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Dana Blankenhorn

 
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  • "Have Bank of America (BAC) managers lost their minds," asks Robert Smith. Facing several multi-billion dollar lawsuits and its stock trading at 30% of book, the bank decides to anger 50M loyal retail customers by charging $60/year for using a debit card? "Thinking you can do whatever you want to your customers because you're the biggest ... is reckless and foolhardy."  [View news story]
    Sorry, but Democrats are not going to take Nixon nor accept blame for his actions in office. Next you'll be trying to off-load GWBush.

    But your comment does say volumes about how increasingly ideological the GOP has become. I suspect even Reagan would be a RINO these days. (We might take him back if you're offering.)

    I guess Teddy Roosevelt would be a communist, then? If you want to pass him over, I can probably get you a really good deal on Grover Cleveland. Think Chris Christie with a mustache.
    Oct 12, 2011. 11:13 AM | 1 Like Like |Link to Comment
  • In announcing the likely release of the next tranche of aid to Greece, the Troika concedes the disastrous situation there - with fiscal targets for 2011 "no longer within reach," and the recession deeper than anticipated just a few months ago. The group pushes out the date of economic recovery out to 2013.  [View news story]
    Believe what you will. That's what makes markets. But extreme bearishness only works once in a great long while is all I'm saying.
    Oct 12, 2011. 09:48 AM | 1 Like Like |Link to Comment
  • Bank Of America: At War With Itself [View article]
    I once did a novel that posited a completely unregulated, online stock market based in Dubai and run by Dick Cheney.

    Never finished it because I couldn't find a way to take it down that made sense. But if such a tax were created, you can bet a pirate market would follow.
    Oct 12, 2011. 09:45 AM | 1 Like Like |Link to Comment
  • Unemployment's Here To Stay [View article]
    Uh, progressive income taxes aren't Marxist. They were made part of our Constitution in 1913. Under Woodrow Wilson. Some say Wilson was a racist, but few call him a Marxist.
    Oct 12, 2011. 08:27 AM | 1 Like Like |Link to Comment
  • How Big the Earnings Premium for Toyota? [View article]
    The idea of Toyota as a yen put is interesting. Thanks. But is a stock with a 36 PE really a better buy than one with a PE of 6 if global auto sales are rising?
    Oct 12, 2011. 08:14 AM | Likes Like |Link to Comment
  • Slovakia Will Not Blow Up Europe [View article]
    SurfingSlovak: I didn't mean to malign your fine country. But it is pretty small, and it is highly dependent on monetary inflows from the west. Which means the government's scope of action is limited.

    I do understand why they're putting up a fuss. But Slovakia has gotten enormous benefits from Maastricht, and there is no free lunch. At the end of the day the sacrifice will be worth it.

    I also happen to think that there won't be other shoes to drop after Greece. They are a special case. They basically presented phony books, and there must be a way to take them through a bankruptcy process. Whatever pain you feel being on the hook for possible losses in this fund should pale to what the Greeks are going to feel, economically, for years to come.
    Oct 12, 2011. 08:11 AM | Likes Like |Link to Comment
  • "Have Bank of America (BAC) managers lost their minds," asks Robert Smith. Facing several multi-billion dollar lawsuits and its stock trading at 30% of book, the bank decides to anger 50M loyal retail customers by charging $60/year for using a debit card? "Thinking you can do whatever you want to your customers because you're the biggest ... is reckless and foolhardy."  [View news story]
    The real issue is they're not being subtle. They're making themselves a target. There are other ways to get revenue, as other banks are demonstrating by raising fees on checking accounts.

    The end result is you don't get as much revenue as you planned while you make yourself a political target. And they have a lot of operations now other than the consumer bank that could be hurt if they are in political disfavor.
    Oct 11, 2011. 07:59 PM | Likes Like |Link to Comment
  • In announcing the likely release of the next tranche of aid to Greece, the Troika concedes the disastrous situation there - with fiscal targets for 2011 "no longer within reach," and the recession deeper than anticipated just a few months ago. The group pushes out the date of economic recovery out to 2013.  [View news story]
    There's not a conspiracy around every corner. Sorry.
    Oct 11, 2011. 06:39 PM | 1 Like Like |Link to Comment
  • In announcing the likely release of the next tranche of aid to Greece, the Troika concedes the disastrous situation there - with fiscal targets for 2011 "no longer within reach," and the recession deeper than anticipated just a few months ago. The group pushes out the date of economic recovery out to 2013.  [View news story]
    The UAW does not own GM or Chrysler. Immelt is like thousands of other "board" members -- not everyone appointed to a board is "cronyism." The Twist is perfectly legitimate policy meant to free up investment funds.

    What you're doing is deliberately interpreting everyday events as conspiracies. You know a lefty name for that? Naderism.
    Oct 11, 2011. 06:38 PM | Likes Like |Link to Comment
  • In announcing the likely release of the next tranche of aid to Greece, the Troika concedes the disastrous situation there - with fiscal targets for 2011 "no longer within reach," and the recession deeper than anticipated just a few months ago. The group pushes out the date of economic recovery out to 2013.  [View news story]
    You write, "Government figures are manipulated on a regular basis and revised at need for political reasons."

    Very convenient. You can now claim anything you want without evidence, because any evidence can be called a lie.

    Real wages have declined the last two years. But that's a sign of deflation, not inflation. Interest rates remain at record lows.

    You think bankers are in on this conspiracy? You think the bond markets are deliberately bidding up bond prices, and dropping yields to 2% on the 10-year, despite widespread inflation "everywhere?"

    How interesting. A theory that can never be disproven because facts are part of the conspiracy.
    Oct 11, 2011. 04:48 PM | 1 Like Like |Link to Comment
  • In announcing the likely release of the next tranche of aid to Greece, the Troika concedes the disastrous situation there - with fiscal targets for 2011 "no longer within reach," and the recession deeper than anticipated just a few months ago. The group pushes out the date of economic recovery out to 2013.  [View news story]
    The rate of inflation remains shockingly low, as measured by the government. You want to say the government is in on a conspiracy? I don't think so.

    Oh, check your energy bill this month. It's a very large stimulus just starting to go through the economy. It will be short-lived if we don't take the opportunity to get off oil, but welcome nonetheless.
    Oct 11, 2011. 03:16 PM | Likes Like |Link to Comment
  • In announcing the likely release of the next tranche of aid to Greece, the Troika concedes the disastrous situation there - with fiscal targets for 2011 "no longer within reach," and the recession deeper than anticipated just a few months ago. The group pushes out the date of economic recovery out to 2013.  [View news story]
    I think Greece is a special case. It lied about the state of its finances over many years. Portugal didn't. Spain actually passed a balanced budget act.

    Not all risks are the same, nor should they be treated the same. Someone having trouble because they went to the dog track and lied about it is different from someone whose real estate sector got hammered by outsiders' speculation.
    Oct 11, 2011. 03:15 PM | 1 Like Like |Link to Comment
  • In announcing the likely release of the next tranche of aid to Greece, the Troika concedes the disastrous situation there - with fiscal targets for 2011 "no longer within reach," and the recession deeper than anticipated just a few months ago. The group pushes out the date of economic recovery out to 2013.  [View news story]
    That's a good idea for Greece. But there needs to be a price for going bankrupt if they're to remain in the Euro. Otherwise everyone does it, and the banks follow, and you're worse off than before.
    Oct 11, 2011. 02:44 PM | Likes Like |Link to Comment
  • In announcing the likely release of the next tranche of aid to Greece, the Troika concedes the disastrous situation there - with fiscal targets for 2011 "no longer within reach," and the recession deeper than anticipated just a few months ago. The group pushes out the date of economic recovery out to 2013.  [View news story]
    Care to offer a modern example of that thesis? Especially in a no-inflation environment like we have today?

    Sure, you can see austerity creating growth (amid much pain) in an atmosphere of high inflation. Many Latin countries did just that. But we don't have high inflation right now. We don't even have inflation.

    The goods we produce -- like the Web you're now using -- have deflationary economics. And deflation is extremely damaging, as seen in the early 30s.

    Cutting spending amid stable prices does not stimulate the economy.
    Oct 11, 2011. 02:43 PM | 1 Like Like |Link to Comment
  • Wealthy Americans react harshly to critics, such as the Wall Street protesters, because they "realize, deep down, how morally indefensible their position is," Paul Krugman writes. They "got rich by peddling complex financial schemes that... helped push us into a crisis whose aftereffects continue to blight the lives of tens of millions of their fellow citizens."  [View news story]
    You're right. Being Gandhi isn't easy. Not for me, not for anyone. But it's a goal worth striving toward.

    I'm worthy of criticism when I don't meet it. So are others when they fail.

    I still didn't get an answer to my question. Is Obama the lackey of Wall Street or is he a commie, which is what his opponents said of him last year?

    Can't be both.
    Oct 11, 2011. 02:40 PM | Likes Like |Link to Comment
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