{"id":158452,"date":"2010-01-09T12:09:59","date_gmt":"2010-01-09T17:09:59","guid":{"rendered":"http:\/\/mortgagenewsclips.com\/2010\/01\/09\/the-garrett-watts-report-january-9th-2010\/"},"modified":"2010-01-09T12:09:59","modified_gmt":"2010-01-09T17:09:59","slug":"the-garrett-watts-report-january-9th-2010","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/158452","title":{"rendered":"The Garrett, Watts Report (January 9th, 2010)"},"content":{"rendered":"<p>\u00a0<\/p>\n<p><a href=\"http:\/\/garettwatts.com\/\"><img loading=\"lazy\" decoding=\"async\" style=\"border-right-width: 0px; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px\" src=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/01\/garrett-watts12.png\" border=\"0\" alt=\"garrett-watts1\" width=\"353\" height=\"77\" \/><\/a><\/p>\n<p>To Our Clients, Colleagues and Friends,<\/p>\n<p><em><\/em><\/p>\n<ul>\n<li>Here are some companies and their market caps.\u00a0 We tried to pick only those which didn\u2019t exist, say, 25-30 years ago to show how the American economy is constantly coming up with new and better ideas, creating wealth, growth and jobs.<\/li>\n<\/ul>\n<table class=\"MsoTableGrid\" style=\"border-bottom-style: none; border-right-style: none; background-color: #ffff99; border-collapse: collapse; border-top-style: none; margin-left: 1.7in; border-left-style: none; -webkit-background-clip: initial; -webkit-background-origin: initial\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" bgcolor=\"#ffff99\">\n<tbody>\n<tr>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; padding-top: 0in; border: windowtext 1pt solid;\" width=\"108\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">$281 billion<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; border-left-style: none; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"84\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">Microsoft<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"108\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">$198 billion<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"84\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">Google<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"108\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">$188 billion<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"84\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">Apple<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"108\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">$139 billion<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"84\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">Cisco<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 81pt; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"108\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">$125 billion<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 63pt; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"84\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">Oracle<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span class=\"Apple-style-span\" style=\"widows: 2; text-transform: none; text-indent: 0px; border-collapse: separate; font: medium 'Times New Roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-decorations-in-effect: none; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px\"><span class=\"Apple-style-span\" style=\"font-family: 'times new roman', 'new york', times, serif; font-size: 16px\">These five alone have a combined market cap of $931 billion! And don\u2019t forget Amazon ($60 billion), Dell ($28 billion) and even Salesforce.com ($9.3 billion).\u00a0 How can you possibly despair for the future when you look at how good we are at re-inventing the world?<\/p>\n<ul>\n<li>Are movie theaters a dying business?\u00a0 Maybe, but last year, moviegoers paid $9.8 billion on movie tickets, more than the $8.1 billion spent on video rentals.\u00a0 If the moviegoers spent $9.8 billion on tickets, we calculate that they spent another $247 billion on popcorn and soft drinks.\u00a0 Can you believe paying $7 for a small bag of popcorn?\u00a0 Or $6 for a Snickers bar big enough to feed a family of four?<\/li>\n<\/ul>\n<ul>\n<li>How did your stocks do last year?\u00a0 Here is how some stock markets did around the globe:<\/li>\n<\/ul>\n<table class=\"MsoTableGrid\" style=\"border-bottom-style: none; border-right-style: none; background-color: #ffff99; border-collapse: collapse; border-top-style: none; margin-left: 77.4pt; border-left-style: none; -webkit-background-clip: initial; -webkit-background-origin: initial\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" bgcolor=\"#ffff99\">\n<tbody>\n<tr>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 1.5in; padding-right: 5.4pt; padding-top: 0in; border: windowtext 1pt solid;\" width=\"144\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">117%\u00a0\u00a0\u00a0 China<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.5in; padding-right: 5.4pt; border-left-style: none; border-top: windowtext 1pt solid; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"144\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">78%\u00a0\u00a0\u00a0 Taiwan<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.5in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"144\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">115%\u00a0\u00a0\u00a0 Argentina<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.5in; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"144\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">65%\u00a0\u00a0\u00a0 Norway<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.5in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"144\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">87%\u00a0\u00a0\u00a0 Indonesia<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.5in; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"144\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">64%\u00a0\u00a0\u00a0 Singapore<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.5in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"144\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">82%\u00a0\u00a0\u00a0 Brazil\u00a0\u00a0\u00a0 <\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.5in; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"144\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">63%\u00a0\u00a0\u00a0 Thailand<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.5in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"144\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">81%\u00a0\u00a0\u00a0 India<\/span><\/span><\/p>\n<\/td>\n<td style=\"border-bottom: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 1.5in; padding-right: 5.4pt; border-top-style: none; border-left-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"144\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: x-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 10pt\">63%\u00a0\u00a0\u00a0 Philippines<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span class=\"Apple-style-span\" style=\"widows: 2; text-transform: none; text-indent: 0px; border-collapse: separate; font: medium 'Times New Roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-decorations-in-effect: none; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px\"><span class=\"Apple-style-span\" style=\"font-family: 'times new roman', 'new york', times, serif; font-size: 16px\">Venezuela came in with a gain of 57%, but strongman Hugo Chavez is busy destroying free markets there, and they may not even have a stock market in 4-5 years.\u00a0 Given all the turmoil in Pakistan , it was a surprise to see that their stock market was up 60%.<\/p>\n<ul>\n<li>Remember all those people who panicked last year and sold their stocks?\u00a0 Since March, the S&amp;P 500 is up 65%.<\/li>\n<li>The Wall Street Journal just reported on a University of California study involving more than 250,000 participants which discovered \u201dimpressive benefits of being happy.\u201d Are we missing something here, or was there ever any doubt about this?<\/li>\n<\/ul>\n<ul>\n<li>Craig Cole reminded us that Union Bank traces it roots to 1864 and is considered the first commercial bank incorporated in the West. Union Bank started as Bank of California, and you can check out their website (unionbank.com) which has a bunch of their history.\u00a0 Like Wells Fargo, Union Bank has a very cool museum, and only half a block from the Wells museum in downtown San Francisco .<\/li>\n<li>And for all the banks that have been around forever, how about <em>American Banker<\/em>?\u00a0 This daily newspaper (which we\u2019re addicted to) was founded in 1836! Wasn\u2019t Martin Van Buren President then, or maybe Andrew Jackson?\u00a0\u00a0<\/li>\n<li>Speaking of dead people, this past Friday would have been Elvis Presley\u2019s 75<sup>th<\/sup> birthday. Had he been alive, he\u2019d probably have eaten the whole birthday cake himself.\u00a0 If you forget about Fat Elvis, he was an interesting amalgam of musical styles.\u00a0 He was influenced deeply by blues, country and gospel, and his crazy gyrations on stage were pure Cab Calloway and Jackie Wilson.\u00a0 Watch some old Jackie Wilson videos and you\u2019ll see where Mick Jagger and Elvis learned all their moves.<br \/>\n<a href=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/01\/j11.jpg\"><img loading=\"lazy\" decoding=\"async\" style=\"border-right-width: 0px; border-top-width: 0px; border-bottom-width: 0px; border-left-width: 0px\" src=\"http:\/\/mortgagenewsclips.com\/wp-content\/uploads\/2010\/01\/j1_thumb1.jpg\" border=\"0\" alt=\"j1\" width=\"164\" height=\"216\" \/><\/a><\/li>\n<\/ul>\n<ul>\n<li>Ever wonder what the FDIC does with all those loans they take back when they seize banks and sell off their deposits?\u00a0 The FDIC just sold a portfolio of $1.0 billion of distressed commercial real estate loans, 70% of which were delinquent. A REIT named Colony Capital paid $90 million for a 40% ownership, and the FDIC provided financing for the rest.\u00a0 Essentially, the REIT and the FDIC formed a joint venture on the deal.<\/li>\n<li>Did you know that there are more Israeli companies listed on the NASDAQ exchange than all companies from the European continent combined?\u00a0 Israel probably has more entrepreneurs relative to its population than Silicon Valley .<\/li>\n<li>In 2009, there were only 31 banks that increased their dividends, two of which increased it <em>twice<\/em> during the year!\u00a0 But there were 203 banks which cut their dividends and 55 which eliminated them all together. If you like dividends but don\u2019t want to own common stocks, there are some great yields in bank preferreds.<\/li>\n<li>With HUD moving toward a minimum $2.5 million net worth to do FHA loans, it\u2019s believed that this will disqualify 70% of all current lenders. HUD estimates that about 40% of all currently approved lenders have less than $1.0 million net worth, and that\u2019s a long ways from $2.5 million.<br \/>\n<em><\/em><\/li>\n<li>We get confused ourselves occasionally as to which regulators supervise which types of banks.\u00a0 The attachment is our little cheat sheet.<br \/>\n<em><\/em><\/li>\n<li>We saw a list of the colleges whose football teams ranked #1 since 1936, and you had all the obvious ones.\u00a0 Alabama and Notre Dame had won eight national championships, followed by Oklahoma and USC (7), Miami , Nebraska , and Ohio State (5) Minnesota and Texas (4) and so on. The only interesting ones were Brigham Young (1984), Syracuse (1959) and Maryland in 1953.\u00a0 We wandered around the University of Maryland campus last year and thought it was spectacular.<br \/>\n<em><\/em><\/li>\n<li>Let\u2019s say you have a very nice community bank with $200 million of assets, but you\u2019re losing $75,000 a month. If you can increase your net interest margin by, say, 50 bps, that will give you an additional $1.0 million of annual income, or $83,000 a month, and you\u2019ll be in the black. So here\u2019s the big question: Do you achieve this by (a) trying to get an extra 50 bps in yield on your loans or by (b) lowering your cost of deposits by 50 bps?\u00a0 A matter of indifference?\u00a0 No way, Jose.\u00a0 If you go for higher yielding loans, you are going after riskier loans.\u00a0 In our mind, trying to reduce deposit costs always beats chasing yield in your loan book. Look no further than those banks that failed due to higher yielding subprime or Alt-A loans.<br \/>\nHigher yielding loans almost always imply higher risk. And while lowering your deposit costs can be hard work, it\u2019s always worth it.<br \/>\n<em><\/em><\/li>\n<li>Here are some of the nominations you sent in for so-called novelty songs. In many cases, there was no known title, so we just got an opening line.\u00a0 A number of you submitted <em>Louie, Louie<\/em>, but we\u2019d put that in a different category of party songs. <em><\/em>Besides, no one really knows what the lyrics are.<em><br \/>\n<\/em><\/li>\n<\/ul>\n<table class=\"MsoTableGrid\" style=\"border-bottom-style: none; border-right-style: none; background-color: #ffff99; border-collapse: collapse; border-top-style: none; margin-left: 0.7in; border-left-style: none; -webkit-background-clip: initial; -webkit-background-origin: initial\" border=\"1\" cellspacing=\"0\" cellpadding=\"0\" bgcolor=\"#ffff99\">\n<tbody>\n<tr>\n<td style=\"padding-bottom: 0in; padding-left: 5.4pt; width: 4.75in; padding-right: 5.4pt; padding-top: 0in; border: windowtext 1pt solid;\" width=\"456\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">She did the mash, she did the monster mash\u00a0 (Dancing with Dracula)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 4.75in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"456\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">It was a one eyed, one horned, flying purple people eater\u00a0 (We have no idea)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 4.75in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"456\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">Ahab the Arab\u00a0 (We don\u2019t remember this one at all)<\/span><\/span><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 4.75in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"456\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">Harry the Hairy Ape (Is this the same as Alley Oop Oop?)<\/span><\/span><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 4.75in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"456\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">She wore an itsy bitsy teeny weenie yellow polka dot bikini (What can we say?)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 4.75in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"456\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"text-align: justify; margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">Teen Angel\u00a0 (Teen gets killed on railroad tracks, sad funeral follows)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td style=\"border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-bottom: 0in; padding-left: 5.4pt; width: 4.75in; padding-right: 5.4pt; border-top-style: none; border-right: windowtext 1pt solid; padding-top: 0in;\" width=\"456\" valign=\"top\">\n<p class=\"MsoNormal\" style=\"margin: 0in 0in 0pt; font-family: 'Times New Roman'; font-size: 12pt\"><span style=\"font-family: Comic Sans MS; font-size: xx-small;\"><span style=\"font-family: 'Comic Sans MS'; font-size: 9pt\">Running Bear (Indian boy and girl hook up, then drown.)<\/span><\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p><span class=\"Apple-style-span\" style=\"widows: 2; text-transform: none; text-indent: 0px; border-collapse: separate; font: medium 'Times New Roman'; white-space: normal; orphans: 2; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-border-horizontal-spacing: 0px; -webkit-border-vertical-spacing: 0px; -webkit-text-decorations-in-effect: none; -webkit-text-size-adjust: auto; -webkit-text-stroke-width: 0px\"><span class=\"Apple-style-span\" style=\"font-family: 'times new roman', 'new york', times, serif; font-size: 16px\">The last one is interesting, and while it\u2019s ostensibly about inter-tribal dating, it\u2019s actually a warning against going swimming within two hours of eating.\u00a0 Running Bear had been noshing on acorn nuts, and his girlfriend from an enemy tribe was gorging herself on knishes, and when they swim out to meet in the middle of the \u201craging waters\u201d, just like that, they both drown.\u00a0 The two Indians had completely ignored their parents\u2019 warning that you\u2019d drown if you went swimming after lunch unless you waited two hours.That\u2019s about it.\u00a0 Keep your costs down and your credit quality up.\u00a0 And stay warm.\u00a0\u00a0 See you next week sometime.<a href=\"http:\/\/garrettwatts.com\/\">Garrett, Watts &amp; Co.<\/a> <a style=\"margin: 12px auto 6px; display: block; font: 14px helvetica,arial,sans-serif; text-decoration: underline; font-size-adjust: none; font-stretch: normal; -x-system-font: none\" title=\"View Who Regulates Which Types of Banks on Scribd\" href=\"http:\/\/www.scribd.com\/doc\/24988227\/Who-Regulates-Which-Types-of-Banks\">Who Regulates Which Types of Banks\u00a0\u00a0 &lt;&lt;&lt; Today&#8217;s bonus<\/a> <object id=\"doc_407227709467497\" classid=\"clsid:d27cdb6e-ae6d-11cf-96b8-444553540000\" width=\"100%\" height=\"500\" codebase=\"http:\/\/download.macromedia.com\/pub\/shockwave\/cabs\/flash\/swflash.cab#version=6,0,40,0\"><param name=\"name\" value=\"doc_407227709467497\" \/><param name=\"align\" value=\"middle\" \/><param name=\"Movie\" value=\"http:\/\/d1.scribdassets.com\/ScribdViewer.swf?document_id=24988227&amp;access_key=key-1fkj84dybqnjo4lavwxf&amp;page=1&amp;version=1&amp;viewMode=list\" \/><param name=\"Src\" value=\"http:\/\/d1.scribdassets.com\/ScribdViewer.swf?document_id=24988227&amp;access_key=key-1fkj84dybqnjo4lavwxf&amp;page=1&amp;version=1&amp;viewMode=list\" \/><param name=\"WMode\" value=\"Opaque\" \/><param name=\"Play\" value=\"-1\" \/><param name=\"Loop\" value=\"-1\" \/><param name=\"Quality\" value=\"High\" \/><param name=\"SAlign\" value=\"LT\" \/><param name=\"Menu\" value=\"-1\" \/><param name=\"AllowScriptAccess\" value=\"always\" \/><param name=\"Scale\" value=\"NoScale\" \/><param name=\"DeviceFont\" value=\"0\" \/><param name=\"EmbedMovie\" value=\"0\" \/><param name=\"BGColor\" value=\"FFFFFF\" \/><param name=\"SeamlessTabbing\" value=\"1\" \/><param name=\"Profile\" value=\"0\" \/><param name=\"ProfilePort\" value=\"0\" \/><param name=\"AllowNetworking\" value=\"all\" \/><param name=\"AllowFullScreen\" value=\"true\" \/><param name=\"bgcolor\" value=\"#ffffff\" \/><param name=\"src\" value=\"http:\/\/d1.scribdassets.com\/ScribdViewer.swf?document_id=24988227&amp;access_key=key-1fkj84dybqnjo4lavwxf&amp;page=1&amp;version=1&amp;viewMode=list\" \/><param name=\"wmode\" value=\"opaque\" \/><param name=\"allowfullscreen\" value=\"true\" \/><param name=\"quality\" value=\"high\" \/><embed id=\"doc_407227709467497\" type=\"application\/x-shockwave-flash\" width=\"100%\" height=\"500\" src=\"http:\/\/d1.scribdassets.com\/ScribdViewer.swf?document_id=24988227&amp;access_key=key-1fkj84dybqnjo4lavwxf&amp;page=1&amp;version=1&amp;viewMode=list\" allowfullscreen=\"true\" allownetworking=\"all\" profileport=\"0\" profile=\"0\" seamlesstabbing=\"1\" bgcolor=\"#ffffff\" embedmovie=\"0\" devicefont=\"0\" scale=\"NoScale\" allowscriptaccess=\"always\" menu=\"-1\" salign=\"LT\" quality=\"high\" loop=\"-1\" play=\"-1\" wmode=\"opaque\" movie=\"http:\/\/d1.scribdassets.com\/ScribdViewer.swf?document_id=24988227&amp;access_key=key-1fkj84dybqnjo4lavwxf&amp;page=1&amp;version=1&amp;viewMode=list\" _cy=\"13229\" _cx=\"15319\" name=\"doc_407227709467497\" align=\"middle\"><\/embed><\/object><em>\u201cHelping<\/em><em> lenders increase revenues, control costs, and better manage risk.\u201d<\/em><strong><em><\/em><\/strong>Joe Garrett\u00a0\u00a0 (510-469-8633)Corky Watts\u00a0\u00a0 (408-395-5504)<br \/>\nMike McAuley\u00a0\u00a0\u00a0 (281-250-2536)<\/p>\n<p><\/span><\/span><\/p>\n<p><\/span><\/span><\/p>\n<p><\/span><\/span><\/p>\n<div class=\"feedflare\">\n<a href=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?a=wMV7fLn6ee8:ICZmygeNnEc:yIl2AUoC8zA\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?d=yIl2AUoC8zA\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?a=wMV7fLn6ee8:ICZmygeNnEc:D7DqB2pKExk\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?i=wMV7fLn6ee8:ICZmygeNnEc:D7DqB2pKExk\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?a=wMV7fLn6ee8:ICZmygeNnEc:F7zBnMyn0Lo\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?i=wMV7fLn6ee8:ICZmygeNnEc:F7zBnMyn0Lo\" border=\"0\"><\/img><\/a> <a href=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?a=wMV7fLn6ee8:ICZmygeNnEc:V_sGLiPBpWU\"><img decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~ff\/mortgagenewsclips\/qTBe?i=wMV7fLn6ee8:ICZmygeNnEc:V_sGLiPBpWU\" border=\"0\"><\/img><\/a>\n<\/div>\n<p><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/feeds.feedburner.com\/~r\/mortgagenewsclips\/qTBe\/~4\/wMV7fLn6ee8\" height=\"1\" width=\"1\"\/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 To Our Clients, Colleagues and Friends, Here are some companies and their market caps.\u00a0 We tried to pick only those which didn\u2019t exist, say, 25-30 years ago to show how the American economy is constantly coming up with new and better ideas, creating wealth, growth and jobs. $281 billion Microsoft $198 billion Google $188 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-158452","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/158452","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=158452"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/158452\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=158452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=158452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=158452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}