FLIGHT TO QUALITY
Mar 26, 2004
MARKET NEWS DIGEST
-> Gold at 10-week high on terrorism, inflation -CBSMW
-> America's love-hate affair with credit -UPI
-> Another day, another record gas price -USAT
-> Report: Medicare to Go Broke by 2019 -AP
-> Stock Indexes Fall to Lows for the Year -NYT
-> Ex-Dynegy executive gets 24 years for fraud -FT
-> Concerns Over Consultants to Pension Funds -NYT
-> Economic Calendar March 22 - 26, 2004
COMMENTARY
-> THE FINANCIAL CONSEQUENCES OF TERRORISM -CRS
-> THE GREAT RALLY IS OVER -Bill Bonner, DR
-> LITMUS TEST FOR ETHICS -Gretchen Morgenson, NYT
-> CAN'T IGNORE SOCIAL SECURITY REFORM -CATO
-> Moviegoers Reject Explicit Sex and Nudity -Dr. Ted Baehr
MARKET NEWS DIGEST
America's love-hate affair with credit -UPI
By Dar Haddix, UPI Business Correspondent
3/23/2004
WASHINGTON, March 23 (UPI) -- As consumers' debt load has risen, so have credit card fees, delinquencies and bankruptcies. Is the credit industry cashing in on the U.S. debt crisis, or are consumers just not managing their money?
America's love-hate relationship with credit was highlighted Tuesday, as the American Bankers Association announced that credit card delinquencies shot up to 4.43 percent of accounts in the fourth quarter of 2003, from 4.09 percent in the third quarter.
"It was a rare combination where credit card delinquencies increased as all other consumer lending delinquencies declined," said ABA chief economist James Chessen. "It took the gloss off of what would be outstanding news."
Greenspan in late February reassured Americans about their increasing debt load, citing the stable debt service ratio for homeowners (about 70 percent of households), which has remained at about 13 percent, and the financial obligations ratio, which has lingered at about 18 percent.
Nevertheless, many analysts have expressed concerns that U.S. credit may not be as solid as others think. The debt ratio for renters -- nearly a third of households -- rose to 28.8 percent of their income in fourth-quarter 2003 from about 22 percent a year earlier. Forty-two percent of Americans are making minimum or no payments on their credit-card balances, according to a recent Cambridge Consumer Credit Index poll -- better than in the past few years, but still approaching half of all credit-holders. Personal bankruptcies in 2003 totaled 1.63 million, up about 5.6 percent from the prior year, according to the American Bankruptcy Institute. Average U.S. credit card debt is $9,205, according to Cardweb.com.
In all, consumers have built up about $745 billion in credit debt, according to Federal Reserve data.
Related Story:
N.Y. Fed: budget deficit poses risks -CNNfn- 3/25/04
Another day, another record gas price -USAT
From staff and wire reports
March 23, 2004
For the second consecutive day, the price of regular gasoline hit an all-time high, the AAA said Wednesday, and this one may prove just as fleeting.
The average price for regular gas hit $1.74 a gallon, up two-tenths of a cent from the prior record reported Tuesday by the AAA.
Tuesday's milestone prompted AAA to recommend economy cars and new clean-air rules, politicians to spar over the U.S. emergency oil supply, and motorists to worry whether they'll be able to afford gas for their summer vacations.
A late-day fire at a refinery near Los Angeles on Tuesday added to price concerns.
Feeding the prices: strong demand, low gasoline inventories and high prices for crude oil, from which gasoline is made.
"Just when I thought it was safe," said Tom Kloza, senior oil analyst at the Oil Price Information Service. He had been predicting weeks of slowly declining fuel prices prior to what most analysts expect to be a record-breaking price spike in late summer. He now foresees the current climb topping out at a nationwide average of about $1.80 a gallon for unleaded regular, followed by nationwide average prices jumping to between $2 and $2.30 as early as midsummer.
[IMAGE: A gas station displays prices in Los Angeles. AAA reports the average has reached an all-time high of $1.74 a gallon. By David McNew, Getty Images]
Stock Indexes Fall to Lows for the Year -NYT
By ALEX BERENSON
March 23, 2004
Weak job growth and renewed fear of terrorist attacks unnerved investors yesterday and sent stocks to their lowest levels this year despite reports of strong sales from Wal-Mart, the world's largest retailer.
Wall Street appears to be unusually divided. Many professional investors and strategists say that the recent sell-off has gone too far, arguing that the economy and corporate profit are growing rapidly and that low interest rates make stocks even more attractive compared with other investments. They predict a snapback as the fear of terrorism fades and companies report strong first-quarter profit.
But a sizable group of skeptics contends that high energy prices, big budget and trade deficits, and weak job growth have put the economy and the market in a precarious position. Despite the recent decline, these people say, stocks remain overvalued and could fall as much as 10 percent more.
For now, the bears have the statistics on their side. With yesterday's declines, four standard market gauges - the Dow Jones industrial average, the Standard & Poor's 500-stock index, the Nasdaq composite index and the Russell 2000 index of smaller stocks - have fallen more than 5 percent from recent highs.
It was the first time that the S.& P. 500 had fallen that much in almost a year. The Nasdaq, which includes leading technology companies like Microsoft and Intel, has dropped further, dropping more than 11 percent from its peak on Jan. 26.
http://www.nytimes.com
Related Story:
Dow 10,000 May Remain Ceiling for Years -FOX News -12/29/03
Gold at 10-week high on terrorism, inflation -CBSMW
By Myra P. Saefong, CBS.MarketWatch.com
March 26, 2004
Gold at 10-week high on terrorism, inflation -CBSMW
Terrorism concerns, inflationary signs lift metals
SAN FRANCISCO (CBS.MW) -- Gold futures climbed to a 10-week high Friday morning as terrorism concerns and signs of inflation lifted traders' need for a safer investment bet.
Gold prices are still firm against a backdrop of "currency uncertainty and signs that the global recovery is still on track," said Grady Garrett, chief trading strategist at EnergyTrendAlert.com, a commodity information provider.
This week's final U.S. gross domestic product number for the fourth quarter was 4.1 percent -- less than the third quarter, but still a good number, he said. "Thus, the case for an eventual return of inflationary forces (which is positive for gold) is still in the works," he said.
On the New York Mercantile Exchange, gold for April delivery traded Friday as high as $424 an ounce, its highest intraday level since Jan. 14. At last check, it was at $421.80 an ounce, up $4.90.
The gold sector has attracted safe-haven buying following continued threats of terrorist activity after the killing of Hamas leader Sheikh Ahmed Yassin by Israeli forces earlier this week and the FBI's security alert for petroleum refineries in Texas on Thursday.
Charles Nedoss, an analyst at Peak Trading Group, believes those are the only factors that have been keeping the price of gold strong.
"I've been watching the dollar and am surprised gold is still at these levels," he said. "I think the only thing keeping it here is the fear factor," he said, also noting a bomb found in France Wednesday.
Overall, "gold's ability to decouple itself from the ups and downs of the euro and rise in most currencies, has given gold bulls all the ammunition they need to make a new high in the coming days and weeks," said Peter Grandich, editor of investment publication The Grandich Letter.
http://www.cbs.marketwatch.com
Ex-Dynegy executive gets 24 years for fraud -FT
By Joshua Chaffin in Washington, Chris Bowe in New York and Sheila McNulty in Houston
March 26, 2004
A federal judge on Thursday sent a chilling message to white collar criminals by sentencing a former Dynegy executive to 24 years in prison for a $300m accounting fraud at the energy company.
The unusually harsh sentence handed down to Jamie Olis, a former vice-president in Dynegy's finance department, is sure to inflame debate about whether the political climate in the US is leading to excessive punishments in cases of corporate malfeasance.
Congress has repeatedly pushed for tougher sentences in the wake of the wave of frauds at companies such as Enron and WorldCom.
The crackdown means Mr Olis, who was found guilty on numerous counts of securities and mail fraud, can expect to serve nearly all of his sentence behind bars.
"He'll be doing 20 years," said Michael Bachner, a Manhattan securities lawyer. "Literally, murderers don't get that amount of time."
Concerns Raised Over Consultants to Pension Funds -NYT
By MARY WILLIAMS WALSH
March 21, 2004
A small but growing part of the $2 trillion in state and local pension funds is being steered into high-risk investments by pension consultants and others who often have business dealings with the very money managers they recommend. After making such investments, a few of these pension funds have come up short, forcing the governments to draw on tax dollars.
The Securities and Exchange Commission is so concerned that it has begun an inquiry into the practices of pension consultants, who serve as gatekeepers for thousands of money managers.
The regulators will find not just financial consultants but a web of intermediaries — marketing agents, lobbyists, brokers and world leaders — between pension funds and the investments they choose.
Some play surprising roles. Former President Bill Clinton meets with pension trustees on behalf of the Yucaipa Companies, a private firm that seeks financial returns through social investing. Ehud Barak, the former Israeli prime minister, persuaded the Pennsylvania teachers' pension fund to commit $125 million to SCP Private Equity Partners, a firm that invests in Israeli military technology. New York's former state comptroller, H. Carl McCall, encouraged the Illinois teachers' pension fund to place $20 million in Healthpoint, a private firm that invests in orthopedic devices companies.
Economic Calendar March 22 - 26, 2004
---------------------------------------------
MONDAY, March 22:
Treasury auctions 3&6-month bills
---------------------------------------------
TUESDAY, March 23:
Weekly Chain Store Sales (9 am ET)
---------------------------------------------
WEDNESDAY, March 24:
Durable Goods Orders for February (8:30 am ET)
New Home Sales for February (10 am ET)
Treasury auctions 2-year notes
---------------------------------------------
THURSDAY, March 25:
Gross Domestic Product (GDP) for Q4 (8:30 am ET)
Corporate Profits for Q4 (8:30 am ET)
Weekly Initial Jobless Claims (8:30 am ET)
Fed Chairman Greenspan speaks (9 am ET)
Existing Home Sales for February (10 am ET)
Help Wanted Index (10 am ET)
Weekly Money Supply (4:30 pm ET)
---------------------------------------------
FRIDAY, March 26:
Personal Income & Consumption Spending for February (8:30 am ET)
Producer Price Index (PPI) for February (8:30 am ET)
Fed Chairman Greenspan speaks (9 am ET)
U. of Michigan Consumer Sentiment Index for March (9:45 am ET)
---------------------------------------------
Report Says Medicare to Go Broke by 2019 -AP
Mar 23, 2004
By MARK SHERMAN and LEIGH STROPE
WASHINGTON (AP) - Medicare will have to begin dipping into its trust fund this year to keep up with expenditures and will go broke by 2019 without changes in a program that is swelling because of rising health costs, trustees reported Tuesday.
Social Security's finances showed little change, and its projected insolvency date remained 2042.
The deteriorating financial picture for the health care program for older and disabled Americans is a result, in part, of the new Medicare prescription drug law that will swell costs by more than $500 billion over 10 years, according to the annual report by government trustees.
Provisions of the law that President Bush signed into law in December "raise serious doubt about the sustainability of Medicare under current financing arrangements," the trustees said.
The 2019 go-broke date for the Medicare trust fund, which is devoted primarily to paying beneficiaries' hospital bills, is seven years sooner than what the trustees projected last year.
The trustees' report is the first official estimates of the long-term costs of the new Medicare law in December. As they did last year, the trustees said that projected lower tax receipts devoted to the program and higher expenditures for inpatient hospital care also contributed to the growing financial problem.
White House spokesman Trent Duffy said the rising cost of health care - and not the prescription drug program - is causing Medicare costs to swell. "It's health care costs - over 70 percent," he said. "Not prescription drugs."
http://www.ap.org
Related News:
Snow: Need Action on Social Security, Medicare -Reuters
Wed 24 March, 2004 18:12
WASHINGTON (Reuters) - U.S. Treasury Secretary John Snow on Wednesday again called for action on reforming Social Security and Medicare, a day after the Medicare system's trustees said it will go insolvent sooner than thought.
"The fundamental math of Social Security is escapable as the large baby boom generation reaches retirement age and the number of workers paying into the system declines significantly relative to the number of retirees," Snow said in prepared remarks to be delivered to the House Ways and Means Committee.
"While we have some time to fix the problem, inaction is not a responsible option," he added.
On Tuesday, Snow and the Medicare program's other public trustees reported that the hospital care trust fund for the medical program for the elderly is expected to be exhausted in 2019, seven years earlier than thought.
SOCIAL INSECURITY: Research Report -- 3-10-04 -- Part I: An Overview of the Social Security Crisis and Proposed Solutions. 77 million baby-boomers are about to retire. What can be done to avoid a funding crisis NOW? Three gov't solutions, six private sector solutions.
COMMENTARY
TERRORIST DEATH THREATENS WORLD MARKETS
Craig R. Smith, SATC
March 22, 2004
JERUSALEM, March 22 (Reuters) - Israel's assassination
of Sheikh Ahmed Yassin was meant to decapitate Hamas but
could end up drawing a wave of new recruits ..."
Overnight Hamas religious leader Yassin was killed by Israeli attacks and Hamas has vowed immediate retaliation they said in a statement that it holds the U.S responsible for giving the Israelis the green light to kill the leader.
Hamas leaders have vowed complete revenge and believes the Bush administration played a role in the killing. Hamas said the "doors of hell have been opened" by Israel. I hope and pray it doesn't hit our shores.
The fear is building on Wall Street and a test of Dow 10k is possible this week.
RELATED STORIES:
We'll open the gates of hell: Hamas responds -ABC Mar 22, 2004
Al Qaeda Claims to Have Nukes
Killing of leader seen to boost, not cripple Hamas
Reuters AlertNet, UK
Introduction to radical Islamic organization of ... - Xinhua
The newest financial terrorist threat
The massive U.S. debt, deficits and Wall Street market over-valuation
THE GREAT RALLY IS OVER -Bill Bonner, DR
Mar 23, 2004
We'll stick with our guess: the great rally is over.
On Friday, the Dow went down more than a hundred points. There
was nothing in the news to cause buyers to lose courage.
Americans are still ruining themselves. They borrow, they spend,
they refinance.
From Vancouver comes news of a 'frenzy' of buying in the real estate market. Reports tell of 150 people lined up to buy into a new condo development. In a single day, most of the units were sold, bringing in $123 million to the developers.
The guardians of public financial virtue do not merely look the other way. They are right out in front of the mob, urging consumers and investors alike to err on the side of recklessness. They offer them good terms - the lowest lending rates in 45 years - and bad advice. Spend, spend, spend, they say, it only gets better.
"Until it gets worse," they should add. The 'recovery' is a fraud. While cheap credit vastly increases the public's debt... and the price of all assets backed by debt... it does nothing to increase the number of jobs or the real incomes of people who have them. Unable to keep up with the payments, Americans are running out of time.
This is not a problem for Americans alone. The dollar is the reserve currency of the entire world, not just the U.S. And the Fed is -- de facto -- the bubble-maker for the whole planet. The Fed's low rates have underwritten a huge boom in debt all over the globe. Assets backed by debt, especially real estate, bubbled-up all over again. House prices, as a percentage of personal incomes, are at the highest levels ever -- in the U.S., Australia, Ireland, the Netherlands, Spain and Britain.
"I wanted to buy an apartment in Paris," said our host this weekend -- a Frenchman living in Normandy -- "but have you seen the prices? It's crazy. I'll wait until they come down... I'm not going to get into this madness. I don't know when it will happen. But these prices have to come down sometime. People can't afford to pay them."
The Economist looks ahead. It thinks it sees the next big trend in real estate. Even a slight upward bias in interest rates could do for the average house what Al Qaeda does to Baghdad hotels. Expect a 20% drop in prices, says the Economist. It would be the "first global property bust in history," says its source.
It might also be the biggest financial bust in history. Property is a bigger business than stocks. More people own property. There's more debt leaning directly on the wobbly walls of real estate. And more people are in danger of getting crushed when the earth shakes and the bricks and mortar come falling down.
While there are about $30 trillion worth of stocks in the world, the property market is estimated at about $50 trillion. Much of it is heavily mortgaged. And in the UK, for example, rental income often doesn't even cover mortgage payments, let alone upkeep and other costs.
In the expansion phase of the debt cycle, debt increased... and everything you could buy with debt was bid up. In the contraction phase, which we think is just beginning, debt will be paid down, downgraded, withheld, discounted, written off, blown up, cancelled, renegotiated and worked out. What it bought -- notably real estate -- will go down.
Stay tuned...
http://www.dailyreckoning.com
LITMUS TEST FOR ETHICS: OPTIONS By Gretchen Morgenson, NYT
March 21, 2004 - New York Times
THERE are two types of companies today: those that understand they must be more responsive to their owners and those that do not. Unfortunately for investors, the second group is far larger.
One company joined the more cooperative forces last week: Marsh & McLennan, the big financial services concern that has been battered by scandal at Putnam Investments, its money management arm. On Thursday, Marsh agreed to nominate Zachary W. Carter, a former federal prosecutor, for a seat on its board. His candidacy was pushed by large state pension funds that own the company's stock.
If Mr. Carter wins a seat, he will be "an independent voice on the board who will help the company grow and avoid problems," said Alan G. Hevesi, New York State comptroller and trustee of the New York State pension fund.
Marsh was forced into the move by the Putnam mess. But the company gets credit for facing reality - more than can be said of many others, especially in Silicon Valley.
Consider the 10-year war over stock options accounting. Even the scarecrow can see that options should be deducted from revenues along with other employee costs. But some technology titans, who like being able to siphon off shareholder wealth, continue to battle against truth in financial statements. They urge employees to write to Congress and they pay lobbyists to sprinkle money in all the right places on Capitol Hill.
A technology trade group called AeA is promoting a stock option fly-in to Washington on March 31. The fliers-in will ask lawmakers to stop the Financial Accounting Standards Board from requiring that options be expensed starting next year. "The battle to save stock options is not over!" AeA said on its Web site. "Non-executive employees are extremely influential on Capitol Hill. Please consider sending one or more of your employees to the Fly-In." (What do the trips cost shareholders?)
It is easy to see why companies don't want to account for options as a cost. A study by Prudential Financial shows that options costs would have reduced earnings at semiconductor makers last year by an average of 40 percent. Options at these companies total 16 percent of shares outstanding, on average, a huge transfer of shareholder wealth.
WE CAN'T IGNORE SOCIAL SECURITY REFORM ANY LONGER -Michael Tanner, CATO
Mar 19, 2004
If anyone doubts the pitiful state of current American political debate, they need look no farther than the reaction to Federal Reserve Chairman Alan Greenspan's testimony that Social Security cannot pay the level of benefits it has promised. Across the political spectrum, politicians reacted like Claude Raines's character in Casablanca who was shocked -- shocked! -- to find gambling going on at Rick's place.
Greenspan's remarks were nothing new. For years, outside experts, various presidential commissions, and the Social Security system's own trustees have warned that the national retirement program is headed toward bankruptcy. In fact, in less than 15 years Social Security will begin running a deficit, spending more on benefits than it takes in through taxes. Overall, Social Security is facing unfunded liabilities in excess of $26 trillion. Trying to fill a gap that size by increasing taxes would cripple the American economy and place an intolerable burden on younger workers. Unless the system is reformed, therefore, benefit cuts are inevitable.
The politicians know this as well as anyone else. But you would have a hard time finding anyone to say so.
Republicans, with a handful of exceptions, have not exactly been profiles in courage on this issue. But the Democratic response was particularly spineless. Sen. John Kerrey worked himself up in full indignation and declared, "If I'm president we're simply not going to do it." Fine. But what does he plan to do? He doesn't tell us. In past comments, Kerrey has been no more consistent on this issue than he has on any other issue. At one time, he favored means-testing of benefits. Later, he changed his mind.
Sen. Edwards was a bit more specific. He would repeal the Bush tax cuts. Of course, that's the same answer he gives when asked how he would pay for his new health care plan and other new spending programs. But even if every penny of the Bush tax cuts were reserved for Social Security, it wouldn't come close to the money necessary to bail out Social Security.
Once, there were Democrats with the courage to tackle an issue as big as Social Security. Then Sens. Bob Kerrey and Chuck Robb sponsored legislation to reform Social Security. Their legislation even went so far as to allow younger workers to privately invest a portion of their Social Security taxes through individual accounts. The late Sen. Daniel Patrick Moynihan not only sponsored legislation to create individual Social Security accounts, he co-chaired a bipartisan commission under President Bush that provided yet another recommendation for individual accounts.
But perhaps there was no bigger advocate of Social Security reform than President Bill Clinton. Clinton held a series of town hall meetings around the country to warn of the program's impending collapse. "Save Social Security first," was his mantra. Clinton spelled out the limited options available for Social Security reform: raise taxes, cut benefits, or invest privately. He even went so far as to create a secret Treasury Department task force to explore how a system of individual accounts might be implemented. If the Lewenski scandal had never erupted, Social Security might already have been reformed.
But today, leading Democrats can't allow the words Social Security to pass their lips without adding a denunciation of Republican plans to "privatize" the program. Pledges to "save" Social Security are not enough. None of the Democratic candidates for president has offered a proposal for keeping Social Security solvent. The only Democratic proposal introduced in Congress was by Rep. Peter DeFazio (Ore.). Considering that his plan contains the largest tax increase in U.S. history it is not surprising that he has no cosponsors.
Thus, it's no wonder that Will Marshall of the Progressive Policy Institute says that Democrats are "in total denial" when it comes to Social Security.
That's just not good enough. The cost of doing nothing about Social Security is to pass along to the next generation an intolerable burden of debt and taxes. The cost of delaying action is almost as bad. Every two-year election cycle that we wait makes Social Security reform approximately $320 billion more expensive.
Chairman Greenspan has shown us that the emperor has no clothes. The politicians need to do more than avert their eyes.
http://www.cato.org
More from CATO:
March 25, 2004
A Welfare State for Aggrieved Market Losers by Robert A. Levy[On Microsoft decision]
Related Story: SOCIAL INSECURITY: The Social Security Crisis and Proposed Solutions
Moviegoers Reject Films with Explicit Sex and Nudity -Dr. Ted Baehr, Movieguide
March 23, 2004
An annual study of the sexual content in Hollywood movies shows that movies
with explicit sex and nudity don't sell.
Each year, the Christian Film & Television Commission and its monthly publication, MOVIEGUIDE®, analyzes the content of all the major movies released by Hollywood.
Only five of the Top 10 Movies at the Domestic Box Office in 2001, 2002, and 2003, less than 20 percent, had excessive or very graphic sex in them, according to MOVIEGUIDE®'s ratings, but 19, or 63 percent, had either a moral worldview or a Christian worldview.
Also, the bigger the amount and the stronger the sex and nudity are in a movie, the worse it does at the box office.
In 2003, for example, 78 movies with no sex averaged $37.6 million; 95 movies with implied sex averaged $32.1 million; 71 movies with briefly depicted sex averaged $25 million; and, 35 movies with extensive, excessive, or graphic sex averaged only $17.1 million. In 2002, 82 movies with no sex averaged $44.3 million; 104 movies with implied sex averaged $23.2 million; 82 movies with briefly depicted sex averaged $20 million; and 31 movies with extensively depicted, excessive, or graphic sex averaged only $17.7 million.
In 2000, 2001, 2002, and 2003, movies with no nudity averaged $26.6 million, 40.7 million, $35.9 million, and $34.6 million, respectively, but movies with full male and/or female nudity averaged $14.5 million, $7.6 million, $9.1 million, and $11.8 million, respectively.
"Clearly, sex does not sell as well as the mass media wants us to believe," said Dr. Ted Baehr, chairman of Christian Film & Television CommissionT and publisher of MOVIEGUIDE®.
John Fithian, president of the National Association of Theatre Owners, says, "Family product sells and R-rated product does not."
Dr. Baehr released the full 2004 MOVIEGUIDE® Report to Hollywood on March 24 at the 12th Annual Faith & Values Awards Gala in Beverly Hills. For more details on this or any other part of MOVIEGUIDE®'s Annual Report, please call 1-800-577-6684.
For more information about Christian Film & Television CommissionT, the oldest Christian advocacy group in Hollywood, MOVIEGUIDE®, and Dr. Baehr's MEDIA-WISE FAMILY speaking engagements and seminars, please call (800) 899-6684, or write to P.O. Box 190010, Atlanta, GA 31119, USA.
Parent's Note: If you want to train your own family to be media-wise, call 1-800-899-6684 in North America, to order the, book, video or audio version of THE MEDIA-WISE FAMILY, Dr. Ted Baehr's latest teaching guide. Also, MOVIEGUIDE® now offers an online subscription to its archives, at www.movieguide.org.
ABOUT THE EDITOR
David M. Bradshaw is Editor of Real Money Perspectives,
publisher of Rediscovering Gold in the 21st Century:
The Complete Guide to the Next Gold Rush (7/01) and
has been an economic commentator since 1987, when he
produced the World Economic Perspectives radio show.
In 1997, he produced a one-hour TV documentary, "Preparing
Wisely for the Next Millennium," which was distributed
free of charge at Blockbuster Video nationally. In 1999, he
produced a one-hour radio special, "The Big Picture: The
Shape of Things to Come" discussing geopolitical,
economic and spiritual trends in the 21st Century.
MORE...
DISCLAIMER: All of the information in this story is believed to be true, however errors are possible.
Past performance is no guarantee of future performance. All investments have risk. -SATC
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