STOCK MARKET: Brinker said: "The first half is done. We have the first six months of 2012 in the books officially, and it's been a terrific stock market period so far this year. Which flies in the face of so many that were out there predicting a bear market, predicting a recession. I tell you right now, they all look like they're all passengers on the ship on of fools right now. Those people out there predicting the big, bad bear. Predicting the recession. I mean, they're just passengers on the ship of fools. We'll just let those people sail on because they are obviously clueless. S&P 500 a little above 9%. That's pretty good when you figure we are basically in a zero interest rate world....."
Honey EC: Brinker's bullish confidence in the stock market is reaching the same level it was in 2008 just before the market dropped 57%. Back then, he was bashing the "Cassandras" who were predicting a recession and stock market correction. It's the same message now with "ship of fools" -- just voiced in different words. Some might wonder if this is a contrary indicator.
WHAT DOES BRINKER'S 4% RULE APPLY TO? Caller Sandy from Folsom said she followed Marketimer model portfolio III, which is a balanced portfolio (50% stock, 50% bonds). She wanted to know if Brinker's 4% rule on individual stocks should be applied to the whole portfolio or just the equity portion. Brinker explained that if you have 50% of your assets in the stock market, that is the portion that you would use to apply the 4% rule.
Honey EC: Perhaps some of our resident mathematicians can give us an example based on dollar amounts that will be helpful. IN EDIT Monday: By email, RP said:
WILL
JANUARY TAX INCREASES (see below) AFFECT THE STOCK MARKET IN 2013?
Brinker unequivocally stated that he did not make stock market forecasts
years in advance, and has not made any forecasts for 2013. He thinks it
is too early to make 2013 forecasts, but that he had made forecasts for 2012,
but none for next year."You don't actually need to use money but I will. 4% of 50% is 2%.
So if your total portfolio is $100,000 then you would have $50,000 in stocks and no more than $2,000 in one stock."
Honey EC: I never cease to be surprised when Brinker makes statements that I know are simply not true. Someone correct me if I'm wrong, but isn't 12 months from May about six months into 2013?
* In March, 2012 issue of Marketimer, Brinker wrote: "....we are projecting a rise in the S&P 500 Index into the mid-to-upper 1400s within the next 12 months..... a slight increase from our prior target range in the low-to-mid 1400s range."BONDS: Brinker said: "Not much going on with bonds except the yields are essentially at or near record lows. There has been price appreciation along the way as yield went down, but now yields are down."
* In May 2012 issue of Marketimer, Brinker wrote: "We expect to see the S&P 500 Index trade into the upper-1400s to lower 1500s range within the next 12 months...."
MARKETIMER VANGUARD GINNIE MAE FUND WEIGHTINGS: Caller Fred from Nebraska told Brinker that he had 40% of his portfolio in GNMAs. Brinker said that was much more than he recommended -- that he had "a 15% GNMA weighting in Marketimer model portfolio III, and a 20% GNMA weighting in the income portfolio."
Honey EC: Heads up: Brinker's model portfolio III is
quite over-weighted in equities now, so beware if you follow it and
think you are invested in half bonds/income funds, and only half in equities.
Also, his income
portfolio contains some funds that some would consider on the risky
side. For example, a 25% weighting in Vanguard High-Yield Fund (VWEHX). I
own it and don't think it's very risky, but if the stock market goes
down or crashes, it will too.
Another fund that is doing well, but is
also mostly high-yield holdings is DoubleLine Total Return Fund. There's a 20%
weighting in the income portfolio. Of course, one also needs to
remember that Brinker's income fund is off-the-books for his "official"
performance record-keeping (Ditto, Mark Hulbert's Hulberts Financial Digest rankings).
EUROPEAN BANKS: Brinker said: "The European fiscal summit did yield some result. Namely, European Central Bank is going to be offering direct help to banks."
FDIC TO CONTINUE? Brinker said: "I think will (extend FDIC past year end). They really don't want to see a run on the banks. People have become accustomed to $250,000 in FDIC coverage. They're comfortable with it."
SUPREME COURT DECISION ON HEALTH "CARE".....Brinker said: "The Supreme Court decided the health care reform act essentially is constitutional based on the taxing power of the US Congress....."
STATES AND EXPANDED MEDICAID COVERAGE: Brinker said: "There are some wrinkles with reference to the states accepting the expanded Medicaid program....But if you are the governor of a state and you opt out... which is paid for 100% for the first three years by the federal government and at least 90% by the federal government after three years. If you opt out for the voters of your state....what is that going to mean for you on your re-election campaign....Don't be surprised if most, if not all, decide to accept the expanded medicaid coverage."
Honey EC: The
federal government is paying a large part of the "free to recipients"
expanded Medicaid coverage by cutting HALF BILLION DOLLARS from Medicare
which goes to those who pay in all their working years and still pay a
high fee when collecting it. At the same time the fed is increasing the
cost of Medicare tax.
First of all, the increase in the
hospital insurance portion of the payroll tax. Under this provision, the
tax will increase the employee portion from 1.45% to 2.35% for families
making over $250,000 a year.....There is no cap on the Medicare
tax....The employer stays the same a 1.45% and the sum of the two if
you're self-employed is now 3.8%.....In addition to that, this same
section imposes a new payroll tax on investment. This tax applies to a
Medicare tax on unearned income.....The amount is 3.8% of all of the
money that is unearned income....Capital gains? Yes. Dividends? Yes.
Rents and royalties? Yes....goes into affect in January....Now these new
two taxes.....total 210 billion dollars between 2013 and 2019, and that
is 30 billion dollar a year....."
ADD THE FISCAL CLIFF TAX INCREASE: Brinker said: "As we all know we have the fiscal cliff coming up at the end of the year. So you can add this to the fiscal cliff. The fiscal cliff already included the expiration of the George W. Bush tax cuts. They are scheduled to expire under current law, on New Year's Eve.....Across the board, higher tax rates....All way up to 39.6% for high earners....To put a tax increase like that on the books at a time when the economy is growing at a modest pace, is inadvisable -- to put it mildly.....
In addition to that, the 2% employee
portion payroll tax is scheduled to expire at the end of the year.
You're talking about roughly ten billion dollars a month in consumer
spendable cash....So the fiscal cliff is a lot greater now than it was
prior to the Supreme Court Decision. If the Supreme Court had thrown out
healthcare reform, then this stuff would have been washed down the
drain. As it is now, it stands."
CAN "HEALTHCARE
REFORM" BE OVERTURNED? Brinker said: "For those who want to overturn it
now, the bar is set really high....You would have to have the White
House, the House of Representatives and 60 votes in the Senate.....It's a
very high bar that's been set for overturning. The Supreme Court
decision has essentially put this healthcare reform act into
implementation position.....Going forward, unless something changes, you
should assume, if you're in these categories I explained, you are
going to pay a lot more tax starting in 2013....This going to add up to
real money." 
Honey in EDIT Monday: RP reminded me via email that due to the circumstances, only 51 Senate votes will be needed to overturn this bill. Brinker either didn't know this or neglected to say it. RP also sent a link to this article that explains how this works: "Senate GOP Will Use Reconciliation to Repeal Obamacare"
SOCIAL SECURITY: NO TRUST & NO TRUST FUND: Brinker said: "The money that is taken out of the Social Security6 trust fun. Please forgive me for that word, because it really doesn't really apply. That money that's taken out of the Social Security fund with the payroll tax cut, is actually taken out of the general fund....If there's one that can get me really ill, it's that expression the Social Security Trust Fund. Let me tell you what. There isn't any trust in the Social Security Trust Fund. Once they went to general funding, they blew the whole thing up."
NO LIMIT ON HOW MUCH INCOME TAX YOU ARE ALLOWED PAY: Brinker quote of the day: Caller David from Danville, who is a CPA, said he was a very high income person who is all for having taxes raised to pay for health care. Brinker replied: "David, as you well know, you're allowed to pay as much tax as you wish. You're not restricted by the tax code. You can pay as much tax as you wish to pay... You are completely free to pay as much money as you want into the tax till every year and you are not penalized for paying additional taxes over and above those that are due on your income tax -- no limit on how much you are allowed to give to the federal government."
Honey EC: Reminds me of Warren Buffet who is always for raising tax on everyone else while he "shelters" his by giving billions to further his personal agendas. If he took a salary, he might have a bigger tax bill. Or he could just send in a check, like Brinker suggested. When pigs fly....
In the third hour opening monologue, Brinker covered the Economic Calendar for next week.
* Jeffchristie's Moneytalk Final Exam Question:
Bob Brinker said that people who were
bearish on the stock market this year are:
A) Passengers on the Titanic.
B) Passengers on the Orient Express.
C) Passengers on the Ship of Fools.
D) Passengers on the Concorde.
San Francisco, Ca. KSFO 560: 1-4pm (KSFO offers FREE Moneytalk on Demand for seven days after broadcast, but it is temporarily down right now.)
Brinker's guest was Kirsten Grind: The Lost Bank: The Story of Washington Mutual-The Biggest Bank Failure in American History
52 comments:
Ship of Fools he says, eh?
Well, if the people he spoke of are "obviously clueless" what does that make the people who were on the Brinker Starship Money Talk in 2008?
If I remember correctly those people went down in flames over the Land of Critical Mess.
Thanks again for the write up.
I missed all of the show up to the last hour when I did try to grind out the Grind interview but I didn't make it.
What killed me was the allegedly "educated" (brainwashed?) CPA who thought that the big problem in Washington is that they are not collecting enough revenue.
HELLO??? -- you idiot, it doesn't matter how much new revenue they get, they squander ALL of it and then borrow billions more on top of it. How many decades/centuries has this been going on?
"Honey EC: Reminds me of Warren Buffet who is always for raising tax on everyone else while he "shelters" his by giving billions to further his personal agendas"
How does giving away billions shelter anything? The money is gone.
Bill Gates and Warren Buffett are the most generous people in the world with their OWN money.
Their only "agenda" is to make the world a better place.
Taxpayer
I thought Dodd-Frank made the FDIC deposit insurance limit(250K)permanent.
"I thought Dodd-Frank made the FDIC deposit insurance limit(250K)permanent."
It did. You would think that an investment newsletter writer would have known that.
Yesterday when Brinker talked about the week ahead on Wall Street he said the ISM manufacturing number would be out Monday and the consensus was 52. It came in today at 49.7. OUCH
Taxpayer said: "Their only "agenda" is to make the world a better place."
Well, isn't it just peachy that they get to choose what they believe "makes the world a better place?"
Their vision is not the same as mine, but I have to pay taxes and don't have $billions left over to buy my agenda.
They are hypocrites...Accept it.
"Bill Gates and Warren Buffett are the most generous people in the world with their OWN money.
Their only "agenda" is to make the world a better place."
EXACTLY. And by their own actions they prove they have ZERO confidence in the government accomplishing this using their hard earned money so they give it away so the government can't get their hands on it.
The call from the CPA in Danville was jarring. He led off by saying his wealthy clients could afford to pay more. Then BB and caller David tried to dope out who the 3.8% investment tax applied to and neither one had it right, at first.
A while later, BB said David called back and off the air, cleared up who pays, i.e., at what levels of adjusted gross income the tax kicks in.
These levels are $200K and $250K for singles and joint filers, respectively.
Not considered investment income: retirement account payouts, soc security benefits, pension payments, life insurance proceeds, muni bond interest, veterans' benefits.
Source: weekend edition of Wall St. Journal, article by Laura Saunders.
This 3.8% bite is part of the health care law, not part of any changes to the federal tax rates. Another reason to review one's holdings and try to "shelter" dividend paying investments in retirement funds, if possible.
-- Frankj
Their only "agenda" is to make the world a better place.
Right. Try this, Bill Gates is a cold, calculating, godless jerk who is nearly devoid of human emotion. On the other hand his wife is concerned about the legacy of her children and wants their father to be seen as something more than the prick of the universe, hence the reason for the foundation. Buffet is an emotional cripple, a pathetic twisted wreck of a human being. I do not doubt that both as exceedingly generous, to be frank I do not think either particularly care about money, they care about business because it is the one venue they feel comfortable in, a world of numbers and tactics rather than a sentient one.
tfb
TFB: "Bill Gates is a cold, calculating, godless jerk who is nearly devoid of human emotion. On the other hand his wife is concerned about the legacy of her children and wants their father to be seen as something more than the prick of the universe, hence the reason for the foundation. Buffet is an emotional cripple, a pathetic twisted wreck of a human being."
I think you do your case great harm with personal attacks like these. It says you can't argue with facts and figures so you are left with insults. It is about as lame as those who attacked President Bush by calling him dumb despite his ability to not only reach the highest office in the US but fly a fighter jet and lead the Texas Rangers.... a profitable, private enterprise.
Gates and Buffett both NEED big government... who do you think bought all those windows PCs and protected the patents so I didn't copy Windows95 and Office95 onto floppies and sold the copies for a lower cost? Or who needs to sell crap food (Sees Candy, Coke, Wendy's etc... that are as harmful as smoking and illegal drugs) yet relies on the government to take care of the people these products make sick?
Of course Buffett wants Government to keep spending...
Some unpleasant facts:
Yesterday, House Minority Leader Nancy Pelosi (D-CA) almost called Obamacare’s individual mandate a tax, stopping mid-word to call it a “penalty”. White House Chief of Staff Jack Lew and other spokespersons echoed this talking point. This is in spite of last week’s Supreme Court ruling that deemed the mandate unconstitutional under both the Commerce Clause and the Necessary and Proper Clause, but ruled that it could stand as part of Congress’s authority to “lay and collect taxes.”
Dubbing the individual mandate a tax saved the President’s health care law, but it’s a concept that President Obama himself has strongly denied. In a 2009 interview, President Obama argued that his individual mandate was not a tax increase, stating, “I absolutely reject that notion.”
But after last week, President Obama must now admit it’s a tax or admit the mandate is unconstitutional. It’s can only be one or the other.
The mandate is in fact a tax, and it’s just one of many new taxes that hit the middle class in Obamacare. Lo and behold, another broken promise. President Obama claims that the mandate is holding people responsible, keeping with that spirit, here’s a reminder of the other promises the President and his health care law are responsible for breaking:
Promise #1: “Under my plan, no family making less than $250,000 a year will see any form of tax increase.”
Reality: The individual mandate is far from alone on Heritage’s lengthy list of Obamacare’s new taxes and penalties, many of which will heavily impact the middle class. Altogether, Obamacare’s taxes and penalties will accumulate an additional $500 billion in new revenue over a 10-year period. Yesterday, a senior economist for The Wall Street Journal revealed that 75 percent of Obamacare’s new taxes will be paid for by American families making under $120,000 a year. Among the taxes that will hit the middle class are the individual mandate, a 2.3 percent excise tax on medical devices, a 10 percent excise tax on indoor tanning, and an increase of the floor on medical deductions from 7.5 percent of adjusted gross income to 10 percent.
Promise #2: “If you like your health care plan, you’ll be able to keep your health care plan, period.”
Reality: Research continues to show that as many as 30 percent of employers will dump their employees from their existing health care coverage. The Administration itself has admitted that “as a practical matter, a majority of group health plans will lose their grandfather status by 2013.”
Promise #3: “I will not sign a plan that adds one dime to our deficits—either now or in the future.”
Reality: As Heritage analysts explain, “A close examination of what [the Congressional Budget Office] said, as well as other evidence, makes it clear that the deficit reduction associated with [Obamacare] is based on budget gimmicks, sleights of hand, accounting tricks, and completely implausible assumptions. A more honest accounting reveals the new law as a trillion-dollar budget buster.”
Continued below:
More unpleasant facts and the END of Medicare:
Promise #4: “I will protect Medicare.”
Reality: A Heritage Factsheet shows the various ways Obamacare ends Medicare as we know it, including severe physician reimbursement cuts that threaten seniors’ access to care and putting an unelected board of bureaucrats in charge of meeting Medicare’s new spending cap.
Promise #5: “I will sign a universal health care bill into law by the end of my first term as president that will cover every American and cut the cost of a typical family’s premium by up to $2,500 a year.”
Reality: Obamacare does not accomplish universal coverage; it leaves 26 million Americans without insurance. Moreover, Heritage research outlines 12 ways that Obamacare will increase premiums instead of reducing health care costs. Requirements that plans allow young adults to stay on their parents’ coverage and offer preventive services with no cost sharing are already leading to higher growth in premiums.
When polled, 70 percent of Americans held an unfavorable view of the individual mandate. It’s doubtful that calling it a “tax” will dramatically change their opinion. Now that Obamacare and its broken promises remain the law of the land, it’s up to the American people to see to it that the law is ultimately repealed by Congress. Then, they can move forward with real reform that puts patients’ needs first.
Read more and see graph
"I think you do your case great harm with personal attacks like these. It says you can't argue with facts and figures so you are left with insults."
Absolutely right Kirk.
Taxpayer
Taxpayer, who complained because I censored his post:
Your not-subtle tweaking aimed at Kirk, will not be allowed on this forum.
If you don't like that rule, don't do it and I won't censor you.
If you don't like that rule, then don't let the door hit you in the arse on the way out.
Incidentally, I know what you are doing with that little impressionable jallen mind over at SI. Not a pretty picture for a "man."
I think you do your case
What case would that be? I could care less what the two of these guys do. I just thought the idea that they were some stellar humanitarians is a bit of a misnomer.
You can't help but read anything about Buffet's personal life and come away feeling anything but sorry for him as a human being. It is like all that it means to be human, to love, to care about others, to have them care about you is lost on him.
I understand it is similar for Gates only Gates has an underlying nasty disposition.
I guess you do have a case you want to make about big Government, maybe that is the real motive for their behaviors; I just have trouble seeing at as either having this great compassion for others circumstances.
tfb
Well Miss Bee if you live in the Santa Cruz mountains you need to watch out for these chaps...
http://www.flickriver.com/photos/billbouton/3160566198
You don't want to wind up like this woman.
Anonymous said...
"I thought Dodd-Frank made the FDIC deposit insurance limit(250K)permanent.
It did. You would think that an investment newsletter writer would have known that."
Yes it does seem like something you would expect 'AMERICA'S MOST TRUSTED FINANCIAL ADVISOR" to know.
Hey the hottie known as HoneyBee censors my posts occasionally too, but do I bitch about it like a little girl - Nooooo! It is her forum and her rules. You can always start your own anti-Kirk site.
tfb
TFB,
Yes, there has been a few times when your zeal and great command of good verbiage has been "censored" a bit. LOL!
But you are always a gentleman.
Unfortunately, "taxpayer" is not. He sent a few vulgar comments with a scatter-gun approach aimed at Kirk, you and me.
I could post them and x out the vulgar words, but there wouldn't be much left. LOL!
He sent a few vulgar comments with a scatter-gun approach aimed at Kirk, you and me.
Probably just jealous of my glossy fur; many people are you know.
I could post them and x out the vulgar words
Vulgarity to a woman? Sheesh what a fag.
tfb
I see Romney agrees with Obama that Obamacare is NOT a tax. Now how will he be able to attack Obama for the biggest tax in history.
Yes, Romney and Obama, two well-known Constitutional scholars and experts, say Obamacare is not a tax. The Supreme Court says it is...but what the hell do THEY know?
Didn't Obama teach Constitutional law at Harvard?
All I know is that if I have to pay money to the IRS, it is a tax. Or maybe a tax penalty.
ANSWER: Taxpayer and Romneycare, 2 morons talking to each other for days on end making zero sense, but really loving the attention and warmth from rubbing together.
For 999 points:
Question: What is UTEK?
it is going to interesting to see how much obamacare is going to cost the taxpayers because they have to have insurance,, socialism is here,,, and unfortunately obama will be re elected by a narrow margin,, people are going to revolt now,, notice how brinker is doing more shows ,,probably losing subscribers,,, hope old lynnn isn't on this week ,,, gasp
Dan G said: "Yes, Romney and Obama, two well-known Constitutional scholars and experts, say Obamacare is not a tax. The Supreme Court says it is...but what the hell do THEY know?"
The world as I see it: One of the main functions of government is to confiscate, transfer, consume, and destroy wealth.
All the word games over how this takes place is just a convenient distraction for the masses so they don't notice the pick-pocketers as they make their way through the crowd.
Here's a very concise list of Obama"care" taxes that will affect all of us:
Flexible Spending Account contributions will be capped at $2,500. Currently, there is no tax-related limit on how much you can set aside pre-tax to pay for medical expenses. Next year, there will be. If you have been socking away, say, $10,000 in your FSA to pay medical bills, you'll have to cut that to $2,500. (ATR.org)
The itemized-deduction hurdle for medical expenses is going up to 10% of adjusted gross income. Right now, any medical expenses over 7.5% of AGI are deductible. Next year, that hurdle will be 10%. (ATR.org)
The penalty on non-medical withdrawals from Healthcare Savings Accounts is now 20% instead of 10%. That's twice the penalty that applies to annuities, IRAs, and other tax-free vehicles. (ATR.org)
A tax of 10% on indoor tanning services. This has been in place for two years, since the summer of 2010. (ATR.org)
A 40% tax on "Cadillac Health Care Plans" starting in 2018.Those whose employers pay for all or most of comprehensive healthcare plans (costing $10,200 for an individual or $27,500 for families) will have to pay a 40% tax on the amount their employer pays. The 2018 start date is said to have been a gift to unions, which often have comprehensive plans. (ATR.org)
A"Medicine Cabinet Tax" that eliminates the ability to pay for over-the-counter medicines from a pre-tax Flexible Spending Account. This started in January 2011. (ATR.org)
A "penalty" tax for those who don't buy health insurance. This will phase in from 2014-2016. It will range from $695 per person to about $4,700 per person, depending on your income.
A tax on medical devices costing more than $100. Starting in 2013, medical device manufacturers will have to pay a 2.3% excise tax on medical equipment. This is expected to raise the cost of medical procedures. (Breitbart.com)
@ romneycare....It was not Romney who said that. It was a spokesman.
However, who cares? We've been lied to about it for years -- if you believe that traitor, John Roberts.
And if you don't believe him, it doesn't matter. He has the power and is untouchable.
So a skunk by any other name stinks just as much.
Sorry for the butchered metaphor.
All the word games over how this takes place is just a convenient distraction for the masses so they don't notice the pick-pocketers as they make their way through the crowd.
I am confused are we talking about Obama and the Government or Bob Brinker?
tfb
if you believe that traitor, John Roberts.
Keep the pressure up: denigrate his name and ask for his resignation. He has already shown he is a pussy who will bow to pressure.
tfb
LOL - anyone listen to Levin tonight? I got a call from a friend, apparently he talked about Bob Brinker - referring to Da Brink as hosting: The Good Ship Moron and being an economic illiterate.
tfb
Darn, I missed that Levin comment. I love his show and listen to it pretty much everyday. Particlarly after the Supreme Court shipwreck.
Frankj --
HB, thanks for the list of taxes resulting from Obamacare. Apparently, someone read the bill.
I don't understand why the gov't would tax medical devices?
TFB said: "LOL - anyone listen to Levin tonight? I got a call from a friend, apparently he talked about Bob Brinker - referring to Da Brink as hosting: The Good Ship Moron and being an economic illiterate."
Oh darn, I missed that. I usually catch some of the first hour of his program, but it doesn't start until 3pm here (on KSFO). I usually head for the pool between 3:30 and 4:00pm.
Please ask your friend if he recalls what brought up the subject of Bob Brinker? I'd love to know more about it.
Levin is a constitutional scholar, a lawyer and a renowned author.
He's an animal lover and write a book that every who has loved and lost a pet should read. It's called "Rescuing Sprite."
Here's his website: Mark Levin
Romney: Individual mandate "is a tax"
In an exclusive interview, presumptive GOP presidential nominee Mitt Romney on Wednesday told CBS News chief political correspondent Jan Crawford that the individual mandate in President Obama's signature health care law, which was upheld last week by the Supreme Court, is "a tax." The remark contradicts what his campaign asserted Monday, when senior adviser Eric Fehrnstrom said Romney believes the mandate is a "penalty," not a tax. Watch more of Romney's interview Wednesday night on the "CBS Evening News with Scott Pelley" (6:30 p.m. EST), and Thursday on "CBS This Morning" (7 a.m. EST).
http://www.cbsnews.com/video/watch/?id=7413844n
Will, here is your link made "live":
Mitt Romney: Obamacare is a tax
Please ask your friend if he recalls what brought up the subject of Bob Brinker? I'd love to know more about it.
Well rather than continue this is hearsay, I downloaded Levin's show, listened to the relevant section, edited out the clip and posted it to Rapidshare for those that want to hear it in context.
The best line is when he references Da Brink as Captain of the good ship moron.
Here is the link to the section. For those who want to find it on their own it is
from
1:26:40
to
1:31:58
of Levin's July 3rd show.
Levin calls Da Brink Captain of the good ship moron
tfb
Thanks TFB.....Don't know why, but McAfee doesn't want me to go to that site. I'll see if I can download the show myself.
TFB and all,
I found an archive of the yesterday's Mark Levin show on the KSFO website.
TFB is correct about the time. It is at the 1:26 point in the program.
Indeed, he doesn't mention Bob Brinker by name, but he left no doubt who he was talking about. He made it clear it was a weekend program and it was NOT Ric Edelman -- "whom he likes." LOL!
Brinker needs to hear what Mark said, but I doubt he will. So I will be transcribing what Mark said about the economy and how stupid Brinker looks for claiming the economy is doing okay since the stock market is up.
Listen here
In case the other link I posted doesn't work for you, here's a better one:
Mark Levin Show Rewind
"how stupid Brinker looks for claiming the economy is doing okay since the stock market is up."
I listened to that clip and I have no idea what Levin is talking about.
I have not heard Brinker ever say the economy is now "doing okay". Does he say that in his newsletter? I don't subscribe.
KSFO
Read the summary and you will know what Bob Brinker said.
The word "okay" was my interpretation of his slamming those on the "ship of fools" who say it's not doing "okay."
Brinker always equates a rising stock market with the economy doing well and vice versa. Do you?
Okay, I youtubed it for ya'll.
Levin slams Da Brink
tfb
There are many examples of year-long stretches and even multi-year-long stretches of the markets going up even during recessionary times.
Bull markets and recessions are not mutually exclusive.
Jean
Bob Brinker has said many times in the past that the economy is not in recession unless we have two consecutive quarters of negative GDP. Unforunately that is a backward, not forward looking indicator. So my guess is that Brinker could never predict a recession until we are already in one.
WARNING!
CBS News tonight warned that a DNS Changer Malwar may start infecting computers Monday, July 9. To check if your computer may be infected, they gave a website that will check for it. It does not scan your computer or do you need to download anything. Mine checked clean. You may want to check yours at the following link.
http://www.dcwg.org/
"Bob Brinker has said many times in the past that the economy is not in recession unless we have two consecutive quarters of negative GDP."
That is the definition of a recession. To my knowledge Brinker has never claimed he could predict a recession nor has he even tried.
As somebody already said there are many instances where the stock market goes up during a recession.
Dan,
I'm a bit confused about this site that checks for the malware.
Does it check our computer once for all sites, or do we need to check for every site and IP?
Just check once. If the display you get is green, supposedly you are ok.
My guess is that if you are running any kind of decent virus-protection software you are ok. But it doesn't hurt to check.
Honey EC: "The federal government is paying a large part of the "free to recipients" expanded Medicaid coverage by cutting HALF BILLION DOLLARS from Medicare which goes to those who pay in all their working years and still pay a high fee when collecting it."
It is important to note that the ONLY part of Medicare that is prepaid through payroll deductions is Medicare Part A - the hospitalization side of Medicare. Medicare Part B (doctors, tests, ambulance, etc) is paid for entirely through a combination of current premiums - premiums are supposed to cover 25% of the cost of the coverage - and general funds which cover the remaining 75% of the coverage. Medicare Part D (prescription drug coverage) is also similarly supported by a combination of monthly premiums and subsidies out of the general fund. NOBODY has paid a single cent during their working life into either Medicare Part B or D. Not that I think it's a good thing to reduce Medicare coverage, just want to be sure everyone understands that Medicare is not a single program.
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