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"The American people deserve a solution, not more empty political rhetoric."
Congressman Miller is on the House Fin Serve Comm:
Statement of Rep. Gary Miller Regarding Chairman Hensarling’s Proposal to Reform the Housing Finance System
July 15, 2013
by California RealEstateRama
Rancho Cucamonga, CA – July 15, 2013 – (RealEstateRama) — Today, House Financial Services Committee Vice Chairman Gary Miller (CA-31) released the following statement regarding the release of a discussion draft by Committee Chairman Hensarling to address the future of the U.S. housing finance system:
“I am pleased that the Committee will finally move to consideration of a path forward for housing finance reform, and I am in the process of reviewing the Chairman’s initial draft.
It is in the 31st Congressional District of California, of which I am honored to represent, that the worst effects of the economic downturn took place. My friends, neighbors, and constituents here in San Bernardino County know all too well the sacrifice and suffering that has gripped our nation over the past five years as the housing markets came to a screeching halt.
As the legislative process moves forward, I will work with the Chairman and members of the Committee to ensure that the Committee’s final product is a viable solution to ending Fannie Mae and Freddie Mac and replacing their functions with a system that ensures a stable and healthy housing market.
The hybrid, public-private model for Fannie Mae and Freddie Mac was fundamentally flawed and is irreparably broken, but we still need a viable secondary mortgage market, with sound underwriting principles.
While the major problems with Fannie Mae and Freddie Mac have made it clear that we must find a new way forward, the fact remains that what we replace them with must capture the important functions they have performed in the market.
We cannot just eliminate Fannie and Freddie with no viable alternative – the alternative must be workable, which includes being an attractive option for investors to purchase mortgage backed securities and consumers seeking to purchase a home. If not done correctly, we will be faced with a massive liquidity crunch and contribute to further housing sector instability at taxpayer expense.
As the epicenter of the housing downturn, the people of my district have experienced the result of a failed mortgage finance system, where private-label exotic mortgages were the norm. We cannot move backward to this time, or take the rest of the country down the path that was so harmful to my constituents. Throughout this process I will fight to ensure the reforms we make will protect the American Dream for my constituents and our nation’s families.
The final bill must contain a structure that ensures that taxpayers are protected in the future from costly bailouts. If we stay silent on this critical point, while creating a system that is “too big to fail,” we will leave the taxpayers more vulnerable than they were in the last crisis. And if we create a system that fails, the government will have no choice but to intervene. Therefore, our focus must be on the true functionality of the new system we design, based in fact and not theory.
It is my hope that we can get past the ideological discussions of the past and actually make needed changes to the U.S. mortgage finance system. The housing market is critical to the economy and we must not contribute to uncertainty in the housing marketplace by debating unrealistic policy approaches that only lead to stalemate on reform.
The American people deserve a solution, not more empty political rhetoric. I am excited to work with the Chairman and members of the Committee to produce a mortgage finance reform package that is workable, does not disrupt the fragile housing market, and does not unnecessarily limit homeownership opportunities for families in search of a stable and suitable home to raise their children
Happy Bastille Day!
From Politico.com:
One indication that Reid intends to make good on his threat: he will give a speech on Monday morning to the liberal-leaning Center for American Progress, blasting the “unprecedented level of obstruction by Senate Republicans has prevented the President from having the qualified team he needs to grow our economy,” as described by CAP.
Harry Reid, Mitch McConnell clash over nuclear option
By: Burgess Everett
July 14, 2013 12:17 PM EDT
Senate Majority Leader Harry Reid on Sunday signaled that the Senate remains headed toward a historic remake of its rules this week to ease the confirmation of some of President Barack Obama’s nominations.
Reid said Sunday on NBC's “Meet the Press” that he’s faced historic delay and obstruction during his time as majority leader, fighting hundreds of filibusters, including 16 of the president’s executive branch nominees. The Nevada Democrat said it’s time for that to end.
“The changes we’re making are very, very minimal. What we’re doing is saying: ‘Look American people, shouldn’t President Obama have somebody working for him that he wants?’” Reid said. “If you want to look at nominations, you know what the Founding Fathers said: ‘Simple majority.’ That’s what we need to do.”
(PHOTOS: Longest filibusters in history)
Reid is set to deploy the “nuclear option” — which would allow 51 senators to change the Senate rules instead of the 67 that are normally required. Triggering it would dislodge several stalled Obama nominees, and it would allow senators to approve executive branch nominees — not judicial nominees or legislation — by a simple majority.
Creating 60-vote thresholds and months-long delays to nominees to monitor the nation’s labor standards, air quality and financial regulations is precisely why Americans’ view of Congress is so dim, Reid said.
“Is there anyone out there in the real world that believes that what is going on in the Congress of the United States is good? Our approval rating is lower than North Korea’s. It is really, really dismal,” he said.
Minority Leader Mitch McConnell (R-Ky.) is still hoping to avert fundamental changes to the Senate. After saying that Reid might go down as the worst leader of the chamber on Thursday if Democrats enact a rules change, McConnell tempered his remarks Sunday and complimented Reid as a “reasonable man” and a “good majority leader.”
(QUIZ: How well do you know Mitch McConnell?)
But McConnell also made it clear that he believes there is no reason to weaken the minority party’s power in the Senate.
“What is the problem here? The president has had 1,540 of his nominations confirmed, only four defeated. He’s not lost a single member of the cabinet. He’s getting them faster than President Bush was at the same time in his second term,” McConnell said. “The majority leader needs to bring these nominees up. Most of them are going to be confirmed.”
The crux of the filibuster fight is over nominees to lead the Consumer Financial Protection Bureau and the National Labor Relations Board, which will be unable to function after August without Senate action as Chairman Mark Gaston Pearce’s term expires. Republicans want structural changes to the CFPB before confirming a director and resolution at the Supreme Court over recess appointments made by a Obama to the NLRB. Until that plays out, the GOP is unlikely to vote with Democrats on those confirmations.
The majority also wants to approve nominees to head the Labor Department, Environmental Protection Agency and Export-Import Bank.
Reid and McConnell appeared one after the other on “Meet the Press” the day before Democrats’ fight to remake Senate rules comes to a head.
Several controversial Obama nominees have been lingering in the Senate for months and Reid is using the logjam to press his point, painting the Senate Republicans as focused on gridlock. Reid has set up procedural votes for seven stalled nominees on Tuesday, the same day the Nevada Democrat would likely pursue the nuclear option. Democratic leaders have said they’re essentially only willing to accept up-or-down votes on those nominees to avoid a rules change.
All 100 members of the Senate have been called to a 6 p.m. meeting on Monday in the old Senate chamber, perhaps the last chance for compromise between the two parties.
“We need to start talking to each other instead of at each other and see if we can’t resolve this,” McConnell said Sunday. “We have an opportunity to pull back from the brink … I hope we’ll come to our senses and not change the core of the Senate.
One indication that Reid intends to make good on his threat: he will give a speech on Monday morning to the liberal-leaning Center for American Progress, blasting the “unprecedented level of obstruction by Senate Republicans has prevented the President from having the qualified team he needs to grow our economy,” as described by CAP.
Newer Democratic senators who have never served in minority are pushing Reid to change the rules, hoping the Senate can at least approve presidential nominees while being frustrated legislatively by a Republican-controlled House.
Both parties believe the rules change could end up remaking the body to be more like the more partisan House. And if the changes happen, the Senate’s work on legislation may grind to a halt for the forseeable future over the partisan enmity.
While the Senate in recent weeks was busy passing a comprehensive immigration reform bill and confirming several non-controversial members of Obama’s cabinet, the dispute over whether to change the Senate rules was simmering. McConnell came to the floor nearly every day to prod Reid on whether he would “break his word” on not pursuing the nuclear option.
Finally Reid broke weeks of silence on the issue and blasted McConnell for “broken” promises of cooperation on Thursday, sparking two long, nasty exchanges between the two leaders that included references to Reid’s tombstone by McConnell and biting sarcastic swipes from Reid.
There is some precedent for a last-minute compromise on major Senate rules changes, most notably in 2005 when the bipartisan Gang of 14 prevented a Republican majority from changing the rules to speed George W. Bush’s judicial nominees.
“I’m glad we didn’t do it,” McConnell said. “We knew it would be a mistake for the long-term future of the Senate and the country.”
Sens. Carl Levin (D-Mich.) and John McCain (R-Ariz.) crafted a modest compromise just six months ago to avert the “nuclear option” — but Reid and his membership don’t believe it has made a difference.
Important and good info Obiter.
High drama indeed. There is significant bad blood between these two Senators. My reading is that Mel's odds of being confirmed soon as FHFA Director have just gone up.
We agree on much dude. Watt will be great to watch in action.... power is an interesting element in DC.
Appreciate your work but you are simply wrong. You are missing the
ratio decidendi. Trust me.
One can assume justly that Watt did not take the job just to wind down them. Nor would the White House spend their political capital for nil.
At a Starbucks or Dunkin Ds?
Tues is the Senate Banking confirm vote on Watt.
Thursday is a hearing -- no vote -- on the Hensarling Bill in the House Financial Services Committee.
Ask me Wednesday.
Roger that. Thanks.
and these folks have been battered in this process.
Watt's on deck....
Tuesday, July 16, 2013
10:00 AM - 12:00 PM
538 Dirksen Senate Office Building
COMMITTEE ON BANKING, HOUSING, AND URBAN AFFAIRS
will meet in EXECUTIVE SESSION to consider the nominations of The Honorable Melvin L. Watt, of North Carolina, to be Director of the Federal Housing Finance Agency; Dr. Jason Furman, of New York, to be a Member and Chairman of the Council of Economic Advisers; Ms. Kara M. Stein, of Maryland, to be a Member of the Securities and Exchange Commission; Dr. Michael S. Piwowar, of Virginia, to be a Member of the Securities and Exchange Commission; The Honorable Richard T. Metsger, of Oregon, to be a Member of the National Credit Union Administration Board; and The Honorable Mary Jo White, of New York, to be a Member of the Securities and Exchange Commission for a term expiring June 5, 2019. Following the EXECUTIVE SESSION, the Committee will meet in OPEN SESSION to conduct a hearing on “Oversight of the Defense Production Act: Issues and Opportunities for Reauthorization.” The witnesses will be: The Honorable Frank Kendall, Under Secretary for Acquisition, Technology, and Logistics, U.S. Department of Defense; The Honorable Eric Hirschhorn, Under Secretary for Industry and Security, U.S. Department of Commerce; and The Honorable Richard Serino, Deputy Administrator, Federal Emergency Management Agency
It is about future sales! RS is a shadow issue.
Every thing you write is correct. But it stops short of including the larger realities in our nation's capitol. The FHFA is not the Lone Ranger; it fits into a larger whole which includes a number of agencies, departments, the White House, and Congress. And rightly so -- they are huge financial operations. Furthermore -the folks at Treasury have always played a big role in the life and times of Fan and Fred -- now more than ever- both in terms of soft power and by law.
Any how we both agree -- FnF will be at the end of the day- relisted.
The US Treasury Dept has a huge role to play in my book and the books of FnF:
Treasury Department Announces Further Steps to Expedite Wind Down of Fannie Mae and Freddie Mac
8/17/2012 Page Content
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Modifications to Preferred Stock Purchase Agreements Will Make Sure That Every Dollar of Earnings Fannie Mae and Freddie Mac Generate Will Benefit Taxpayers
Announcement Will Support the Continued Flow of Mortgage Credit
during a Responsible Transition to a Reformed Housing Finance Market
WASHINGTON -- The U.S. Department of the Treasury today announced a set of modifications to the Preferred Stock Purchase Agreements (PSPAs) between the Treasury Department and the Federal Housing Finance Agency (FHFA) as conservator of Fannie Mae and Freddie Mac (the Government Sponsored Enterprises or GSEs) that will help expedite the wind down of Fannie Mae and Freddie Mac, make sure that every dollar of earnings each firm generates is used to benefit taxpayers, and support the continued flow of mortgage credit during a responsible transition to a reformed housing finance market.
“With today’s announcement, we are taking the next step toward responsibly winding down Fannie Mae and Freddie Mac, while continuing to support the necessary process of repair and recovery in the housing market,” said Michael Stegman, Counselor to the Secretary of the Treasury for Housing Finance Policy. “As we continue to work toward bi-partisan housing finance reform, we are committed to putting in place measures right now that support continued access to mortgage credit for American families, promote a responsible transition, and protect taxpayer interests.”
The modifications to the PSPAs announced today are consistent with FHFA’s strategic plan for the conservatorship of Fannie Mae and Freddie Mac that it released in February 2012. The modifications include the following key components:
Accelerated Wind Down of the Retained Mortgage Investment Portfolios at Fannie Mae and Freddie Mac
The agreements require an accelerated reduction of Fannie Mae and Freddie Mac’s investment portfolios. Those portfolios will now be wound down at an annual rate of 15 percent – an increase from the 10 percent annual reduction required in the previous agreements. As a result of this change, the GSEs’ investment portfolios must be reduced to the $250 billion target set in the previous agreements four years earlier than previously scheduled.
Annual Taxpayer Protection Plan
To support a thoughtfully managed wind down, the agreements require that on an annual basis, each GSE will – under the direction of their conservator, the Federal Housing Finance Agency – submit a plan to Treasury on its actions to reduce taxpayer exposure to mortgage credit risk for both its guarantee book of business and retained investment portfolio.
Full Income Sweep of All Future Fannie Mae and Freddie Mac Earnings to Benefit Taxpayers for Their Investment
The agreements will replace the 10 percent dividend payments made to Treasury on its preferred stock investments in Fannie Mae and Freddie Mac with a quarterly sweep of every dollar of profit that each firm earns going forward.
This will help achieve several important objectives, including:
· Making sure that every dollar of earnings that Fannie Mae and Freddie Mac generate will be used to benefit taxpayers for their investment in those firms.
· Ending the circular practice of the Treasury advancing funds to the GSEs simply to pay dividends back to Treasury.
· Acting upon the commitment made in the Administration’s 2011 White Paper that the GSEs will be wound down and will not be allowed to retain profits, rebuild capital, and return to the market in their prior form.
· Supporting the continued flow of mortgage credit by providing borrowers, market participants, and taxpayers with additional confidence in the ability of the GSEs to meet their commitments while operating under conservatorship.
· Providing greater market certainty regarding the financial strength of the GSEs
In part. Read the US Treasury Dept press release of 8.17.2012 and call me in the morning. In any case my friend, it will be a White House call for the conditions that will allow for the relisting to be set in place-- like a new press from Treasury on the above subject. And of the course the relisting will be OKed by the NYSE not the FHFA. But that is not to say the FHFA is not a huge player. Wacth Watt next week. Should be interesting.
Dept of Treasury is the who...the what and when is being worked on.
The MBA, Realtors, Home Builders, home buyers, housing groups, Wall Street, the law, and the money flow will force that outcome. FNF will be retooled by the FHFA and set free to work their good public purpose.
On the page PH, on the same page. Love this dislocation -- that is how fortunes are made.
Some in Congress will make alot of anti-FnF noise but that will be all they do. They are too factioned to get a bill on the desk of the POTUS. Meanwhile, FNF grow stronger, the law suits mount up and the political pressure to let FnF to their thing will out. Load up and strap in.
News on the way: Next week the Senate Banking Committee will consider (vote) the Watt nom for the D-ship of FHFA. And the House Fin Serve Committee will hold a hearing on the Hensarling Bill.
Stop living under a rock. These veiws have been well known and stated for yrs now Washington. Wishes, politics, and reality are not the same. FnF will servive because they are the better choices.
Good news. It is now clear that no plan is set to be passed by Congress any time soon. Meanwhile - FnF grow stronger by the day.
Time and tide are our friends.
July 11, 2013, 2:48 p.m. ET.House Republicans Plan to Wind Down Fannie, Freddie
Measure Faces Uphill Climb but Opens Door to Start Mortgage-Market Overhaul.
By NICK TIMIRAOSAnd ALAN ZIBELCONNECTCongressional Republicans said Thursday that they would introduce legislation to wind down Fannie Mae FNMA -4.58%and Freddie Mac FMCC -4.17%over five years and cede the companies' roles to the private mortgage market, which has remained mostly dormant since melting down six years ago.
The bill would create a new utility-like platform for investors to securitize mortgages without a government guarantee, while repealing new curbs on the mortgage-bond market in the Dodd-Frank financial-overhaul bill. It also proposes restricting access to loans backed by the Federal Housing Administration to first-time buyers and moderate-income borrowers.
The measure will face stiff opposition from Democrats and isn't likely to be considered by the Senate, even if it can pass the House of Representatives. But it nevertheless sets out a marker from which Republicans can begin negotiations on the overhaul of the nation's $10 trillion mortgage market.
Related
Read Draft Bill
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The bill tees up a long-awaited fight over the future of the government's role in the mortgage market. Fannie and Freddie don't buy mortgages but instead package them into securities, providing guarantees to investors should the loans default. Their role helped create deep, liquid markets that attracted an array of investors to fund U.S. mortgages, particularly long-term, fixed-rate loans that banks don't like to hold on their books.
Fannie and Freddie were rescued by the government in 2008 as rising mortgage defaults threatened to wipe out thin capital reserves, though their loans have performed far better than those securitized by Wall Street banks. At the peak of the financial crisis, Fannie and Freddie cost taxpayers around $150 billion. Recently, they have begun to report large profits, and financial analysts say the government could recoup the money invested in the firms as early as next year.
Democrats and some moderate Republicans, along with mortgage investors and the real-estate industry, have argued that some federal guarantees of the mortgage-bond market will be needed to preserve the most popular aspects of the U.S. mortgage market—particularly access to the 30-year, fixed-rate mortgage, a product that isn't widely offered in most other countries, and the ability to lock in a mortgage rate.
Congressional Republicans have argued that those guarantees aren't necessary. The government's role in the mortgage market promoted a "system that did very, very little to help homeowners…and did much to damage taxpayers," said Jeb Hensarling, (R., Texas), who is chairman of the House Financial Services Committee.
The bill is likely to provoke intense opposition from the real-estate industry, a point that Mr. Hensarling obliquely referenced on Thursday. "As much as we all respect those who build our homes and sell our homes, we will not have a policy that is principally designed for the housing industry," he said.
Republicans said they planned to advance the bill through the financial-services committee before the August congressional recess. Political analysts predicted a close vote. "It's a thoughtful and responsible approach, but it is not yet clear that Hensarling has the votes to move his bill through committee, much less on the floor given the potential opposition from parts of the housing industry," said Jeb Mason, a Treasury Department policy adviser during the George W. Bush administration who now works at the Cypress Group, a financial-services consultancy.
Last month, a group of eight Senators—four Republicans and four Democrats—introduced a bill that would also wind down Fannie and Freddie over five years, replacing the companies with a new system that provides for guarantees of certain mortgage-backed securities.
While both Republicans and Democrats appear to agree that Fannie and Freddie should be replaced and that the private sector should play a greater role in the mortgage market, Democrats said the proposal advanced such radical changes to the housing-finance market that it could ultimately hinder any bipartisan effort.
"It is an irony that you could only find in Washington that the one group standing in the way of reducing the government's role in the housing market is doing so in the name of reducing the government's role in the housing market," said Jim Parrott, a former White House housing adviser.
Republicans promised to abolish Fannie and Freddie and drastically reduce the government's role in the mortgage market when they took control of the House in 2011, but so far they have little to show for those aims.
President Barack Obama also hasn't made any serious effort to advance an overhaul. His administration issued a "white paper" two years ago that called for a "wind down" of Fannie and Freddie, but it hasn't advanced any detailed transition steps.
In addition to Fannie and Freddie, the Republican bill proposes several changes to the Federal Housing Administration. The FHA, which has played a key role backstopping mortgages after the private-mortgage market collapsed in 2007, has faced rising defaults and is at heightened risk of exhausting its reserves for the first time in its 79-year history.
The proposal would limit FHA-backed loans to first-time borrowers and to moderate-income borrowers, defined as those who make less than 115% of the area median household income and 150% of the median income in high-cost markets.
The bill would increase down-payment requirements for the FHA, which currently allows a 3.5% minimum down payment, to 5% for non-first-time borrowers. The FHA, which doesn't make loans but instead backs those that meet its standards, would also be required to reduce the amount of its insurance coverage to 50% over five years.
Separately, the top Democrat and Republican on the Senate Banking Committee said they had reached agreement Thursday on a narrower bill focused on improving the financial condition of the FHA
Don't you want the shorts in for rocket fuel during blast off?
Thanks E. Let's hope they snag some buyers.
Thanks for the insightful blather.
Implant Sciences' QS-B220 Passes the Detection Portion of Checkpoint Qualification Testing
MarketwiredPress Release: Implant Sciences Corporation – 20 hours ago...
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WILMINGTON, MA--(Marketwired - Jul 9, 2013) - Implant Sciences Corporation (OTCQB: IMSC), a high technology supplier of systems and sensors for homeland security and defense markets, today announced its QS-B220 desktop explosives trace detection system has successfully completed Independent Testing and Evaluation (IT&E) by the Transportation Security Administration (TSA).
The QS-B220 passed TSA's detection portion of qualification testing for checkpoint screening and is now testing at the TSA Systems Integration Facility (TSIF).
"TSA checkpoint qualification is ranked amongst the most stringent explosives trace detection qualifications around the world. Completion of this phase of the qualification process is the single greatest achievement in this Company's history," stated Glenn D. Bolduc, Implant Sciences' President and CEO. "This marks us as the only company to have ever passed IT&E for the ETD checkpoint qualification using IMS with a non-radioactive source. We are extremely proud of our team's effort, dedication, and efficient execution."
"Our Company has built a product that truly deserves to be called the new standard in trace detection," added Dr. Darryl Jones, Vice President of Sales and Marketing of Implant Sciences. "Our progress in this qualification means we are one step closer towards participating in future tenders for the Department of Homeland Security. Furthermore, it also positions us to participate in procurements and tenders globally that look to this qualification as a prerequisite."
About the Quantum Sniffer™ QS-B220 Desktop Explosives Trace Detector
The Quantum Sniffer QS-B220 uses Ion Mobility Spectrometry (IMS) to rapidly detect and identify trace amounts of a wide variety of military, commercial, and homemade explosives. With significantly lower maintenance requirements than competing systems, the QS-B220 can be deployed for a much lower total cost of ownership than other approved products. Featuring a radioactive material-free design, push-button maintenance and diagnostics, and a patented inCal™ internal automatic calibration system, the QS-B220 brings new levels of performance and convenience to desktop trace detection users with unsurpassed ease of use.
About Implant Sciences
Implant Sciences is the leader in next generation Explosives Trace Detection (ETD) technology. In January 2013, the Company became only the third ETD manufacturer, and the sole American-owned company, to receive product approval from the US Transportation Security Administration. Implant Sciences develops, manufactures and sells sophisticated sensors and systems for Security, Safety, and Defense (SS&D) markets. The Company has developed proprietary technologies used in its commercial explosives and narcotics trace detection systems, which ship to a growing number of locations domestically and internationally. Implant Sciences' QS-H150 portable explosives trace detector has received Qualified Anti-Terrorism Technology Designation and, in addition to receiving TSA approval for air cargo screening, the Company's QS-B220 has also received a Developmental Testing & Evaluation (DT&E) Designation by the U.S. Department of Homeland Security under the Support Anti-terrorism by Fostering Effective Technology Act of 2002 (the SAFETY Act). For further details on the Company and its products, please visit the Company's website at www.implantsciences.com.
Safe Harbor Statement
This press release may contain certain "forward-looking statements," as that term is defined in the Private Securities Litigation Reform Act of 1995. Such statements are based on management's current expectations and are subject to risks and uncertainties that could cause the Company's actual results to differ materially from the forward-looking statements. Such risks and uncertainties include, but are not limited to, the risks that our explosives detection products and technologies (including any new products we may develop) may not be accepted by the Transportation Security Administration or by other U.S. or foreign government and law enforcement agencies or commercial consumers of security products; economic, political and other risks associated with international sales and operations could adversely affect our sales; our business is subject to intense competition and rapid technological change; the risks that our markets are subject to technological change and that our success depends on our ability to develop and introduce new products; and other risks and uncertainties described in our filings with the Securities and Exchange Commission, including its most recent Forms 10-K, 10-Q and 8-K. Such statements are based on management's current expectations and assumptions which could differ materially from the forward-looking
Gold is a measure of fear! Gold will rise again.
FNF is the only market that will work!
Great find b9m.
“There are no substitutes!” Back to basics.
Shorts will be added to the rocket fuel when the next mega run begins. No? And there will be another.
True enough Sir. True enough.
Stay on message please: FnF Good or ill. Fair enough?
Good call Blue. The big run will begin might much closer to August 9th. We have a week or so of slack tide ahead.
Wow -- that changes everything. GO FNF.
Smart move. Gold prices will not stay down long. A 50% correction was always in the cards. PGLC is in the right position to move out when the price comes back. And they will.
What a birth process. And a what substantive board. Go Fan and Fred. This just a warm up for 2014.