Ed’s Daily Notes for December 12th   9 comments

Business Insider: Boehner Unloads At Conservative Groups That Oppose The Budget Deal: ‘This Is Ridiculous!’

House Speaker John Boehner (R-Ohio) snapped at conservative groups that have come out in opposition to the budget deal reached Wednesday between Rep. Paul Ryan (R-Wis.) and Sen. Patty Murray (D-Wash.).

“They’re using the American people for their own purposes. This is ridiculous,” Boehner said at a press conference with other members of House Republican leadership on Wednesday.

Over the past few days, a number of conservative groups have blasted the deal because it sets discretionary spending levels in the budget higher than previous levels under sequestration.

…When Boehner was asked in the press conference about the conservative groups, he cut off the reporter asking the question.

“You mean the groups that came out opposed to it before they ever saw it?” he said. “… If you’re for more deficit reduction, you’re for this agreement.”

Soon after the press conference, the groups denounced Boehner’s comments. Club for Growth President Chris Chocola said that the group stood with the likes of Sens. Marco Rubio (R-Fla.), Ted Cruz (R-Texas), Tom Coburn (R-Okla.), and Rand Paul (R-Ky.), all of whom oppose the deal.

Senate Minority Leader Mitch McConnell also plans to vote against the deal, a source close to McConnell told Business Insider on Wednesday afternoon.

“After carefully reviewing the budget deal, on which we never commented until it was complete, we determined that it would increase the size of government,” Chocola said. “We support pro-growth proposals when they are considered by Congress. In our evaluation, this isn’t one of those.”

Mr. Boehner, YOU are ridiculous! You are no better then what I have called the rest of this bad deal’s proponents: A teenager with a credit card. It is people like you who will bankrupt this country. No deal at all is better than a bad deal. Sell your snake oil somewhere else.

For a good analysis of this obscene spending bill, read this article from National Review.

Bloomberg: Samsung Shifts Plants From China to Protect Margins

Samsung Electronics Co. (005930) built the world’s largest smartphone business by tapping China’s cheap and abundant workforce. Not for much longer: it’s shifting output to Vietnam to secure even lower wages and defend profit margins as growth in sales of high-end handsets slows.

By the time a new $2 billion plant reaches full production in 2015, China’s communist neighbor will be making more than 40 percent of the phones that generate the majority of Samsung’s operating profit. The Suwon, South Korea-based company’s second handset factory in Vietnam is due to begin operations in February, according to a Nov. 22 statement on the local government’s website.

Time to invest in Vietnam? Perhaps…

Bloomberg: Bloomberg Industry Leaderboard

Above is a neat little tool that Bloomberg just introduced, which shows any industry’s leaders. If you are looking to invest in a specific sector, but you aren’t sure which stock to buy, this is a “must-see” tool.

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Posted December 12, 2013 by edmcgon in Investing Education, Market Analysis, News, Politics

9 responses to “Ed’s Daily Notes for December 12th

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  1. Ed

    My take on Boehner is that he is looking at the mid term elections.
    Right now Obama/democrats are like a train coming off the tracks. Obama is unpopular the American people believe he lied about obamacare and the rollout has shown government ineptitude.
    Many are questioning his weak and confusing foreign policy.

    Now he is at a point where everything he does is highly negative, a smiling selfie photo at Mandelas funeral, shaking Castro hand. These things get magnified toward the negative.

    I think Boehner does not want to give obama anything like a government shutdown that he can pin on the republicans or tea party.
    He rather stand back on watch obama train come of the track all by itself.

    • Ojunkers,
      I think you’re 100% correct. Unfortunately, I have a problem with someone spending my money without my consent in order to win an election. I don’t vote for people to go to Washington and get re-elected.

    • I have to agree. When your opponent is committing blunder after blunder why throw him a lifeline or take the focus off him. Allowing Obama and the Democrats to re-frame the discussion does not help Republicans. Of course his own party may torpedo his strategy.
      I am not sure missteps now will have much impact down the line but if the current climate persists into early and mid 2014 that can only benefit Republicans.

      Robb

    • The only people who can stop the Republicans from picking up seats and possibly even defeat Hillary in 2016 are the Republicans themselves. And I would put money on the Republicans shooting themselves not in the foot but the head as they have in the 2010 (Senate was theirs to lose including the seat held by Reid and the Republicans again were able to not just snatch defeat out of the jaws of victory but hand the Democrats a propaganda victory) and 2012.

      I don’t considered myself an Einstein however compared to the far right I must be. Because I know you need 51 votes to stop a President Obama justice appointment and apparently a majority of Republicans don’t understand this. Running people who can’t win an election for dog catcher much less Representative or Senator or eating your own by running a loser of a candidate against a very fiscal conservative Republican is plain stupid (sorry for the use of this word but that is how strongly I feel about the intelligence level of the Republican party).

      http://www.theatlantic.com/politics/archive/2013/12/the-republican-primary-to-end-all-republican-primaries/282183/

  2. Thanks for pointing out the Bloomberg tool Ed. Still trying to find my way around their new site

    • I’m still getting used to it. I can’t say I like it. If it wasn’t for the fact they have some of the best market and news coverage around, I wouldn’t bother.

  3. Is anyone buying the HIlton IPO?

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