Sanity and Facts? This is What We Love

Another one of those sharp cookies, Ms. Meredith Whitney, lowered her forecast on Goldman Sachs (ticker: GS) today sending the stock down at one point to 161.93. Its now around 162.35. We're short at 171.50. Um keep the short on. Its all coming our way. Thats just one bit of what we like to call realistic news today. Here's some more

--Morgan Stanley "gave back" 5 buildings they bought at the top of the market in downtown San Francisco to its lenders because things weren't going so well. They stressed it wasn't a default or a foreclosure, they hust wanted to get out of the loan. Yes, that and the fact the buildings were down 50% in value in 2 years.

--In politcal news, Obama's handling of the war was given a favorable report in poll results. As a matter of fact, HIGHER by 10% from last month. The same polls said 32% of people thought his healthcare plan was a good idea. 33% of the country feels like the U.S. is on the right path. The President also has the lowest approval rating of any President in December of his first term. 47%. Yes I said the LOWEST.

--In related news, a buddy of mine sent me a bar chart that showed "Prior Private Sector Employment" with respect to Cabinet Heads going back to 1900. So Presidents from both sides of the aisle. Most of the percentages were over 50% with "Camelot" Kennedy the lowest at a mere 30% of his Cabinet Heads having previous "real work" experience. Which kind of makes sense with that "Harvard thing" Kennedy had going. Wanna know what Obama's number is? 8%. These are the numbers folks. You think the paragraph above this one has anything to do with the numbers in this paragraph? You bet your sweet ascot it does.

--Finally, homeowners with mortgages of $1mm are defaulting 2 times as much as the national rate. Hey, hhey, ho, ho lets tax the rich now! Oh wait, the rich aren't rich anymore.

Notice there was no yelling (well not really) in the above points. Just cold hard facts. We like numbers. They don't lie. Think I should put in an application to run a Cabinet position in the Obama administration? I have had prior private sector experience. 

  

Comments

[Strangebrew]

Yes Lee, let's go get all those people who kept their money 'safe'. We deserve some of their money!

[Lee]

So, people defaulting on their McMansions (and McYachts), or their second (or third, etc) homes means that there are no rich people to tax? Who told you that, Michelle Bachmann? I think that there are more than 4 people who benefited from the bubble shenanigans of the 00's, or kept their money in safe investments. I don't believe that there is a critical shortage of rich people, or wealth.

[RL]

Amen! You have all these folks in the administration that think they know so much more then everyone else. They don't have a clue as to how the real world works!