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March 5, 2010     Post-Gazette
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March 5, 2010

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Page 4 POST-GAZETTE, MARCH 5, 2010 While the healthcare sum- mit seemed like an opportu- nity to reach a compromise, the President and lawmak- ers could not hide bitter partisan divisions. The at- tempt at reconciliation where only 51 votes were needed instead of 60 needed to end the debate. A CNN poll released opposed reconcilia- tion 52-39%. In a gallop poll recently released the public was opposed to reconcilia- tion, also, 48% say start from scratch, 23% supported a plan similar to the one work- ing its way through Con- gress and 25% say just stop working on it. Home prices rose again, but embattled banks are slashing lending fur- ther. Consumer confidence plunged in February to a 10 month low and the number of problem banks jumped 27% to a 17 year high. The 10 year US treasury fell 1% to 3.60%. The home price index rose .3% in De- cember, the 7 th straight sea- sonally adjusted gain, and prices fell month to month unadjusted. Housing could stagnate and return south, after the government ends support this spring. Accord- ing to Reuters "we've been through the major boom, a major bust and since April 2009, the most dramatic tumaround that goes all the way back to 1987." THE HEALTH DEBATE Apple rises on acquisition hints. Steve Jobs told share- holders he won't use its $4.9 billion in cash reserves for stock dividends or buybacks because "you don't know the opportunities go- ing to be around the comer." CWBE reported rumors of a 4/1 split and a possible buy! The Fed chairman said low rates of interest are still needed to insure that the economic recovery will last and help ease the string of high unemployment. Also Ben Bernanke, Chairman, told the Senate Banking Committee that the priva- tized mortgage giants need to be cleaned up, now under conservatorship, would be interesting. The panel is near a bipartisan deal on fi- nancial regulatory reform. Jim Morgan, CEO of Applied Materials turned around the company from $17 million in sales to a $5.5 billion com- pany. Share prices were up 104%, and he sold 5 out of 6 businesses he was in. He kept the equipment busi- nesses and looked at what worked and the firm was leaner and more ready to borrow. He supplied the PC industry as it needed lots of gear to make these chips. He supports the cell phone and smart phone such as Apples IPhone. Jim Morgan turned Applied Materials, a failing chip equipment com- pany into the world's largest capital equipment maker, very profitable. After bottoming out with only 43 new issues in 2008, the IPO market, is now attracting over 100 IPOs to the market this year. In the I st six months there are 14 Chinese IPOs listed. Ex- perts argue that the new much maligned Sarbanes Oxley corporate governance legislation is encouraging new US listings. Chicago accounting firm BDO Seid- man's optimism on foreign listings represents a gain- ing share of IPOs on US exchanges this year. The Sarbanes Oxley Act has had an impact with new rules tightening account- ing disclosure, government disclosure and governance raises the cost of doing busi- ness but attracts new filings. Investors around the world are demanding companies meet more and more de- mands in corporate gover- nance through transparency. Eric Yu, CEO of 7 Days, a Chinese-based hotel chain that went public in Novem- ber, listed on the NYSE has been helped by the new re- quirements. A US listing is a branding advantage with Chinese consumers. It's time to call your financial advisor or call me at 617-261-7777. Moakley Foundation Announces Scholarships The John Joseph Moakley Charitable Foundation an- nounced the availability of scholarships for residents of Massachusetts. This is the 9 th year of awarding these scholarships to students. This spring more than $110,000 will be awarded through scholarships of up to $5,000 each for those pur- In selecting scholarship recipients, the Foundation may also consider the aca- demic achievement of appli- cants. However, this factor is not singularly determina- tive and should not dissuade applicants of average aca- demic standing from seek- ing a John Joseph Moakley Charitable Foundation chusetts and .to the Ninth Congressional District. Con- gressman Moakley, whose career as a public servant spanned nearly fifty years, had long championed im- proving educational opportu- nities for all people. The John Joseph Moakley Chari- table Foundation is com- mitted to continuing his When We Lived There's a quotation from the Bible somewhere that goes, "Young men dream dreams, old men see vi- sions." Personally, I think we forgot how to dream and keep the visionary view of mankind. There's also a relatively new song about reaching goals. The lyrics point out the quest isn't in what's on top but the climb to arrive at it. Back in 1960 when Jack Kennedy ran for president, he sought to be the first 20 m century American born leader. His slogan was "A new generation of leader- ship." That was my father's generation. I was a baby boomer bom in the few years following the end of WWII. I can remember sitting in Sister Mary Honor's 7 t" grade classroom at St. Rita's Grammar School in Lower Roxbury watching the first flight of the Project Mercury Program at NASA. When Mercury 7 blasted off into the outer atmosphere carrying America's first astronaut into space, Alan Sheppard, the whole classroom broke out in cheers. We were dreamers back then. Any- thing was possible if we put our collective minds to work on it. Space was that new frontier to be conquered. Like that song still playing on the radio today, it wasn't just about getting to the Moon it was about the struggle and the climb into space that really meant everything. Recently, I thought about my youthful days of the early sixties when I was young and the country felt young. I belonged to that generation that was between yesterday and tomorrow. We thought nothing was impossible. We weren't cynical about life or the future. Landing on the moon was quite possible to in a Dream World us and we saw the fulfill- ment of that dream on Au- gust 20, 1969 when Neil Armstrong put his foot down on the surface of the moon and stated, "One small step for man, one large step for mankind." For us, it was on to deeper space. The planets and beyond. We desired to reach beyond our grasp, we were part of the universe and it was there to explore. At the Museum of Science, I was caught by its display on space exploration. The mu- seum even has one of those old NASA capsules that those Mercury astronauts were crammed inside in close quarters. I remembered all those liftoffs. I remember John Glenn orbiting the Earth in 1962, another class- room event for my genera- tion. I also remembered in the years to follow, all those space tragedies when things went bad. While at the museum, I started talking to a young 30-something father with his little boy and started re- vealing my feelings to him and could tell, space explo- ration seemed to be of little value to him. The dream seems to have died. There is no longer a frontier out there to reach for many. People think the idea is needless and dangerous and not worth traveling toward. My genera- tion failed, it seems, to pass on that dream. Few want to make those kinds of sacri- fices today. Today we have fallen back to Earth and don't have the time to dare beyond our reach. Few can understand how I felt back then. Adven- ture seems for others but not us. Now we are chained by our fears rather than freed by our imagination and courage. We were better off than we are today. suing undergraduate or graduate higher education or for vocational education. The John Joseph Moakley Charitable Foundation will award scholarships on a competitive basis each spring to successful appli- cants who demonstrate the following: financial need, acceptance to a post high school vocational education program or to an institution of higher education for undergraduate or graduate study and, a desire to con- tribute to one's community through public or charitable service as a vocation or as an avocation. Scholarship. Furthermore, the Foun-dation will consider residency in Massachusetts with special consideration given to residents of the Ninth Congressional Dis- trict (especially Boston, Braintree, Brockton, Can- ton, Dedham, Easton, Med- field, Milton, Needham, Nor- wood, Randolph, Stoughton, Taunton, Walpole and Westwood). The John Joseph Moakley Charitable Foundation was established to continue the extraordinary public ser- vice legacy of Congress- man Joe Moakley to the Commonwealth of Massa- Owned and operated by Pamela Donnaruma, Publisher. 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