SCOTUS
The U.S. Supreme Court heard arguments this week in connection with
what ultimately will be yet another pro-business, anti-leftist
securities fraud decision.
The Court next year will rule against so-called "third-party
liability" for securities fraud. Outside accountants and lawyers and
investment banks will be shielded from shakedown lawsuits when Enron
and Worldcom-style implosions happen to take place.
For the liberal media's version of events you can click to read this AP article.
Cause & Effect
Speaking of courts and judges, Clinton-nominated district court
judge Charles Breyer finalized that preliminary injunction against the
Bush administration's extra-legislative crackdown on employers of
illegal immigrants. Ross Perot and the various conservatives who
elected Clinton were unavailable for comment.
Obviously this matter will make its way up to the U.S. Supreme Court. That'll be interesting.
CAFTA
Costa Ricans voted to join CAFTA. Ralph Nader wept.
Y-UAW-N
The liberal media cheered out loud for the UAW. Chrysler yawned.
Perhaps the "Fourth Estate" was looking for a catharsis or some sort
of moral victory. I don't know. The end result was a foregone
(pro-management) conclusion.
There's Gold in Them Thar Ice Packs
Newmont Mining will acquire Miramar Mining, setting the stage for increased gold production in the Arctic Circle.
BTW, there is no better hedge against inflation and a falling dollar than gold.
Breaking Up is Hard to Do
Sallie Mae slapped former suitor J.C. Flowers with a lawsuit.
Sallie's jilted and wants Flowers to pay. Flowers won't be sending
roses to Sallie. Sallie and her snippy girlfriends . . . oh, wait,
sorry.
Here's a link to a Reuters article -- sans agenda -- outlining the aborted takeover of Sallie Mae and the ensuing reprisals and recriminations.
Money + Politics
Rutgers University reported New Jersey's population declined by over
231,000 between 2002 and 2006, the largest population decrease in the
country.
That's true, Mrs. McGreevey, elections and thus tax and other
policies certainly affect how people live their day-to-day lives.
Especially the working classes.
Doubling Down
Speaking of New Jersey, gaming leviathan MGM announced plans to build a huge resort/casino in Atlantic City.
There is no better combination of business demographics, profit
margins, and large barriers to entry, than those which apply to
vacation resorts and casino gaming.
We have an aging population. Old people have lots of time on their hands.
We've had three separate wealth booms within the past 25 years. With
the advent of reverse mortgages and the baby boomers sitting on piles
of home equity, plus lower tax rates on stock dividends and cash-value
based life insurance products, there are hundreds of billions of extra
dollars out there poised to enter the system. Lots of those dollars
will find their ways into hotels, resorts, slot machines and blackjack
tables. You can bet on it.
The casino business is not like the tech business. It's not as if
any Joe or Jane, or Bill or Sergey, can open up a casino resort in
their garage or dorm room.
If I were running an investment fund -- which of course I am -- I'd
be looking for attractively-priced casino operators. Especially those
with strong ties to states in which non-Moonbats hold political power.
A well-run casino business with a low P/E ratio and a low
price-to-book ratio is a no-brainer for a long-term investment. Roll
those dice, honey.
Stock Markets
Speaking of stocks, the markets have been volatile this week. At
various points the Dow Jones Industrial Average and the S&P 500
both set all-time record highs.
Incidentally, back in early-2003 you could have purchased contract
employer and temporary staffer Manpower for around $30 per share. That
was a time during which the liberal media was depressed about the
economy, the job markets, GOP control of the Congress and state
legislatures, President Bush, the upcoming war in Iraq, etc. Manpower
was being sold off in a panic. On Wednesday, however, the company's
shares closed at $68.71. As recently as July the stock was trading
above $90.
$ 30 - March 2003 - depression in the media and panic selling on Wall Street
$ 90 - July 2007 - investors jubilant
$ 68 - October 2007 - investors manic-depressive; media angry
Morals of the story:
-- Buy low, sell high. Not vice-versa.
-- Being a media/market Lemming is no way to achieve your financial goals.
but if you work in construction , you might here a few enthusiastic remarks like fooey,Darn, Dagnabit, Sheesh,What the...,oh hell!,geezum Crow,I may have missed a few less harsh than those.
Though they did give a very good challenge to New England for most of the game. They fell apart in the 4th quarter. 
have a great experience 
