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Bud's Poem Page Bud's Prairie Populist Sunni/Shiite/Iraq/Iran |
The next posting will be Monday July 6. 2 July 2009Thoughts
1 July 2009Thoughts
We are taking the rest of the week off. The next posting
will be Monday July 6.
Why change is difficult in Washington: The financial industry cut spending on lobbying and campaign
contributions this year, even as the Obama administration drafted a sweeping
plan to tighten federal control over its players. In the first three months of 2009, the financial sector spent $104.7
million to lobby Congress and the administration, down 8% from the same period
last year, according to a Wall Street Journal analysis of the most recent data
collected by the Center for Responsive Politics, a nonpartisan group that
tracks the lobbying business. In each of the previous five years, the
industry's spending had risen. The health-care industry -- which three years ago surpassed finance as
the top lobbying spender and faces a major overhaul initiative in Washington --
increased outlays in the first quarter by 12% to $127.1 million. Lobbying
spending across all business sectors was flat in the period, after rising 15%
from 2007 to 2008. The story is from the Wall Street
Journal. The headline says: Wall Street Cut
Lobbying at Key Time. An 8% cut by folks who received billions of dollars
from the government is not a lot of money. On the other hand it is amazing that
lobbyists can get so much return on their dollars spent in Washington. Congress
folk sell their souls for less than pennies on the dollars that they disperse.
We sold Biogen.
Citigroup has increased interest rates on up to 15 million U.S. credit card accounts just months before curbs on such rises come into effect, the Financial Times reported citing people close to the situation. Citigroup had upped rates on 13 million to 15 million credit cards
it co-brands with retailers such as Sears, the paper said.
Oil dropped 70 pennies to $69.18
and Gold rose $14 to $940. Most European bourses
closed up 2% and higher.
We are leaving 15 minutes early with the major socks measures higher. Breadth is better than 2/1 positive and volume is light. The bulls won the day.
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