Ravengate
Partners - Stock market, economic and political commentary by Patricia Chadwick

President Obama promised CHANGE in his campaign for President, and after 100 days in office, it is easy to give him a grade of A++ on keeping that promise. I must leave it to historians to gauge whether or not his first 100 days will take the top prize in terms of changes instituted in this country, but for sure he will get honorable mention.

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I never thought I would find myself in the same camp as the self-acclaimed “democrat socialist” Senator Bernie Sanders of Vermont. But last evening on the Kudlow Report he made a very legitimate case for Government capping interest rates on credit card balances.

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On the surface, JPMorgan Chase’s first quarter 2009 earnings look auspicious, reversing the red ink of the last few quarters and exceeding what was expected by investors. But a simple read-through of the press release paints a different picture.

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The housing industry is finally just starting to get a bit of life, thanks to mortgage rates that are at the lowest levels in nearly 50 years. Combined with falling house prices, home affordability is the best level in years. Wise homebuyers will take out a fixed rate mortgage, NOT a variable one, however long the term might be, and budget to pay that fixed amount every month.

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Thank you, Mr. President, for doing what should have been done long ago, by moving forward to open up diplomatic and trade relations with Cuba.Not only is it the right thing to do from a human rights point of view, it will enhance the economies of both the United States and Cuba at a time when any stimulus to economic activity is an answer to prayer.

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The sooner those banks which don’t need Federal Government loans – Goldman Sachs? Morgan Stanley? Wells Fargo? – can repay them, the better. Because then those healthy financial institutions will be able to compete head to head with their major competitors, now in essence under the control and management of the Federal Government. When that day arrives – and it can’t come too soon – there will be a real test of private enterprise versus the Government, of capitalism versus socialism. I know where I will put my bet for who will be the winner, and it ain’t with the Federal Government.

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