According to the Bureau of Labor Statistics, July’s unemployment rate dropped to 9.4% from 9.5% in June. Meanwhile, the economy shed 247,000 jobs during the month. Say what? You mean we can actually lose jobs and decrease the unemployment rate at the same time? This is great news. You mean during the first part of the year, when we were losing half a million jobs per month, we could have actually been lowering the unemployment rate at the same time? Why didn’t we do this earlier? (Joe, late to the party, but at least Joe’s at the party now….right)
According to the report, the labor force actually decreased during the month as frustrated job seekers stopped looking; and to be included in the job force, you have to be actively searching for a job. (Joe, searching frantically for the party, but not finding) This is the reason the unemployment rate dropped.
It gets stranger, however. In June, the US economy shed 443,000 jobs, and the unemployment rate increased a paltry one basis point from 9.4 to 9.5%. In July the US economy slashed 247,000 jobs and the unemployment rate simply dropped back down to 9.4%. So, in the period of two months, the US economy has lost almost 700,000 jobs and the unemployment rate remains unchanged at 9.4%. That’s almost a million jobs (Joe march in Atlanta) and we are still at 9.4%. Why didn’t I think of this first? (Joe Patent pending)
Just to give you some historical perspective, in January of ’09 the US economy lost 598,000 jobs and the unemployment rate increased from 7.2 in December to 7.6%. In February, the US economy slashed 651,000 jobs, and the unemployment rate increased from 7.6 to 8.1%. This was a fairly common pattern through the first half of 2009 - lose half a million jobs, unemployment rate climbs 4 to 5 basis points.
So what’s going on? Is the economy improving or is this simply a conspiracy to make the numbers look better? (Joe contemplating gov offered kool-ade) What does Wall Street think of the unemployment report? Initially this was great news, as the market leaped almost two hundred points by midday on Friday. However, since that point, the market lost 89 points by the end of the day. On Monday, August 10th - Dow down 34 points. Tuesday the 11th - down 94 points. Where’s the party now? Is the punch bowl, or rather kool-ade bowl empty? The music is still playing but there’s no more dancing? “But the unemployment rate dropped you guys”, says Joe with a glass full and dancing by himself.
JoAnn warned Joe of this however. As Joe walked in the front door JoAnn was leaving and told him the kool-ade needed more sugar, because it had turned sour and slightly bitter. Joe had been sprinting to get to the party in time, however, and his thirst too join the party was overpowering so he brushed off her advice and ignored the warning signs. We’ll see what the future holds. Until then, hold off on the kool-ade, will ya Joe? Drink at your own risk.
Wednesday, August 12, 2009
Saturday, August 8, 2009
Real Cost Analysis - Cash for Clunker
Cash for Clunkers. And no.......we're not referring to investing in stocks in today's market. We're referring to the cash for clunkers program offered by the US government. Trade in your clunker and get $4500 cash. Cash for Clunkers. Are well-running cars that are paid for really considered clunkers? Some are, Joe's car is a clunker, and he is very excited about this new program since his '85 Ford truck backfires and stalls out in busy intersections. However, the cash for his clunker comes at quite a cost. (Joe turn out the pockets)
The cost ultimately paid by the taxpayer for Joe's clunker is actually well above $4500. How so? Economists always include opportunity costs in the total cost analysis of any project. What are opportunity costs? The cost of not doing something. For example, if last fall Joe Shareholder wanted to invest $1000 in a US car company, he had two choices - GM and Ford. GM's clunker stock price was trading at about $5, while Ford's clunker shares were trading at about $2.
If Joe invested $1000 cash, here's what his investment would be worth today under the two scenarios.
Invested in Ford = $4000 (Ford stock ended at 8.03/share on Friday 8/7/09)
Invested in GM = $100 roughly (Clunker company went bankrupt)
Suppose Joe invested in GM - his actual loss would have been $900. Because he could have made $3000 if he invested in Ford (opportunity cost), his true cost would be the sum of these two, or $3900.
Now, back to cash for clunkers. The government - inefficiency and bureaucracy clunker extraordinaire - is paying $4500 cash for Joe's clunker. Since the clunking government is broke, this $4500 comes from debt auctions (see this post on treasuries) with interest. Right now the US 10 year treasury yield is running about 4%. This 4% interest is paid yearly to the owners of the debt. So the new cost is $4500 plus $1800 for interest over the 10 years, and you have an actual cost of $6300. (Joe - this is not all)
Suppose the government did something else with the $4500, like invest it in a fund earning 4% interest each year. Now the $1800 is also an opportunity cost, and the total cost of paying cash for Joe's clunker is $8100. Wow, this is a large cash payout for Joe's clunker. Add in the other costs of car disposal, lawmakers' time, program maintenance, website support, paperwork, government inefficiency multipliers, etc, and the total could be easily over $10,000 cash per clunker. (Digital Camera Joe, rummaging the garage for possible eBay listings)
So how does this affect Joe? Joe drives off the lot with a brand new car and heads directly over to JoAnn's house to show off. JoAnn is deeply discouraged, however. Not only did she love Joe's '85 Ford pick up truck, and the excitement it provided her when it stalled out in intersections, (remember, she's a trader, she loves the thrill of risk) but she also realizes she's going to help pay back this loan for Joe's new car.....via her taxes. (Backfire Joe………ironically in his new car)
Wednesday, August 5, 2009
Ben Bernanke Vs. Joe Shareholder, inflation vs. deflation
Who is Ben Bernanke and why do we call him "Helicopter Ben"?
Ben Bernanke is the current chairman of the Federal Reserve Bank (Fed), or the Central Bank of the United States. The Fed is responsible for establishing monetary policy, and specifically the interest rate at which banks can borrow money. Currently the rate sits at 0 percent so banks can actually borrow from the Fed at zero percent interest and charge you whatever they want for your housing loans. (Joe, ask not what your bank can do for you, ask what you can do for your bailed-out bank) The Fed holds the rate low during recessions because low interest rates stimulate economic activity.
Inflation vs. Deflation:
One thing the Fed watches closely in determining monetary policy is inflation. Inflation is simply the increase in prices for goods and services. This means that the purchasing power of each dollar you own goes down because your dollar buys fewer goods. Conversely, deflation means prices are falling so your purchasing power actually increases. Therefore, each dollar you have can buy more stuff. (Joe, Manwich by the case-load, emphasis on Manwich by the way)
Deflation can be dangerous however for those in debt. Suppose there's a nice house in Joetown, Ohio that Joe Shareholder would love to purchase for JoAnn someday. In a period of 10% deflation, if Joe buys this house for $100,000, deflation reduces his value to $90,000 while he still makes payments on the original loan of $100,000. We've seen this occur as housing prices nation-wide have fallen. Not only housing, but every outstanding business loan takes a hit as values fall while business owners are paying off loans assumed at higher prices. Meanwhile, these businesses must deal with shrinking revenue because the prices of their goods and services are falling. This scenario increases the chances of defaulted loans and causes a downward spiral within the economy. (Joe, covered slide for kids at the city park)
Ben Bernanke, a leading scholar on the causes of the Great Depression, claims a deflationary spiral was the catalyst for the extended depression in the 1930’s. To avoid another depression, he promotes the idea of flooding the economy with money, or inducing inflation in order to combat the dreaded forces of deflation. (G.I. Ben Bernanke) Will it work? We don't know but we’ll find out over the next couple years. This has never been tried before so we’re in unchartered waters. Is it possible that an entire economy can simply be flooded with printed and borrowed money to avoid a depression? (See previous treasuries vs. Economic growth post)
Economics 101 teaches that prices are established where supply meets demand. If there's low demand for a product then prices need to naturally adjust downward. The resulting deflation, although painful, might be necessary for the economy to fix itself. If demand is manipulated, through cash for clunkers, home credits, energy credits, etc, then the result could just be a delayed recovery at the expense of a huge debt burden to be repaid later. (Joe Beckham…. kick the can down the street)
Currently, Joe is hoping for a nice bout of deflation since he doesn’t own the home yet and couldn’t be happier to see its price fall. Not only that, but Joe figures ring prices should drop too with the onslaught of deflation. Joe has a good friend that sells diamond rings (Joe Weller) that could certainly offer him a good deflationary discount should the need arise. Upon realizing this however, JoAnn is hoping for inflation. Ben Bernanke is suddenly her hero!
Ben Bernanke is the current chairman of the Federal Reserve Bank (Fed), or the Central Bank of the United States. The Fed is responsible for establishing monetary policy, and specifically the interest rate at which banks can borrow money. Currently the rate sits at 0 percent so banks can actually borrow from the Fed at zero percent interest and charge you whatever they want for your housing loans. (Joe, ask not what your bank can do for you, ask what you can do for your bailed-out bank) The Fed holds the rate low during recessions because low interest rates stimulate economic activity.
Inflation vs. Deflation:
One thing the Fed watches closely in determining monetary policy is inflation. Inflation is simply the increase in prices for goods and services. This means that the purchasing power of each dollar you own goes down because your dollar buys fewer goods. Conversely, deflation means prices are falling so your purchasing power actually increases. Therefore, each dollar you have can buy more stuff. (Joe, Manwich by the case-load, emphasis on Manwich by the way)
Deflation can be dangerous however for those in debt. Suppose there's a nice house in Joetown, Ohio that Joe Shareholder would love to purchase for JoAnn someday. In a period of 10% deflation, if Joe buys this house for $100,000, deflation reduces his value to $90,000 while he still makes payments on the original loan of $100,000. We've seen this occur as housing prices nation-wide have fallen. Not only housing, but every outstanding business loan takes a hit as values fall while business owners are paying off loans assumed at higher prices. Meanwhile, these businesses must deal with shrinking revenue because the prices of their goods and services are falling. This scenario increases the chances of defaulted loans and causes a downward spiral within the economy. (Joe, covered slide for kids at the city park)
Ben Bernanke, a leading scholar on the causes of the Great Depression, claims a deflationary spiral was the catalyst for the extended depression in the 1930’s. To avoid another depression, he promotes the idea of flooding the economy with money, or inducing inflation in order to combat the dreaded forces of deflation. (G.I. Ben Bernanke) Will it work? We don't know but we’ll find out over the next couple years. This has never been tried before so we’re in unchartered waters. Is it possible that an entire economy can simply be flooded with printed and borrowed money to avoid a depression? (See previous treasuries vs. Economic growth post)
Economics 101 teaches that prices are established where supply meets demand. If there's low demand for a product then prices need to naturally adjust downward. The resulting deflation, although painful, might be necessary for the economy to fix itself. If demand is manipulated, through cash for clunkers, home credits, energy credits, etc, then the result could just be a delayed recovery at the expense of a huge debt burden to be repaid later. (Joe Beckham…. kick the can down the street)
Currently, Joe is hoping for a nice bout of deflation since he doesn’t own the home yet and couldn’t be happier to see its price fall. Not only that, but Joe figures ring prices should drop too with the onslaught of deflation. Joe has a good friend that sells diamond rings (Joe Weller) that could certainly offer him a good deflationary discount should the need arise. Upon realizing this however, JoAnn is hoping for inflation. Ben Bernanke is suddenly her hero!
Tuesday, July 28, 2009
Joe Shareholder gets Kung Pau'd by Chinese owned debt
The US has benefitted greatly from an abundant infusion of rich Chinese culture/influence over the last several decades. Specifically, egg drop soup, sweet and sour chicken, lemon chicken, deep fried wontons, egg rolls, General Tsjoe’s chicken, mu shu pork, bang bang ji, and fortune cookies. (Joe, lower east side Manhattan)
What else has China done for the US? How about its willingness to purchase United States Treasury bonds notwithstanding a swelling budget deficit. China has been the largest investor in US Treasury debt, which has provided much needed funds during a severe revenue shortfall. The US Congress has passed legislation after legislation, all designed to boost the economy and jumpstart spending again. However, it is actually the Chinese government, rather than the US government, that is funding the stimulus bill, TARP, cash for clunkers, housing credits, energy credits, etc. All of these efforts have all been fully dependent upon the financial backing of foreign entities. (Joe Lumbar Support….monetary style)
So now that we have a bloated deficit and the US economy is still limping along, what are China’s options?
WHY CHINA WILL EVENTUALLY STOP PURCHASING OUR TREASURIES:
Eventually all investors need to realize a return on their investment. In the case of China, this will mean slowing the flow of money into the US economy and expecting the interest on the debt to flow back into China. The Chinese government has to be concerned about two things however:
1. The US’ ability to pay back the debt. There are only two things you can do with debt, pay it back, or default it. If the US can’t pay back this debt and defaults, China will unleash Bruce Lee reincarnate in one of those export containers filled with Lo Mein noodles in order to Kung Fu his way across the US. (Joe up the Yangtze River without an oar)
2. Inflation on the US dollar. If the US economy fails to stabilize soon, and fails to substitute tax revenue from economic growth in place of selling debt internationally to fund government operations, then the printing press will be cranked up a level from “high” to “fancy green toilet paper” status, and hyperinflation will set in. Of course hyperinflation will ruin Chinese investments which have been purchased at fixed interest rates. (Joe - Fiber One or broccoli, broccoli beef in this case)
WHY CHINA CAN’T STOP PURCHASING OUR TREASURIES YET:
If China stops buying our Treasuries now and our number one source of revenue dries up, panic could set in. If this happens, the US economy - which is on extremely fragile footing anyway, could begin spiraling downward again. Should this happen, the chances of defaulting on the debt would be even greater. This scenario would be similar to financing the first three years of Joe’s medical school, but withholding cash for the fourth and final year just before he graduates and gets the six figure income he expects – enabling him to pay back the loans. Truthfully, however, Joe has no plans to go back to school after flunking out of St. Joe’s in Philadelphia almost a decade ago.
So what is China to do now? Undoubtedly, there are Chinese officials having a difficult time sleeping at night thinking about these difficult decisions. (Joe Wang, extra strength Ambien at night, restless leg syndrome during the day)
So what does this mean for Joe?
Well, Joe and JoAnn just sat down for a formal meal at the Panda Express. After convincing JoAnn that the Chinese custom is to only order one drink and to share a straw; and after he convinced her that she wasn’t holding the chopsticks the right way, so he should probably help her hold them while holding her hand in his; and also after breaking open a cookie before the date and inserting a typed out fortune advising her to “accept her next proposal”, he popped the question right then and there. “JoAnn, what should the current Chinese predicament mean to my investment strategies in stocks?” After a sigh of relief, JoAnn wisely replied, “Be careful about your investments until the economy has sufficiently turned around and we have stiffened our fiscal policy”. Joe then thanked her for the advice, and started in on his fried rice on Kung Pao chicken.
What else has China done for the US? How about its willingness to purchase United States Treasury bonds notwithstanding a swelling budget deficit. China has been the largest investor in US Treasury debt, which has provided much needed funds during a severe revenue shortfall. The US Congress has passed legislation after legislation, all designed to boost the economy and jumpstart spending again. However, it is actually the Chinese government, rather than the US government, that is funding the stimulus bill, TARP, cash for clunkers, housing credits, energy credits, etc. All of these efforts have all been fully dependent upon the financial backing of foreign entities. (Joe Lumbar Support….monetary style)
So now that we have a bloated deficit and the US economy is still limping along, what are China’s options?
WHY CHINA WILL EVENTUALLY STOP PURCHASING OUR TREASURIES:
Eventually all investors need to realize a return on their investment. In the case of China, this will mean slowing the flow of money into the US economy and expecting the interest on the debt to flow back into China. The Chinese government has to be concerned about two things however:
1. The US’ ability to pay back the debt. There are only two things you can do with debt, pay it back, or default it. If the US can’t pay back this debt and defaults, China will unleash Bruce Lee reincarnate in one of those export containers filled with Lo Mein noodles in order to Kung Fu his way across the US. (Joe up the Yangtze River without an oar)
2. Inflation on the US dollar. If the US economy fails to stabilize soon, and fails to substitute tax revenue from economic growth in place of selling debt internationally to fund government operations, then the printing press will be cranked up a level from “high” to “fancy green toilet paper” status, and hyperinflation will set in. Of course hyperinflation will ruin Chinese investments which have been purchased at fixed interest rates. (Joe - Fiber One or broccoli, broccoli beef in this case)
WHY CHINA CAN’T STOP PURCHASING OUR TREASURIES YET:
If China stops buying our Treasuries now and our number one source of revenue dries up, panic could set in. If this happens, the US economy - which is on extremely fragile footing anyway, could begin spiraling downward again. Should this happen, the chances of defaulting on the debt would be even greater. This scenario would be similar to financing the first three years of Joe’s medical school, but withholding cash for the fourth and final year just before he graduates and gets the six figure income he expects – enabling him to pay back the loans. Truthfully, however, Joe has no plans to go back to school after flunking out of St. Joe’s in Philadelphia almost a decade ago.
So what is China to do now? Undoubtedly, there are Chinese officials having a difficult time sleeping at night thinking about these difficult decisions. (Joe Wang, extra strength Ambien at night, restless leg syndrome during the day)
So what does this mean for Joe?
Well, Joe and JoAnn just sat down for a formal meal at the Panda Express. After convincing JoAnn that the Chinese custom is to only order one drink and to share a straw; and after he convinced her that she wasn’t holding the chopsticks the right way, so he should probably help her hold them while holding her hand in his; and also after breaking open a cookie before the date and inserting a typed out fortune advising her to “accept her next proposal”, he popped the question right then and there. “JoAnn, what should the current Chinese predicament mean to my investment strategies in stocks?” After a sigh of relief, JoAnn wisely replied, “Be careful about your investments until the economy has sufficiently turned around and we have stiffened our fiscal policy”. Joe then thanked her for the advice, and started in on his fried rice on Kung Pao chicken.
Thursday, July 23, 2009
Joe Shareholder contemplates Treasuries v. Economic Growth
Everyone in the financial world is excited about a possible economic recovery in the third quarter. Signs of stabilization in domestic earnings and economic indicators seem to suggest the end of the recession is near. Economic recovery "Green Shoots" have many investors excited to dive head first back into the markets. Who cares about water depth, right, just dive in? Wrong, the economic recovery water is very shallow, and the concrete underneath the shallow water is the rising US national debt. (Joe Deficit)
As we all know the United States has a budget deficit of over one trillion dollars. So how do we finance expenditures if we're in the hole? We sell debt. The Treasury Department holds weekly auctions to sell US bonds to interested investors at about 3-4% interest. The weekly bond auctions are currently ranging from 30 billion to 200 billion per week. This money is extremely important because it subsidizes tax revenue shortfalls for all government programs, including employee pay and pensions, military expenditures, corporate bailouts (should this even be in the list), etc. So right now we need Treasury auctions because we're broke.
Anyway, suppose the economy starts to improve next quarter, which could happen. If the equity markets (stocks) start to boom, and the market’s expected return is say 10-20%, or even 50% over the next couple years, why would anyone invest in our US bonds at 3% yearly return? They wouldn’t, and either a vital source of revenue would dry up - or the more likely scenario - rates would be pushed higher during treasury auctions, to say 10% on the 10 year treasury bond to lure in buyers. There are several problems with that:
1. Every dollar the US gov borrows would be very expensive at 10% interest. US Treasury would have to lower the amount of US bonds at auctions, which would dry up funds. Who would bailout the banks next time? Who would pay entitlements? Nationalized Health Care? How would the military be financed? Cap and Trade? (Joe-bal warming)
2. The US housing market needs low interest rates. Housing mortgage rates follow the 10 year treasury bond very closely. If the yield on treasuries is driven up to 10% because of a lack of demand at auctions, then the rates on mortgages would be pushed up to about 12%, which would cripple a fragile housing market. You think you're upside down in your mortgage now? (Joe Housing .....spelled upside down)
3. Right now the Federal Funds rate (interest rate at which banks borrow from the Federal Reserve) has been cut to zero by the US Federal Reserve. When you buy a house, your bank/lender can borrow the money at zero interest and lend it to you at 5% interest. If the treasury yields skyrocket, however, the Fed won’t be able to hold these rates at zero long, because they’ll be paying 10% and loaning it out at 0%. Not sustainable for long. This rate increase will negatively impact business loans as well, and credit markets could easily seize up once again, separating borrowers and lender. (Joe minus Kate and the eight)
Enter the US debt into the picture. If we didn't have such a huge national debt, we wouldn’t depend on treasury auctions to pay soaring interest on existing debt, and the auctions would be scaled back significantly from 200 billion per week to almost zero. Under this scenario, depressed supply would meet low demand at low interest. However, since our government desperately needs revenue we will need large treasury auctions and the rates will likely be driven upward (low demand, high supply). The only way out of this debt trap is a booming economy, where tax revenues would offset the need for treasury auction revenue. Most economists suggest this is unlikely, especially with dangerously high levels of unemployment. (Joe Monster.com)
Why don't we just print money? Because just printing money not collateralized by interest would lead to hyperinflation and the US dollar - which is supporting a huge deficit - would simply go down the drain. (Joto Rooter)
In summary, our national debt has economic growth hamstrung right now because rising equity markets will spur interest rate hikes. The only sensible exit strategy is to ween the government off the important revenue stream of treasury auctions and cut the deficit. Because of the inverse relationship between debt and recovery, every dollar that we spend will actually hurt chances of recovery, not help.
So what does this mean for Joe Shareholder??? Joe Shareholder and his friends Joe Investor and JoAnn Trader desperately want to jump back into the market to make money to buy a boat, dirt bike, and maybe even a trailer to haul it. Maybe even a truck to pull it. F-350 Turbo Diesel maybe, with knobby tires. However, beware of this stock market rally. You might go broke. (Joe Soup Kitchen) The threat of rising interest rates due to our National Debt could cause more market shrinkage than a cold swimming pool nestled in the middle of the shrinking polar ice caps. (Joe Gore)
As we all know the United States has a budget deficit of over one trillion dollars. So how do we finance expenditures if we're in the hole? We sell debt. The Treasury Department holds weekly auctions to sell US bonds to interested investors at about 3-4% interest. The weekly bond auctions are currently ranging from 30 billion to 200 billion per week. This money is extremely important because it subsidizes tax revenue shortfalls for all government programs, including employee pay and pensions, military expenditures, corporate bailouts (should this even be in the list), etc. So right now we need Treasury auctions because we're broke.
Anyway, suppose the economy starts to improve next quarter, which could happen. If the equity markets (stocks) start to boom, and the market’s expected return is say 10-20%, or even 50% over the next couple years, why would anyone invest in our US bonds at 3% yearly return? They wouldn’t, and either a vital source of revenue would dry up - or the more likely scenario - rates would be pushed higher during treasury auctions, to say 10% on the 10 year treasury bond to lure in buyers. There are several problems with that:
1. Every dollar the US gov borrows would be very expensive at 10% interest. US Treasury would have to lower the amount of US bonds at auctions, which would dry up funds. Who would bailout the banks next time? Who would pay entitlements? Nationalized Health Care? How would the military be financed? Cap and Trade? (Joe-bal warming)
2. The US housing market needs low interest rates. Housing mortgage rates follow the 10 year treasury bond very closely. If the yield on treasuries is driven up to 10% because of a lack of demand at auctions, then the rates on mortgages would be pushed up to about 12%, which would cripple a fragile housing market. You think you're upside down in your mortgage now? (Joe Housing .....spelled upside down)
3. Right now the Federal Funds rate (interest rate at which banks borrow from the Federal Reserve) has been cut to zero by the US Federal Reserve. When you buy a house, your bank/lender can borrow the money at zero interest and lend it to you at 5% interest. If the treasury yields skyrocket, however, the Fed won’t be able to hold these rates at zero long, because they’ll be paying 10% and loaning it out at 0%. Not sustainable for long. This rate increase will negatively impact business loans as well, and credit markets could easily seize up once again, separating borrowers and lender. (Joe minus Kate and the eight)
Enter the US debt into the picture. If we didn't have such a huge national debt, we wouldn’t depend on treasury auctions to pay soaring interest on existing debt, and the auctions would be scaled back significantly from 200 billion per week to almost zero. Under this scenario, depressed supply would meet low demand at low interest. However, since our government desperately needs revenue we will need large treasury auctions and the rates will likely be driven upward (low demand, high supply). The only way out of this debt trap is a booming economy, where tax revenues would offset the need for treasury auction revenue. Most economists suggest this is unlikely, especially with dangerously high levels of unemployment. (Joe Monster.com)
Why don't we just print money? Because just printing money not collateralized by interest would lead to hyperinflation and the US dollar - which is supporting a huge deficit - would simply go down the drain. (Joto Rooter)
In summary, our national debt has economic growth hamstrung right now because rising equity markets will spur interest rate hikes. The only sensible exit strategy is to ween the government off the important revenue stream of treasury auctions and cut the deficit. Because of the inverse relationship between debt and recovery, every dollar that we spend will actually hurt chances of recovery, not help.
So what does this mean for Joe Shareholder??? Joe Shareholder and his friends Joe Investor and JoAnn Trader desperately want to jump back into the market to make money to buy a boat, dirt bike, and maybe even a trailer to haul it. Maybe even a truck to pull it. F-350 Turbo Diesel maybe, with knobby tires. However, beware of this stock market rally. You might go broke. (Joe Soup Kitchen) The threat of rising interest rates due to our National Debt could cause more market shrinkage than a cold swimming pool nestled in the middle of the shrinking polar ice caps. (Joe Gore)
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