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Wednesday, July 13, 2011


Do you get the feeling that we're in the middle of a game of charades. And im not talking about the guessing game here. We have the charade of the Euro crisis as everyone tries to pretend that Greece can somehow be saved with bailouts. Then of course there is our debt ceiling charade which just goes on and on in Washington. The latest on all of that can be found here in one place. This includes lastet news and opinons. Read this Wall Street Journal editorial because it really gets to the heart of the matter of what this is all about.

The entitlement state can't be reformed by one house of Congress in one year against a determined President and Senate held by the other party. It requires more than one election. The Obama Democrats have staged a spending blowout to 24% of GDP and rising, and now they want to find a way to finance it to make it permanent. Those are the real stakes of 2012.

Charlie Gasparino, formerly CNBC and now Fox Business, has this perspective on the DC circus.
So the clock continues to tick. Markets to me still seem to want to go up on any positiive developments. Euro stocks are firm this morning. Crude is down and nat gas is up. Stock futures are up ahead of the open but off the morning highs.

MLPS closed a little lower yesterday and continue to perform fairly well in the midst of all this mess. Oneok Partners (OKS) splits 2 for 1 today. If you bought it in 2004 at 40 bucks you would have twice as many shares at the same price plus all those fabulous distributions along the way. No other corporate developements and no upgrades or downgrades.

Nat gas this morning us up 1 1/2% as most of the south burns in a summer heatwave with no break in sight. No hurricane activity going on yet but July typically is a rather inactive month for hurricanes until we get toward the end of the month.


ptarr said...

Charlie Gasparino is a complete dope. Where was he when Bush II started 2 wars as unfunded mandates -- no tax backup? No need to be partisan to analyze MLPs. Keep a lid on it, please.

joewxman said...

you have got to be kidding me right? my blog..i post and say what i like. I don't put limits on speech and opinions of anyone who posts.

ptarr said...

No, wasn't kidding, just chose the words carelessly. What I'm saying is, your MLP stuff is terrific; and that the political layer of comment added on top of that is just, well, uninteresting to me. But absolutely, it's your blog and you can write anything you please. In my own rather rude comment, I wasn't saying you don't have the right to opine on matters political; just that I selfishly get a lot less out of the experience of reading you when you move away from MLPs. Just an opinion of my own. I will continue to read you because I learn from you.

joewxman said...

thanks i appreciate the response. i get a little touchy sometimes over this particular subject matter. And i dont often get political but sometimes those clowns do piss me off.

ptarr said...

I do agree that he is incompetent, and I fully appreciate the humor of "the annointed one" and "the messiah." He is much too proud of himself. My gripe is he's just another Harvard corporate lawyer type, as is his wife, and they're the folks, as I see it, who keep the merry- go-round spinning as the nation decays. He is in over his head, in part because he lacks real political skills (and that, in part, because he has so little experience!) Unfort., I don't see anyone in either party who is really up to the job. And now, back to Crosstex!