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The following is the text of an e-mail I sent yesterday to Subscribers of StockResearchPortal.com. StockResearchPortal.com is a research website that provides coverage on the approximate 1,600 Mining and Oil & Gas stocks listed on the Toronto and Toronto Venture Stock Exchanges.

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My wife and I are Canadians who spend 3 months each year in North Carolina, have many good friends there, respect the ‘American Entrepreneurship’ that is a foundation of the American culture, and periodically amuse ourselves by watching when in North Carolina watching the news on television.  I comment here briefly on two reported events, one from the last few days, and one from about 2 years ago, and compare how they would have been dealt with by our Canadian television news reports.

First, the ‘Tiger Woods’ incident that occurred in the early hours of November 28.  Everyone in the free world must have heard how Tiger backed out of this driveway at 2:30 a.m., hit a tree and a fire hydrant, and was rescued by his wife who used a golf club to break one of the car’s windows to help him out of the car.  This story was incessantly covered by the U.S. news channels.  Please!!  Tiger Woods without doubt is one of the world’s premier athletes.  He is also 33 years old, pulls his pants on one leg at a time (or at least I assume he does), and presumably like the rest of us doesn’t ‘walk on water’.  The reports say no one, other than Tiger who is reported to have suffered minor injuries, was involved in the incident or harmed in any way by it.  So, big deal.  If Wayne Gretsky (a good Canadian comparator to Woods) had been involved in a similar incident it might have gotten 60 seconds of coverage on the Canadian television networks who would simply have reported the matter factually and moved on to the important world, national and local news of the day.

Second, you will remember the ‘Duke University Lacrosse Team’ incident where it was alleged (subsequently found not to be true by the U.S. Courts) that members of that team raped a girl.  My wife and I were in North Carolina when that event was first reported.  In Canada if similar allegations were made against members of a University of Toronto (Canada’s largest University) Men’s Sports Team the story would have made the National News on the day it was first reported for about 5 minutes maximum - likely never to be heard about again on that News Service until the matter was in the Courts or brought to resolution.  In North Carolina the Duke Lacrosse Team dominated local television news each day for weeks, and was prominently and repeatedly featured on the U.S. national programming.

In my experience Americans have deep ties to their sports icons and sports teams that for many of them are almost as important as their families and their jobs.  This explains part of the Networks and Press facination with these two stories.  That said, from my perspective the U.S. as a country and, importantly its residents, would be far better served going forward if U.S. Television Networks focused to an even greater degree than they do on the ongoing world events - political and economic - that are influencing and will influence and shape the U.S. going forward.

To use a sports analogy, ‘the ball game and its rules have and are rapidly changing on the world political and economic front’.  I think that many Americans are like the baseball catcher who, focused entirely on the field in front of him (read the U.S.), gets hit in the back of the head by an irate fan who throws a baseball at him from the stands behind home plate.  Television can be a great educator, and in my view the networks and reporters have a responsibility to ‘get it right’ and ‘place emphasis where it makes the most sense’.  I strongly believe this because I believe it likely a large majority of any television (or newspaper) audience believes what it hears without really questioning what is being reported.  In my view America needs ever more television reporting that focuses on reporting newsworthy items as a means of educating the American population on what is going on beyond America’s borders - and give the ‘Tiger Woods’ type stories the minimal 60 second, one time coverage they merit from the prospective of ‘newsworthiness’.

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If you review any compendium of economic articles – see ‘Today’s News’ on StockResearchPortal.com for example – you will find articles that talk about both:

•    ‘green shoots’ and report positively on what are generally negative economic reports; and,

•    unfavourable economic reports and their likely impact on delaying economic recovery.

Query:  Why is that – what is going on here?  The answer may be as simple as a general commentary on human nature you can find part-way down page 2 of American Greg Iles just published latest novel titled The Devil’s Punchbowl (available on Amazon and in your local bookstore) where his principal character reflects part-way through his four year term as mayor of Natchez, Mississippi that:  “I’ve learned that most people don’t want change, even when it’s in their best interest.  We pay lip service to ideals, but we live by expediency and by tribal prejudice”.  When I read those two sentences last evening they rang loud and clear to me, and it struck me the part about ‘not wanting change’ is what may be a major contributor to the aforesaid conflicted article commentary and conclusions.  For everyone to see current economic reports in a negative manner would have to lead to a conclusion that residents of North America are going to meet negative lifestyle and other changes head-on.  Who wants that?  Much better to see ‘green shoots’ and maintain hope that the American dream is not dead in either the U.S. or Canada.  I for one hope that dream is not dead, but only ends up including the odd acceptable nightmare.

For those of you who read novels and haven’t read any written by Greg Iles I recommend them to you.  I find him to be a particularly entertaining read.

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An article today titled ‘Youth unemployment fans social ills of crime, unrest and extremism’ says that “While all forms of unemployment are bad, youth unemployment is probably the most searing because of its corrosive effects throughout society” as (presumably among other things) unemployment adds to the risk of drug abuse, criminality and, ultimately, incarceration.  The article quotes youth (ages 15 – 24) current unemployment statistics in Britain (16.5%), France (20.4%). Qatar and Saudi Arabia (each almost 25%).

Some months ago I wrote a blog on this issue.  As I have said in other posts I believe ‘old sayings are old sayings because they have stood the test of time’.  One old saying is ‘idle hands are the devil’s workshop’, and I think that is particularly true in the case of young  people whose value system and living habits are ‘a work in progress’.  The young people who in the recent past have rioted in Paris may be a precursor for what may happen in other cities and towns if there is not productive work available for them.  In the current economic environment I consider this worrisome – and think youth employment should be an extremely high priority with the governments of all countries.

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My wife is a spectacular cook.  In fact, while our agreement is that I take her out for dinner at least once each week I resent paying high-end restaurant prices for food that isn’t nearly as good as we have at home each night we eat in.  Last evening we had the absolute best chicken/pasta casserole I have ever eaten – even my wife was impressed with herself.  I am sure fancy New York restaurants would charge at least $100 per serving for the dish which is prepared with inexpensive ingredients.  My wife concocted this recipe yesterday afternoon.  I asked her to write it up so I could put her recipe on this blog as an ideal inexpensive ‘comfort food’ for these economic times when comfort is needed wherever it can be found.  A cautionary note – the dish is quite ‘hot’ given the chipolte pepper content.

Recipe – Chipolte, Mac, Chicken, and Cheese

Serves 4 and can easily be doubled

1/2 lb penne pasta
2 tsp salt
1 tbsp olive oil
1/4 cup butter
1/4 cup flour
3 cups hot milk
2 cups grated sharp cheddar cheese
1 chipolte pepper plus sauce - finely chopped
salt and pepper to taste
2 cups shredded cooked chicken
3 cups fresh washed baby spinach
1/4 cup grated parmesan
1/2 cup grated sharp cheddar cheese

Bring a large pot of salted water to a boil. Add pasta and cook a la dente.
Drain and rinse with cold water and transfer to a large bowl. Toss with oil.
Melt butter in medium saucepan. Add flour and cook for 1 minute.
Add hot milk and stir until sauce thickens and boils. Remove from heat and add cheese, chipolte and salt and pepper.
Stir chicken and spinach into sauce. Pour into bowl with pasta. Toss and transfer to a buttered 9X9 baking dish.
Top casserole with cheeses and bake at 350F for about 30 min.

Enjoy with a Dry White Wine

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An article yesterday titled ‘PGA Tour Announces New Title Sponsor’ reports the Seoul Broadcasting System has agreed to sponsor what has been known as the Mercedes-Benz PGA Tour event held at Kapalua, Maui for a 10 year period beginning in January, 2001. The ‘Kapalua tournament’ is the first held in each calendar year. It hosts only those golfers who have won PGA events in the prior calendar year. I find this both interesting and somewhat encouraging. My wife and I visited Kapalua this past February and were told Mercedes had elect not to continue its tournament sponsorship beyond 2010.

In other posts on this blog I have commented I think sports events – not just golf events – will face increasing sponsorship difficulties going forward. The fact the a Korean firm is stepping up to the plate here is interesting both as to the geography of the sponsor, and the fact that the sponsor is prepared to make a 10 year commitment to the tournament. Perhaps an indicator of a bit more economic confidence and good news – although again it may prove to be only an isolated instance of such sponsorship.

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An article today titled ‘Recession Has Changed Lifestyles‘ says the current recession has forced a majority of Americans to alter their lifestyles, and many are upset about it, but that many are optimistic about their financial prospects over the next year. Of survey respondents:

• 56% said the recession has caused them to make significant changes in the way they are living;

• 25% said they are “angry” or “upset” about having to do so;

• 66% have lost a job or have seen someone close to them get laid off or lose a job; and,

• 71% have had their wages or hours cut or seen it happen to a close friend or relative.

Assuming the survey included enough respondents to make it statistically valid to a reasonably close tolerance (say even +/-5%) I think these percentages are quite remarkable. I say this considering that many economists were not acknowledging the U.S. was even in recession as late as 8 – 10 months ago, and pending release of April numbers the U.S. recession may be worsening. Think of things this way: Many people who have lived in the United States, Canada and the other G7 countries over the past – say 20/50 years – have lived comparatively (compared with most of the rest of the world) pretty idyllic existences. If you live in one of those 7 countries think how often when you ask your friends and acquaintances the question “How are you doing” you have been given the answer ‘not good’, ‘terrible’, ‘poorly’ or ‘sh—ty’. Unless your experience is different than mine the replies, even today, (irrespective of how those who are asked really feel) are ‘great’, ‘good’, ‘never better’, etc. It has been obvious to me as long as I can remember that ‘you can’t take things away from people’ and leave them in a happy state. If the U.S. and developed country economies do not come out of recession in the near term I think the results of surveys such as the one reported will only worsen. If the U.S. recession and recession in other developed countries worsens, I think it inevitable that the populations of those countries will become ever more unhappy – which cannot lead anywhere good.

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An article today on the Science Alert website titled ‘Life in a hot, hungry world’ summarizes a number of statistics that I think worth noting for readers. I emphasize I have not checked these statistics for accuracy. As reported:

• the human population will reach 9.2 billion in 2050 – but human appetites are growing faster still. Together this means world food demand will more than double;

• the world is entering a time of acute water scarcity. Cities now take up to half of the water once used to grow food, and will redouble their demands as their populations swell to 7 billion mid-century, leaving only a diminished fraction of the water to grow their food;
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I believe it was and is only a matter of time.  An article yesterday reported that Washington Mutual is suing the Federal Deposit Insurance Corp for over U.S.$13 billion in connection with the loss of its banking operations acquired by JPMorgan Chase & Co.  The suit alleges the FDIC made a “cryptic (i.e. hidden or disguised) disallowance” of Washington Mutual’s claims, and that it (acting as receiver) agreed to an unreasonably low price when arranging the $1.9 billion sale of Washington Mutual’s banking business to JPMorgan last September.  Seattle-based Washington Mutual, which had about U.S.$307 billion of assets, is the largest U.S. lender to fail – so far.

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For reasons I am not sure of, very few readers are voting in our current blog survey dealing with their ‘investment advisor satisfaction’.  We think this survey is important in the current environment.  We were going to terminate this survey tomorrow, but are leaving it open for one more week.  If you have an investment advisor your vote will be greatly appreciated.  You can find the survey at the upper left of the Blog’s home page.

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