Fun with FNM

[beardrech]

K-Wave:

 

   

 

From a fellow Stoolie, currently drinking beer at work:

 

Cherry Mistmas to you to!

 

And I love your Rookie Cecipe!

 

   

<{POST_SNAPBACK}>

 

zash seog rof em oot and ckuf em lla

beardrech

[beardrech]

Just saw a very interesting documentary about america in the 50s (also the title of this 8 part series, this was part 3). The 50s dont get clorified in that documentary, it is mkore a social science approach, trying to tell how things really were back then, not how we nowadays want to see the 50s.

 

Very intersting was that by the end of the 50s every FIFTH american had a credit card from Sears! That was new too me. I also asked myself why always Greenheimer gets blamed, some stoolies make the impression that Greenheimer introduced credit cards to the american people, but as we can see FIFTY years ago there was this "borrow and spend" mania. To live beyond the measn became a motto at least sicne the mid 50s, thsi isnt soemthing new and it definitely soemthing we can blame the Gr?nheimer for. Americans want to borrow and spend and Greenman gives the money. He satisfies the needs of the people, not the other way around.

 

What also impressed me was the part in the documentary about "The man in the grey flanll suit", very impressing. There is also a film with the same title, Gregory Peck plays the main character.

 

 

btw, is it really true that in america if you have a new neighbour or so that you ask "how much have you made so far?". If yes, then this tells ALOT about the nature of americans and the "borrow and spend" mentally would be very easily explainable.

 

I only can tell you that in europe you should never speak about money with people you dont know very well.

<{POST_SNAPBACK}>

Fx

Your poignant reminder of the relative antiquity of borrowing and spending as something of a second nature to the American capacity for production is worth exploring--

 

Somehow along history's jovial path the word entrepneur,enterprise,risk taking became absorbed in the lexical Leviathan "Consumerism"--

 

Some vague time ago most of us became inhabitants of a universe which saw such indulgences as purchasing fat fimnned limozines becoming defining terms for enterprise; and the old pride of Industrial pioneering (Ford Edison et al) was exchanged for Conspicuus consumption

 

Debt lost its curse and became a shibboleth for the worshippers of the vagrant Bitch Goddess callled "Success"

 

Perhaps this is the subterranean return of the american unconscious,the Puritan strain in American hisstory ,a strain needing truckloads of Guilt thus requiring the return of a Wrathful and Punitive God--

 

The cycles of Religous belief march along besides the demons of Economics

 

Beardrech I think Armeggedon will go platinum or at least gold

[jickiss]

jickiss is back!

 

and

 

is any body still awake???

 

buy Value in Gold:

 

your jickiss sez that the combo of GG + WHT = Immense Potential For Capital Gains!!!

 

and

 

acres of diamonds, too!!!!!!

regards to all!

jickiss!

 

FOR : Goldcorp Inc.TSX SYMBOL: GNYSE SYMBOL: GGDecember 23, 2004Goldcorp Bids For Wheaton River; Directors Unanimously Approve; ShareholdersHave A Vote!TORONTO, ONTARIO--(CCNMatthews - Dec. 23, 2004) - GOLDCORP INC.(TSX:G)(NYSE:GG) is pleased to announce its Board of Directors has unanimouslyapproved its takeover bid for Wheaton River Minerals Ltd. In recognizing thesize and importance of this transaction to Goldcorp's future, all Goldcorpshareholders will have the opportunity to vote on this transaction.Goldcorp's Board of Directors has reviewed many growth alternatives over thepast several years and it is this combination of Goldcorp and Wheaton Riverthat the Board recommends our shareholders support with their vote. The Boardof Directors believes that a Goldcorp/Wheaton River combination will deliversuperior growth and value over any alternative that has been consideredto-date!Highlights of the combined company would include:- Production: 2005 gold production expected to be in excess of 1.1 millionounces at a total cash cost of less than US$60 per ounce;- Growth: production expected to grow to 1.5 million ounces of gold by 2007;- Balance Sheet: strong balance sheet with over US$500 million in cash and goldbullion, with no debt;- Reserves: proven and probable reserves of 10.5 million ounces plus additionalmeasured and indicated resources of 9.5 million ounces as of December 31, 2003,all of which are unhedged;- Liquidity: combined daily trading liquidity of over US$60 million and;- Market Capitalization: expected to be approximately US$5 billion."The new Goldcorp will have strong production growth, a very large treasury, nodebt, no hedge, and importantly, it will be one of the world's lowest cost goldproducers and will initially trade at per share multiples well below theindustry average. It will be mining at its best: high margins, large profits,healthy diversification, and an exciting future with strong entrepreneurialmanagement" said Rob McEwen, Chairman and CEO of Goldcorp.Goldcorp signed today, a definitive agreement with Wheaton River for thepreviously announced combination of Goldcorp and Wheaton River. The combinationwill be effected through a share exchange take-over bid where Goldcorp willoffer 1 common share of Goldcorp for every 4 common shares of Wheaton River.Goldcorp and Wheaton River have satisfactorily completed their due diligenceinvestigations and the Board of Directors of Goldcorp unanimously approved thedefinitive agreement which would result in a Goldcorp/Wheaton Rivercombination. The Board of Wheaton River has also unanimously recommended thatits shareholders accept the Goldcorp offer and tender their common shares tothe offer.It is expected that the Goldcorp take-over bid circular and Wheaton River'sdirectors' circular will be mailed to Wheaton River shareholders by December31, 2004. The offer will expire 35 days after it is made, unless extended byGoldcorp in accordance with the terms of the definitive agreement andapplicable law.In addition to customary conditions, the offer will be subject to a minimumtender condition that two-thirds of the Wheaton River common shares outstandingat the expiry time of the offer are tendered to the offer. The offer will alsobe conditional on the approval of the issuance of the Goldcorp common sharesunder the offer by a simple majority of votes cast by Goldcorp shareholders ata shareholders meeting scheduled for January 31, 2005. In the event that theagreement between Goldcorp and Wheaton River is terminated by either one ofthem, the agreement provides for a break fee of US$35 million payable to theother party under circumstances that are specified in the definitive agreement,including if Goldcorp shareholder approval is not obtained."This is a great combination! It achieves our strategic goals for productiongrowth, diversification, financial strength and senior management. I amconfident that the new Goldcorp will be uniquely positioned in the goldindustry to accelerate the growth of value for our shareholders" said RobMcEwen."Goldcorp owns one of the richest gold mines in the world. The combination ofWheaton River and Goldcorp doubles gold production, maintains the lowest costsin the industry and provides a strong platform for future growth" said IanTelfer, Chairman and CEO of Wheaton River.Under the definitive agreement, Mr. McEwen would remain the Chairman of theBoard and Mr. Telfer would become President and Chief Executive Officer of thecombined company. The Board of Directors would be comprised of ten members, ofwhich five would be current directors of Wheaton River.Goldcorp has retained GMP Securities Ltd. to act as Goldcorp's financialadvisor and Fraser Milner Casgrain LLP to act as Goldcorp's legal advisor.Wheaton River has retained Merrill Lynch to act as Wheaton River's financialadvisor and Davies Ward Phillips & Vineberg LLP to act as Wheaton River's legaladvisor.Goldcorp's Red Lake Mine is the richest gold mine in the world. The Company isin excellent financial condition: has NO DEBT, a Large Treasury, positive CashFlow and Earnings and pays a Dividend twelve times a year! GOLDCORP iscompletely UNHEDGED and currently withholds one-third of annual gold productionin anticipation of higher gold prices. Goldcorp's shares are listed on the NewYork and Toronto Stock Exchanges under the trading symbols of GG and G,respectively and its options trade on the American Stock Exchange (AMEX), theChicago Board of Options Exchange (CBOE) and the Pacific Stock Exchange (PCX)in the United States and on the Montreal Exchange (MX) in Canada.Cautionary StatementsSafe Harbor Statement under the United States Private Securities LitigationReform Act of 1995: Except for the statements of historical fact containedherein, the information presented constitutes "forward-looking statements"within the meaning of the Private Securities Litigation Reform Act of 1995.Such forward-looking statements, including but not limited to those withrespect to the price of gold, silver and copper, the timing and amount ofestimated future production, costs of production, reserve determination andreserve conversion rates involve know and unknown risks, uncertainties andother factors which may cause the actual results, performance or achievement ofGoldcorp and or Wheaton River to be materially different from any futureresults, performance or achievements expressed or implied by suchforward-looking statements. Such factors include, among others, risks relatedto the integration of acquisitions, risks related to international operations,risks related to joint venture operations, the actual results of currentexploration activities, actual results of current reclamation activities,conclusions of economic evaluations, changes in project parameters as planscontinue to be refined, future prices of gold, silver and copper, as well asthose factors discussed in the section entitled "Risk Factors" in the Form 40-Ffor each company on file with the Securities and Exchange Commission inWashington, D.C. Although Goldcorp and Wheaton River have attempted to identifyimportant factors that could cause actual results to differ materially, theremay be other factors that cause results not to be as anticipated, estimated orintended. There can be no assurance that such statements will prove to beaccurate as actual results and future events could differ materially from thoseanticipated in such statements. Accordingly, readers should not place unduereliance on forward-looking statements.Readers are advised that National Instrument 43-101 of the Canadian SecuritiesAdministrators requires that each category of mineral reserves and mineralresources be reported separately. Readers should refer to the respective annualinformation forms of Goldcorp and Wheaton River, each for the year endedDecember 31, 2003, and material change reports filed by each company sinceJanuary 1, 2004 available at http://www.sedar.com/, for this detailed information,which is subject to the qualifications and notes set forth therein. UnitedStates readers are advised that, while the terms "measured" and "indicated"resources are recognized and required by Canadian regulations, the Securitiesand Exchange Commission does not recognize them. Readers are cautioned not toassume that all or any part of mineral deposits in these categories will everbe converted into reserves.Where to Find Additional Information about the TransactionThis press release is neither an offer to purchase securities nor asolicitation of an offer to sell securities. Goldcorp will file a take-over bidcircular with Canadian securities regulatory authorities and a registrationstatement and prospectus and tender offer statement with the United StatesSecurities and Exchange Commission and Wheaton River will file a directors'circular with respect to the offer. Investors and shareholders are stronglyadvised to read the take-over bid circular and the registration statement andprospectus and tender offer statement (including the offer to purchase, letterof transmittal and related documents) and the related directors' circular, aswell as any amendments and supplements to those documents, when they becomeavailable because they will contain important information. At that time,investors and shareholders may obtain a free copy of the take-over bidcircular, the related letter of transmittal and the registration statement andprospectus and tender offer statement and certain other offer documents, aswell as the directors' circular, at http://www.sedar.com/ or from the Securities andExchange Commission's website at http://www.sec.gov/. Free copies of these documentscan also be obtained by directing a request to Goldcorp at the address referredto below. YOU SHOULD READ THE TAKE-OVER BID CIRCULAR AND DIRECTORS' CIRCULARCAREFULLY BEFORE MAKING A DECISION CONCERNING THE OFFER IF AND WHEN IT IS MADE.Gold is Money, Goldcorp is Gold!/T/Corporate Office: 145 King Street WestSuite 2700Toronto, OntarioM5H 1J8/T/- 30 -FOR FURTHER INFORMATION PLEASE CONTACT :Goldcorp Inc.Ian J. BallInvestor RelationsPhone: (416) 865-0326 or Toll Free: (800) 813-1412Fax: (416) [email protected]://www.goldcorp.com/INDUSTRY : PCSSUBJECT : NWS

[Goldilocks]

....

[Jimbo]

IACI GETS AN EXTREME MAKEOVER

 

What is a self respecting Billionare to do.

 

Barry Diller realises he has to upgrade his corporate mate. The dowdy stay at home IACI is aging badly - provides no perfomance in the stock gain boudoir and needs some radical and I mean radical plastic corporate surgery.

 

Barry has been watching APRENTICE II and he wants a hot new blond blast the boys model.

 

His current corporate vehicle just isnt cutting it in the real corporate world of GOOGLE and any number of shooting star boners. IACI has gone no-where in the past 5 years. There is no BILLIONARE ENVY OUT THERE FOR BARRY - IACI WAS ON A RIDE TO NO WHERESVILLE.

 

So IACI is going under the knife. She will emerge as the radically new HOT HOT HOT

EXPEDIA. The excess avoidapous such as HSN and the rest of the old media junk will be discarded into a separate corporate vehicle - let us call it OLD AND COLD.

 

The hot new babe Expedia will attract every sex starved hedge fund manager and MO MO jockey around who will hit on her repeatedly.

 

Moon shot time.

 

Barry will have the biggest baddest babe stock around.

 

And thats whats its all about folks isnt it!!!!!!!!!!!!!

[Guest]

If, as most here believe, it is but a matter of time before the Real Estate bubble bursts, the effects on the US economy will be quite profound. I'm looking into the recent Japanese experience with their asset price deflation to see which areas were most impacted and to what extent. Obviously the construction industry and the banks will be at greatest risk - but with so much of our economy tied to the housing industry (whether directly or indirectly), our experience in asset price deflation, should it come, would be devestating.

 

Note that in the Japanese experience, it was the holders of the greatest amount of Real Estate/Raw Land in their portfolios who became the greatest credit risks for the banks, and the least likely to have access to credit as a direct result. There has been a "land rush" across this country, with REITs pumping up the prices of raw land in a competitive frenzy. While construction costs have risen in recent years as a result of a weaker dollar and demand for commodities and labor used in home construction (plus general demand to "invest" in many homes), the land value component has contributed to the bubble affect in many markets.

 

Home builders (and the REITs that roll-up large tracts of land to sell to the home builders) are some of the largest holders of raw land. If the Japanese experience of a deflation of asset prices occurs here, it is the holders of the greatest tracts of raw land who ultimately become the least desireable credit risk to the banks. Being "stuck" in depreciating assets means that the bank's capital is literally trapped there. The land owner is paying property taxes, upkeep, insurance and interest as the asset value declines. In that type of market, nothing sells. As the banks want to extract whatever capital they can from these traps, prices fall. The more they fall, the more they will fall as the race to bail out of raw land leads to a race to bail out of homes.

 

When the music stops, picture vast tracts of land in various stages of abandonment, with utilities and roads mostly complete, adorned with aging signs, Prarie Dogs and tumbleweeds. Imagine being a trapped home owner in a 1/3 developed gated community where your monthly $2,000 per month Association Dues are not enough to cover the general upkeep, staffing and maintenance of the grounds, and the developer has left town in the middle of the night. The golf course isn't completed yet, and your neighbors are selling out at any price to escape the ghost town that your neighborhood will become.

 

I'll bet it was less than six months ago when I heard the CEO of a major home builder proclaim that they were buying up raw land to develop as fast as they could. I met a lady here a couple years ago whose income was derived solely from identifying raw land opportunities for REITs. Watch this piece of the puzzle. When these REITs stop acquiring new land, a sea change has started. If Wednesday's New Home Sales decline of 12% didn't get their attention, I'd be pretty surprised. You will note below however, how long it took for the banks to stop lending to the Real Estate sector, despite the asset value declines. With the Japanese banking experience as a recent reminder, one might logically conclude that investors will have learned not to wait too long to exit the financials and the builders as this Real Estate Bubble comes unwound.

 

 

 

 

The following is from a speech - April 24, 2003 - Bank of Japan

 

This confusion tends to arise from a failure to distinguish between three related, but different phenomena: the stagnation of the real side of the economy, the deflation of general prices, and the deflation of asset prices. The deflation of general prices has certainly persisted since the mid- or late 1990s, depending on the price index one looks at. However, the extent of the price decline has been mild. The cumulative decline in the consumer price index (CPI) since its peak in 1998 has been no more than about 3%. It is hard to believe that such mild declines in general prices have been the root cause of the stagnation of the economy.

 

Declines in asset prices since the 1990s in Japan have been as large as they were during the Great Depression. Both TOPIX and the price index of urban commercial land have plummeted by 70-80% from their peaks. The collapse in asset prices has had serious effects on Japan's financial system, and in turn, on the economy, including general prices

 

As stated above, it has been the deflation of asset prices, not that of general prices, that has generated serious negative effects on the balance sheets of borrowers and, over time, on those of lenders. Through this route a negative financial accelerator has set in, adding to deflationary forces in the economy.

 

Why Is Deflation a Problem?

 

Deflation of general prices, if unanticipated, creates a transfer from debtors to creditors by raising the real interest rate (ex post). Even an anticipated deflation raises the real interest rate, if nominal rates are at the zero bound and cannot be reduced further.

 

To the extent that debtors have higher propensities to spend out of income than creditors, such transfers reduce aggregate demand, adding to deflationary forces in the economy.2 In addition, under asymmetric information, banks may reduce lending in response to a decline in the net worth of debtors, setting in motion a negative financial accelerator process.

 

In Figure 9 we show the relationship, by industry, between NPLs and the extent of land holding (land as a share of total assets) at the peak of the bubble. Assuming that the real estate observation does indeed contain significant information in this regard, there would seem to be a positive relationship between the two variables. That is, the larger the land holding, the more serious the NPL problem, providing evidence of causation running from asset price deflation to NPLs. One might wonder why NPLs have not disappeared after a decade of bad loan write-offs and provisions. The total amount of money banks and the government have spent on NPLs amounts to about 20% of GDP. Figure 10 provides some clue as to why. Loans to "bubble industries" such as real estate and construction did not begin to decrease until the late 1990s. Only loans to non-banks began to decline in the mid-1990s as public discussion and the government's handling of NPLs focused on this industry.

 

http://www.boj.or.jp/en/press/03/ko0304d.htm

[Guest]

Sell first, ask questions later...

 

 

Delray police say drug use, not Taser, killed man in custody

 

By Akilah Johnson and Shahien Nasiripour

Sun-Sentinel

Posted December 24 2004

 

Delray Beach -- A 31-year-old man died less than two hours after police shot him early Thursday with a Taser outside his house, where he was found banging his head against a metal fence post.

 

Timothy Bolander was not supposed to be at the Satin Leaf Court home Thursday because his wife had filed a restraining order against him, so she called 911 when he showed up about 3:30 a.m., police said.

 

Officers arrived, a struggle ensued and he was shot twice with darts carrying 50,000 volts because he wouldn't stop resisting arrest, police said. Then while walking to a squad car, Bolander, who police and his wife say had a history of drug abuse, collapsed.

 

He was taken to Delray Medical Center, where he was pronounced dead. Police are awaiting toxicology results, but said they are confident that Bolander's death was drug related and not a result of the Taser charge.

 

http://www.sun-sentinel.com/news/local/sou...-home-headlines

[machinehead]

The Financial Times runs a tongue-in-cheek headline:

 

Dollar falls to fresh lows in thin festive trade

 

Yeah, we was celebrating too! Me screen got sticky wid champagne spray:

 

The euro rose to $1.3548 versus the dollar, nearly half a cent above its Thursday peak set after the US durables goods and home sales figures.

 

Link

 

All together now:

 

Death to the dollah!

[machinehead]

HRFF bids 'Happy Holidaze'

to BAREister Fund clients

 

MH That's no 'baby seal' ... it's a six-pointer.

[Drano]

As a holder of both GG and WHT, I have to decide how to vote on the combination.

 

GG closed at 15.34. WHT closed at 3.19.

 

In the comgination, WHT shareholders get 1 share GG per 4 shares WHT.

 

So my WHT shareholder side says, "Whoo hoo! If I have WHT I'm getting GG for 12.76 a share! THERE'S a no-brainer!"

 

While my GG shareholder side says, "Hey, we're overpaying. Why should I vote for that?"

 

What I don't understand is why GG didn't tank on that news. It had a nice run up because of the ludicrous GLG offer, which was doomed from the start as anyone who read the terms knew. The terms of the offer said that it was conditional on GG NOT taking over WHT, and NOT HAVING TO PAY WHT if GG's WHT takeover failed. But GG'S prior offer to WHT already included EXACTLY that provision -- so the offer was meaningless.

 

So: Why shouldn't GG tank when it is realized that the stupid GLG offer is not going to happen, since that is what caused it to get to this level (again) after the previous tankage?

 

AND: Why did GLG make the offer, knowing it had to fail? Could "someone" at GLG have been long GG? Big money was made on GG's rise. one suspects. (At least by Dozer -- good trading, buddy.)

 

ARBITRAGE: Will GG fall below 12.76? IF not, why not buy a slew of WHT and wait for the takeover?

 

Oh, yeah, an aside: I'll be voting yes, from both sides.

[Charmin]

How come I didn't see a new low on the few charts I looked at for Uncle Buck?

 

Anyway, Thursday's MoMo:

 

ACR ANTP ATCO ATPG BRN CMN DCAI DHB ENWV EPAY FORD FRD GOL HSR INMD LNOP MCHX MIKR MPX NSSC NVI PRKR RTK SEGU SNR STEM TELOZ TIV TPL VISG WGAT WILCF

MoMo list

5 day view

[Drano]

Acck, I just went over to B4 and discovered that Hiding Bear had posted the same info, more succinctly, on GG and WHT. That's right here:

 

 

http://www.b4-thebell.com/index.php?showto...ndpost&p=391253

[Guest]

Photo posted by Sleddy over on B4 (Great one Sleddy!):

 

 

 

Band Leader Franklin Raines on Percussion - as the American Bagholder waddles ever closer to the slumbering bear.

[Tchaikofsky]

The Financial Times runs a tongue-in-cheek headline:

 

Dollar falls to fresh lows in thin festive trade

 

Yeah, we was celebrating too! Me screen got sticky wid champagne spray:

 

The euro rose to $1.3548 versus the dollar, nearly half a cent above its Thursday peak set after the US durables goods and home sales figures.

 

Link

 

All together now:

 

Death to the dollah!

<{POST_SNAPBACK}>

 

Ministry of Information Version of the Headline:

 

Euro Rises to Fresh High Vs Dollar

2 hours, 53 minutes ago

 

LONDON (Reuters) - The euro hit record highs versus the dollar for a second day on Friday, boosted in thin trade by worries about the U.S. current account deficit and economy and apparent lack of official concern at the dollar's slide.

 

The euro pushed above the key $1.35 level to a fresh all-time high versus the dollar on Thursday after U.S. new home sales tumbled 12 percent in November, the sharpest decline in more than a decade.

 

Among other U.S. figures released on Thursday, U.S. durable goods orders showed a strong overall reading in November, but much of the gain was in the volatile transportation industry and the data failed to give the dollar a boost.

 

=================

 

The clownbuck doesn't "fall", the zero "rises".

 

The half-full glass has one of those leak holes in it.

[Hiding Bear]

Drano,Dec 24 2004, 09:26 AM]Acck, I just went over to B4 and discovered that Hiding Bear had posted the same info, more succinctly, on GG and WHT. That's right here:

 

 

http://www.b4-thebell.com/index.php?showto...ndpost&p=391253

<{POST_SNAPBACK}>

Based on the price of gold, GG might be selling about where it should be even without the GLG offer. If the GLG deal is cancelled, GG may drop back some but not very much.

 

I think WHT is a win/win proposition at this time. You gain 20% if the GG/WHT deal goes through, and if not, you have a solid precious metals company that recently acquired siginificant silver assets.

 

PS Please do your own due dilgence, especially for smaller companies.