had a stimulus bill and thats, it we have a tremendous fiscal program
going on we take in 15% of GDP and spend 25% of GDP. Agree with what
government did in fall of 2008. resi construction has flat lined,
when it comes back and it will, but it takes working off a crazy
inventory we have. when that comes back you will see a pick up
employment. shaw carpets and nebraska furniture mart will hire when
resi contruction comes back not just construction workers. i said in
annual report it may pick up by end of year, we are creating
households faster then we are building this a good thing, the
tornadoes re sad but they took out homes. People think it is slow
recovery but if you think about the hit we took,
290K max per week and 106K bottom we are 190K now - rail cars per week
Iscar is picking up
when resi construction gets rid of huge overhang, i think it will
surprise people
cm - the one place i think we are making a mistake is that we are not
learning enough from the financial collape, we should take an axe and
widdle the financial sector down to size
wb - how would you do that?
cm - i would have tax disocurage trading, securities should trade like
real estate, hft is legalized front running, making heroes out of
people that succeed is bad for the moral fiber of our country, the
lack of contrition of finance people makes sokol look like a hero.
wb - if you trade an s&p contract for 10 seconds for a profit, 60% of
the gain is a long term at 15%
cm - the hedge fund traders pay less on taxes then professors and cab
drivers, this is dimented
Sent from my iPad
