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Adam Jeselnick

Re: Northern Trust under pressure...
« Reply #50 on: February 25, 2009, 02:44:38 PM »
http://www.latimes.com/business/la-fi-hiltzik25-2009feb25,0,1732605.column

This seems like a fair assessment of the issue...let's hope the executives at TARP-supported companies are paying close attention - for the Tour's sake.  

Lou-would a Sheryl Crow concert keep you (in the role of the good paying, profitable customer) on board?  Or would you prefer to see a corporation wisely reconsidering the new reality of "customer relations," circa 2009?  In related news, Northern Trust is down $2.58 today...

Mike Hendren

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #51 on: February 25, 2009, 02:48:55 PM »
Bob Huntley,

Thanks for the humorous hot dog story, but it does speak volumes about today's sentiment.  I wish I had read this prior to lunch - I could now own three share of B of A and have dieted to boot.

Both sides of the aisle in D. C. have absolutely, positively gone off the deep end.  It's a damn shame they can swim.

I did like Art Laffer's speech I attended this week.  He noted that the $800 billion stimulus package is approximately two-thirds of the $1.2 trillion raised annually through income taxes.  In lieu of the stimulus, he suggested we simply waive all taxes on income for the next 8 months and see how greatly the economy is stimulated.  

Mike
A Banker
Two Corinthians walk into a bar ....

Lou_Duran

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #52 on: February 25, 2009, 03:22:06 PM »
Paul S,

I am not sure what you point (s) is (are).

I will assume that you mean that government is now a shareholder/owner by virtue of the banks taking the TARP funds, some against their will.  I don't know the nature and strings attached to the funds- are they loans, equity participations, or a combination.   If so, other than by the power of the gun which government indisputably has, my answer would be that it should have the same say as any other stakeholder of similar nature and size.

You are mistaken that the masses are the taxpayers.  As it is well known, over 40% of "taxpayers" do not pay any federal income taxes.  I suspect that a good majority of these non-taxpayers are strong supporters of this administration.  BTW, have you ever given any thought to the mathematical impossiblity of President Obama's promise that 95% of Americans will get a tax cut when 40%+ do not pay any taxes to begin with?  Sort of like cutting welfare and education payments when actual dollar amounts of each are going up like gangbusters but not as fast as some of their special interest supporters would like.  Like President Clinton's "it all depends on what the meaning of the word is is".  Perhaps a tax "cut" for people who don't pay taxes has a now acceptable alternative meaning, but I digress.

Anyways, I would hope that the so-called taxpayer does get the return called for in the various agreements, though I wouldn't necessarily call it a return on investment.  Anything that would keep Dodd, Frank, Pelosi, Rangel, and numerous others (Republicans included) out of the daily operations of these otherwise private sector institutions I am for.  Isn't driving the quasi-governmental Fanny and Freddie directly into the ground enough?  Really, they should spend their time investigating Bush, Cheney, Rumsfeld, Rove, et. al. and leave the private sector alone.  Living and travelling like kings and holding hearings is what these guys do best anyways.

Adam,

I like Ms. Crow, the musician.  Like with many entertainers, I don't take their intellect and opinions seriously.  Everyone is entitled to their opinions, but not to impose them.  But no, being invited to see her perform would not by itself keep me as a customer.  On the other hand, 25 years ago I was offered the opportunity to play Augusta National by an Atlanta bank if I threw a relatively small piece of business their way (a toe in the door for them), but the deal did not make sense for my employer so I declined.  I would wager that Ms. Crow's fee was relatively minor in comparison to total costs and the benefits derived from conducting such a successful, prestigious event.   

Michael H,

That is one of the alternative ideas I noted earlier that has been tried several times and proven highly successful.  Though historical results are no guarantee of future performance, I would rather put my money behind something that has been shown to work in the past versus an alternative that was a proven failure (not my words but FDR's own Treasury Sec.).  Somehow the argument that it was a problem of not being bold enough doesn't hold water.  I've played in too many wolf games and doubling, tripling, and quadrupleing down seldom had happy results.  Even on the rare occasion when I've pulled it off, the sheer foolishness of taking such a gamble brought great relief but no joy.  And I am talking about only a few hundred dollars, though it was my, not somebody else's money.

You do know that Mr. Laffer is considered an idiot and a person deserving nothing but ridicule by some on this site.  Quite a chance you're taking to bring him up.

BTW, did he talk about Friedman's theory that one-time rebates and tax cuts have little stimulative effect?  Only when rates are "permanent" do they have the desired effect on consuption, investment for production, and wealth creation.     
« Last Edit: February 25, 2009, 03:50:05 PM by Lou_Duran »

Paul Stephenson

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #53 on: February 25, 2009, 03:38:57 PM »
Paul S,

I am not sure what you point (s) is (are).

I will assume that you mean that government is now a shareholder/owner by virtue of the banks taking the TARP funds, some against their will.  I don't know the nature and strings attached to the funds- are they loans, equity participations, or a combination.   If so, other than by the power of the gun which government indisputably has, my answer would be that it should have the same say as any other stakeholder of similar nature and size.

You are mistaken that the masses are the taxpayers.  As it is well known, over 40% of "taxpayers" do not pay any federal income taxes.  I suspect that a good majority of these non-taxpayers are strong supporters of this administration.  BTW, have you ever given any thought to the mathematical impossiblity of President Obama's promise that 95% of Americans will get a tax cut when 40%+ do not pay any taxes to begin with?  Sort of like cutting welfare and education payments when actual dollar amounts of each are going up like gangbusters but not as fast as some of their special interest supporters would like.  Like President Clinton's "it all depends on what the meaning of the word is is".  Perhaps a tax "cut" for people who don't pay taxes has a now acceptable alternative meaning, but I digress.

Anyways, I would hope that the so-called taxpayer does get the return called for in the various agreements, though I wouldn't necessarily call it a return on investment.  Anything that would keep Dodd, Frank, Pelosi, Rangel, and numerous others (Republicans included) out of the daily operations of these otherwise private sector institutions I am for.  Isn't driving the quasi-governmental Fanny and Freddie directly into the ground enough?  Really, they should spend their time investigating Bush, Cheney, Rumsfeld, Rove, et. al. and leave the private sector alone.  Living and travelling like kings and holding hearings is what these guys do best anyways.
     

Lou,

Your assumption of my point is correct.  The government rightly or wrongly is now a player and they/you are now assuming risk.  I hope you get paid back too if any returns actually result from this.  I imagine there will be another thread about the mechanisms of the repayment if/when the time comes.

Maybe the Obama administration has former McDonalds PR people working for them.  They did after-all claim their burgers were 100% beef.  I assume that they were referring to the beef portion of those patties and not the whole thing.   

Maybe 95% of the 60% can expect a little something.  ;)

Tom_Doak

  • Karma: +1/-1
Re: Northern Trust under pressure...
« Reply #54 on: February 25, 2009, 05:05:49 PM »
Shivas and Lou:

What's your plan to fix this mess?  I would love to hear a realistic alternative.

Jim_Kennedy

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #55 on: February 25, 2009, 05:29:33 PM »
Lou,

NT shares closed the day at $58.14. Keeping those workers on would cost NT ca. $.50 per share.

I can't think of too many investors who would stand to lose their homes at a close of $57.64.

 

"I never beat a well man in my life" - Harry Vardon

George Pazin

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #56 on: February 25, 2009, 05:41:46 PM »
Lou,

NT shares closed the day at $58.14. Keeping those workers on would cost NT ca. $.50 per share.

I can't think of too many investors who would stand to lose their homes at a close of $57.64.

Actually, I haven't reviewed the numbers, but it seems to me you are not simply losing $0.50 per share, but reducing yearly earnings by $0.50 per share, which will have a far greater impact on the stock price.

Furthermore, you don't base hiring or firing decisions on stock price. You don't judge business decisions based on stories without knowing all the facts. Among the many fact not in evidence: the productivity of the employees, the revenues generated by business marketing expenses, etc., etc. That's why you let the shareholders, not bozos from Washington, evaluate management - it's their money at stake. That's also one of the many many reasons you don't bail out businesses with taxpayer money.

Not Shivas or Lou, but the only thing that will work is to let the market sort it out. Housing prices will fall, some irresponsible people will lose their homes and some irresponsible businesses will go bankrupt. Having Washington try to "fix" the "crisis" will only create other bigger problems.

Of course, the goal of the politicians is not to fix anything, but that's another story for another day.

It's amazing that we learned damn near nothing from the S&L crisis of not even 20 years ago. Actually, that's not true at all. Politicians learned how to cover their asses better, bankers learned how to milk the system and make short term gains with what amounts to taxpayer money. I guess what I should be trying to do is figure out the next bubble the DC bozos are going to create, so I can make my quick hit and cash out and leave everyone else holding the bag...
« Last Edit: February 25, 2009, 05:44:27 PM by George Pazin »
Big drivers and hot balls are the product of golf course design that rewards the hit one far then hit one high strategy.  Shinny showed everyone how to take care of this whole technology dilemma. - Pat Brockwell, 6/24/04

Jim_Kennedy

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #57 on: February 25, 2009, 05:47:02 PM »
I said nothing about basing hires/fires on stock price George, only the $$ effect on the stock if they were kept on.

 
"I never beat a well man in my life" - Harry Vardon

George Pazin

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #58 on: February 25, 2009, 06:04:03 PM »
I still think you're wrong on your numbers. You are confusing balance sheets and income statements.

There is nothing wrong with being a nice guy. It might shock you to learn that most of my workers would say I'm a pretty nice easy-going boss. That's also partly why I run a little tiny t shirt printing shop and not a multimillion dollar business. I know I'm not capable of taking a big salary and laying off hundreds of workers.

But somebody has to do it, or you will simply run companies into the ground. It's a sad aspect of free markets, but a necessary one. Otherwise, you end up with massive failures, whether it's businesses or governments. And all the bailouts and all the Harvard gurus in the world can't change that fact. They can mask it, they can hide it, but it's still there, always lurking. That's a big part of why bubbles burst eventually, whether they're internet bubbles, housing bubbles, or tulip bubbles.
Big drivers and hot balls are the product of golf course design that rewards the hit one far then hit one high strategy.  Shinny showed everyone how to take care of this whole technology dilemma. - Pat Brockwell, 6/24/04

Voytek Wilczak

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #59 on: February 25, 2009, 06:13:58 PM »
I don't think there is a way to fix this mess.

The cat is out of the bag.

We have $ trillions in deficit, and we are not producers, we are THE consumers in the global markets.

So we'll need to print dollars to pay for the imports, and the stimulus, and the Afghanistan, and the healthcare, and the bailouts, and, and....

How long will it be before the Fed declares insolvency?




Jim_Kennedy

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #60 on: February 25, 2009, 06:15:36 PM »
George,
Well, there's only one way to find out and we both know how that works.  ;)
"I never beat a well man in my life" - Harry Vardon

Tom_Doak

  • Karma: +1/-1
Re: Northern Trust under pressure...
« Reply #61 on: February 25, 2009, 06:57:42 PM »
Shivas:

That is a VERY bold plan.  A pundit would probably describe it as "selling the country to the ultra-wealthy."  But I guess that's a lot better than having the rich try to LOOT the country, as some have done for the past few years.

To me it is mostly semantics whether you TAX the ultra-wealthy or just make them "mandatory bondholders".  But, if there's a big difference to you or to them, I'll let them call it whatever they want.

P.S.  If Canadian banks have been doing the same things our banks have been doing, then aren't their different accounting rules just postponing their crisis for the time being?  The mark-to-market argument seems to boil down to "if you'd just close your eyes forever, things will be just fine."

Kalen Braley

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #62 on: February 25, 2009, 07:21:37 PM »
Not sure if anybody watched this, but it certainly didn't help the Replublicans cause.

http://news.yahoo.com/s/ap/20090225/ap_on_re_us/panning_jindal

As a whole, its refreshing to have a leader back in the White House who at the very least appears competent even though I don't fundamentally agree with the Obama proposed Robin-Hooding that everyone seems to have fallen in love with.  I am pleased however with the 3 main issues , energy, health care reform, and education he is trying to tackle and hope a good outcome can be had.
« Last Edit: February 25, 2009, 07:23:46 PM by Kalen Braley »

Tom_Doak

  • Karma: +1/-1
Re: Northern Trust under pressure...
« Reply #63 on: February 25, 2009, 07:32:01 PM »
Shivas:

I've got a new and improved idea for you.

Since the Republican Party believes so completely in the free-market solution to all of this, why don't the Republicans offer to buy up all the subprime mortgages via American Stimulus Bonds in their 401(k) accounts?  They could take the problem off the taxpayers' shoulders.  If it worked out they'd be heroes and they would rule America for the next 50 years.  If it didn't work out, they'd get their just returns.

(In fact, why aren't they all out in the market as individuals doing that right now, when everyone else is so negative about the future and those mark-to-market accountings are so wrong?  Or are they still busy trying to drive down the price?)

jeffwarne

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #64 on: February 25, 2009, 08:52:51 PM »
Tom,
If the market were allowed to function (and by function I mean fall), people might just step in at some point and do just that (buy the distressed securities).
But with the rules changing every day (Paulson started all this bailout stuff so it's not a Republican rant), investors are just standing aside waiting for some clarity.

If they did buy up the distressed securities, they would be accused of taking advantage of the situation(I can see Elmer Fudd now at the Congressional hearings) and then taxed to death on the returns.

I'm confident that my 401k(actually it's a 201K now ;D) will be taxed one day to fund the retirement of those who haven't saved.

But since we've decided to meddle with the market ...

With the funds rate at .25%, I do have a hard time seeing why the banks that REQUESTED TARP money aren't required to refinance loans at 4.5%-5.5% (market rates)for the amount still owed (even if the borrower is under water)

many people underwater could pay their mortgages at market interest rates but they're not available to those underwater, and whether the banks wanted to negotiate the principal would be a business decision between the borrower and the bank (as it is already)
"Let's slow the damned greens down a bit, not take the character out of them." Tom Doak
"Take their focus off the grass and put it squarely on interesting golf." Don Mahaffey

Ian Larson

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #65 on: February 25, 2009, 09:03:23 PM »

This thread is giving me a headache now.......


Any bank that sponsors an event from here on out knows they will be under the microscope. Right or wrong if they do what NT did they will get what they deserve and be made another example to the country.



To all the elephants on here whats up with your boy Bobby Jingal acting like he was telling me a made up bedtime story? Jingal and the whole party is a joke.



......when you guys get your heads out of Charles Schwabb's asshole and this thread is fun to read again let me know.
« Last Edit: February 25, 2009, 09:21:09 PM by Ian Larson »

Joe Hancock

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #66 on: February 25, 2009, 09:06:10 PM »


This thread is giving me a headache now.......


Any bank that sponsors an event from here on out knows they will be under the microscope. Right or wrong if they do what NT did they will get what they deserve and be made another example to the country.



To all the elephants on here whats up with your boy Bobby Jingal acting like he was telling me a made up a bedtime story? Jingal and the whole party is a joke.



......when you guys get your heads out of Charles Schwabb's asshole and this thread is fun to read again let me know.


" What the hell is the point of architecture and excellence in design if a "clever" set up trumps it all?" Peter Pallotta, June 21, 2016

"People aren't picking a side of the fairway off a tee because of a randomly internally contoured green ."  jeffwarne, February 24, 2017

Jim_Kennedy

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #67 on: February 25, 2009, 09:18:29 PM »
Kalen,
Before you get too caught up on Obama's supposed 'Robin-Hooding' you should read this:

Although average economic well-being has increased considerably over time, the degree of inequality in economic outcomes has increased as well. Importantly, rising inequality is not a recent development but has been evident for at least three decades, if not longer. The data on the real weekly earnings of full-time wage and salary workers illustrate this pattern. In real terms, the earnings at the 50th percentile of the distribution (which I will refer to as the median wage) rose about 11-1/2 percent between 1979 and 2006. Over the same period, the wage at the 10th percentile, near the bottom of the wage distribution, rose just 4 percent, while the wage at the 90th percentile, close to the top of the distribution, rose 34 percent.

The long-term trend toward greater inequality seen in real wages is also evident in broader measures of financial well-being, such as real household income.  For example, the share of income received by households in the top fifth of the income distribution, after taxes have been paid and government transfers have been received, rose from 42 percent in 1979 to 50 percent in 2004, while the share of income received by those in the bottom fifth of the distribution declined from 7 percent to 5 percent. The share of after-tax income garnered by the households in the top 1 percent of the income distribution increased from 8 percent in 1979 to 14 percent in 2004. Even within the top 1 percent, the distribution of income has widened during recent decades

"I never beat a well man in my life" - Harry Vardon

Garland Bayley

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #68 on: February 25, 2009, 09:18:33 PM »
Not sure if anybody watched this, but it certainly didn't help the Replublicans cause.

http://news.yahoo.com/s/ap/20090225/ap_on_re_us/panning_jindal

As a whole, its refreshing to have a leader back in the White House who at the very least appears competent even though I don't fundamentally agree with the Obama proposed Robin-Hooding that everyone seems to have fallen in love with.  I am pleased however with the 3 main issues , energy, health care reform, and education he is trying to tackle and hope a good outcome can be had.

Yep, the Republicans made quite the comeback with that one didn't they?

I sat there thinking if you agree to let the govenment stop monitoring the levees, I'll agree to have them stop monitoring that volcano in my back yard.
"I enjoy a course where the challenges are contained WITHIN it, and recovery is part of the game  not a course where the challenge is to stay ON it." Jeff Warne

jeffwarne

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #69 on: February 25, 2009, 09:21:43 PM »


This thread is giving me a headache now.......


Any bank that sponsors an event from here on out knows they will be under the microscope. Right or wrong if they do what NT did they will get what they deserve and be made another example to the country.



To all the elephants on here whats up with your boy Bobby Jingal acting like he was telling me a made up a bedtime story? Jingal and the whole party is a joke.



......when you guys get your heads out of Charles Schwabb's asshole and this thread is fun to read again let me know.

Ian,

I assume you're a Democrat.
Relax--your party won both the presidency and the Congress, but we're all in this together-no need to get nasty.
I tend to lean to the right, but certainly saw no future with Palin and McCain (although I have great respect for McCain as a man), and believed/believe Obama's charisma will be a boost to this country.

I get sick of the partisanship on both sides, but inevitably Democrats are going to get criticized the most as they have the stage the most now.
Same with the Bush administration (who brought a lot on themselves with obstinate, boneheaded decisions)

I've never been a fan of the opposite party having a "response" after a major speech.
Obama won-it was his night , he's got a plan-let's get together as a country
and while maintaining checks and balances, do our best to move forward.
"Let's slow the damned greens down a bit, not take the character out of them." Tom Doak
"Take their focus off the grass and put it squarely on interesting golf." Don Mahaffey

Kalen Braley

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #70 on: February 25, 2009, 09:26:55 PM »
Not sure if anybody watched this, but it certainly didn't help the Replublicans cause.

http://news.yahoo.com/s/ap/20090225/ap_on_re_us/panning_jindal

As a whole, its refreshing to have a leader back in the White House who at the very least appears competent even though I don't fundamentally agree with the Obama proposed Robin-Hooding that everyone seems to have fallen in love with.  I am pleased however with the 3 main issues , energy, health care reform, and education he is trying to tackle and hope a good outcome can be had.

Yep, the Republicans made quite the comeback with that one didn't they?

I sat there thinking if you agree to let the govenment stop monitoring the levees, I'll agree to have them stop monitoring that volcano in my back yard.


It was pretty brutal to watch and may have dealt a fatal blow to any hopes of a poltical career on the national level.

Garland Bayley

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #71 on: February 25, 2009, 09:32:48 PM »
Not to mention that the conservative commentator on The News Hour came on after and essentially said "that really sucked".

I guess we should sick Shivas on him to straighten him out so he wouldn't be such a ... (colloquial term of Shivas vintage)
"I enjoy a course where the challenges are contained WITHIN it, and recovery is part of the game  not a course where the challenge is to stay ON it." Jeff Warne

Jeff Goldman

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #72 on: February 25, 2009, 10:12:50 PM »
It is indeed hilarious, or would be if the situation were not so serious, when those of us most dedicted to worshipping the market claim have no trouble turning round when it suits them and claiming that the market can't value assets.  Riiiiiggggghhhhttt, ssssuuuuurrrrreeeeee. 

Canada has much higher reserve and other regulatory requirements that kept down the leverage of their banks.  That's mostly why they didn't run amuck.

Nationalize whichever of the 14 big banks are insolvent, clean out the shareholders (sorry guys), recapitalize and resell them to the public.  Will cost a lot, but not as much as it will cost (or waste as much time) if we keep doing this stuff.
That was one hellacious beaver.

Ed Oden

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #73 on: February 25, 2009, 10:58:15 PM »
Simple example:  $1BB portfolio drops to $200MM because that's the bid.  The portfolio, by any reasonable accounting, sucks bilgewater and will see 40% defaults.  That still means that 60% will pay and there's no rational basis for the $200MM mark-to-market valuation.   The only reason it was $200MM is that no rational investor, at least for a little while, knew what was backing the portfolio, so the market lowballed it down to "take a flyer risk".   It was never that bad.  It's just that the market got scared and didn't have the information or time to be rational.

Shivas, perhaps an even better example of the lunacy of mark-to-market rules would be on a fully performing loan, with exceptional credit, a great asset and cash flows that easily service the debt.  The holder of the debt has every reasonable expection of payment in full in accordance with its terms.  However, in today's world, that paper can not be traded at par.  Pursuant to mark-to-market rules, the institution holding that perfectly good loan will likely need to write down its value even though there is virtually no risk of default.  It makes no sense.

(In fact, why aren't they all out in the market as individuals doing that right now, when everyone else is so negative about the future and those mark-to-market accountings are so wrong?  Or are they still busy trying to drive down the price?)

Tom, trust me, there are A LOT of people out there positioning themselves to do exactly that.  They see this as a tremendous buying opportunity.  There are two main reasons why it hasn't happened so far.  First, the buyers are not sure the market has hit bottom.  So they are hesitant to buy because they don't want to have to answer to their investors when the price drops next week.  Second, to this point in time, the banks holding the paper haven't been willing to discount the price to the firesale level buyers are seeking BECAUSE THE BANKS KNOW THE PAPER IS REALLY WORTH FAR MORE THAN WHAT THEY ARE FORCED TO WRITE IT DOWN TO PURSUANT TO MARK-TO-MARKET RULES. 

W.H. Cosgrove

  • Karma: +0/-0
Re: Northern Trust under pressure...
« Reply #74 on: February 26, 2009, 12:10:31 AM »
Assuing that PT Barnum was right and there is a sucker born every minute.......

Every con man needs several suckers to be successful.  The gluttony and greed in this country over the last several years is astonish me.  I can only wonder how many times I played golf and asked, "where does all of this money come from?"  Clearly it belonged to the con men after they fleeced the suckers who were willing to refinance their homes to pay for their short term purchases. 

Watch CNBC's "House of Cards." 

T Doak you asked for solutions....Along with the 0% corporate income tax which I would tie to the payment of dividends to shareholders, and the addition of a 75% tax rate for income above $5million, I would suggset that the likes of Christopher Dodd and Barney Frank be asked to take a hard look at the cheerleading they have done for low income home ownership. 

Now instead of the 'stimulus' package I suggest that we create some serious tax incentives for businesses that solve our oil addiction.  I would also institute tax credits for education in some specific areas, math, science and engineering.  Meanwhile we should triple the cost of Law School and Business Schools reducing the number of lawyers and MBA's.  We don't need anymore of them. 

We fix the electric grid to ready ourselves for plug in hybrids powered by natural gas.  T. Boone has it close to right. We can then reduce if not eliminate our use of foreign oil which would fairly quickly bring world politics back into balance.  We will need some nuclear plants to provide base load power.

Finally in this missive, we fire every congressman who voted for the spending bill today.  You think NT has problems, take a look at that misuse of taxpayer funds. 

Anyone see "Network".,

I'm mad as hell.......

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