Our current Bad Hot of the Day is Reggie Bush’s new girlfriend, Melissa Molinaro. Doesn’t she resemble Kim Kardashian a little bit?

Melissa Molinaro

~Boo

 


UK Wildcats swingman, Deandre Liggins drafted 53rd overall in the 2011 NBA Draft by the Orlando Magic.

Check out his pre-draft Chicago interview below.

~Boo

 


Brandon Knight of the University of Kentucky Wildcats is drafted 8th overall in the 2011 NBA draft by the Detroit Pistons where he will reunits with former UK player Tayshaun Prince.

Check out the highlight video below of Brandon.

~Boo

 


Josh Harrelson, better known as Jorts, is the third UK player drafted in the 2011 NBA draft.

Check out the video below.

~Boo

 


Enes Kanter is finally freed. He was drafted 3rd overall to the Utah Jazz and he immediately said he was dedicating his rookie season to the University of Kentucky fans.

Check out the video below…good stuff.

~Boo

 


A weeks ago we discusses a strategy for using put options to create money out of thin air. In our example, we sold put options on stock symbol CIGX for after commission proceeds of $0.35 a share. In order to put on this trade we had to tie up $4 in capital per share.

If the stock traded below $4 up until June 17th, we would be forced to buy shares of stock for $4 regardless of where the price went to. If the stock remained above $4, we would get to keep our original monies for taking on the risk.

In this, our third installment of creating money out of thin air, we wanted to give an update to how the trade played out.

On Friday June 17th, CIGX finished the day trading at $4.42, which was above our threshold of $4.00. This allowed our obligation to purchase shares for $4 to expire and we were able to keep the all the original money we took in for our troubles.

We are currently investigating this stock further and have not decided as to whether we will put on this same trade again for July expiration. At current price levels, we can sell put options and take in between $0.45 and $0.55 per share for agreeing to purchase the stock for $4.00 up to July 15.

This stock is risky, thus the high premiums you can receive for putting on this trade, however it is showing a lot of support at $4.00.

We will let you know if we decide to use this stock again or whether we choose an entirely different stock for this month’s put option sell.

~Boo

 


These comments and speeches by President Obama just go to show you that he hasn’t any idea how to stimulate the economy and produce jobs for Americans.

In a strange response in an interview conducted by NBC, Obama blamed modern technology, even specifically blaming ATM’s at banks and ticketing kiosks at airports, as causes of the high rate of unemployment in America.

Obama stated, “There are some structural issues with our economy where a lot of businesses have learned to become much more efficient with a lot fewer workers. You see it when you go to a bank and you use an ATM, you don’t go to a bank teller, or you go to the airport and you’re using a kiosk instead of checking in at the gate.”

The misguided notion that innovation towards more efficient ways of conducting business causes higher rates of unemployment is startling.

Looking at Obama’s examples, he is wrong on several counts (there is even more, but I will keep this brief).

First, ATM’s require maintenance as well as manufacturers to produce them. ATM’s don’t appear out of thin air, and the money has to get inside of it somehow. As a former bank teller, I can tell you that maintaining an ATM is a lot of work. Professionally trained maintenance crews routinely travel from bank to bank servicing these expensive machines. The creation of the ATM has led to the creation of these jobs that would otherwise not exist. Further, bank tellers inside the branch have to be well versed in ATM knowledge so that they can properly maintain it.

Second, all Obama is looking at is what he can physically observe. He is completely ignoring the unseen consequences of certain actions. Sure, we would have more people doing specific tasks if we got rid of certain technologies. For example, if we got rid of the computer, there would be an increased demand for secretaries to serve the role that computers have in the office place. But computers have led to an increased level of wealth and prosperity as they have proved to be more efficient than having a bunch of secretaries performing those tasks. Computers are cheaper than secretaries, and faster. Why would a company handicap itself by choosing less efficient ways to conduct business? Does Obama feel guilty every time he uses his cell phone to send an email instead of hand writing a letter and mailing it to the recipient?

Third, throughout history society has innovated. Many tasks that required significantly more people to perform centuries ago have been replaced by new technology that has led to those human resources being directed elsewhere. As Don Boudreaux blogged about in his open letter to Obama on this matter, he imagined what previous Presidents may have said if they were in a similar interview:

Pres. Grant, for example, might have grumbled in 1873 about “some structural issues with our economy where a lot of businesses have learned to become much more efficient with a lot fewer workers. You see it when you go to a bank that uses a modern safe and so employs fewer armed guards than before, or when you travel on trains which, compared to stage coaches, transport many more passengers using fewer workers.”

Or Pres. Nixon might have groused in 1973 about such labor-saving innovation: “You see it when you step into an automatic elevator that doesn’t require an elevator operator, or when you observe that polio vaccination keeps people alive and active without the aid of nurses and all those workers who were once usefully employed making iron-lung machines, crutches, and wheelchairs.”

ATM’s and kiosks at airports are no more to blame for higher unemployment today than the manufacturing of automobiles that put the stagecoach/wagon industry out of business. Somehow, unemployment rates adjusted with time as people redirected their labors to more useful efforts.

~Boo

 


You have to wonder who’s advising Democrats these days. With the economy stuck in a two-year, Obama-dug rut, their only new economic growth idea is to raise taxes and hike federal spending.

According to The Hill, Democrats are so frustrated with President Obama’s “passivity on the economy” that they’re actively working on a fresh stimulus package that would include significant new spending on roads and other infrastructure, paid for by closing various tax loopholes.

Sen. Tom Harkin, D-Iowa, told the publication that “the last election was about jobs and the economy, and now we’re in a position where we really do need some economic pump-priming by the federal government.”

Has Harkin been asleep for the past two years? Doesn’t he remember that Democrats already pushed through $830 billion worth of “pump priming”? And that this was supposed to stimulate growth and hold unemployment under 8%?

Instead, quarterly GDP growth has averaged an anemic 2.8% since the recession officially ended two years ago, and unemployment has been at or above 9% for all but two of the past 24 months.

To read the full article go to the following link Tax and Spend Does not Work!

~Boo

 


Rick Perry delivered an unapologetically socially conservative speech before a friendly crowd here.

“We need to stop apologizing for celebrating life,” the Republican Texas governor bellowed at the Republican Leadership Conference in a finger-pointing, finger-wagging and, at times, bombastic, speech.

“Stop apologizing” for wanting to stem the tide of the “entitlement mindset,” he boasted.

“Our opponents on the left are never going to like us, so let’s stop trying to curry favor with them,” he said, before imploring the crowd to “stand up. Let’s speak with pride about our values. Let’s stop this American downward spiral.”

He acknowledged later with a smile, “I’m preaching to the choir here.”

Perry did not address the speculation surrounding his potential run for president and did not take questions after his speech. Instead, after bounding off the stage to chants of, “Run, Rick, run,” pumping his fists, and shaking hands with audience members, he headed backstage and did not reemerge in the hallways here.

Of all the speakers of the three-day confab, Perry was the best-received, even more so than Rep. Michele Bachmann (R-MN), who was a close second. Perry got a standing ovation when he took the stage, several times during his speech, and at the end.

“He’s the man,” one man said to a woman right after Perry’s speech.

“Him and Bachmann,” she responded. “That’s the ticket.”
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~Boo

 


For those of you who need more proof that Obama’s so-called stimulus bill did not work, over 2 years after the bill was passed America still has nearly 2 million fewer workers than when it was passed. This bill was not a stimulus at all, it was a political handout to the special interest groups that helped get him elected. He obviously does not care about creating jobs, or he simply has no idea what is needed to create jobs.

Twenty-eight months after Congress passed President Obama’s signature economic stimulus law, and nearly one year after he declared the summer of 2010 to be “Recovery Summer,” 1.9 million fewer people are employed.

In February 2009, the Bureau of Labor Statistics (BLS) reported that 141.7 million people were employed. By the end of May 2011 – the last month for which data are available – that number had fallen to 139.8 million, a difference of 1.9 million.

While the number of people with jobs has increased slightly from its low point during the recession – 137.9 million in December 2009 – those 1.9 million jobs have been lost despite $800 billion in stimulus spending.

This does not mean that the economy is not creating jobs, but rather that it is not creating jobs fast enough to keep up with a combination of layoffs and people entering the job market for the first time.

In a Washington Post op-ed, former White House chief economist Larry Summers noted that the percentage of the population that has a job has not improved, even though the economy is technically in recovery.
“From the first quarter of 2006 to the first quarter of 2011, the U.S. economy’s growth rate averaged less than 1 percent a year,” Summers wrote. “The fraction of the population working remains almost exactly at its recession trough, and recent reports suggest that growth is slowing.”

White House chief economic advisor Larry Summers.

The fraction of the population with a job has in fact fallen in the 28 months since Congress passed the stimulus – down from 60.3 percent in February 2009 to 58.4 percent in May 2011.

The economy cannot create jobs fast enough to keep pace with layoffs and recent high school and college graduates seeking employment. If the trend continues, as Summers notes may happen, the economy will suffer further in the future as college graduates delay entry into the labor force, reducing their lifetime productivity.

“Beyond the lack of jobs and incomes, an economy producing below its potential for a prolonged interval sacrifices its future,” argued Summers. “Huge numbers of new college graduates are moving back in with their parents this month because they have no job or means of support.”

As both Summers and the BLS data make clear, the economy is not creating new jobs fast enough to make up for layoffs and new graduates, calling into question Obama’s oft-repeated claim that the economy is recovering and creating jobs.

In fact, by citing figures from the first quarter of 2006, Summers is understating the economy’s poor performance. According to BLS data, the number of people with jobs peaked at 146.6 million in November 2007, meaning that over the entire recession – which officially began in December 2007 – the number of people employed has fallen by 6.8 million.

~Boo

 




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