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Tony, thank you for you precious remarks. I actually agree with just about everything you stated.
Tony, you're the best!
I am disappointed in Obama`s leadership, but I`m not changing my vote until I know who is running against him...Who knows it might be a really poor candidate..
How true! That's why I voted for Obama the first time. It was really difficult to do, but I wasn't going to give Palin my vote under any circumstances, and I was "fooled" by some of those brilliant speeches. I actually believed many of those promises (now they are "lies".)
I`m no `ultra` anything
Ditto... obviously. Errr... ultra trader? LOL.
There is so much mis-information and facts being reported by the media that if anyone wanted any advice I would suggest you all just continue to believe in the USA and all it`s faults,
Yes, I agree... but some of those faults are getting beyond what the USA truly stands for... IMHO.
If you don`t know what you are doing, don`t do anything
Totally agree, and I've posted that before. You may recall there was a time or two I was out of the market for that very reason... I didn't understand why/how it was behaving like it was.
Great post Tony... Thanks, and nice to hear from you.
TM
Here's a real estate story you'll like from yesterdays NY Times.
http://www.nytimes.com/2011/07/27/business/affluent-buyers-reviving-market-for-m- - iami-homes.html?_r=1&scp=1&sq=Affluent%20buyers&st=cse
And again from a stock market perspective it's really sickening because we'd be at or above 13K given all the great earnings reports were it not for our appalling and childish government.
For the traditional buyer who wants to put down no more than 20 percent, loans are somewhere between tough and impossible. Many of the sales are to investors, rich people or foreign citizens benefiting from a weak dollar.
When we refinanced our home to get a better rate, I had to pay it down to 60% of appraisal. We did get a great rate and got rid of a 8% 2nd on the house. It was not a cakewalk with 40% equity. Our credit score was over 800 and we had enough cash in that bank to pay it off. Basically they were running scared of the Feds.
The good news could be rare buying opportunities of shares that get over-hammered.
I'm sitting in a cash position, waiting to pull the trigger.
TM
Apple's last earnings report (PDF here) showed that the company had $76.2 billion in cash and marketable securities at the end of June.
In other words, the world's largest tech company has more cash than the world's largest sovereign government.
That's because Apple collects more money than it spends, while the U.S. government does not.
Ah-ha! Now I come much closer to understanding.
Once or twice a year I rebalance what I've got. Dull as dishwater, but provides a return comparable to a lot of funds I've seen and better than many others.
I don't have the background, wherewithal or whatever to try to time individual stocks, but it is entertaining to watch those who do.
And again from a stock market perspective it's really sickening because we'd be at or above 13K given all the great earnings reports were it not for our appalling and childish government.
I am almost in total agreement with your assessment with one exception...I have watched and listened to a lot of sources the past week or so with one exception (I refuse to watch Fox News). All these sources have been crying out loud that it is the Tea Party which is the extremist group that is holding us hostage. You can spin it any way you want to but this is the fact. The majority of the American people also agree on this as shown by the new polls this morning.
Btw, there is no doubt in my mind that if there were an election today, all these Tea Party people that got voted into office in the last election would be voted out of office now.
I thought Democrats were supposed to be open-minded
I picked up AMZN, BIDU, SBUX, AAPL at the open. They are all higher now. I picked up AAPL at around 396, and then sold it later on for a quick gain. I'm keeping my eye on it... might buy again, but I want another dip first.
TM
I bet you meant $386, right? The high today was $395.15 and the low was $384.
I would suggest watching neither.. It's not what traditionally has been known as news. I realize everyone has a slant, but to have a preconceived idea about every news event is not really news.
I'm much happier when I don't view either one, and yet, still not ignorant of the facts...
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TM
His disapproval rating is up to 50%, the poll said
No Surprise! He's not a leader just a symbol.
Obama hits low of 40% in Gallup tracking poll
Keep talkin' Pres...I love it!
Regards,
OW
Anyone ahead? Like maybe Houdini?
Overall, I am ahead, but not by much, since I started this "long-term" thing recently, as I posted when I got out of the market. As of early this morning, I am currently holding a few stocks, and not very many shares. I bought them today, with the hope that there might be an upside swing next week. They are AAPL, of course... AMZN.... BIDU... and just a handful of shares of GMCR (to see if there is more upside), and since I was investing in coffee I also bought some SBUX. lol.
I only own 750 shares TOTAL, divided unequally between all 5... that's all... and all together they are only up a few hundred bucks for the day.
The revised economic numbers today are disturbing. One talking head commented that we had our recovery and now it's over... and moving forward is supposedly sideways or down... Another guy said that our country will be fighting the deficit for a VERY long time (many years) and based upon his analysis, it will cause the economy to shrink for the next 10 years!!
TM
I started the week with about $460,000 invested in this acct. Right now the total is about $463,000. but now, about $215,000. of that is cash, where it was nearly all invested earlier in the week. Would have had more cash but I put about $40,000. in COST late yesterday on a small dip. I love that company, but it went down a little more today. I have long term plans for it.
All my fixed income stuff with Wells stayed about even.
I lost a total of $455. today after being up over $1,000. earlier and I did not buy or sell anything today. On golf course most of the day.
I hope no one got hammered !! Next week should be interesting.
2013 LX 570 2016 LS 460
I don't want to add up the losses. I can say my gold has just about covered the stock market losses.
Another guy said that our country will be fighting the deficit for a VERY long time (many years) and based upon his analysis, it will cause the economy to shrink for the next 10 years!!
That is what I am sensing as well. Increasing the debt cannot be a good thing overall for an economy, anymore than increasing how much a person owes on his CC. They are both a big drain of your cash flow. Someday we are going to have to head the other direction. Who is going to be the losers? I think the stimulus proved beyond any doubt that the Federal government spending more money does NOT create any significant private sector jobs. It was wise of Clinton to say no to raising the debt ceiling in 1997. I think it is time to say enough is enough and just bite the bullet. It may hurt a lot. Congress has made too many promises. Promises they did not have the money to pay for. So it may be a good time to get out of the market. And buy back in when the dust settles.
I find the credit downgrade talk funny...aren't the same people who make this threat of the same group who cashed in with the bailouts and were never held accountable for their financial shenanigans just a few years ago? One can look at this debt ceiling gridlock, who really controls politics, and then think - it's no coincidence. Someone is making a profit from it all.
Any experts who want to debate me are quite welcome. Those are the ones who think TARP worked. Did nothing to improve USA credit,
How much did THAT cost and what return in the economy?
Please lead President Obama into the USA Taxpayer Boardroom for a final determination if he continues or ...is FIRED!
Regards,
OW
ROFLAMO!
Great one. I bow to you for that comment.
2014 Malibu 2LT, 2015 Cruze 2LT,
I can just hear him now, talking to the board. "Even though the company is now officially bankrupt, things would be much worse if I hadn't been here. That last CEO really left the company in a mess, and I'll need at least 4 more years before you will see any progress. You guys should be grateful that through my heroic efforts, I was able to keep the company going for 3 whole years before it fell apart".
The board replies, "Get out you idiot !!" :mad:
2013 LX 570 2016 LS 460
TARP probably helped high end home sales in the greater NYC area, anyway...made some luxury car dealers happy too.
No one seems to be listening to POTUS. He has become a non player in the debate.
President Obama brought his debt battle to Twitter and he lost – more than 40,000 Twitter followers.
Obama asked Americans Friday to call, email, and tweet Congressional leaders to “keep the pressure on” lawmakers in hopes of reaching a bipartisan deal to raise the nation’s $14.3 trillion debt limit ahead of an Aug. 2 deadline.
Not everyone is a fan of the presidential spam. By Friday evening, the President had lost more than 40,000 Twitter followers - and counting.
“Can’t believe I had to unfollow @BarackObama for spamming Twitter. Really, really strange behavior,”
“I want to unfollow @BarackObama but his desperation is too entertaining,”
http://www.nydailynews.com/tech_guide/2011/07/29/2011-07-29_bams_spam_president_- barack_obama_takes_debt_battle_to_twitter_loses_more_than_20.html
The people I have talked to are blaming the President and Congress for the mess we are in. No one even mentioned the Tea Party. The bottom line is the GOP are not interested in being part of Obama's 2012 presidential campaign. That is all he is interested in right now. All the American people want is a bi-partisan deal. The Democrats and the President are the hold-outs. As it stands right now 267 members of Congress are for the Boehner plan and 261 are against. If this was a true Democratic Republic we would have a deal.
That's not quite right. Only by spinning things can that case be made. What the Democrats did was part of the final process, and they already said this would happen. I expect the Senate to massage the Boehner Bill, and make compromises. Unless the Senate totally destroys the Boehner Bill, we should have something that's good enough for passage. At THAT POINT we will see if the Republicans are willing to compromise and put the matter to rest.
I think most people place major blame on the TP for the problem thus far, but this crisis is not over.
It has proven, however, that Obama and his followers in the Congress have no genuine interest or intentions on reducing the wreckless spending. They just want to increase the ability to spend before the deadline and to increase taxes to pay for it, and have the entire problem swept under the carpet until after the next presidential election.
But, the process will ultimately put the last burden for a final compromise upon the Republicans. Ball will end up in their court. They will get the credit and/or blame. Kinda sucks, but that's probably how it's going to be.
The whole crisis has been made by our "leaders". We now know how bad they really are by what we've seen.
I am glad I am a Republican, but I am not proud of anyone in Washington at this moment.
Right now, I just hate ALL of them.
With regards to the Presidential election... the Republicans have an enormous opportunity as long as they don't become a voice for the TP. That's NOT what represents most Republicans, and it would be a turn-off for most Americans, and Obama would get reelected. The Republicans can EASILY win in 2012... unless they shoot themselves in the foot, and they tend to do that. They need to be smarter.
TM
What is interesting about TARP, is the fact that it is the last major bill to come out of Congress with strong Bi-Partisan support. Even though the Democrats controlled the house and Senate in 2008, the bunch of them were looking out for the bankers, insurance companies, Wall Street and the Unions (UAW). US middle class tax payers are not even in the picture most of the time. Except during an election year.
You say that you do not belong to the Tea Party but whether you do or not you are in total agreement with their philosophy. So, what difference does it make?
I just don't see it that way. The TP members were elected with a mandate. CUT SPENDING AND REDUCE THE DEFICIT. The Democrats have refused to do either. They offer smoke and mirror cuts to try and trick the lame GOP into taking the bait. Basically the Tea Party got rid of 63 Democrats in Congress last year. That tells me they had a message Americans wanted to hear. If they leave Washington in the condition they found it, they will be considered part of the problem. TP House members are much closer to the middle of the road than most Democrats entrenched in our Congress. And Obama is a Marxist for crying out loud. He is unwilling to give an inch in this debt debacle. Can you name a single social program he has offered to cut? I say real spending cuts have to be part of any agreement. No more Tip O'Neill type tricks. By the way my Congressman, Duncan Hunter voted for the Boehner bill compromise. I like him a lot. He sends emails on all he is doing. He asks for suggestions and responds. He did not need the TP to get re-elected on his second term with 70% of the vote.
And I may be further right than the TP. My wife makes me look like a centrist. And she could not tell you anything about the tea party. I only know one person that is a Tea Party member. He is actually the chairman of the San Diego North County Chapter. I don't see him being far enough to the right.
Where you and I part on welfare is believing we should feed anyone that is hungry. That is anti Biblical.. You don't work, you don't eat, if you are able. If you would like to debate that as a Greek Orthodox I am sure it can happen just not on this thread. I refuse to go along with the enslaving of the masses by the Democrats.
PS
The final analysis of last week's market my two main portfolios are down 2%. My Fidelity IRA lost the most of it.
If Reid and the Dems take it out of their bill it has no chance to pass the House, just as it had no chance to pass the Senate with the amendment.
Obama and the dems got us into this current mess with unbelievable spending and increases in our national debt over the last 2 years, and they will bear the brunt of the building fury of the American people in 2012, just like they did in 2010.
The only thing that has changed after 2010 is that Obama and the dems doubled down after their loss in 2010. That is insanity, and finally, thanks to the TP, their hand has been called.
2013 LX 570 2016 LS 460
Heck, even in a boxing match the contenders are better off to fight towards the middle of the ring. They can't accomplish much if they are throwing wasted punches from their corners. The common ground is towards the center where they can meet and also fight more effectively, instead of looking like idiots.
I heard one Senator last night comment that the members of the House can't even tie their own shoes. He made himself look like the bigger idiot... and he has no clue. The "party of yes" and the "party of no" rhetoric, and the "working with a bowl of Jello" comment, and the "can't tie their own shoes" comment, and the TONS of childish remarks only reflects badly on all those that behave with such childish immaturity.
All the mudslinging and the stubborness and extremism... and the willingness to put the American people in jeopardy... is so shameful. It's time to shut up and act like mature men and women and do the right thing and BALANCE THE UNITED STATES BUDGET! And then work on solving the other gazillion problems we elected you to do!
TM
Charlie,
Just listen to Pelosi. She's as far left as any TP member is far right. In her hands we'd run a $100 trillion deficit as she just spends and spends with no concern of revenue. I've read things about her that are scary and just look at her theathrics recently re the debt ceiling - "we are trying to save the world". I d'ont think she understands a thing financially and why is anyone in their right mind against a balanced budget provision. All it is saying is we are going to get fiscally responsible and get to break-even and limit the growth of deficit spending over a period of years. I d'ont even know how anyone can defend the opposite of saying we have no intention of doing so. It's like letting the no down payment interest only real estate loans run on forever.. To me a balanced budget plan that is 6-7 years out is saying we are going to go back to a zero based budget approach (over time). Imagine we had the liberty to print $14 trillion in new cash right now and pay off every debt we had. Wouldn't you then want a budget that keeps us from getting into new deficits?
Re Pelosi I've read several stories that said the only place she could even get elected is in her own constituency which of course is as liberal as it gets. So there's plenty of blame on both sides. Many Dems shot down Obama's own outline of a plan to cut spending months ago. That's your Dem TP.
I picture CircleW sitting on one side of the table with a full head of carefully combed hair (toupe?) and giving Obama and friends the Trump look as he decides to fire him and have him removed along with his bags and baggage from the White House.
2014 Malibu 2LT, 2015 Cruze 2LT,
When you think about it that's the main thing the Tea Party wants to do on this issue. Yet, some think they're the scum of the earth. Maybe this is because they are so critical of White House policy.
On the left, Pelosi and Reid don't even want to discuss and modify one of the bills put forward by the GOP. Now who's standing in the way most here?
To use Obama terminology said during his 2008 compaign, "this situation is unsustainable"......"and it is not working". To pass what the Dems. want is just more of the same failed policy that got us here. Doesn't anyone on the left side of the aisle see this?
I do agree and think Obama has set the tone of the debate by making a deal with Boehner and then reneging. And of course his childish remark about eating our peas. He is totally out of touch with the American people. He really thought they could throw money at the recession and have instant private sector jobs. All it accomplished was throwing US deeper in debt.
I would love to see Congress and the President make a compromise deal. It just cannot happen if the Left is not willing to cut some real spending in exchange for more credit. Obama purely wants to kick the can past the 2012 election. Why would the GOP House buy into that?
History should have taught US a lesson. I don't think enough of US lived through the extended Depression to remember. I hope it does not take another World War to get US back on track.
The quote is right on target. If we listen to the statements from some of the Democrats, they accuse the Republicans of exactly what the Democrats are doing. The Democrats are now the party to won't compromise. They didn't have to compromise on Obamacare, indeed they didn't have to tell people all the taxes and hidden things within the bill: just pass it and then you can read it.
Reid's bill has savings comparable to my home budget having savings on the Lamborghini I've saving money by not buying. It's meaningless.
The Dems don't want a balanced budget because they know their ObamaCare that THEY passed contains huge amounts of costs and taxes. Some paid for in bill-speak by using savings twice.
The Democrats are the party of "No," "No Bill," "No compromise."
"No." "No." "No."
2014 Malibu 2LT, 2015 Cruze 2LT,
Regards,
OW
He had his chance to be the conciliator and pose plans he would like to see. No plan. No conciliation. Only try to paint the other party as the culprit in his Monday Night Address.
Luckily behind-the-scenes discussions are occurring beyond Reid, Pelosi, Obama, and poor Boehner who's in a rock and a hard place between standard Republicans in the House and neophytes who truly represent what most Americans want, a balanced budget.
Notice from whom we've heard nothing. Barney Frank, Waters, and others like Lee who threw out racism as why people didn't just do what Obama wants: all the people who usually try to get their 10 seconds of fame. They're useless.
2014 Malibu 2LT, 2015 Cruze 2LT,
By Peter Schroeder - 07/29/11 05:11 PM ET
The "limited magnitude" of both debt plans put forward by congressional leaders would not put the nation's AAA credit rating back on solid footing, Moody's Investors Service announced Friday.
"Reductions of the magnitude now being proposed, if adopted, would likely lead Moody's to adopt a negative outlook on the AAA rating," the credit rating agency said in a new report. "The chances of a significant improvement in the long-term credit profile of the government coming from deficit reductions of the magnitude proposed in either plan are not high."
It added that "prolonged debt ceiling deliberations" have increased the odds of a downgrade, but that the firm is still confident policymakers will avoid a default.
"It remains our expectation that the government will continue with timely debt service," the firm said.
It also clarified that as far as it is concerned, the nation will only default if it misses an interest or principal payment on U.S. debt, not if it misses payments on other obligations like federal employee salaries or Social Security benefits.
http://thehill.com/blogs/on-the-money/801-economy/174447-moodys-neither-plan-pro- tects-the-nations-aaa-rating
I wonder how long it would take to get a decent bill if they did not pay the Congressional and Presidential salaries, along with all those working in those institutions.
Democrats enforce filibuster against their own debt bill
http://www.washingtontimes.com/blog/inside-politics/2011/jul/30/democrats-enforc- - e-filibuster-against-own-debt-bill/
"Republicans offered to let the vote happen Friday night, just minutes after the chamber voted to halt a House Republican bill. All sides expect Democrats' bill will fail too, and the GOP said senators might as well kill both at the same time so that negotiations could move on to a compromise.
"We would be happy to have that vote tonight," Sen. Mitch McConnell, Republicans' leader, offered.
But Senate Majority Leader Harry Reid objected, even though the vote would occur on his own bill. He instead said the chamber would have to run out the full procedural clock, which means a vote in the early hours Sunday morning.
2014 Malibu 2LT, 2015 Cruze 2LT,
TM