Pissed-off rich Republicans are dumping their stocks. They think Obama will crash the economy, nationalize their businesses and kill the stockmarket. Actually the stockmarket boomed in his first term — but then why let facts interfere with warm irrational fear?
Meantime, the more legitimate reason to sell now is to lock in gains (if you have any) before taxes skyrocket next year — as they most assuredly will. Get out of big dividend-paying stocks as they will most assuredly crash when dividends get taxes at much higher rates.
One rich Republican. “I’m outta the stockmarket. I’m gong back to dirt (real estate).”
Big (old) report on REITs from Cantor-Fitzgerald. The report covers multifamily housing self-storage, office, industrial and data centers — but not mortgage. The analyst remains “positive” but “only barely — as precious little has changed in the world to after our macro view, yet the stock has surged on yield and flow. Click REITS BEAT.
How Gangnan Style went viral.This music video has been viewed 672 million times on YouTube — a record beyond all other records. All my friends are learning how to dance Gangnan Style.
How Gangnan Style went viral. Click here
How to buy the clicks that go viral – a brilliant spoof. Click here.
The best way to get a sharp digital photo: Lower your ISO to 100, or less if you can. Your shots will look like they were taken with a camera ten times the price.
The best line from the election:
“You know your party is in trouble when people ask did the rape guy win, and you have to ask which one?”
“The best of the shit that’s out there.” That’s how my broker described a muni bond that pays 1% to the call in 2015 and 4.35% to maturity in 2039 (if it doesn’t get called). Whoopee! That’s today’s big gamble. Will interest rates be higher in 2015? If Bernanke’s around, the answer is NO. But, fortunately, he won’t be around. He’s leaving in 2014. His theory is that low interest rates stimulates business to borrow and invest. My theory is business invests when the opportunity arises and then factors in the interest
I get phone calls.
Do you remember me?
No.
No big deal. You are familiar with Wendys?
Yes.
The symbol is WEN. It’s trading at $4.39 — We have a $7 number on it in the short term.
OH.
A Brooklyn billionaire called XXXX. You know him? He is chasing WEN after doing well on Dominoes. Wendys is doing what McDonalds has done: Expanding, going overseas, etc. Let me buy you some stock? You’ll be happy when it goes to $6.50? Correct?
Two engrossing movies: Skyfall and Flight. Skyflall is James Bond 007 like you never saw him. Flight is Denzel Washington like you never seen him — an alcoholic airline pilot who saves passenger lives when he lands his stricken plane and becomes s dubious hero until they discover he was flying drunk. Nice review of Skyfall in Rolling Stone.
Harry Newton who says watch out for the states. They’re desperate for revenue. They’re making penalties and interest up. You need to have proof of when you mailed or onlined stuff in. It’s not only the money — though that’s annoying — it’s the aggravation of dealing with it all. The wasted time understanding their insane, inconsistent correspondence. Yuch!
I like Harry, he is honest and smart, but like many properous liberals, he is misguided and guilt ridden re his success. Take Calif. as a case study in liberalism: Controlled by liberal legislatures for 50+ years; now they have a super majority and can do as they please; CA has 12% of the US population but 33% of the wellfare payments; people and businesses leaving; cities going bankrupt; Democrats have discovered how to get and hold office there — take from the shrinking makers and give more and more to the takers — result = Greece.
You mention our sizable welfare payments here in Calif., but fail to mention that our farms and vineyards are begging for workers causing huge food waste left in the ground and on the vines. Why work when it’s so much easier to collect food stamps, more so now than in years, and welfare while watching TV and making calls on my gov’t supplied cellphone.
Harry, as you know one of the great things about our country is that it tolerates a wide spectrum of opinions. Having said that, your good column/site attracts its fair share of nutcases. Putting Obama and Socialism in the same sentence is clearly delusional. Putting Democrats in control is not something that causes me to sleep well at night, but I would get NO sleep if the the “antidote” were applied- a Republican party that’s been possessed by a domestic version of what the rest of sane world rejects.
One more thing to put this in perspective- President Nixon is to the LEFT of President Obama on so many vital issues. Check if you don’t believe me.
The New America
Nothin’ new about that demographic layout Bubba. We’ve had that political distribution for a long time.
As I tell many foreigners visiting the US for the first time: the real America is not on the east or west coasts, but in between.
But the middle has no say in government since Obummer pays to buy votes. Look at spike in welfare and food stamps under his regime. And it will get worse. In Ohio they took ads out to get people to participate in food stamps.
The republicans are blamed for Obama’s failures, and now Harry blames republicans for the stock market drop. I don’t hold it against Harry because I like his tech-tips, and i like how Harry correctly says there is a lot of private money sloshing around looking for something, anything, to be invested in. But that money, and Harry’s money, is not going to be invested because people see the broke government is trying to do it themselves, or interfere. Laissez-faire Capitalism is dead.
This weekend a movie is opening called LINCOLN. If I remember, there was a civil war then. Which is worse — a civil war or a fiscal cliff? We passed through the first. We’ll pass through the second and become more prosperous, as we always have. I actually am investing real cash money at present. In recent months I have invested in several small high-tech companies and some commercial real estate syndications. I like to think that I’m smarter than what I was five years ago. We’ll see. I am just as optimistic as I’ve always been. I think my backhand is getting better, too. Now, there’s some real serious progress.
Don’t mean to be snarky here, but your backhand is cortisone assisted.
I am always surprised at how many of my wealthy friends support these ultra liberal politicians and policies, and then are surprised and upset at the results, like the worst recovery in memory. Oh, that’s the Bush guy’s fault, not stupid current policies – yeah.
Harry-a wise man once told me how to deal with those stock jockeys pushing stock etc. Excitedly tell them how that sounds like a great idea but that you are thinking of declaring bankruptcy so could they open an account for you and can you borrow money to buy said idea!……you will get a lot of dial-tones after that and they usually dont call back!
That’s one way. Another way is to listen to them and admire their sales pitch. They have a hard profession. Not one I’d want.
Larger unemployment numbers coming in. More than 10 busineses leaving CA per day. This will accelerate: http://www.washingtontimes.com/blog/watercooler/2012/nov/8/picket-companies-plan-massive-layoffs-obamacare-be/
Oliver Stone is scared of Obummer just like half the people in the USA: http://www.politico.com/news/stories/1112/83640.html
…yeah, that must be why they voted him out of office. You are a genius, Vahe.
Your consistency at being wrong amazes me. The market is up in the last 4 years because it was cut in half before that, so we’re not close to being at a normal level. Obummer’s Congress is now putting green issues ahead of the looming fiscal cliff. Obummer and his left-wing movement will take us into a second recession next year. The market being down 500 points in 2 days isn’t a few rich people selling stocks because a socialist controls the country again. It’s because Obummer is going to fuck things up even more this time since he has had four years to learn how to not be a leader, mismanage economic issues, play a lot more golf, lie, cheat and buy votes.
Since Vahe is not an American, he does not vote. This does not excuse him from being rude to me, which he seems to enjoy. Over George Bush’s 8 years, the market fell 25%. In Obama’s first term (counting to October 19, 2012), the stockmarket was actually up by 68%. When I wrote about rich people selling their stock, I based that on what some rich people had told me. I try to report what I see.
Our unemployment is 8% and heading higher. The real unemployment is 16%. When Bush was president we had under 5% unemployment and the market at new highs. If you persist in bringing up Bush every time Obummer fails, I will bring up dogs like Carter. Check your history. And BTW, I will never become a citizen of the US until we have a decent Congress and a prosperity-minded press, not a socialist. I love being rude to you since you put so much bad information
in the ether. BTW, get Mifi of your site. Mt LTE iPad and iPhone have replaced it.
At least I read your column today…
Vahe – you wrote “…I will never become a citizen of the US until we have a decent Congress….” May I ask, WTF are you doing here, then? Why don’t you go back to wherever you came from? Wait! Let me guess….could it be because it sucks! Yet, you talk about America as if she owes you something? Obviously, you CHOSE to be in America because it is a much better place to be. You know the saying…actions speak louder than words. As if your becoming a citizen amounts to a hill of beans to anyone else but you.
Go buy yourself a clue from your home country before you knock America!
…and I bet that was your biggest accomplishment of the day, huh?
You wrote, “..I will never become a citizen of the US until we have decent Congress…” Are you kidding me? What a hypocrite? Why are you here, then? Duh! Could it be due to the fact that life in America is much better than wherever you are from? If you’ve got the guts, why don’t you go back to your home country? How delusional must you be to think that America owes you certain things in order for you to become her citizen. I suggest you take the next flight back to your home country and buy yourself a clue before you talk smack about America.
Hi Vahe, don’t let the bastards wear you down! 🙂 This is a great country which is why most of us are here, born or immigrant, but that doesn’t make the despicable Wash DC insanity of both parties any less insane. I live in even more insane Calif. and it’s also quite common out here to blame the “rich” Republicans for our awful economy, but Liberal Democrats rule. California and Greece are where we’re headed without major changes.
There are a lot of idiots in this country – 50% who voted for Obummer. They will be surprised at how badly we do over the next 4 years. Obummer doesn’t take the constitution seriously. I love the constitution.
…yes, there are a lot of idiots in this country and your words make it sound like you are their chief, Vahe. You know the problem with a lot of people like you? It is the fact that they get bitter when things don’t go their way. Listen, in America, we call it democracy. So, when the candidate you supported loses an election, suck it up and move on with your life (just like the candidate who lost will) instead of harping about how bad the elect is. The majority of those who voted spoke. If you love the constitution, you should understand this very simple concept. You write …”Oliver Stone is scared….” so, who gives a rat’s ass? He is just another film maker who has put out some great flicks and may be promoting something he has in the works. Simply put, Vahe, all I’m trying to say is move on! Live your life in this beautiful country that you now call your home and take advantage of the great opportunities that you came to pursue instead of harping about an election that is now in the history books. Whether you like it or not, Obama won this election and harping about his win and labeling those who voted for him idiots does NOT do anything for you but make you look like a bigger idiot than the ones you talk about.
Smiling and moving on won’t address the huge problems this once great country faces, and 4 more years of poor policies will only make it worse, as they have for the last 4. Out here in Calif. it is even worse and the migration of folks leaving the state is one result, along with unnecessary levels of unemployment (nice life if you can get it – welfare & food stamps) while farm and vineyard jobs go begging.