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  • normlasky normlasky Oct 13, 2012 7:59 AM Flag

    Norm - What do you think?

    Think your option purchase is a very good bet. Funny I've talked to JC Browns several weeks ago about doing the same thing you did yesterday. May do it on Monday if bbt does not rally. Friday I elected to buy jpm, wfc and more bbt. Jpm and wfc had very nice earnings report. Wfc grew their core loans by about 7% about the same as discussed by bbt in recent presentations. Only negative was nim shrinkage. I'm about 40% cash and have sold covered calls on about 60% of my equity positions. We're in for several years of slow growth driven by gov't austerity. We do have some positives though. Consumer indebtedness continues to go down. The Fed's Mortgage Finanical Obligations Ratio (mortgage, car and conumer debt plus homeowners and auto insurance plus property taxes divided by disposable income continues to drop. 2nd qtr. 2012 level is at the very close to the lowest level in 30 years. You can find it on the Fed's website. Yes, some of it is due to bank write-offs but much of it is driven by debt pay down and consumer refinancing. A second positive is auto sales. The average age of USA vehicles has increased every year for the last 10 years even when auto sales hit a record high of 18 million. Age is up to 11 years now vs. 9 years in 2002. Third positive is USA natural gas and oil. Since 2009 we have quadrupled the number of rigs drilling for energy in USA. Natural gas became so plentiful this year that it dropped below $2 per million btu. We're now exporting some of our oil. We're going to see a lot of new business develop in the USA over the next decade because of our plentiful supply of natural gas. That stage has already been set thanks to a federal gov't which greatly expanded drilling in spite of the BP oil fiasco.

    So all is not bad in our country. Biggest problem is a Congress which is dominated by too many
    members unwilling to compromise. Also some of them are out of their mind - i.e. Adam West, Joe Walsh, Michelle Bachmann. I disagree with Obama on about 25% of his agenda, particularly too many bank regulations. The liquidity and capital rules are fine but there are simply too many cross checks on everything which drives up the cost of business. Also, the gov't should keep its nose out of debit cards. Dick Durbin's amendment stinks. I like personal health responsibility - I'm tired of paying for other people's health care. I support the Affordable Care Act. I believe in kindness and am totally against altruism. Ayn Rand makes that distinction very well in Atlas Shrugged. Perhaps, Paul Ryan needs to reread that passage. Getting rid of Planned Parenthood is crazy Also, I'm dead set against Paul Ryan imposing his personal values into my life. I resent it. He has no right to take away personal freedoms.

    Think the President will easily win. Governor Romney does not tell the truth on many issues. He certainly has violated core values of honesty and integrity. Frankly, he lies on just about everything subject. Don't understand how he can live with himself. Just because you're a politician it's not ok to demagogue. And that has become his speciality and he has really become good at it. What's so sad in my opinion is that a significant % of the American people are unable to determine truth from fiction. His 20% tax rate reduction with corresponding reductions in exemptions, deductions and whatever else is mathematically impossible. The top 1% get a $3 trillion tax rate reduction and you can eliminate 100% of their exemptions, deductions and loopholes and they still make a killing. Note that Romney has now prefaced his 20% tax rate reduction on growing the economy so it does not add to the deficit. Something new because he knows the exemptions and deductions are insufficient. So he's betting on the come and I view that as very high risk. Certainly, it's fiscally irresponsible and lacks conservative principles of sound judgement and objectivity.

    If I could put one person in the White House I choose Jamie Dimon.

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    • First of all, Planned Parenthood will not be gotten rid of, it will just not be funded by taxpayers. All you liberals that want to kill the unborn will still be able to do it legally, you will just have to pay for it by your own charities. It's amazing to me that liberals always cry freedom unless you disagree with them. Look at Detroit and all it's Democratic liberal mayors since 1961, all the liberal programs and leftist views being pushed. Complete failure and Chicago is on the same road with it's education. Seems to me when you see the failures that are so complete, we should change to a different tack before the whole country looks like Detroit and our kids are as stupid as those in Chicago.

    • Well, I'd take issue with some of your political observations but I am not feeling very smart today.

    • conferace call will say it all

 
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