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I have an credit card and called the 1st time I received it. I was told that yes it was fraudulent and to forward without opening to
spoof@citcorp.com
This election will not be won by Kerry or Bush attracting the undecided. It will be won by the candidate that has the best turnout amongst the decided. My bet is that more of the Kerry decided will stay home and not vote. After all they are less pro Kerry and more anti Bush.
Kerry Shocks World With Biggest Flip Flop of Campaign!
I am shocked that no one has picked up on Kerry's political whooey. How can one be critical of the Iraq action on going it alone, and then critique the alliance building approach to Korea?
Partially due to cash distribution. The other component is the unwinding of investments. Now will pay lower interest rates, due to shorter terms on investments. It is all in the recap.
Im in Dallas, and had previously switched from TXU to Reliant. The last bill Reliant decided that the discount over 500 KwHours did not apply in the summer. I signed on to GEXA as well for the same price ($.0815). However I did it through www.enrergyoptimizers.net and did not have to post the deposit and was able to secure a one year contract at a fixed rate.
$550MM in cash flow for the quarter.
Thanks an incredible read on the girations that are taking place in our lives right now.
The inside story on the $43 trillion obligation. A good read from a writer I respect--Scott Burns of the Dallas Morning News
http://www.dallasnews.com/business/scottburns/columns/2003/stories/060103dnbusburns.9ebfc.html
On Friday, May 16, the word was out: A $350 billion tax cut was a done deal.
So why did the stock market sink that day? Why did it plunge the following Monday, losing 2.5 percent of its value?
One possible explanation is Treasury Secretary John Snow and his comments on the dollar. Another is concern about new terrorist attacks.
But let me suggest a third possibility: In spite of efforts to suppress it, word is getting around that we can't afford a tax cut.
The story starts one night in January, only days after Mr. Snow had replaced Paul O'Neill.
Two men were leaving a restaurant in Santa Fe, N.M. A cellphone rang. The caller told Boston University economist Dr. Laurence J. Kotlikoff that six months of work by two economists was going to be deleted from the president's budget. The budget was due to be published the next month.
I know this happened because I was the second man: Dr. Kotlikoff and I were in Santa Fe working on a book project.
Deleted material
The material to be deleted from the budget document was an updating of generational accounting. Mr. O'Neill had requested an estimate of the true, long-term obligations of the U.S. government.
The estimate would include the formal debt of the U.S. Treasury plus equally serious government promises to provide retirement income and medical care. (Readers who think promises of Social Security and Medicare aren't as serious as U.S. Treasury bond promises should visit the nearest elderly person.)
The resulting information might easily have been lost in a document whose online girth is measured in megabytes.
Except for one thing.
The new accounting shows the United States is broke.
It shows the true obligations of government are 10 times larger than the Treasury debt held by the public. It shows the current value of these unfunded obligations is a mind-numbing $43 trillion.
Recently, I asked one of the project economists, Dr. Jagadeesh Gokhale, who had called Dr. Kotlikoff that night in January, why he thought his work was cut.
Dr. Gokhale, a senior economist for the Federal Reserve Bank of Cleveland, was circumspect. He suggested that the figures were a surprise to the new Treasury secretary.
Here's another interpretation: Mr. Snow's first task was to sell the president's tax cut. The sales job would be awkward if an official government document announced we were already $43 trillion in the hole. (The Federal Reserve, by the way, recently put the net worth of all households at $39 trillion. This problem goes way beyond whether to tax the rich, the poor or the middle-income.)
So the generational accounting figures disappeared from the budget.
But they did not cease to exist. In early March, the other economist on the project, Dr. Kent Smetters, testified before a subcommittee of the House Judiciary Committee.
Dr. Smetters, an expert in Social Security and Medicare, is at the Wharton School at the University of Pennsylvania in Philadelphia.
Asked to comment on the balanced budget amendment before the subcommittee, Dr. Smetters was direct: "I support practically any effort to make it harder for one generation to pass large fiscal burdens to future generations."
Unfortunately, he noted, government cash accounting is a poor basis for a balanced budget amendment.
"The government reports that the national debt in 2003 was about $3.8 trillion in the form of government 'debt held by the public.' But that number ignores massive imbalances in Medicare and Social Security programs and the government's other programs.
"When the liabilities associated with those programs are taken into account, the nation's fiscal policy is currently off-balance by over $43.4 trillion in present value, a number that is not reported in standard budget documents," he told the subcommittee. (Italics are mine.)
The American Enterprise Institute will soon publish a pamphlet co-written by Dr. Gokhale and Dr. Smetters. The draft copy, which I've read, does more than lay out the size of the unfunded liabilities of government. It shows how much the current generation is benefiting at the expense of the next.
It shows, for instance, that past and current generations of Social Security recipients will receive $8.7 trillion more in benefits than they will pay in employment taxes. Our children and grandchildren will pay $1.7 trillion more in employment taxes than they will receive in benefits.
I asked Dr. Gokhale if the figures in the American Enterprise Institute document, Dr. Smetters' testimony and what was supposed to appear in the president's budget were identical. He said there had been some changes in assumptions, but they were very similar.
Republicans and Democrats have distracted us with unending battles between haves and have-nots for decades. Over the same period, they have bankrupted the country.
Perhaps that terror, not currency traders or al-Qaeda, may explain the odd market decline after a tax cut that was supposed to make stocks soar.
Scott Burns answers questions of general interest in his Thursday columns. Write Scott Burns,
The Dallas Morning News, P.O. Box 655237, Dallas, Texas 75265, or send an e-mail.
E-mail scott@scottburns.com
It will be interesting to see how Investorhub and Silicon Investor work as "friendly competition".
According to news releases Bob Zumbrunnen bought Silicon Investor from InfoSpace.
http://www.siliconinvestor.com/stocktalk/msg.gsp?msgid=18973985
The $ has primarily devalued against the Euro. And what happens when it also devalues against Asean currencies? Repercussions everywhere. It is obvious to me that we cannot continue our current trade-balance deficit forever. IMO the transition will be painful, however, with that pain will come transition opportunities, internally, and internationally. And, the pain will not be born by the US alone. When we stop buying all will suffer.
A really good read, also recommend the previous May 2nd article.
http://www.2000wave.com/article.asp?id=mwo050903
From the Nov 22 8-K--
TXU Energy has signed an agreement to issue $750 million of exchangeable subordinated notes to funds affiliated with DLJ Merchant Banking Partners III, L.P. The transaction is expected to close on or about November 22, 2002 subject to the satisfaction of various closing conditions. The net proceeds will be used to repay debt and for other general corporate purposes.
The notes will mature in ten years, bear interest at the rate of nine percent per annum and permit the deferral of interest payments. The notes may be exchanged at any time for TXU Corp. common stock at an exercise price of $13.15 per share. The number of shares of TXU Corp. common stock that may be issuable upon the exercise of the exchange right is determined by dividing the principal amount of notes to be exchanged by the exercise price. On the basis of the current outstanding amount of TXU Corp. common stock, the shares to be issued would represent approximately 17 percent of the TXU Corp. common stock on a fully diluted basis. The exercise price and the number of shares to be issued are subject to anti-dilution adjustments.
The notes are subordinated to all other TXU Energy obligations. TXU Energy has the right to require the holder of the notes to exchange its interest in the notes for a preferred equity interest in TXU Energy with economic and other terms substantially identical to the notes. TXU Energy has 180 days after the closing to consummate such an exchange.
The noteholders will have the right to designate one member on the board of managers at TXU Energy and the right to nominate for election one board member to the TXU Corp. board of directors.
Apparently from the filing Buffet took a 1/3 of this position from DLJ.
The fact that this market is strong in the face fo a 3-day weekend tells me that --wolf! has been cried once too often. The thought of going to war over the objections of key allies is very disheartening.
It appears that the market wants to believe that we are very oversold and that it will look for an excuse to rally.
I heard that he is "in favor" provided that it is revenue neutral.
Yeah, we go to war by March 1.
Zeev,
What is your play on MLNM at this juncture?
Thanks
Let's hope it does not take as long as it took to nominate the FDA head.
Thanks for sharing, some of the best political satire I've read in a long time.
In response to
http://www.investorshub.com/boards/read_msg.asp?message_id=521492
I disagree with the Bush-Cheney energy policy--it must move to conservation. It must be supported by huge monetary taxes (- incentives)for excessive use and equally large credits (+ incentives)for conservative use of fuel. I should get credits for my Trane 18 Seer AC in Texas. I should be penalized for my V-12 600. Gas should be $4.00 a gallon.---- Then at least I could back out of the parking lot and see what might hit me. The Navigator would be toast. Shale Oil could be a reality. But, Yes I would drill in the National Parks if necessary to bridge the gap.
I disagree with Bush on Stem Cell and abortion.
But, when it comes to dealing with megalomaniacs such as our Iraqi friend. President Bush has 150% of my support.No honest debate before the American People? What is debating through Congress and the United Nations. What the S-- H--- do you want----the President in your private living room?
And why would the Prudent Bear argue that President Bush's policy is just what the Dr. ordered and will stimulate the economy and as as a result, the Bear Market is over. Just what did you expect the Pudent Bear to say George?
Check thier news--drug failed to meet primary endpoint.
My personal opinion is that the bubble was created by the telecommunication infrastructure expansion/buildout. When this came to an end, a significant economic stimulus was removed. In comparison to past bubbles, created by other infrastructure creation and expansion, (electrification, telephone, automobile/highway,) this expansion occurred in a relatively short period of time.
I have not fully studied the collapse after other infrastructure buildouts, however, I believe that those comparisons will yield valuable insights into what we can expect.
I know, how about a surtax on all personal assets in excess of the national average? Say 10 or 15% per annum. That should do the trick...
Yeah thats the ticket............we could balance the budget and give Congress a whole lot more money to spend!!!!!!!
Yes we have averaged 1 point every 7 minutes all day long.
Right on schedule--7 minutes left.
"In fact, I don't like it if to many folks are on the same train, because that means I am either wrong or the boyz are going to shake the tree before leaving the station.
They always prefer a light load...gg"
So are they shaking the trees now.
Since Worldcom cotrols 72% of the trafficway for the internet, it ought to be a National Security Issue to insure that connectivity stays in good hands.
Another use of the word irony from Lebanese newspaper
Arabs need new tools to deal with new America
Opinion, The Daily Star, September 13, 2001
It is impossible to overstate the rage being felt in the United States over Tuesday’s bloody terrorist attacks. With this in mind, it is absolutely essential that Arab and Muslim governments adapt to the profound changes taking place in the world’s most powerful nation: America is no longer the animal it was before Sept. 11, 2001.
US Secretary of State Colin Powell has described the assaults as “war,” and NATO Secretary-General George Robertson has accepted the definition with all its repercussions for an alliance that regards an attack on one member as an attack on all. Even more importantly, Powell has launched an unprecedented appeal for the launching of a global campaign that figures to make life exceedingly difficult (and/or short) for any number of terrorists of varying political stripes. The threat of America’s awesome military might, though, is only one facet of the threat facing any nation that fails to cooperate with the hunt: The full weight of US influence cultural, diplomatic, financial, technological, etc. will no doubt fall on stragglers and foes alike.
Regardless of whether or not Tuesday’s cowardly crimes can be linked to the Middle East, the importance of joining the war on terrorism is especially important for the region’s governments. This part of the world is fragile in almost every possible way, making it crucial that it avoid becoming even more isolated than is already the case. Otherwise “terrorism” will be wholly defined by outsiders, leaving individuals and groups held dear to Arabs and Muslims (and particularly Lebanese) at the mercy of an angry superpower, not to mention other countries from around the globe.
Such a process would set the Islamic world back for generations, not only in terms of massive material losses and wasted human lives, but also as regards any hope of achieving progress toward what Iranian President Mohammad Khatami has described as a “dialogue of civilizations.”
That this phrase has been adopted by the head of government in a country often reviled by Washington as “radical” or “fundamentalist” is extremely poignant in light of the fact that has befallen America. The important thing is to build on this apparent irony until it can no longer be described as such, until peoples from very different countries and with apparently very divergent views can see that at bottom, their beliefs do not clash at all: History has simply put them at opposite ends of a dilemma whose solution can only lie in understanding. Only in this manner can the universal evil to which America has been subjected be catalyst for a new era, one for which subsequent generations everywhere will be eternally grateful to their predecessors.
This is a matter of right and wrong, which is to say that the motivations of murderers in no way diminish either their guilt. Even for those whose anger at Washington’s pro-Israeli stance predisposes them to applauding American suffering, cooperation with the war on terrorism should be on high on the agenda for one simple reason: self-preservation. The old ways of “dealing” with America no longer apply.
http://www.dailystar.com.lb/opinion/13_09_01_a.htm
No, You are not stupid. However, it is at time of great emotion that one can be in wrong thought.
Question
Does the United States support and encourage freedom in the rest of the world or do we sponsor support and encourage despotic leaders that sacrifice individual freedoms of their own people, for the sake of their own power--- all the while mouthing the "necessary allegiance to the US.?
The response is a very difficult one. Treating the symptons is not the answer. Osama Bin Laden is a sympton. Yes he and the Taliban must pay, however, the cure is far deeper.
The cure lies in the eradication of those that use Fundamental Islam as an excuse to keep their power and to keep their "constituents" in ignorence and poverty--very much away from participation in the economic growth of the rest of the world.
We have a new "Natzism" in this world and it too must be eradicated. To understand the complexity of this task one only has to think of how factions of Islam are intertwined throughout the oil producing states of the Middle East. Many non-fundametalists have bought into fundamental support via an anti-Israel position.
Understand this is not an attack on the vast majority of those that read the Koran, believe in the prophet Mohammed or worship Allah. Most of these are very law abiding citizens that harbor no ill will to their world brethern are can very well contribute to world peace and prosperity.
This is about those in power and the their braiwashed slaves.
Ike,
This is most assuredly the work of Osama Bin Laden. I started a thread on SI called WWIII to discuss the threat. It has been quiet since 1999.
1. The highjackers were skilled pilots capable of flying 757's and its cockpit similar 767.
2. The AA aircraft that took off from Boston made a very quick veer for NY after taking off. The plane was under highjack control very quickly.
4. This was an infiltration that took considerable time to carry out, maybe 3 years.
5. Every American will need to think like a spy to notice what is different. I guarantee you that every Israeli and Palestinian are far more aware than almost every American.
Good comes out of all and this is a wake up call. Terrorist espionage has escalated from a single plane highjacking that threatened the lives of the individuals on board to a 767 missile that can destroy 10's of thousands of lives. The next step is an atomic bomb. The changes will be significant and America will respond with speed and authority.
Ike,
Read the testimony as well. The most difficult assessment are the indirect systemic effects. My life is consulting on systemic effects in the corporate world. I found Roach's testimony to be extremely well thought out. I cannot say it is infallibly correct. I will be very interested into your insight that can balance the case presented by MS.