.S. POSTAL SERVICE MAY CLOSE 67% OF ITS LARGEST BRANCHES
The Postal Service sent a notice to American Postal Workers Union executives this summer that it was considering consolidation options in every major metro market in the country and would consider closing 3,243 of its 4,851 largest branches and centers in the review process. The markets have been identified, the exact locations have not - although the USPS has already stamped almost one-fourth of the ones it has studied as disposable
Your humble editor, Russ
About Russ Magarity
Jackson, Wyoming Distressed Patriot Russell Magarity and Chris Janelli, Chief Distressed Patriot, have been business associates and close friends since working together at Chase Manhattan Asia in Hong Kong. Russ grew up in Cuba and Panama and graduated from High School in Peru. He received a BA in International Relations from the University of Oklahoma (Norman), an M.B.A. from the Universidad Autonoma de Guadalajara (Mexico), and a Masters in International Management (with Distinction) from the American Graduate School of International Management (Thunderbird).
Russ spent his career with Chase running countries and managing corporate finance businesses in Brazil, Mexico, Hong Kong and throughout SE Asia. Prior to joining Chase, he served in the US Navy for 9 years first as a Midshipman and Naval Aviator. As a carrier pilot, he served 3 tours in Vietnam and flew over 250 missions.
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