FMD
James Troutman: “Just passing this
along FYI, in case you didn't see it.”
F Not to say he will necessarily be wrong;
but this analyst seems to know (and care) nothing about the student loan
business generally or FMD’s special position in it
specifically – only about the shape of its stock chart. Technical analysis, as this is called, has
its adherents. But to me, it’s only a
half step up from astrology (though, granted, even half a step is something).
GLDD
Steve MacArthur: “Here
is a link about dredging – ‘$342 million set aside for newest Soo Lock in House Bill.’ ”
WASHINGTON - The House overwhelmingly passed a $20 billion water projects bill
Wednesday night despite a promised veto by President Bush, who complains
the bill is laden with costly pet projects and shifts new costs onto the
government.
Within the wide-ranging bill, $342 million was earmarked for the
building of a new super lock in the Sault. The projected Soo
Lock would be at least 110 feet wide and 1,200 feet long and replace the two
northern locks. The mega lock would improve access for large freighters.
Shippers say that if the existing Poe Lock had to close for any
reason, it would stop most Great Lakes
shipping trade, as only the Poe Lock can handle the 1,000 feet-long freighters.
Funding from the bill also targets the much needed dredging
throughout the Great Lakes. The Army Corps of
Engineers would get funds to step up navigational dredging at many key points. Low water levels has resulted in Great
Lakes freighters being forced to carry lighter loads, which reduces the money
they make for moving freight. Glen Nekvasil, vice
president of the Lake Carriers Association, said that dredging is “critically important” to the freighter industry and that
dredging of the lakes has been “underfunded for
decades.”
Shepherded by Rep. James Oberstar, D-Minn.,
chairman of the House Transportation and Infrastructure Committee, the bill was seven years in the making
and finally passed the House on a 381-40 vote after it was agreed upon by
House-Senate negotiators. He said he expected Congress would quickly override any veto by the president.
“There is urgent,
pent-up demand to address the nation's water resources needs,” Oberstar said. “Divide the cost by
the number of years that have passed since we last passed this critical
legislation, and the cost is understandable.”
Earlier Wednesday, administration officials said Bush will veto
the bill if it isn’t pared down. “Indeed, it seems a $14 billion Senate bill
went into a conference with the House's $15 billion bill and somehow a bill
emerged costing approximately $20 billion,” complained White House budget
director Rob Portman and Assistant Army Secretary John Paul Woodley Jr.
This year's bill includes some $3.5 billion for Katrina-damaged Louisiana, plus more than $2 billion for projects in California and $2 billion for Florida,
mostly for restoring the Everglades. Another
$1.95 billion is included for seven new locks on the upper Mississippi
and Illinois
rivers and $1.7 billion for repairing the region's ecology.
In May, the Senate approved its version on a 91-4 vote. The
House passed a similar bill in April on a 394-25 vote. Even if a final bill becomes law, the money must be appropriated later.
F Urgent, pent-up demand can’t hurt.
CHARLES’ MRI
LJ Kutten: “My insurance company is always denying my claims. Numbers 1-3,
below, always fix that:
1. Read your policy carefully and follow
its exact terms.
2. Appeal the decision internally.
Normally this works.
3. If #2 fails, file a complaint with your
state’s insurance commissioner.
Also:
4. Buy a copy of Make Them Pay by Rhonda Orin.
5. Next time, have the hospital/doctor
(not Charles’s assistant) call for the approval. There is always a way around the waiting time.
You just need to make the case in appropriate medical terminology.”
Gray Chang:
“Excruciating, intractable back pain is sometimes triggered by emotional
conditions. Did anything stressful
happen to Charles when the back pain started, such as the death of a
parent, or problems at work? Before he
agrees to surgery, please have him take a look at the book, Healing
Back Pain by John Sarno, MD. Just go to amazon.com and see what the
reviewers have to say about the book. A
member of my family was helped tremendously by it.”
F Life with me can be a little stressful. I’ll get him the book.
Gary Diehl: “Clearly Charles needs to print out and
carry a SiCKO card.’ ”
SiCKO
Joel Margolis: “Too bad you guys don't live in Canada. The
average for MRI’s in Canada is over 10 weeks (not a
measly three days). Of course, if you lived in Canada
you could always find a physician in the US who could provide an MRI more
quickly.”
Thor: “Michael Moore suggests we be more like Canada. A filmmaker I know made a bunch of shorts
that I think you should watch – here.
The testimonies in this and his other films are astonishing. Healthcare in the U.S. may be messy but
socialized/single-payer systems are a lot messier.”
F If Canada
decided to spend anywhere
close to the same proportion of
its GDP on health care that we do – and if it decided to allow the rich to pay to fly "first class” on elective stuff(at a nice high rate that helped subsidize everyone in the back of the plane) – it would not take 10 weeks to get an MRI.
I think this is a
pretty crucial point. Sure, Canada’s not perfect. But they spend half what we do. Imagine if they were rich enough to spend as much as we do. That could go a long way, no?
JEREMY GRANTHAM
Prasanth Manthena: “I don’t know if you have the time or inclination to comment on Jeremy
Grantham's latest newsletter (available with
free registration). His take on a global
asset bubble is interesting. I think it
came out before the recent correction; but considering that the ‘correction’
only takes us back to levels seen back in May, I think his very bearish outlook
remains pertinent.
I’ve followed your advice and Less Antman’s ever
since I got a real salary (I've made a lot of money going 50/50
domestic/international while dollar cost averaging along the way), but given the
fact that I don’t see anything out there that really can be considered a
‘value’ buy – and the dependence of this economy on consumers who now have a
net NEGATIVE savings rate – I've slowly moved what was a nearly 100% equity
asset allocation into about a 35% split btw muni's/treasuries/international
bonds. I can’t fully describe the
ludicrousness of a housing market that forms the backbone of this consumer
economy: I make a ridiculous amount of money and I barely could afford a
starter home here in LA if I were dumb enough to buy right now.”
F Jeremy Grantham is as smart as they
come. Hope this doesn’t ruin your
weekend.