August 12, 2012: Neale Godfrey
So what happened to Lynn Jimenez? I checked the KGO website and Lynn Jimenez is still a business reporter there and these comments are still in her profile: "Recently tapped as permanent substitute host for Bob Brinker on the nationally syndicated radio program MoneyTalk, Jimenez served previously as KGO Noon News co-anchor, and has often stepped in to handle breaking news."
Image of Lynn Jimenez:
There was nothing about investing that is worth commenting on, and nothing pertaining to Bob Brinker. Neale called the program "Money Talk," but her focus was promoting her political views under the guise of: "I want you to tell me how to change America."
Sorry friends, I am not going to torture myself or you by summarizing Neale Godfrey's inconsequential and often ignorant political comments that she spouted today -- or allowed callers to present unchallenged. Godfrey makes no pretense of being fair or balanced.
I do wonder how much damage Neale Godfrey is doing to Bob Brinker's reputation on the one San Francisco bay area station that carries Moneytalk now -- KSFO560. KSFO is the conservative sister station of KGO 810. KGO dropped Moneytalk altogether and KSFO picked it up. But if enough KSFO listeners complain about the Romney/Ryan bashing today, the station may take another look at carrying Moneytalk.
For the sake of maintaining this blog's continuity, I listened to all of Moneytalk today so I would know what was said, and more importantly, what was not said.
There was nothing about investing that is worth commenting on, and nothing pertaining to Bob Brinker. Neale called the program "Money Talk," but her focus was promoting her political views under the guise of: "I want you to tell me how to change America."
Sorry friends, I am not going to torture myself or you by summarizing Neale Godfrey's inconsequential and often ignorant political comments that she spouted today -- or allowed callers to present unchallenged. Godfrey makes no pretense of being fair or balanced.
I do wonder how much damage Neale Godfrey is doing to Bob Brinker's reputation on the one San Francisco bay area station that carries Moneytalk now -- KSFO560. KSFO is the conservative sister station of KGO 810. KGO dropped Moneytalk altogether and KSFO picked it up. But if enough KSFO listeners complain about the Romney/Ryan bashing today, the station may take another look at carrying Moneytalk.
Jeffchristie's Moneytalk Final Exam Question:
Neale Godfrey was trapped in a hotel during the recent revolution in which of the following countries:
A) Libya.
B) Syria.
C) Egypt.
D) Bahrain.
Answer: HERE
San Francisco, Ca. KSFO 560: 1-4pm (KSFO archives Moneytalk Free on Demand for seven days after broadcast. You can download and listen on the go.)
The Moneytalk guest-speaker was Barry LePatner: Too Big to Fall: America's Failing Infrastructure and the Way Forward
67 comments:
I made it through the first half hour but that's it. After the caller that was on food stamps I had to go barf, then lost all interest in this condescending liberal.
More taxes! A VAT! That's the answer Neale! That will solve the country's problems.
This country is so screwed.
I understand, Bluce.
From there it only got worse. I had to listen to her bash Paul Ryan for several minutes.
Even that would have been acceptable, but what she was saying about him was FALSE!
Either she is dumber than a doorknob or she's a liar -- take your choice.
I thought tris was Moneytalk? All I heard was leftist political dribble. Yeah, VAT is the way to go. It'sbeen crushing Europe, and what is Spain doing to get out of its economic woes - raise their VAT by 22%. How does that work when no one is buying anything.
Before, I knew who she was I liked her page on FB. The only thing she ever talks about is recycling and Climate change. This lady is just nuts.
Mark
Newark, CA
Too funny....Neale tells listeners that she "wants them to Tweet her."
I'm the only one that can't because she has me blocked. But if any of you want to do that, here is her link:
Neale Godfrey Twitter
I lasted until about 2:20 when a caller from Boston got on. When he mentioned how fortunate he was to have heard Noam Chomsky lecture 40 times ...
Seems to be no "flow" to this program.
-- Frankj
I am so disappointed with MoneyTalk today ... this guest host is terrible.
Honey: The guy on food stamps said, paraphrasing, that Ryan's plan would starve children and take everyone's Medicare away from them, or something similar to that.
What do these people smoke, anyway? The scary thing is, there are millions of Americans who believe exactly those things -- I know some of them personally.
Right Bluce. Wonder if anyone knows how much is being cut from Medicare by "obamacare?"
Having coverage is one thing, making doctors work for little or free is quite another thing.
I read this blog every Sunday to hear what BB has said that day. I haven't been able to tolerate the actual audio since the 2008 crash that BB never saw coming. Not sure why, but to me he sounds so arrogant about his views when he should not be. I find it too aggravating.
Still, I made money in 98 and 2003 and saved my behind in 2000 due to his show. So I want to get his input. Thanks a million for this blog.
HOWEVER, no one seems to talk about the Fed influence on stock prices. Why is that? Its obvious the Fed actions with QE, etc has artificially boosted both stock and bond prices. Every trading day is dominated by news on whether there is more easing -- and prices follow the. More easing, up they go. Less easing, down.
Clearly this Fed action all ends on Nov 8th, probably with Obama in the WH and Republicans holding 1 or both houses. At the same time, we hit that fiscal cliff on tax rates.
All hell should break loose after the election, yet nobody says a peep. Why? Shouldn't it dominate the discussion?
she is boring,,, and to talk about bridges etc ,, so boring,,, some of the comments from the listeners were great and the first man with the heart attack problem was REAL and told it as it is,, there is NO CASH FLOW... and it will take 5 to 10 years to come back,,, get real,,, love u honeybee,, you are real and godfrey hates to be wrong,, she is not my favorite cup of tea,,,
Honey, regarding doctors working for "free":
I know people who think health care should be "free" like in other countries.
So I ask them, do the doctors just donate their time? How do they buy food, houses, cars, etc?
Did all the contractors who built the doctors' offices and hospitals just donate their time? Materials too?
Do the utility companies just give the health care system free power, heat, and telephone service? etc., etc.
I can't believe how stupid some people are, and I think Neale leads the pack. How many times today did she say "I just don't understand!" (I did listen again later on).
I never thought I'd say this, but I long for Lynn Jimenez to host the show!
Tom: As for why people don't talk about the Fed and how it influences the market, a lot of people are aware of it and DO talk about it.
But I don't think you'll hear it much in the mainstream, in which Bob comfortably resides.
Frankj --
She let the food stamp guy go on with misinformation (talking points) about Ryan's plan as it relates to people already on Medicare or close to it. Why?
Caller Bob from Chicago early in the second hour straightened this out -- he should not have had to.
Earth to Neal: please don't spend so long telling us who you are. Refer listeners to a website or Facebook or whatever. It is boring to us regulars and takes away valuable time that could be devoted to whacky callers, reducing the entertainment (?) value of the show.
The Lefty on today ...is just wrong!!!
The Paul Ryan plan can work...I am sick of Bob's replacements...and I have been listening for at least 20 years...
.
.
Tomfrompv:
Bernanke was reappointed by Obama, and I think the Fed chair serves a 6 year term. If there is a change in control in the Senate and White House (and I hope there is) then Obi Wan Ben should still be in charge for a while longer.
I have been concerned about the same thing -- equity market reaction to Fed change in policy. A past Fed chairman said, "it is the Fed's job to take away the punchbowl." That is, jack up interest rates when the economy heats up.
So, I guess we have to look for signals the economy is perking up and then watch the Fed. I don't count on BB to do this, although I benefited from his 2000 and 2003 calls, the 2008 miss and his failure to acknowledge it damaged his credibility with me.
-- Frankj
The guy on food stamps said, paraphrasing, that Ryan's plan would starve children and take everyone's Medicare away from them, or something similar to that.
Even if that were 100% true, what is wrong with that? Those on medicare have no implicit right to steal from current generations and future generations to subsidize the cost of their own healthcare.
And if a child starves it is the parent's responsibility. It is their generic code, no one else should be compelled to provide for another person who does not carry their genetic code into the next generation.
You lose the argument the minute you give credence to the liberal's higher level point.
tfb
I cannot undertake to lay my finger on that article of the Constitution which granted a right to Congress of expending, on objects of benevolence, the money of their constituents.
James Madison
By the way, I was out in my back 40 (not literally) harvesting my crop of Harvest Queen pears. A lot of people debate what is the finest European pear, Aurora, Comice (Royal Riviera from Harry & David), Warren or Magness but for my money Harvest Queen reigns supreme.
A smooth buttery texture, virtually no grit and so sweet, loaded with the perfume essence of pear, it is delectable. Add a sliver of a sharp cheddar cheese or an Irish type and you are on the border of orgasmic sensory overload. So if you are at farmer's markets with pears ask for Harvest Queen(it is from the Harrow breeding program and is blight resistant which translates into greater yields, less pruning and fewer sprays, so better for the environment - in case you need to encourage your local grower to produce it).
Anyways, I had the radio on and heard parts of the show. Godfrey had her head handed to her by a proponent of the flat tax (I believe he was an international tax consultant or something - can't really remember). What was telling is she could not defend her arguments.
tfb
I benefited from his 2000 and 2003 calls,
How did you divine what portion of his "advice" to listen to back in 2000? Is there some newsletter you can subscribe to that interprets Brinker's gibberish into actionable recommendations?
tfb
tfb wrote: Even if that were 100% true, what is wrong with that? Those on medicare have no implicit right to steal from current generations and future generations to subsidize the cost of their own healthcare.
ME: I agree totally. It's just the BS that gets thrown around, especially during the campaign season that gets a bit much.
TFB: And if a child starves it is the parent's responsibility. It is their generic code, no one else should be compelled to provide for another person who does not carry their genetic code into the next generation.
You lose the argument the minute you give credence to the liberal's higher level point.
ME: Haha, I don't even believe in the criminal institution of government, so I'm hardly a liberal, neo-con or any of the other assorted criminals that populate government.
Nobody in Washington is cutting anything -- the debt will keep rising. To think otherwise is to not have been paying attention all their life.
As someone said, "Whether you favor welfare or warfare, it doesn't matter who you vote for -- you'll get plenty of both."
"There's not a dime's worth of difference betwee Republicans and Democrats . . . "
So tfb, looks like YOU'RE the loser this time.
Hi Neale. Thanks for taking my call. You said; "Ryan's plan is too radical." I thought it was too timid when I read it. It takes too long and doesn't go far enough. My question to you is where can I go to see either the Democratic party's plan or this president's plan? In 2008 this president said he would reduce the deficit by half. Instead he has increased the debt in the last four years by as much as George Bush did in his entire eight years. Is his alternative to continue to borrowing 40% of every dollar spent?
You worked for several banks. Have you ever been with one that had NO budget? Under Harry Reid the US has not had a budget in the last three years. Are you suggesting we continue on this road to insanity?
"Those on medicare have no implicit right to steal from current generations and future generations to subsidize the cost of their own healthcare."
Medicare is a shared responsibility paid for by ALL participants. It is not stealing from anybody and if Ryan or anybody else wants to mess with it he can just forget about getting my vote.
Nonstarter
Medicare is a shared responsibility
Good then you be responsible and start paying more into the sytem starting now becasue gues what as of 2012 Medicare is spending more than it is taking in, and without adding nayone to its rolls the surplus intended to support the boomers will be exhausted by, drum roll 2019, that is in 7 years.
So that means, if you are being responsible you get no benefits after 2019 because the program will be bankrupt.
Check this out:
"The government would have to put aside $11.1 trillion today to finance Social Security's promised benefits indefinitely, the trustees reported. But just the new Medicare prescription drug benefit included in the 2003 Medicare Modernization Act has an unfunded liability of $18.2 trillion projected out infinitely."
and...
"Medicare's total unfunded liability at $65.4 trillion, almost six times Social Security's."
By the wya the numbers above were from Jonathan Weisman
Washington Post Staff Writer
Thursday, March 24, 2005, actually things are much worse now.
In essence here is the reality in simple terms:
The average person over their working lifetime pays in a little more than $100,000. But they draw out more than $350,000 during their retirement years. That means the gap per person is roughly a quarter million dollars! Multiply that out by the number of retirees, and the number of Baby Boomers who are going to retire, and you've got a train wreck.
The above quote from Clark Howard Jan 6th 2011.
Looking at it differently by 2040, 81% of our deficit(source Heritage foundation) will be Medicare spending alone!
Which mean you will be making indentured inter-generational slaves of you gran children and great grand children!
So Nonstarter you can go ahead and be smug about your right to Medicare but it is coming in the backs of those yet to be born, 'cause greedy gramps demanded his welfare. That is a real nice legacy to leave future generations.
tfb
"So Nonstarter you can go ahead and be smug about your right to Medicare but it is coming in the backs of those yet to be born, 'cause greedy gramps demanded his welfare. That is a real nice legacy to leave future generations."
I don't believe all of those made up numbers from right wing sources.
Maybe if we didn't have so many trillion dollar wars we could afford a decent health program.
That's a nice legacy to leave too, paying for all of those wars not to mention millions of unnecessary deaths.
Where are the estimates for those costs?
Nonstarter
Maybe if we didn't have so many trillion dollar wars we could afford a decent health program.
I have no idea I did not support the irresponsible spending of the Bush administration - I never voted for the guy because I knew George Bush was a liberal from the get go. Up until Obama he was the worst President of my lifetime. Those wars should have been paid at the time incurred. And they still could be paid for in the form of free oil if we had anyone in charge with a pair of balls. So we agree on this topic(wars).
Btw, I did strongly support Greenpspan's(Fed Chairman) and O'Neil's (Treasury Secretary) plan to take the then surplus and use it to shore up Social Security instead of tax cuts. But Bush would have none of it, so as a country we squandered our best overall opportunity. That was probably the worse move of Bush's administration, if he would have let that surplus be used for social security we also could have pushed privatization of social security through and then been on a very firm footing for social security.
But Medicare is a disaster.
tfb
Regarding Medicare cuts. Isn't it strange how the MSM never mentions the fact that Obamacare will have panels rationing it out -- AFTER it cuts $700 HUNDRED BILLION DOLLARS from it:
Both ObamaCare and Ryan's plan make changes to Medicare: ObamaCare via of government rationing, and Ryan via direction of privatization. The ObamaCare law creates a new panel, called the Independent Payment Advisory Board, which will be composed of 15 unelected government officials. They will be charged with rationing care to seniors, primarily by underpaying doctors and hospitals.
Obama has cut Medicare more than Romney and Ryan would. According to the most recent estimates from the Congressional Budget Office, ObamaCare will reduce Medicare spending by more than $700 billion between 2013 and 2022, relative to prior law. These cuts directly affect current retirees. By contrast, both the Romney and Wyden-Ryan plans only affect retirees younger than 55.
The approach advocated by Ryan and Romney gives seniors more control over their own health dollars, allowing them to choose the plan that provides the best value for their money.
Read more: Obama Cuts Medicare More Than Romney
TFB: you asked how I benefited from BB's advice:
1. general knowledge of investing including the importance of controlling costs and diversification, doing things like 401K, IRA.
2. 2000 call -- I moved money out of equities.
3. QQQ call, I did not follow this recommendation. At the time I was not a regular listener and by the time I heard about it, several weeks had gone by, I figured I was too late.
4. 2003 call. I moved money back into equities.
Since then he hasn't made any calls but I made my own market calls and changes based on MY timing model, which is my gut and what info I can gather.
So, of the three recommendations mentioned here, which are the subject of much discussion on this blog, I followed two and benefited. Yes, had I jumped on the QQQ it could have been very different.
I think market timers, like mutual fund managers have an element of luck that plays into the success of their calls.
-- Frankj
Every other industrialized country in the world provides health care for their citizens.
The US is the richest country in the world and to say that we can't afford to provide health insurance is laughable.
We seem to be able to afford everything else so why not health care?
A government that stands by as it's citizens die from starvation or a lack of health services is just unthinkable and will not be tolerated by the American people.
You may not like the form of government...but these services WILL be provided for everyone.
Nonstarter
Nonstarter wrote: Every other industrialized country in the world provides health care for their citizens.
The US is the richest country in the world and to say that we can't afford to provide health insurance is laughable.
Richest? The federal gov't is $16 trillion in debt with no end in sight. Where will all this money come from to "provide" everyone with free healthcare?
A government that stands by as it's citizens die from starvation or a lack of health services is just unthinkable and will not be tolerated by the American people.
How many documented cases of either can you come up with?
You may not like the form of government...but these services WILL be provided for everyone.
That's what all authoritarian governments do, so yes, we know it's coming.
Are you ready for fewer services at ever rising costs, leading at some point to rationing? That's what always happens, there is no escaping it.
Frank J. thank you for the information. I am very curious about two of the items, specifically:
2. 2000 call -- I moved money out of equities.
4. 2003 call. I moved money back into equities.
Did you move all of your money out and then back in or follow Brinker's 60% and then 65% to cash guidelines?
Curious,
tfb
Every other industrialized country in the world provides health care for their citizens.
Uh no they do not. Look at the CIA sourcebook that lists Industrialized nations.
Mexico, Brazil, China and India are industrialized nations (among others) and they don't provide health care for their citizens.
And the reason you cannot afford to provide health care is the expenses are usually incurred by your non-productive segment of the population.
I am not sure why reality is so hard for people to accept. You can make a logical argument to provide health care to those who are productively employed (it would still be wrong, and still theft, but at least there would be some rationale for doing so).
But it makes no sense in a world that still (unfortunately) has geometric population growth to provide assistance to non productive classes, i.e. the retired and children.
It those who retire have the means to provide health care for themselves, then that is good and they should be able to spend their assets any way they chose. The same for those with children, if they can afford to provide for their children they should not be prohibited from doing so.
I find it amusing that you talk about the American people, worldwide in modern industrialized nations China, India, Thailand, Malaysia etc) do stand and allow their surplus population to die and even their productive population because they understand the economic reality imposed by geometric population growth and linear development of resources.
tfb
"Every other industrialized country in the world provides health care to their citizens."
And where do the heads of state in those countries go for their health care when their life is on the line. Many of them come to the good old USA and some even use the same provider that I go to.
The Cleveland Clinic has treated many famous patients. Some of these include:
Kemal Unakıtan, Former Minister in turkey
Silvio Berlusconi, Italian Prime Minister
Khalid of Saudi Arabia, monarch
Charles, Prince of Wales
Hussein of Jordan, monarch
Zayed bin Sultan Al Nahyan, President of UAE
Jaber Al-Ahmad Al-Jaber Al-Sabah, emir of Kuwait
Heydar Aliyev, President of Azerbaijan
Ahmed Sékou Touré, President of Guinea
João Baptista de Oliveira Figueiredo, President of Brazil
Royal families of Nepal and Bhutan
Albert Sabin, M.D., developer of the oral polio vaccine
Pope Shenouda III of Alexandria, Egyptian coptic pope
Jon Corzine, former New Jersey Governor and former Goldman Sachs CEO
Teppo Numminen, member of the NHL's Buffalo Sabres (surgery performed in 2006 and 2007)
Andrei Markov, NHL player
Oprah Winfrey, television host[
Joost van der Westhuizen, former South Africa rugby union international
Nayef bin Abdul-Aziz Al Saud, Crown Prince, Deputy Prime Minister and Interior Minister of Saudi Arabia
Walter Mercado, Puerto Rican astrologer[6
tfb asked:
"Did you move all of your money out and then back in or follow Brinker's 60% and then 65% to cash guidelines?"
No, I did not follow his exact guidelines. I had a very high equity weighting of about 80% at the end of Dec 1999. On Dec 31 of that year, the SP500 as traded in the Vanguard 500 Index was $135/share. On 21 Jan 2000 I reduced the equity holding to 50%. The VanSP was at 133. Moved the $ into VanGNMAs.
17 Mar 2003, moved half the GNMA back into equities, VanSP was at $80 approx, then 14 July 2003 moved the rest of the former equity holding back to VanSP, it was then up to approx $93.
-- Frankj
Thanks Frankj, I appreciate it. I am always curious about these things, sorry for the barrage of questions.
One last one, if you do not mind, I am assuming you were not a Market Timer subscriber and therefore did not follow his model portfolios, is that correct? Or do I have it wrong?
All the best,
tfb
tfb: I don't mind the questions. I WAS a timer subscriber for one year. I cannot pin down for you the year though and I know that could shed some light if that year was before the 2000 call or after the 2003 call, or in between.
I know that when I DID subscribe I did not follow his recommendations for individual funds. I had already done my research and made choices. At that stage I had done my research and chosen low cost mutuals from My choices leaned toward growth, DODGX was a value play.
I rode the roller coaster upward with the Stower's Ultra fund. Then they were acquired by American I think, I left either shortly before or after.
I should add, I found the newsletter dull. Very little seemed to change from month to month. I do know there were NO announcements to do anything major during that period. There were dissertations on market history.
Enough of this, its getting maudlin.
Best, -- Frankj
Did I hear Neale right?. Did she say she served on the Clinton presidential task force on health care?
I sent an Email to KSFO telling them what I think of Neale as the guest host on Moneytalk.
Some like myself feel that high-yield bond funds are "safer" than the stock market in spite of some expected volatility.
From Barrons:
Junk bonds have managed to be all things to all people this year. They've lured fixed-income investors fed up with miserable yields on Treasuries and anything with an investment-grade rating. They've siphoned off beleaguered stock investors who see in junk a similar risk profile to equities, but one augmented by reliable coupon income. And they've rewarded all comers with a 9.83% 2012 return, and we're not even halfway through August.
As with any bull run, this one has led to questions of when it will end. By some measures, it has.
THE AVERAGE JUNK BOND'S yield, as reported by Bank of America Merrill Lynch, has fallen to 6.815%, within arm's length of the all-time 6.75% record low hit in May. Before 2012, the 7% yield barrier had been broken just a handful of times, each auguring a selloff.
This now marks the third time that 7% has been breached in 2012. When it happened in February and again in May, the market reliably retreated. But selloffs this year have been brief, with the market quick to rebound and test record levels again. That has some wondering whether it's time to recalibrate trusty old rulers and equations that might no longer be useful in this protracted no-rate environment.
As yields have dropped, the average junk bond's price has risen to 102.3 cents on the dollar. That is important not only as a measure of potential overvaluation, but because as they approach 103 cents, many junk bonds become susceptible to call provisions that let issuers force investors to redeem them early. That tends to firmly cap upside. The all-time price record is just over 104 cents.
But broader economic realities and a compelling relative value argument make it hard to bet against high-yield just yet. Strategists at JPMorgan last week described the current state of affairs as a "Goldilocks scenario" for high yield, with economic growth of roughly 1%-2% decent enough to ward off another recession but not strong enough to allow interest rates to rise.
The market is showing only mild signs of fatigue. August typically sees new bond issuance drop significantly, particularly later in the month, but volume has been unusually robust so far. That's caused some new bonds, much like some recent stock initial offerings, to trade down slightly in price. But overall demand for corporate bonds remains broad-based and strong.
A third key gauge is risk premium, or spread, which measures the extra yield that investors demand to buy junk bonds rather than theoretically risk-free Treasuries of comparable maturity. That average spread is now 591 basis points, or 5.91%. Meanwhile, the junk default rate was 3.3% in July. The long-term average for both is around 5%.
"The most meaningful metric for us is the spread, and on that level, that's really the appeal of the asset class," says Kevin Lorenz, who manages the TIAA-CREF High Yield Fund (ticker: TIYRX). "It's still at 500 or 600 basis points over the risk-free curve, and that's not tight at all. You're getting paid an average or above-average spread for the market when the default rate is fairly benign."
IT WAS A TOUGH WEEK for Treasuries, which endured four straight days of selloffs before finding their footing Friday.
A trio of auctions, including an unusually weak $24 billion 10-year note sale Wednesday, pressured the market, but a $16 billion 30-year auction Thursday found a better reception. Along the way, some decent economic indicators steered investors gently into stocks and out of safe-harbor bonds, while euro-zone woes kept an uncharacteristically low profile.
The 10-year yield finished the week at 1.657%, up from 1.568% the previous Friday. The 30-year yield ended at 2.747%, up from 2.649%.
thanks Frankj...
tfb
"Some like myself feel that high-yield bond funds are "safer" than the stock market in spite of some expected volatility."
Apples and oranges. One is an IOU while the other is an equity ownership.
Amateurs compare bond returns to stock market returns which is also just plain silly.
The relative "safety" of high yield bonds should be compared to other debt instruments not the stock market.
It’s evident Romney/Ryan's unwillingness to disclose their Tax Returns is a big RED FLAG to the American people, it cheapens their credibility especially when discussing matters of the Economy in America.
I hope Ohio is listening.
"Every other industrialized country in the world provides health care for their citizens.
The US is the richest country in the world and to say that we can't afford to provide health insurance is laughable."
That is because we spend it all on defense of those countries. We should cut our military by 85% to defend our borders. Then tell the other countries they can pay for their defense and rent/lease our forces. We could have an auction of ships, planes and bases and pay down some debt plus add the soldiers to the employment mix... hmmm... unemployment would soar thus explaining why TPOTUS keeps fighting wars and blaming Bush.
TFB: And if a child starves it is the parent's responsibility. It is their generic code, no one else should be compelled to provide for another person who does not carry their genetic code into the next generation.
Did you ever take a tax deduction for your kids? If so YOU COMPELLED me as a taxpayer to pay for passing on your genetic code. If you passed on taking this deduction, then my hat is off to you for not being a hypocrite.
Jeremy: speak for yourself please about red flags. It may be one for you but not for me -- and I don't think I'm alone in that regard.
With less than 90 days until the election I believe this is just what the opposition would like, a nice long detour into the thickets of years' worth of tax returns.
Nothing like that to distract from what should be really be examined at this point: how the Republican candidates propose to govern in a more effective manner than what we have seen so far.
I guess I will go ahead and bring this up -- would you be as interested in learning about the current President's academic records? Seems academic records would be a lot less controversial than tax records, yet they remain sealed. Why is that?
-- Frankj
Hi Jeremy,
I posted your views on a chance that you are sincere. If so, you are entitled to your opinions, no matter has biased and misguided I think they are.
Did you ever take a tax deduction for your kids? If so YOU COMPELLED me as a taxpayer to pay for passing on your genetic code. If you passed on taking this deduction, then my hat is off to you for not being a hypocrite.
No I did not take the deduction, nor did I ever tax a home mortgage interest deduction. It is interesting you asked that as it is a pet peeve of mine. Why should anyone be burdened by your election to have children or by your desire to acquire a personal residence.
In general, I try and adhere to the spirit of our Foundling Father's to the best of my ability.
tfb
James Madison:
"A just security to property is not afforded by that government, under which unequal taxes oppress one species of property and reward another species."
Frankj
I don't see it as a "red flag". I see it as a "red herring'. The real issue is our national debt. It was $10 trillion when this president took office and will hit $16 trillion shortly. This administration has incurred more debt in four years than from George Washington through George H W Bush. If this fool is reelected he will run up a bigger debt in eight years than all of the previous 43 presidents.
I agree with Romney's latest comment: "Mr. president, take you campaign of division and anger and hate back to Chicago.'
Kirk Lindstrom's Seeking Alpha article:
2012 Budget Deficit Approaches $1T: Portfolio Positioning
I like Kirk's article for the information it give about the deficit -- not necessarily for the portfolio advice, but that's interesting too.
I hope Ohio is listening.
I think they are.
LISTENING
I think they would like these tax returns too:
How Did Harry Reid Get Rich?
"No I did not take the deduction, nor did I ever tax a home mortgage interest deduction."
Is that because you didn't have children nor a home mortgage to deduct or is it because you got more using the standard deduction?
I just can't believe that somebody actually pays more taxes than they have to because of some moral compunction.
Even Romney says such a person would not be qualified to be president.
CPA
jeffchristie:
Are you replying to me or Jeremy?
He is the one who is seeing red flags. I think you and I agree that the debt is the big problem.
-- Frankj
The picture of Bob looks like he is missing some teeth on the right side?
Did he run out of money, or is he just waiting for ObamaCare to pay for it?
Too bad NOOBODY can help the poor guy out.
Mr. Pig,
I agree, some benevolent dentist should offer to do an implant for Bob Brinker in that space. Maybe they would get a free subscription to Marketimer.
Who knows? They might also get a free subscription to Jr's letter. Nah, that might be asking too much. LOL!
John Bogle is worried. Here's a long, but interesting explanation:
NYT: A Mutual Fund Master, Too Worried to Rest
A review of the new Samsung Galaxy Note 10.1 Tablet. Looks great to me.
Is that because you didn't have children nor a home mortgage to deduct or is it because you got more using the standard deduction?
Very cute, I suppose that is suppose to be clever. My answer is none of the above. They must do taxes differently where you are.
For one you have a choice of itemization or the standard deduction. The exemptions where you count your children is separate. Therefore you could take the standard deduction and simply not count your child under personal exemptions.
In my case I itemized but did not tax the mortgage interest deduction not the exemption for the child. So I had a child and a home mortgage and I would have financially benefited from the deductions.
But IMO, there is more to life than grubbing over money. My personal integrity is something I value highly, so it is worth a few dollars to me. I have been on a personal crusade for integrity in our tax system for some time. And that is not a judgment on others, they likely do not have my perspective.
In part, that is why I do not get Brinker. The ends the man will go to in order to put dollars in his pocket is beyond me. More over, I cannot imagine how he could spend it all.
tfb
"The picture of Bob looks like he is missing some teeth on the right side?"
Maybe he ran into someone who took his QQQ "trade" advice years ago!
"John Bogle is worried."
Worried? But all he has to do is "stay the course"! His words, not mine!
Note to "Bogglehead" who sent comments about John Bogle's political views:
Back up your claims with links and quotes if you want them published here.
Facebook has fallen another 7% already this morning. Now under $20.
Some pundit on CNBC recommends buying now for the "long-term." LOL!
Maybe it would be like Bob Brinker's QQQ buy in year-2000. Those following his advice on that trade to "hold for recovery," are STILL HOLDING FOR RECOVERY. :)
I see this author's point, but do not entirely agree with him about not seeing the destruction here on the "idyllic coast."
There is no California
Gov Brown is asking Californians for more taxes. Prop 30 would raise $50 billion over seven years with a combination of higher sales tax and increased personal income tax for those making more than $250K.
He actually quoted a biblical passage from Luke "to whomever much is given, of him much will be required."
Given? How about earned? And how much of that extra revenue would be used for debt reduction? Sacramento just doesn't get it.
Sorry, Jerry.
"Some pundit on CNBC recommends buying now for the "long-term." LOL!
Oh yeah, buy it now while the P/E is not much over 100! Sounds like sage advice. Not only discounting the future, but the hereafter as well!
It seems many people here share my view that we're on the verge of an economic "dislocation". So what to do?
I don't want to be holding bonds, especially high yield. Is that wrong? Do people see bonds going higher?
But I also don't want to be holding equities after this long run up and my conviction that when the Fed finally ends QE, stocks will collapse like a balloon. Is that view wrong - does anyone see stocks as undervalued or the Fed as willing to add even more to debt?
What to do? I certainly don't expect BB to issue a sell signal given his lack of a warning in 2008.
Birdbrain,
In my opinion, anyone who uses words out of context from the Bible to justify something they want to do, is committing pure blasphemy. In this case, Brown wants to raise taxes on beleaguered Californians.
He's a shameless man, but this is beneath even him.
Tom,
You asked some great questions. I can only give you my opinion.
You say that it isn't likely that Bob Brinker will issue any sell signals. I agree with you.
I think your best safeguard is diversification. But if you invest in stocks, bonds or high-yield funds, there will be volatility.
If you are not willing or not able to ride out the volatility, then it might be best for you to do the FDIC insured laddered CDs that Brinker talks about for those who have low tolerance for the market dips.
I think that right now is not a good time to buy bond funds, especially long or intermediate term funds.
However, high-yield funds don't have the same interest-rate risk. They react to earnings and the stock market -- for the most part.
Of course there is the option of a balanced fund, such as Wellesley Income Fund (VWINX) that is in Brinker's "Income portfolio."
Could stocks collapse like a ton of bricks? In my opinion, they will if nothing is done about the "fiscal cliff" that is looming.
I suppose it's possible that Brinker may feel the same way, and if it comes to pass, he MIGHT issue his first sell signal since the year-2000. But I think, like me, he expects congress to do something after the election.
Vote carefully....
"I think that right now is not a good time to buy bond funds, especially long or intermediate term funds...However, high-yield funds don't have the same interest-rate risk"
Do you think then that selling bond funds and replacing them with all high-yield funds would be a good idea?
I know that everybody has been saying sell bond funds for the past 4 or 5 years it seems like but they just keeping doing ok.
34ttj
34ttj asked: "Do you think then that selling bond funds and replacing them with all high-yield funds would be a good idea?"
No, I never even hinted that you should do that.
Unlike Bob Brinker, I do not do doublespeak. I meant only what I said, nothing more.
Moneytalk callers have always irritated me in two areas.
1. Many callers thank Bob or the host for taking their call. Shouldn't it be the other way around? The program should thank the caller for enabling the intended format of the program. Thanking Bob or the host just wastes valuable time.
2. A high percentage of callers thank Bob profusely for all his years of service and tell him how terrific he and the program have been to them. Many go way overboard. This is totally unnecessary and again a waste of valuable time. The excessive praise only pumps up Bob's ego even further.
In both of the above cases, callers should just proceed with their question and forget all the unnecessary nonsense.
Ken,
I think what bugs Bob Brinker the most is when callers first come on the air and ask him, "how are you?"
I'm sure he often wants to say something really sarcastic, but usually he avoids the question and just asks them "what's up?" LOL!
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