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davidingeorgia

davidingeorgia
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  • Acting IRS chief Steven Miller resigned Wednesday in the wake of the agency's admission it unfairly screened Tea Party groups seeking tax exempt status from 2010 onward. President Obama called the screening "inexcusable" and emphasized that the IRS was the very last place where he would "tolerate this kind of behavior." The White House also released the letter from Treasury Secretary Jack Lew in which Miller's resignation was demanded. [View news story]
    The underside of the bus is going to be awfully crowded before this mess finishes playing out. Miller is just the first of many. Hopefully, some of them will end up getting to wear prison orange for a few years, too.

    BTW, it wasn't just Tea Party groups. It was far more wide-ranging than that. They put the screws to any group (and quite a few individuals, too, apparently) that had a organization name that made it sound as if it might work against the current regime in the last couple of election cycles. Criminal organizations do tend to frown on competition.
    May 16, 2013. 05:32 AM | 6 Likes Like |Link to Comment
  • Northern Tier Energy: A Refinery MLP With A 19% Yield [View article]
    A couple of reasons, grumpyone...my cost basis on CLMT is $22.50/share, and I love how they keep on raising the dividend. Well, 3 things I suppose, because I think their moves into different refining niches (most if not all of them having higher margins than general refining) gives them an edge when/if tightening crack spreads start pressuring most refiners. But, as I say, I like NTI a lot, too.
    May 15, 2013. 08:28 PM | 1 Like Like |Link to Comment
  • Northern Tier Energy: A Refinery MLP With A 19% Yield [View article]
    Albert, that's what keeps me from taking a bigger position in NTI. I really like how they are running things, but I don't want to be too dependent on a dividend that goes up and down quite that much. Own it, for sure, but not a big wad of it.
    May 15, 2013. 08:24 PM | Likes Like |Link to Comment
  • Northern Tier Energy: A Refinery MLP With A 19% Yield [View article]
    You're losing money in T-bills if you're counting real inflation (as in stuff people actually have to buy every day). And, though it might sound like hyperbole, I don't think T-bills are any safer these days than a bond issued by a company like KO or AAPL. Less safe probably.
    May 15, 2013. 03:55 PM | 2 Likes Like |Link to Comment
  • Northern Tier Energy: A Refinery MLP With A 19% Yield [View article]
    Thanks for the piece on NTI, Albert. Very informative. I like CLMT better than NTI, but NTI is a good one, too.

    Disclosure: long CLMT and NTI
    May 15, 2013. 03:07 PM | 1 Like Like |Link to Comment
  • Compass Diversified Holdings Points The Way To A 9.1% Yield [View article]
    Thanks for the update, Richard. Much appreciated.
    May 15, 2013. 02:53 PM | Likes Like |Link to Comment
  • U.S. jobs could return to pre-recession levels by 2014, according to some economists. The latest Wall Street Journal survey of economists, forecasters said they expect employers to add just under 180K jobs a month over the next 12 months, about the same pace as the past two years, but that should pick up as the economy continues to gather steam. For the full year, economists expect 2.4% growth - which is better than the past two years. [View news story]
    Well, I could become the King of all Londinium and get a shiny hat to wear or become the first man to walk on Mars or maybe even discover a marketable cure for Profound Economist Stupidity Syndrome. Alas and alack, having any of those things happen to me is just about as likely as having U.S. jobs return to pre-recession levels by 2014.
    May 13, 2013. 07:51 PM | Likes Like |Link to Comment
  • "The recent complaints relate to practices that are almost as old as Bloomberg News," Bloomberg News' editor in chief Matthew Winkler said in an editorial Sunday, referring to complaints reporters accessed proprietary information on Bloomberg terminals in order to get an edge on other financial news agencies. Winkler apologized, calling the practice "inexcusable." Several former employees have said a function allowing them to access subscribers' contact information and login activity sometimes "advanced news coverage," according to the NY Times[View news story]
    Don't forget Big Government. It's a three-headed monster these days.
    May 13, 2013. 05:44 AM | Likes Like |Link to Comment
  • Financial representatives of the G7 countries came away from an informal two-day gathering hosted by Britain's George Osborne satisfied that Japan's extraordinary monetary policy maneuvers are targeted at vanquishing deflation not exchange rate targeting. Although German finance minister Wolfgang Schäuble did mention "the relatively high levels of liquidity" present in the market (the obligatory German nod to conservative monetary policy), U.S. Treasury officials said the "conversation [with Japan] was good." Osborne also noted that when it comes to fiscal policy, "there are more areas of agreement between [the G7] than is commonly assumed." [View news story]
    >>...U.S. Treasury officials said the "conversation [with Japan] was good." Osborne also noted that when it comes to fiscal policy, "there are more areas of agreement between [the G7] than is commonly assumed."<<

    Translation: the food and wine were excellent; who gets to pick the cuisine next time?
    May 12, 2013. 07:38 PM | 2 Likes Like |Link to Comment
  • A Closer Look At Enterprise Products Partners' Distributable Cash Flow As Of Q1 2013 [View article]
    TTM = trailing twelve months, AFAIK
    May 12, 2013. 07:36 PM | 1 Like Like |Link to Comment
  • More Bernanke: "Many households remain more financially fragile than might be inferred from the aggregate statistics alone," he says, touting new, even more detailed data the Fed is monitoring. The Fed never saw the greatest macro event in generations coming (even when it was on top of us), and Bernanke lays some of the blame on a lack of intricate numbers coming across the desks of central bank economists. [View news story]
    >>The Fed never saw the greatest macro event in generations coming (even when it was on top of us), and Bernanke lays some of the blame on a lack of intricate numbers coming across the desks of central bank economists.<<

    They didn't see it coming because they refused to open their eyes and look. Thinking that any set of numbers contains the sum total of what's happening in the real world is part of the problem; having more numbers to use in distancing themselves from reality isn't a solution in and of itself.
    May 10, 2013. 10:18 AM | 1 Like Like |Link to Comment
  • The Navy has 24 months to convince lawmakers to fund 28 additional ships (at a cost of $440M each) for its controversial Littoral Combat Ship program, even as an internal report says the vessels may be "ill-suited to execute" their warfighting directives. There are 24 of the ships already under contract with Lockheed Martin (LMT) and Austal (AUTLF.PK) and procuring the remainder of the planned 52 ship fleet may be a difficult sell as criticism mounts. [View news story]
    Don't forget that it's also a chance for Congress to name 28 more ships after worthless politicians. I suspect that another thing driving the push for these under-armed, under-protected death traps is to be able to say, "hey, the Navy has plenty of ships to handle its increased role in projecting American power around the world. Look at all the new ships we're building!" The Obama administration has been saying for awhile now that the U.S. focus will be more on the Pacific and away from the Middle East. The problem is, of course, they don't want to pay for giving the Navy the means to carry out that increased mission. These death traps won't help with that mission even if they do get built.

    And ""ill-suited to execute" their war-fighting directives" translates to "will get their crews killed if they try" in plain English.
    May 10, 2013. 08:10 AM | 2 Likes Like |Link to Comment
  • Don't panic, Moody's says, there's "no strong evidence that recent [corporate debt] issuance levels presage a damaging correction." The notion that a bubble is building in the corporate bond market isn't reflected in credit spreads which, for both investment grade (LQD) and high yield (HYG, JNK), are closer to long-run averages than they are to alarmingly tight. Furthermore, the ratings agency says a surge in issuance reflects the "disintermediation of the banking sector" and notes that the proportion of total corporate liabilities comprised of debt securities hasn't significantly increased over the past two years." We can all rest easy now. (previous[View news story]
    I wonder if anyone at Moody's is familiar with the meaning of the word "irony"? I'm guessing probably not.
    May 10, 2013. 06:43 AM | Likes Like |Link to Comment
  • The rent-seekers otherwise known as those running the country's banks ganged up last year to urge the Fed not to allow Wal-Mart (WMT) to offer financial services, according to minutes of the Federal Advisory Council just obtained under the Freedom of Information Act. The banks successfully got Wal-Mart to drop a 2005 bid for a Utah-based bank and now they're up in arms about the company's entry into the prepaid card business. [View news story]
    How else would you expect crony capitalists to behave?
    May 8, 2013. 08:25 AM | 3 Likes Like |Link to Comment
  • Laws Of Cap Rate Compression And Several REITs With Mispriced Risk [View article]
    I get twitchy any time a sector (or a specific stock for that matter) runs up as much and as fast as the REITs have (sort of the same feeling I get whenever Jim Cramer screams "Buy! Buy! Buy!" on a stock that I own already). I got out of MPW a few weeks back and just sold the last of my OHI this past week. I figure an ~50% capital gain on both was good enough for me. I'm still long HTA and WPC, but won't be adding any more of either without a pullback of some sort.

    Thanks for the info, Brad. Good stuff, as always.
    May 7, 2013. 07:13 AM | 6 Likes Like |Link to Comment
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