Tuesday, March 30, 2010

Ty Murray on Life

EQUITY MARKETS CONTINUED THEIR march north, apparently on the back of hopes for continuing low interest rates, and drops in unemployment claims. By the numbers, for the two weeks ended Friday, March 26, 2010, the Dow Jones Industrial Average closed at 10,850, up 226 points, or 2.1%. The Standard & Poor’s 500 closed at 1166, up 16 points, or 1.4%, and the NASDAQ Composite closed at 2395, up 28 points, or 1.2%.


Germany, France, and the rest of the European Union have chosen to bail out Greece. Isn’t this like buying your son a new car after he wrecked the one you bought him last year by drinking and driving? Apple continues to wow the consuming public, and has built substantial anticipation into the iPad release.

Treasury is selling its 27% stake in Citigroup. Caterpillar, Deere, and ATT have announced non-cash charges related to the passing of the most recent version of the Patient Protection and Affordable Care Act, otherwise known as national healthcare. More on this topic later.

In 1775, the Continental Congress asked the colonies to pray for wisdom as the representatives worked to form the new government. President Truman signed a joint resolution by Congress in 1952, recognizing a National Day of Prayer. President Reagan signed a proclamation setting aside the first Thursday of May as the time for a National Day of Prayer. Every president since 1952 has signed a National Day of Prayer proclamation, and most presidents over the last twenty years have hosted services in the White House. This year, the National Day of Prayer is May 6.

On Tuesday, President Obama signed into law the referenced healthcare reform. A few of the changes are as follows. For a complete summary, prepared by the National Association of Health Underwriters, send us an email, and we will forward it to you.

1. Existing plans are grandfathered as long as the only changes are additions and deletions of employees and dependents.
2. Eligible small businesses can receive phase one of the small business premium tax credit.
3. Employers will lose the deductibility of Medicare D subsidies paid on behalf of retired employees.
4. Plans may not cap lifetime benefit limits.
5. All plans will be required to cover dependents up to age 26.
6. All plans will be required to cover pre-existing conditions.
7. All employers will be required to enroll employees in a new national public long-term care program, unless the employee opted out.
8. All business owners will be subject to new expanded federal income tax requirements on payments of fixed or determinable income or compensation.

Israeli Prime Minister Benjamin Netanyahu was essentially stiffed by the Obama administration on a recent visit to the White House. For 60 years, Israel has been our one consistent friend in the Middle East. In the meantime, the President appears to have made it a priority to befriend the Muslim world, visiting Egypt, Saudi Arabia, Turkey, and Afghanistan, among other countries.

In economic news, GDP was revised to 5.6% for the fourth quarter, down from the previous 5.9%, but still quite strong. Durable goods orders were up 0.5% in February, the third consecutive monthly increase, though existing home sales fell 0.6%, and new home sales fell 2.2% in February. Last week, the Congressional Budget Office announced that Social Security will pay out more than it receives in payroll taxes this year.

Ty Murray, at the age of 19 in 1989, became the youngest cowboy ever to win the All-Around Rodeo World Championship. Ty credits a conversation with his mom as the catalyst for this achievement. Through high school, according to Ty, he would perform well until the championships, where he would choke. His mother taught him to treat the championship rides as just another day at the rodeo. Ty says that in bull riding, you take something that big, that scary, and that dangerous, and you learn to gain control over your mind and your emotions, and move fluidly through the situation. Good words.

Quotes of the week:

“Home life ceases to be free and beautiful as soon as it is founded on borrowing and debt.”
                                                                                                        Henrik Ibsen

“All men are alike in what they say; all men are alike in what they dream; it’s what they do that makes the difference.”
                                                                                                        Anonymous

No comments: