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Dana Blankenhorn  

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  • You Need To Pay Higher Taxes So We Don't Become Greece Or Italy [View article]
    Ah yes, a catfood advocate speaks up. I especially like the bit about "mercantilism and Keynesianism, both discredited," lumping together what Adam Smith attacked with what Milton Friedman attacked.

    Then adding the line about "the long-term sustainable taxation level of about 21% (federal). The Simpson-Bowles Commission attempted just that."

    Who made that a magic level? No one. It's just so much lower than what we presently spend that we have to break our promises to grandma for comfort in her old age to get there. Unless, of course, we cut defense. Which I'd support.
    Nov 15, 2011. 03:50 PM | 6 Likes Like |Link to Comment
  • Netflix, Green Mountain Coffee: Is Salesforce.com Headed Down The Same Road? [View article]
    Shocked it took someone so long to write this. Of course it's a bubble stock. CRM isn't even a "cloud" company. They're a SaaS company, which is something quite different.
    Nov 15, 2011. 03:43 PM | 1 Like Like |Link to Comment
  • Who has the better central bank, Europe or the U.S.? Ezra Klein ponders the question, writing that while the Fed has been willing to test the boundaries of what it can do with policy to preserve stability as financial institutions fail all around them - across the pond the ECB focuses more on pressuring failing institutions (and politicians) to reform themselves without trying to save the economy all by itself. Also in the mix, the Fed has a giant backstop in the form of the U.S. Treasury but it's unclear who backs up the ECB.  [View news story]
    Stupid question. An organized economy, and a central bank that can deal with crises, is better than an unorganized economy and a bank that can't. Ezra Klein is an idiot.
    Nov 15, 2011. 03:24 PM | Likes Like |Link to Comment
  • Report: Germans About To Launch Bomb Within Heart Of Europe [View article]
    Making a proposal -- and this is just a proposal -- is not the same thing as getting it passed.

    The present ECB system has Articles of Confederation written all over it. The European equivalent of a Rhode Island can stop all action. You can't run a currency like the Euro that way.

    I would have loved to see what sort of governance structure you might prefer. Maybe something bicameral can be developed?
    Nov 15, 2011. 03:14 PM | 1 Like Like |Link to Comment
  • You Need To Pay Higher Taxes So We Don't Become Greece Or Italy [View article]
    Democrats won't give in on Medicare or Social Security without some big tax increase, and Republicans are scared of mandatory cuts to defense spending, so Cornyn threw up this trial balloon.

    In a macro-economic sense, the best move is to do nothing, let the Bush cuts expire starting in 2013, and wait a year before firing anyone.

    Which means we sort of agree.
    Nov 15, 2011. 03:10 PM | 3 Likes Like |Link to Comment
  • The Call On Wal-Mart Margins [View article]
    Yes, WalMart wants to buy Carrefour's small stores in Brazil, thinking they have operational expertise there they can bring to bear across the chain.

    The news is that they seem to have settled on a format for those smaller stores, and will now start rolling them out.
    Nov 15, 2011. 02:27 PM | Likes Like |Link to Comment
  • How Big The Haircut At Apple? [View article]
    I don't know how well Apple will be doing in 5 years. That will be seen in earnings reports. I personally don't think that, without strong central leadership, the company can do any more than drift. And that's a problem in the long term.

    But in the near term, a PE of 13 is dirt cheap for a company with these short-term prospects. With Google priced at a PE of 20, and Amazon at 100, it's cheap as chips.
    Nov 15, 2011. 12:37 PM | Likes Like |Link to Comment
  • How Big The Haircut At Apple? [View article]
    I think my record speaks well. I predicted a fall in Apple after Jobs died and it's happened. I posted this a day ago predicting a rise in Apple and that's happened.

    I apologize to any commenters who have been offended by my off-the-cuff replies.
    Nov 15, 2011. 12:35 PM | Likes Like |Link to Comment
  • A Work-Out Plan For Italy [View article]
    Growth can occur with less borrowing, or by restricting borrowing to things that grow the economy. Borrowing for normal operating expenses is wrong, and that's what they have been doing.

    Borrowing, however, is neither good nor bad.
    Nov 15, 2011. 08:28 AM | Likes Like |Link to Comment
  • A Work-Out Plan For Italy [View article]
    That's why I suggested the gold bond. Would you lend them Euros on gold? I would.
    Nov 15, 2011. 08:27 AM | Likes Like |Link to Comment
  • How Big The Haircut At Apple? [View article]
    The earnings report precipitated the drop in the price of the stock. It was in all the papers. What I'm saying in this piece is that Apple should NOT be rated as less of a buy than those other companies.
    Nov 15, 2011. 08:25 AM | 1 Like Like |Link to Comment
  • How Big The Haircut At Apple? [View article]
    Yeah, me stupid. I dumped on Apple then it fell. Now I praise Apple and it will probably rise.

    Yes, me stupid.
    Nov 14, 2011. 05:28 PM | 3 Likes Like |Link to Comment
  • How Big The Haircut At Apple? [View article]
    I think I agree with you. I'd like to see some evidence of slowing earnings momentum before I call a 14 PE stock a dog. I'd at least like to see an E that takes the PE to 18-20.

    At its present multiple Apple is cheap. Yet it's priced lower than IBM.
    Nov 14, 2011. 04:49 PM | 2 Likes Like |Link to Comment
  • How Big The Haircut At Apple? [View article]
    Did anyone read the story? I think Apple is a buy at these levels.
    Nov 14, 2011. 04:48 PM | 3 Likes Like |Link to Comment
  • The Shadow Market [View article]
    You just demonstrated the immense value of the public service a well-run FDA does for the markets it polices. Thanks.
    Nov 14, 2011. 03:53 PM | Likes Like |Link to Comment
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