God bless Georgia! Ed’s Daily Notes for March 27th   13 comments

800px-Flag_of_Georgia_(U.S._state).svg

MSNBC: Georgia lawmakers pass controversial ‘guns everywhere’ bill

Sometimes, I am proud to live in the state of Georgia. This is one of those times:

The Georgia House passed a sweeping gun bill late Thursday night that allows firearms in bars, nightclubs, school classrooms and certain government buildings that lack security personnel or devices.

Lawmakers moved the bill through the House during the last hour of the night on Thursday, meeting their midnight deadline before the end of the current legislative session. If signed by the state’s governor, the law will give religious leaders the option to “opt-in” to allow guns on their worship premises, where violators cannot be arrested or fined more than $100 each. Additionally, it could grant citizens the right to carry firearms in bars, nightclubs, libraries, sports facilities, senior citizen and youth centers, and on K-12 premises by authorized administrators and teachers.

The law would also allow permit-holders to carry guns into Transportation Security Administration (TSA) checkpoints in airports with no penalty, which is a reduction from the maximum felony punishment currently in place. Individuals who claim ownership of a permit would be allowed to leave the security area without consequence, and officials could not detain them or ask to see firearms documentation.

How many decades has Western Civilization spent making gun control laws, only to see horrendous shootings continue? At some point, we have to say these tough gun laws are only making things easier for armed criminals.

This quote says it better than I can:

Gun control defined: The theory that people who are willing to ignore laws against rape, torture, kidnapping, theft, and murder will obey a law which prohibits them from owning a firearm.

Sorry liberals, but if you want to keep pursuing your logically flawed and failed policies of gun control, you’ll have to do it somewhere else.

Bloomberg: Citigroup Fails Fed’s Stress Test as BofA Gets Dividend Boost

We finally got the results of the Federal Reserve’s stress testing on U.S. banks:

Citigroup Inc.’s capital plan was among five that failed Federal Reserve stress tests, while Bank of America Corp. won approval for its first dividend increase since the financial crisis.

Lenders announced more than $60 billion of dividends and stock buybacks after the Fed approved capital plans for 25 of the 30 banks in its annual exam. Citigroup, as well as U.S. units of Royal Bank of Scotland Group Plc, HSBC Holdings Plc and Banco Santander SA, failed because of concerns about the quality of their processes, the central bank said yesterday in a statement. Zions Bancorporation failed after its capital fell below Fed minimums in a simulation of a severe economic slump.

In hindsight, I picked the right time to get out of Banco Santander (SAN). However, this news almost inspires me to put SAN back on my watchlist, except for the whole European exposure problem.

Regarding Citigroup (C), that is one for the watchlist. With this news, they will take a big hit (the pre-market is setting the price in the $46-48 range). Frankly, they were already arguably cheap at over $50/share. Since they are about to become cheaper, it becomes much more attractive.

As for Zions Bancorporation (ZION), they are a mess anyway. They should have failed.

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Posted March 27, 2014 by edmcgon in Editorial/opinion, Market Analysis, News, Stocks

13 responses to “God bless Georgia! Ed’s Daily Notes for March 27th

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  1. I was disappointed that C failed the test. I will continue to hold my shares, but will not add. This is a company that just struggles to get their act together. The Mexico fiasco is another example. When they get it together, they will move towards $60, but I suspect it will require patience.

    • Marshall,
      I don’t know how large your position is, but you may consider adding to it if they drop enough?

    • Good morning Marshall,
      Followed you on your initial buy. Perhaps like Ed suggests, worth adding to lower basis? Earlier this month, you had a $46.47 buy order for C. Did that go through?
      Thanks.

  2. It is funny that you seem to believe only “liberals” care about gun control.

    It is unlikely that the legislation, if signed, will actually make anyone safer. Of course the restrictions on guns in certain places hasn’t necessarily made anyone safer either. People seem to get angered more easily these days and providing more people with more access to their guns in more situations seems like it will make it more likely guns will be used in the heat of anger. But the great thing about this country is that states get to pass the laws their citizens want (for the most part) and we get to sit back and see how it works out.

    Why wouldn’t someone be allowed to have a gun on church grounds? Opt-in? Why do they have any right to opt-in or out? Seems odd that disallowing guns at elementary schools is some liberal gun control overstep but disallowing guns on church grounds would be a-ok.

    Robb

  3. Ed I’m going to disagree with at least one point in this law.

    Ed I lived in Tucson. In Tucson people couple can and do carry guns. You see them in their trucks all the time.
    And in general Tucson has no more problems then places that don’t allow it, so I agree up to that point.

    But what Tucson/Arizona doesn’t allow is bring guns into bars.

    Have you ever heard of the term “mean drunk”?

    Do you really want a drunk guy with a gun where you are drinking?

    If your answer is gong to be that they “good guys” would be carrying guns too and could some how take care of the situation, I will remind you of a few facts.
    1) Most people are not good enough to shoot someone in a crowded room without hitting another person.
    2) Even if they could do #1, bullets go through people and can kill other people.
    3) The “good person” most likely will have been drinking and as such will be not at the top of their skill level, whatever that means.
    4) The “bad” drunk might in fact not be a bad guy, just drunk, and as such people will die for no real good real.

    I remember once while I was in Tucson there was a fight with drunks, and they took it outside and one of them went and got a gun out of his car and shot the other one. It is is sad that this happened, but it could have been much worse if this happen in the bar.

    There are certainly places that guns should not be allowed.

    You have the freedom of speech, but you are not allowed to go into a movie theater and shout “Fire” when there isn’t one.

    Freedoms require the proper responsibility, and it seems a lot of people don’t have the common sense to know where that dividing line is.
    That is why you need some gun laws.

    • ChrisO, Great points. In conceal carry gun class they explain it as : If you shoot a person because you feel you are in imminent danger right or wrong and your bullet hits someone else you will be arrested.

    • Chris,
      I agree with you 100%. But I will add that the law allows bars to opt-out, so if a bar wants to ban guns, they can. Personally, if I owned a bar, I would opt-out.

  4. Ed, I visit your state often and this gives me another reason to stay out 🙂 BTW post more MSNBC stuff 🙂

    • Bill,
      This story was all over the place, including the NY Times. Most of the pieces had a liberal slant to them. MSNBC had the best “general” description of the law, so I went with that one. Ironically, Fox News didn’t have a single piece on that story yesterday.

  5. Ed,

    Escaping the communist regime and coming to the US as a political refugee I would not call myself a liberal. However there is a logic flaw in the quote you provided on gun control. Let me change it slightly:

    Nuclear weapons control defined: The theory that people who are willing to ignore laws against rape, torture, kidnapping, theft, and murder will obey a law which prohibits them from owning a nuke.

    See the flaw?

  6. How many decades has Western Civilization spent making gun control laws, only to see horrendous shootings continue? At some point, we have to say these tough gun laws are only making things easier for armed criminals.

    Nice logic. One has nothing to do with the other. The “horrendous shootings” are rarely by armed criminals; they are generally by the mentally ill or suicidal adolescents. think of the horrific shootings and mass murders of the last 25 years and few, if any, involved criminals. Columbine, Colorado movie theatre, connecticut school massacre, Arizona congresswomen,the “I don’t like MOndays” school shooting, etc. None of the shooters were criminals with records- they were all nuts.

    The gun control “movement” if you want to call it that started with the murder of John Lennon and the shooting of James Brady and President Reagan. Neither shooter was a criminal- they were both nuts.

    Actual gun-related crimes have been dropping steadily over the last 25-30 years. So if anything, the evidence is that there are fewer people “ignoring laws on rape, kidnapping, torture, theft etc.” than there were before the gun control movement started.

    I won’t make your leap of logic to suggest one caused the other, but your logic and conclusions are seriously flawed.

    Look what is happening in Florida. Kids getting shot right and left over a bag skittles or loud music. Combining machismo and a handgun is a recipe for heartache. And neither the dude that was acquitted for shooting trayvon martin or the dude that was convicted of shooting the teenagers in a gas station parking lot over a dispute over loud music had criminal records. They simply had a big ego and access to a concealed weapon.

    Must have been the gun control laws that were the cause. Yeah, that’s it.

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