[Posted 7:00 AM ET…Farmington, PA]
I’ve been traveling in Pennsylvania, first spending a few days at
Gettysburg for another shot of history before finishing the week
at a golf tournament in Farmington. But between the two I drove
to Shanksville to pay my respects to those who died on United
Airlines Flight 93, September 11, 2001.
When I arrived at the site there was only a bus from a church
group. Various individuals and organizations have placed
memorials on the grounds and volunteers answer questions you
may have.
The crash site itself is marked by an American flag, a few
hundred yards in the distance, and when you first see it you can’t
help but get choked up, especially if you’ve also read the 9/11
commission report’s account of the heroism displayed on Flight
93 as I have.
After spotting the flag I looked down and read this plaque:
If tears could build a stairway and memories a lane,
I’d walk right up to heaven and bring you home again.
It’s a moving place, to put it mildly.
I have been receiving a number of notes from long-time readers
recently wondering why, if I’m so critical of President Bush’s
handling of the war, I would nonetheless still vote for him? I’ve
also received comments along the lines that if I believe we are
losing in Iraq, why would I also support sending more troops and
money over to this hell-hole?
I take this all to heart, but I also have to remind everyone I have
been consistent from day one, even going back before 9/11 when
I was writing extensively on the threats that faced America and
the Free World. I supported the war in Iraq and continue to do so
for one simple reason.
If we don’t begin to effect change in the Middle East, civilization
as we know it will cease to exist.
I’m incredulous when folks talk of withdrawing from Iraq
without at least giving the nascent country a chance to get on its
own two feet and establish a viable political process that respects
the rights of all parties.
I’m incredulous that some think leaving Saddam in power would
have been a good thing, and it amazes me that these same folks
can’t remember who was likely to replace him when he died…
Uday or Qusay.
I’m incredulous when people now simply brush off the issue of
the mass graves and the hundreds of thousands who died under
Saddam’s rule, let alone the impact he had on the health of the
children.
I’m incredulous when people now conveniently ignore the fact
Saddam defied the UN 17 times, including the last resolution,
1441, where the body demanded Saddam verifiably disarm. If
the civilized world was to ever enforce its own rules, Iraq was
job #1.
Alas, the U.S. and some of its loyal allies went in and within
weeks I was screaming that the coalition was ill-prepared for the
post-war phase and I’ve been screaming ever since. We blew it
and it’s up to President Bush to recognize the error of his ways
before it’s too late.
But today it doesn’t help when both the president and interim
Iraqi Prime Minister Ayad Allawi put a happy face on the
situation, especially just four months before elections are to be
held.
I like Allawi and I still see him as the best we could have hoped
for at this time. I also obviously agree with his statement to
Congress that “we are better off; you are better off and the world
is better off without Saddam Hussein.” We need to keep Allawi
alive, while recognizing he is walking a tightrope of the thinnest
width. He can’t be seen as being America’s puppet and insist on
more U.S. troops, while he has to build up a credible Iraqi army
to put an Iraqi face on things as quickly as possible. Which
means in the interim, take what Allawi says with a grain of salt.
The real player when it comes to elections is Ayatollah al-
Sistani, who is not pleased by pre-election maneuvering that
appears to give the majority Shiites just 55% of a new parliament
when Sistani, probably correctly, says the Shiites now comprise
well over 60% of the population. He could halt the electoral
process dead in its tracks with a simple wave of his hand.
In the meantime, I agree with a Washington Post editorial that
said of President Bush, “His description of Iraq is bland to the
point of dishonesty.” Instead I concur with Republican Senator
Lindsay Graham who said we need more troops. I agree with
Republican Senator John McCain, who said up to 90,000 more
are required to secure an election. And I agree with Republican
Senator Richard Lugar that the administration has been totally
“incompetent” when it comes to the job of reconstruction.
We have to give Iraqis one good shot at pulling off a vote and
you can’t do this without security while also providing them a
sense the basics of life are improving.
And to those who think Iraq is hopeless, I offer up the example
of Indonesia, the largest Muslim nation in the world which
successfully pulled off its first free presidential election without
any widespread violence.
Many, including myself, said the first phase of the war would be
easy and we were right. I also realized that the actual nation-
building process would take time, or as columnist Fred Hiatt
wrote in the Post “constant effort and engagement.”
I’m convinced a majority of the American people will stay
committed but we are an extraordinarily impatient lot and require
constant cajoling from our leaders. Democratic Senator Joe
Biden said as much in simply urging President Bush to level with
us. In my own humble opinion, the president hasn’t as yet.
Finally, of course I consider Senator John Kerry’s own position
on Iraq to be in the worst interests of the United States. He
knows he’s not going to get any European help and with the
coming vote in Australia either Bush or Kerry could lose this
vital ally as well. I agree when the senator says “the president
needs to get to the world of reality,” but Kerry’s plan to
withdraw from Iraq ASAP courts an even greater disaster than
what we face now.
So there are three basic positions one can take. 1) Withdraw. 2)
Stay the course. 3) Mine…that of the abandoned neocon who
still believes that going to Iraq was the right move, that the
civilized world has to change the dialogue in the Middle East
before we ourselves are destroyed, and that our president has
failed miserably to follow through in the post-war phase, thus
jeopardizing any hope of success. If you choose the first option,
you vote for Kerry. Choosing #2 is a vote for Bush. Selecting
option #3 is a cry for McCain, then the push of a punchcard for
the president while hoping for a massive change in the cabinet.
But if you yourself are still struggling with the issue of Iraq, go
to Shanksville. You can argue all you want that Iraq isn’t
connected to the war on terror and that we should have finished
the job first in Afghanistan. You’ll get no argument from me on
the latter. Inaction, however, was not an option and the brave
souls of Flight 93 recognized the dangers they faced and did
something about it.
The United States cannot shirk its global responsibilities. To do
otherwise means the victims at Shanksville, let alone the brave
men and women giving their lives in both Iraq and Afghanistan,
will have all died in vain.
—
Wall Street
The Federal Reserve raised interest rates for a 3rd time in four
months, boosting the fed funds rate to 1.75%. Basically,
Chairman Alan Greenspan and Co. argue that the economy’s soft
patch of this spring and early summer was but a bump in the road
and that underlying growth remains strong. Inflation has also
eased, in their minds, despite the continued run-up in oil, and the
Fed offered in its just released August minutes that it expects
consumer spending to pick up, along with capital expenditures
by corporations. But it will keep raising rates, at a “measured”
pace, to get back to “normal.”
Hey, sounds pretty good overall. I’ve said before that savers, of
which I’m one with 75% in cash, don’t mind rising short rates
and better CD and money market yields. I just disagree that the
economy is all hunky-dory and maintain the outlook for future
growth is tepid, at best.
Certainly some of the recent profit warnings (this week’s biggies
including Colgate-Palmolive and Unilever) back me up, while on
the capital spending side more than a few respected voices say
spending on all things tech-related will be weak well into 2005.
And you also know I’m less than sanguine concerning next year,
calling for a global recession owing to a pop in the real estate
bubble (the first to go is the U.K.), an overextended consumer
not just in the U.S. but around the world, and troubles in China.
Throw in major geopolitical uncertainty…Iraq, Iran and North
Korea, for starters…and I’d be the last one to recommend one
plow the lion’s share of their assets into equities.
I do agree with the Fed, however, on inflation and would add that
absent oil and selected commodities, I don’t see any real pricing
pressures especially if my economic outlook is close to being on
the mark.
But regarding energy, no doubt $45+ oil is having a negative
impact across the globe, though this week’s spike to $48.80 is as
much about supply disruptions due to the aftermath of Hurricane
Ivan as it is fundamental supply / demand, economic growth
issues. And early in the week Yukos once again jumped to the
fore as it halted some shipments to China due to its inability to
meet transportation costs. Separately, the Yukos / China issue
points out a broader one with heavy geopolitical overtones, that
being who does Russia reward with a new pipeline across Siberia
to the Pacific, China or a more predictable Japan?
By week’s end oil was rallying even as the government
announced it would “loan” some crude from its Strategic
Petroleum Reserves to make up for the Ivan shortfall. [Last I
saw there were at least 13 pipeline leaks and 7 fixed platforms
destroyed due to the hurricane.]
Finally, it’s practically Christmastime and whither holiday sales?
Not too soon to forecast and one retail group looks for sales to
rise 4.5% vs. a 5% increase in 2003. If we see 4.5% it just means
the consumer will be even more overextended than before
(wages aren’t rising by that amount) and thus my 2005 outlook
has an even better shot of being borne out.
Street Bytes
–For the week the Dow Jones lost ground, 2.3% to 10047, while
the S&P 500 saw its six-week winning streak end, off 1.6% to
1110, and Nasdaq took it on the chin 1.6% as well falling to
1879.
–U.S. Treasury Yields
6-mo. 1.98% 2-yr. 2.57% 10-yr. 4.03% 30-yr. 4.80%
Yields at the short end of the curve rose on the Fed’s move, but
long rates fell. Everyone keeps asking, what is the performance
of the 10-year saying about the economy? After peaking at
4.90% (intraday) on May 14, the 10-year plunged below 4% at
midweek before seeing its yield rise back above that level. I just
think the bond market is saying the economy is not as strong as
the Fed believes, while at the same time inflation truly isn’t an
issue. That said, unless my forecast for global recession comes
about far sooner than I’m expecting, and admitting that the bond
market, just like its equity brethren, is a discounting mechanism,
you’d still think yields would nonetheless be higher.
[Personally, at the beginning of the year I said the 10-year would
be at 5.24% on 12/31. I’ll be eating a crow sandwich on this one,
it would appear.]
–One of Wall Street’s great dirtballs, former Computer
Associates CEO Sanjay Kumar, was charged with directing the
company’s $multi-billion accounting scandal. During the
bubble, CA was a master at manipulating earnings to meet or
exceed Wall Street’s expectations and now the government has
documented how even Kumar himself would get his large
customers to backdate sales agreements so the quarter’s targets
could be met. He also lied extensively to CA’s own law firm
when they grew suspicious. In order to avoid prosecution itself,
the company is ordered to pay $225 million in restitution to
shareholders and clean up its corporate governance. Mr. Kumar
said he was innocent of all charges. He’ll end up plea bargaining
for 3 years in the slammer and a humongous fine.
–And then there’s Fannie Mae, now led by former Clinton
official Franklin Raines. For years many have suspected there
was something fishy with Fannie’s quarterly numbers that like
clockwork always showed sure, steady progress. Not too hot,
certainly not cold at all. Well, a federal oversight agency
released its findings this week and they were devastating. One
document after another proves Fannie’s executive team was
cooking the books not just to please the Street, but also to ensure
certain bonus targets were hit. Aside from Raines benefiting to
the tune of $millions, former board member and 9/11
commission participant Jamie Gorelick was another beneficiary
of the corruption. The Fannie Mae story is as much about Inside
Washington as it is about Wall Street. I’ll scratch your back, you
scratch mine. But the investigation also has to give one pause,
on a macro level, as to whether or not there are still some ticking
time bombs in Fannie’s gargantuan derivatives portfolio.
–The Justice Department launched a $280 billion ‘supertrial’
against the leading U.S. tobacco manufacturers, an amount equal
to the profits generated by the industry over five decades as the
companies illegally marketed and conducted a health conspiracy
concerning the dangers of smoking. The industry has said it has
already paid a price and mended its ways and its attorneys claim
the companies didn’t lie; instead it was individual CEOs who
made mistakes. Well this should go on into the next millennium.
Time to go to law school and see if you can get part of the action.
–Merrill Lynch CEO Stanley O’Neal and five other senior
executives have agreed to give six months notice of their
departure because the world simply can’t survive without any of
them.
–U.S. Airways, in bankruptcy, is seeking to impose a 23% pay
cut across the board and, as anticipated, has begun reducing or
ending contributions to various retirement plans.
–Lucent is once again slashing healthcare benefits for some
retirees. The company claims that soaring costs for the category
now represent 10% of total revenue.
–Mutual fund research king Morningstar is under SEC
investigation for not correcting false information in a timely
manner. In the cited example, it knew a return figure for one
fund offering was wrong, yet it took this supposedly tech-savvy
outfit a month to fix it. Morningstar claims Joe and Janet
Schmuck weren’t harmed by the misleading data.
–My friend and financial advisor, Liz S., says to beware if you
are a buyer of any B class shares of a mutual fund and you
subsequently transfer your account to another firm. B shares
have a clock, with the back-end surrender charge falling to zero
over, say, 6 or 7 years should you choose to redeem.
But when you transfer the account, some firms start the clock all
over again, claiming they can’t keep track operationally. Of
course they can, but it requires your broker to be “on the ball,” as
Liz says. And in most funds, after you’ve been in the more
expensive B shares for a number of years, you should be
transferred into the less expensive A class by prospectus. Just
another reason why, excuse the language, us mutual fund
veterans say “B Shares Blow!”
…..except for the broker….who makes a nice commission.
–The Wall Street Journal selected the University of Michigan as
the #1 business school. Carnegie-Mellon is #2. Harvard was
#13…13!
–The Journal also reported that 100 million cellphones in
America will be taken out of service this year thanks to
consumers upgrading their technology. Many of these end up in
the waste basket, rather than recycled, and over time this creates
a huge environmental issue due to the toxic chemicals contained
therein. Overall, worldwide demand in ’04 is expected to reach
420 million units so you can see where this is all headed. Oh
well, just throw them in the same giant dump as all the PCs and
put a fence around it so little kids don’t go playing on the pile.
At least that’s my low-cost, ill-conceived solution.
–Ford Motor is formally getting out of the business of Formula
One racing in an effort to save $tens of millions. Oh, I have fond
memories of the sport’s glory years, the 1960s; a time of Jackie
Stewart and Graham Hill, for example. My brother and I have
awesome memories of a trip to England in 1968 where our Aunt
Jean took us to the time trials for the British Grand Prix. We
recently uncovered some great photos of the two of us standing
next to the likes of Bruce McLaren, Denny Hulme, Dan Gurney
and Jochen Rindt, among others. I have been assured by my
brother that I will be receiving some of these for Christmas,
thanks to modern film technology. [In other words, Bro, get
crackin’ on this!]
–Inflation Watch: [Even though I subscribe to a deflation theory
for 2005.] Trader George went to Yankee Stadium and paid $23
for two small hot dogs and two 12-oz. drafts. He then had four
16-oz. beers delivered for $40 and one small bag of peanuts for
$5. [I’m assuming George didn’t drink all four ‘big boys.’]
Then Jimbo weighed in that if you throw in four $80 tickets,
assuming you can find them, and add in travel, tolls and parking,
you suddenly have a $500 tab. It’s why some of us watch our
favorites on cable.
–Foreign direct investment (for manufacturing and services) into
China was $53.5 billion in 2003 and only $30 billion into the
U.S. (lowest here in 12 years). [Financial Times]
–CBS was fined $550,000 for allowing Janet Jackson to display
a starburst on her breast during the Super Bowl Halftime Show,
the largest such penalty ever levied against a television
broadcaster.
–In a study of corporate tax policy over the last three years, of
the 275 companies surveyed, on average they paid taxes on only
half of their reported pre-tax profits thanks to still excessive
loopholes.
–Martha Stewart will go off to prison on October 8. I’d
recommend she pack light. Shares in her company, however,
soared on the now imminent prospect of her return and a possible
prime-time television program next year.
–Online advertising is up 40% in the 1st half of 2004 over 2003,
$2.4 billion in the second quarter alone…though it needs to be
said the figures are still far below what some experts had forecast
back in the heady days of the Bubble.
–According to Forbes, the U.S. now has a record 313 billionaires
with a cumulative worth of $1 trillion. Bill Gates is still #1 at
$48 billion.
–Donald Trump’s casino bailout fell through, but a nation
growing rapidly weary of The Donald really couldn’t care less.
Foreign Affairs
Iran: On Saturday, the International Atomic Energy Agency
called on Iran to suspend all uranium enrichment activities before
the IAEA’s next meeting, November 25; the implication being
that if Iran didn’t comply by that time, the IAEA, under pressure
from the U.S. and its European allies, would finally bring the
issue to the UN Security Council for the levying of strict
economic sanctions. Of course the U.S. has wanted the case
before the UN for a year now.
So on Monday, Tehran responded by announcing it would
resume a key step in the enrichment process anyway.
Significantly, the intelligence minister acted as spokesman in
calling the IAEA motion “illegal.” Iran’s mullahs are brilliantly
stalling for time and I remain convinced they will have the bomb
by next spring.
China: As anticipated, Jiang Zemin did finally step down from
his leadership post as head of the military, turning the role over
to President Hu Jintao, the latter now controlling both the
Chinese Army as well as the communist party apparatus. Jiang,
78, was said to be in failing health which could be the primary
reason he gave up his last leverage in the decision-making
process. While little is known of Hu, even after about two years
in power, it is hoped he’ll take a more moderate position on
Taiwan, which now faces some 600 missiles across the Straits.
Russia: Senator John McCain escalated his theory on President
Vladimir Putin and his power grab to that of a “galloping coup.”
But following is an angle I haven’t discussed in some time,
thoughts from an op-ed piece by nuclear arms expert Bruce Blair
in the Washington Post. Mr. Blair reminds us that on top of
Russia’s stockpile of loose nuclear and biological material, both
the U.S. and Russia have 1,000 nuclear weapons on hair-trigger
alert directed at each other and this causes its own problems.
Russia’s inventory is older and requires a higher degree of
maintenance than the U.S.’s. Russia’s weapons are also
scattered all over.
“On any given day, many hundreds of Russian nuclear weapons
are moving around the countryside. Nearly 1,000 of them are in
some stage of transit or temporary storage awaiting relocation at
any time….In contrast to American bombs, which have a shelf
life of more than 30 years, Russian bombs last only eight to 12
years before corrosion and internal decay render them unreliable
– prone to fizzling instead of exploding. At that point, they must
be shipped back to the factory for remanufacturing.”
All pass through the Mayak facility and “the rail and other
transportation lines linking the factory to the far-flung nuclear
bases across 10 time zones are buzzing with nuclear activity and
provide fertile ground for terrorist interception….”
“Another specter concerns terrorists ‘spoofing’ radar or satellite
sensors or cyber-terrorists hacking into early warning networks.
…False alarms have been frequent enough on both sides under
the best of conditions. False warning poses an acute danger as
long as Russian and U.S. nuclear commanders are given, as they
still are today, only several pressure-packed minutes to determine
whether an enemy attack is underway and to decide whether to
retaliate. Russia’s deteriorating early-warning network, coupled
with terrorist plotting against it, only heightens the dangers.”
Separately, former national security adviser Zbigniew Brzezinski
had the following thoughts on Putin in a Journal op-ed.
“Unfortunately, over the last several years the White House has
fostered a cult of Putin that has done great harm to the
increasingly isolated Russian democrats. Their cause deserved
support. There were Russians who bravely stood up and opposed
the progressive silencing of Russia’s free media. There were
Russians who voiced concerns regarding the narrowing scope of
Russia’s democracy. There were Russians who protested against
the inhuman and almost genocidal massacres of the Chechens.
Never once did any of them hear any measure of support from
the top leadership of the country that once held high the standard
of human rights in opposition to communist tyranny.”
Ukraine: Not for nothing, but next month this nation has an
election to replace President Leonid Kuchma. One candidate
claims he was poisoned and shows physical signs this was the
case with his slurred speech and partially paralyzed face. The
other was hospitalized the other day when he was hit with an egg
at a campaign stop. You can be sure Putin is doing his best to
see his favored candidate wins, the egg man.
Indonesia: As alluded to above, former General Bambang
Yudhoyono handily beat President Megawati by a 60-40 margin
in the nation’s first direct presidential election. Yudhoyono
vows to crack down on corruption and wage war on terrorism.
Business leaders are excited about the prospects for the new
administration and Indonesians showed the rest of the world that
the largest Muslim nation on earth can hold free and fair
elections.
Israel: The U.S. is selling the government 500 “bunker buster”
bombs designed to penetrate Iran’s underground nuclear
facilities. Use them wisely, my friends.
Libya: As a follow-up to my comments from last week, the
White House lifted some more sanctions against the Gaddafi
regime, freeing up further payments of compensation to the
families of the Flight 103 bombing, but Libya remains on the
state sponsors of terrorism list.
Germany: I’ve been noting recently that tensions between East
and West Germany continue to mount and it doesn’t help that
East Germany remains mired in an environment of 19%
unemployment. In regional elections last week this was best
exemplified by a 9% vote for the National Democratic Party
(pseudo-Nazis) while the old Communist Party received 28% in
another district.
India: The U.S. has finally lifted restrictions on equipment for its
commercial space program and nuclear power plants. Good.
Northern Ireland: An effort to revive the 1998 Good Friday
peace accord fell apart thanks to the wicked Ian Paisley and his
Democratic Unionists (Protestants), who insist that the IRA
totally disarm and disband up front before the D.U. agrees to
sharing power with Sinn Fein. The problem here is that the more
moderate Ulster Unionist Party, which was party to the Good
Friday accord, is no longer the Protestants leading representative.
The devil, Paisley, is.
Australia: Opposition candidate Mark Latham has pulled ahead
of Prime Minister John Howard in the latest poll I saw ahead of
the October 9 vote. Not good for America, my friends.
Turkey: A key European Union commissioner expressed
satisfaction with Turkey’s political reforms, though there is still
major doubt whether Turkey’s parliament will insist on the
addition to its criminal code of a provision outlawing adultery.
Prime Minister Erdogan’s Islamic-based party is still pursuing
the provision, a non-starter for the E.U.
Random Musings
–Findings from an NBC News / Wall Street Journal poll.
Regarding the president’s handling of the economy, 45%
approve, 51% disapprove.
When asked, “Overall, is the country better off or worse off than
four years ago?” 35% said better, 55% worse.
But, individually, 44% feel better off, 35% worse off than four
years ago.
58% expect major changes if the president wins a second term.
Startling.
As to his handling of the war on terror, 52% approve of the job
Bush is doing, 43% disapprove.
And by a 55-40 margin, people feel we should have taken
military action in Iraq but when the question is “was removing
Saddam worth the casualties and the financial costs?” 52% said
‘not worth it.’
–I met six men from Midland, Michigan at a restaurant in
Gettysburg and I asked who they were voting for. 4 said Bush,
one said he was undecided, and the other said he wasn’t voting at
all. [Note: This has a margin of error of 50%.]
–I’ve never been a fan of House Majority Leader Tom Delay,
though I’ve also said he gives terrific speeches on America and
its role in the world. He just happens to be a corrupt SOB. This
week three of his aides were indicted on charges of illegal fund-
raising in connection with his political action committee. The
majority leader himself remains under investigation for similar
potential misconduct.
–Incredibly, my state of New Jersey is really in play this fall,
with the latest polls still showing a dead heat between Bush and
Kerry. If Kerry loses this one, that foretells a 53-45 ass-
whooping nationwide.
–Since 2000, wages have grown only 1/5th as fast as health
insurance costs. [Ronald Brownstein / L.A. Times]
–Both Houses of Congress overwhelmingly extended key tax
cuts, including the child tax credit, marriage-penalty relief and
the 10% minimum bracket, all without saying anything about
how they would pay for it. Not to worry, boys and girls. We’ll
just issue more bonds!
–I really don’t have anything to add about Dan Rather and
memogate, so much has already been said and written. I do have
to note, however, that it goes without saying that DNC Chairman
Terry McAuliffe is a perennial “Dirtball of the Year” candidate.
But like John McCain, I just hope we can move on and I eagerly
await the debates. [Not that they are going to change your
editor’s mind.]
–Speaking of dirtballs, Mark R. correctly suggested I hand out a
special “Dirtball of the Week” to Tiger Woods. I’m here at the
84 Lumber Classic, a PGA event, and on Tuesday Woods backed
out of the tournament citing exhaustion from the Ryder Cup
competition. [Congratulations to my European friends, by the
way.]
It’s not as simple as Woods dropping out, however. Picture that
when he unexpectedly announced he was going to appear a short
time ago, the tourney sponsors went into high gear, particularly
with Vijay Singh also competing. Alas, Tiger hasn’t learned the
word ‘commitment’ and his image went down a number of
notches in the eyes of many.
The new Nemacolin Resort here in Farmington, PA, incidentally,
is a spectacular facility, nestled in the Laurel Highlands. I also
hear it’s super expensive. Me? I’m writing from my Super 8
motel room and I’m getting rather irritated by the neighbor who
is blasting rap music at this moment.
–For the fourth time in the past six weeks, I go to press as
another hurricane, Jeanne, bears down on Florida. There’s little I
can say but that I feel for you. Incredibly, a Gallup poll revealed
that ¼ of all Floridians report significant property damage or
financial loss from the state’s prior 3 storms. But here in the
northeast we have been astounded at the damage wrought by the
remnants of Ivan, particularly in Pennsylvania and parts of New
Jersey. And it’s almost always those that can least afford it who
are impacted the most.
–The Environmental Protection Agency said its study of airline
water found what most of you should already have guessed… it’s
contaminated with all manner of crap. Just look at a bathroom
towards the end of a transcontinental flight. Are you drinking
that water? But the study is also a reminder that you can’t ignore
the fact your coffee or tea could be contaminated if the airline
isn’t using bottled water…which is why I always recommend
beer.
–Americans eat 30 pounds of cheese a year and its popularity
continues to grow, prompting one cheese executive to tell the
Associated Press, “Cows never take a vacation.” Hardest
working mammals on the planet, I always said.
–This week’s sign the apocalypse is near. Crain’s New York
Business reports that Eaton Press is producing an edition of the
government’s 9/11 Commission Report, “bound in genuine
leather and accented on the spine with 22-carat gold.” All for
two monthly payments of $39.50. It costs $10 at your bookstore.
–Finally, with my trip to Gettysburg, the battlefield and the
Eisenhower farm, it’s just another excuse for me to say we can’t
support our national parks and historical sites enough. I rail all
the time about charities but I do give what I can to those
preserving Civil War battlefields. I’d also give back 1% of my
tax cut if it meant that the needs of all our national parks and
monuments were met. It’s bad enough our schoolchildren don’t
grow up with a real understanding of basic American history, let
alone a grasp of the world around them. Not to take care of our
own heritage is a disgrace.
—
God bless the men and women of our armed forces.
God bless America.
—
Gold closed at $409
Oil, $48.88
Returns for the week 9/20-9/24
Dow Jones -2.3% [10047]
S&P 500 -1.6% [1110]
S&P MidCap -0.6%
Russell 2000 -1.3%
Nasdaq -1.6% [1879]
Returns for the period 1/1/04-9/24/04
Dow Jones -3.9%
S&P 500 -0.2%
S&P MidCap +2.2%
Russell 2000 +1.6%
Nasdaq -6.2%
Bulls 50.0 [unch.]
Bears 22.9 [Source: Investors Intelligence / Chartcraft]
Have a great week. I appreciate your support.
Brian Trumbore
