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Union-Tribune's December House Organ Doesn't Report Circulation Figures
Playboy is going to feature a pictorial on the girls of Copley Press next March.— December 9, 2008 11:01 p.m.
November's Shocking 533,000 Jobs Loss Was Actually Far Worse
I also predict severe social disorder as the state gradually runs out of money and is forced to cut welfare payments. Drug addicts and alcoholics will no longer have state funds to pay for their addiction and will go berserk. Massive riots will break out, particularly along the El Cajon Blvd. corridor in San Diego where many substance abusers live. Hordes of hungry and strung out rioters will march down El Cajon Blvd and pillage Mission Hills.— December 5, 2008 9:02 p.m.
November's Shocking 533,000 Jobs Loss Was Actually Far Worse
I still maintain my prediction that unemployment will hit 20% by 9/30/2009. I also predict San Diego's 2009 budget deficit will top $250 million, and 25% of the City's workforce will lose their jobs by 12/31/2009.— December 5, 2008 8:44 p.m.
Obama will eventually have to tax middle class
The 401(k) and the IRA are the primary causes of the financial dislocations we are witnessing on Wall Street. The 401(k) law was enacted in 1977 and unleashed a massive torrent of cash on the financial markets which the markets did not need and could not handle. The purpose of the stock market is to allocate capital to corporations that have demonstrated the ability to generate above average rates of return, and not to fund retirements or provide college money for junior. Public corporations were not engaged in massive manufacturing infrastructure and capital spending projects that were needed to sop up excess 401(k) and IRA cash flooding the market. The excess cash simply drove stock prices into the stratosphere without regard to economic fundamentals. The 401(k) and IRA should be eliminated because these plans have destroyed the ability of the markets to allocate capital efficiently.— November 26, 2008 6:52 p.m.
Obama will eventually have to tax middle class
The consumption based economy is dead and will never recover. The Fed's push to jumpstart the economy by "unfreezing" the credit markets will not restore the health of the economy. There is no little or no consumer demand for credit. Most consumers have cut back spending and those who still have jobs want to repay their mountain of debt, not incur more debt. The current generation of homeowners have been burned and will never again engage in debt-financed spending rampages of the sort we've seen in past years.— November 26, 2008 6:23 p.m.
Minkow Scores Again; CEO of MGM Mirage Resigns over MBA Questions
Gamblers at the MGM Mirage have been walking out of the casinos in droves to express their moral indignation over Lanni's false MBA claim. If Lanni hadn't resigned the MGM Mirage stood to lose millions in gambling revenue.— November 15, 2008 10:31 a.m.
City Pension Fund Is Only 58 Percent Funded, Council Will Learn Tomorrow. Will It and Mayor Listen?
I predicted two weeks ago on this blog that the City's unfunded pension liability would swell to $2.8 billion and I was right. I also predicted that the City will layoff 25% of its workforce in 2009, and I stand by that prediction. Instead of the $43 million budget shortfall projected by Mayor Sanders for Fiscal Year 2009, my rough calculations indicate the City's budget deficit will range between between $320 million and $380 million. If Arnold can't swing a large tax increase, the City's budget deficit should easily reach $420 million or more.— November 12, 2008 7:46 p.m.
City Pension Fund Is Only 58 Percent Funded, Council Will Learn Tomorrow. Will It and Mayor Listen?
Under the state constitution cities like San Diego cannot default on bonds. San Diego must pay the bondholders before it pays any other expenses, including police and fire salaries.— November 12, 2008 7:33 p.m.
Qualcomm Reports Profit Drop, Gives Disappointing Forecast. Stock Hit
With a Price Earnings ratio of 16 Qualcomm is still grossly overvalued. Qualcomm is fairly valued at between $12 and $18 per share. Qualcomm should trade at a low P/E ratio because it is a risky stock to own. The company's technology base is under relentless legal assault. One or two unfavorable legal rulings could cripple the company. GSM will become the gold standard for cell phone technology in the US, not Qualcomm CDMA technology. It's not entirely certain at this point that Qualcomm will be able to compete in a GSM world. Also, Irwin Jacob's advanced age is a major risk factor. There's no guarantee that Qualcomm will not be sold at an unfavorable price upon his passing in order to pay estate taxes.— November 6, 2008 7:01 p.m.
First Big Shoe Drops in Next Crash; Citigroup Reports Big Loss in Credit Card Securitization
Johnny, I think a guy in your situation should find dates at the Chicago Club in Tijuana. Margo is out of your league.— November 4, 2008 10:06 p.m.