Bob Morris @ Sep 7th 2002 20:13 - Category: Unfiled ;
Bush approval rating dropping
A new poll by the Pew Research Center for the People & Press shows that Bush’s approval rating has dropped to 60 percent. That’s one point lower than Bill Clinton’s approval rating in the midst of the Monica Lewinsky scandal. His support among Republicans has dropped from 95% to 83% since January. Overall his approval rating in January was 80%. [TalkLeft: The Politics of Crime]
Bob Morris @ Sep 7th 2002 12:32 - Category: Unfiled ;
Freedoms you’ve already lost
* FREEDOM OF ASSOCIATION: Government may monitor religious and political institutions without suspecting criminal activity to assist terror investigation.
* FREEDOM OF INFORMATION: Government has closed once-public immigration hearings, has secretly detained hundreds of people without charges, and has encouraged bureaucrats to resist public records requests.
* FREEDOM OF SPEECH: Government may prosecute librarians or keepers of any other records if they tell anyone that the government subpoenaed information related to a terror investigation.
* RIGHT TO LEGAL REPRESENTATION: Government may monitor federal prison jailhouse conversations between attorneys and clients, and deny lawyers to Americans accused of crimes.
* FREEDOM FROM UNREASONABLE SEARCHES: Government may search and seize Americans’ papers and effects without probable cause to assist terror investigation.
* RIGHT TO A SPEEDY AND PUBLIC TRIAL: Government may jail Americans indefinitely without a trial.
* RIGHT TO LIBERTY: Americans may be jailed without being charged or being able to confront witnesses against them.
Copyright © 2002, The Associated Press Via ProRev
Bob Morris @ Sep 7th 2002 00:45 - Category: Unfiled ;
Bill Gross says the Dow will sink to 5000
Who is Bill Gross and why should I care?
Bill Gross runs PIMCO, the largest bond fund house on the planet. They manage several hundred billion dollars, more than any other mutual fund house (or most banks, for that matter). He is known for great ranting predictions that often turn out to be true. And oh yeah, in a devastated financial landscape, his bond funds still make money.
Keep in mind that the following is from one of the savviest and most respected money managers on the planet. On CNN Money, anchor Lou Dobb’s jaw dropped when this was announced - he asked the reporter to repeat the numbers because he couldn’t believe what he was hearing.
My message is as follows: stocks stink and will continue to do so until they’re priced appropriately, probably somewhere around Dow 5,000, S&P 650, or NASDAQ God knows where.
<Note: Currently we are at DOW 8427, S&P 863, NASDAQ 922>
Now I guess I’m on somewhat of a rant here but come on people get a hold of yourselves. Earnings have been phonied up for years and the market still sells at high multiples of phony earnings. Dividends and dividend increases have been miserly to say the least for several decades now and you’ve been hoodwinked into believing the CORPORATION should hold on to them for you so that they can convert them into capital gains and save you taxes. Companies have been diluting your equity via stock options claiming that management needs incentives of millions of dollars just to get up in the morning and come in to work. <Is this a great rant or what!>
Then they pick you off by trading on insider information, selling shares before the bad news hits and you have a chance to get out. If you try to get a hot IPO you find all the shares are taken - by Bernie Ebbers. Come on stockholders of America, are you naïve, stupid, masochistic, or better yet, in this for the “long run?”
Ah, that’s it, you own stocks for the “long run.” We bond managers may have had a few good relative years but who can deny Stocks for the Long Run? Not Jeremy Siegel, not Peter Lynch, maybe not even Bill Gross if you stretch the time period long enough - 20, 30, 40 years. But short of that, stocks can be, and often have been poor investments. The return on them depends significantly on their beginning valuation and right now valuation remains poor. Dow 5,000 is more reasonable. Let’s see why.
Then he details in great and documented detail precisely why this will happen. www.pimco.com click Investment Outlook.
Bob Morris @ Sep 7th 2002 00:35 - Category: Unfiled ;
Russia is making the smart moves.
Russian Premier Putin is a serious, seasoned player who came up the hard way in the KGB. When Dubya became President (note I didn’t say “elected”) I thought, Putin will eat him alive.
Putin is out-manuevering Dubya everywhere now. While the dimbulbs in D.C. alienate everyone in sight, including longtime allies, Putin is positioning Russia as the sane alternative, and making friends. Our loss is his gain.
The evidence? In the past few days we’ve seen:
Russia opposes Iraq War
Not only do they oppose it, they will veto an Iraq War plan in the U.N. Security Council, if needed. Which means Bush will never get U.N. approval for his Iraq adventurism.
Russia will ratify Kyoto Global Warming Treaty.
A move guaranteed to make them friends worldwide and put them in a favorable light compared to the U.S. Global warming is accepted as fact by virtually every government on the planet except the U.S.
Russia makes trade deal with Iraq
Which just makes them more friends in the Mideast while tweaking Dubya’s nose.
One wonders if the right wing zealots in Washington even realize that Putin is dancing circles around them. But that’s what happens when ideologue amateurs go up against seasoned pros. And under all the macho bluster, Bush and team are simply loudmouths who are playing in a game way out of their league.
Bob Morris @ Sep 7th 2002 00:11 - Category: Unfiled ;
More Lawyers Snared in Enron Trap
Dozens of law firms have been roped into the ever-widening bankruptcy probe of the Enron Corp. as targets of an ambitious new discovery campaign launched by a court-appointed investigator.
According to lawyers familiar with the matter, firms that knew or had strong reasons to suspect that any Enron-related deals were designed to mislead investors or unjustly enrich company insiders could face shareholder suits and government investigations, as well as malpractice claims by Enron’s creditors.
“The examiner and the creditors are raking over the ashes, and I’m sure whatever there is to be found will be found,” says John Nolan, a partner at Day, Berry & Howard.
Subscribe
