Eeyore's News and Views

What This Economy Means for You
by Stephen Gandel and Paul J. LimFriday, October 10, 2008provided by

As the most serious credit crisis in decades rocks your finances, you've got to have questions. Here are the answers.
Back in January, when it first became clear the economy and the markets were in for a rough patch, the consensus forecast was that we'd have seen the worst of it by now.
Perhaps you put a bit more cash in the bank, trimmed the fat from your budget and tweaked your 401(k) allocations, but otherwise you were confident you could stay the course.
Then came the extraordinary events of September: the government's seizure of Fannie Mae and Freddie Mac and rescue of American International Group; the bankruptcy of Lehman Brothers and pending sale of Merrill Lynch; the first money market fund loss in more than a decade; a series of bank fire sales; and a politically charged federal bailout plan that could carry a $700 billion price tag. You can't help but wonder what all this means to you.
Here are some key questions, from when stocks could bounce back to what's ahead for the economy and home prices. Choose a topic to get some answers.
The Economy
How Did We Get Here?
By now you likely know that the crisis in the financial markets is the culmination of years of reckless mortgage lending and Wall Street dealmaking. It's the final gasp of the burst housing bubble. But how exactly did this happen?
To find the root cause of Wall Street's woes, you have to go back to the collapse of a different bubble - tech. In 2001, after the dotcom craze ended and the bear market began, the Federal Reserve started aggressively slashing short-term interest rates to stave off recession. By eventually reducing rates to a historically low 1%, the Fed reinflated the economy. But this cheap money sparked a new wave of risk taking.
Homeowners, armed with easy credit, snapped up properties as if they were playing Monopoly. As prices soared, buyers were able to afford ever-larger properties only by taking out risky mortgages that lenders were happily approving with little documentation or money down.
At the same time, Wall Street investment banks got a brilliant idea: bundle the riskiest of these mortgages, then slice and dice these portfolios into tradable bonds to be sold to other banks and investors. Amazingly, bond-rating agencies slapped their highest ratings on the "best" of this debt.
This house of cards came down when subprime borrowers began defaulting on their mortgages. That sent housing prices tumbling, unleashing a domino effect on mortgage-backed securities. Banks and brokerages that had borrowed money to boost the impact of those investments had to race to raise capital.
Some, like Merrill Lynch, were forced to sell. Others, like Lehman Brothers, weren't so lucky. "What we always tell investors is beware of too much leverage in a company," says Brian Rogers, chairman and portfolio manager for T. Rowe Price. "Leverage is the enemy of the investor."
Sure, everyone from former Fed chairman Alan Greenspan to your friends and neighbors played a role in stoking this casino culture. But troubled banks and brokerages can't pass the blame. "These firms closed their eyes and made very bad bets on risky securities that they didn't truly understand," says Jeremy Siegel, finance professor at the University of Pennsylvania's Wharton business school. "Investments that they did not have to make led to their demise."
How Bad Could the Economy Get?
Before the meltdown, economists fell into two camps: those who thought the economy had already slipped into recession and those who thought a recession could still be avoided.
While forecasters still differ on the timing and severity of a downturn, "the consensus view is that we're headed for recession and will be in one until next year," says Mark Zandi, chief economist for Moody's Economy.com.
Corporate profits are already on the verge of falling for a fifth straight quarter, according to Thomson Financial. The next shoe to drop will be consumer spending. "Two years ago, people were using their homes as ATMs, pumping out cash," says Robert Arnott, chairman of the investment consulting firm Research Affiliates in Pasadena. "As banks continue to tighten their lending, that spending is disappearing."
But softer profits and slower spending haven't translated into widespread layoffs yet. "This is the strongest recessionary job market in 40 years," says James Paulsen, chief investment strategist of Wells Capital Management. A jump in unemployment could still be coming, especially given bank and brokerage failures and mergers. But outside of finance and housing, much of the rest of the economy is strong, he says.
The weak dollar is boosting demand for our goods abroad, and lower gas prices are making Americans feel more flush. Add in the cash that the Fed has been hosing into the banking system and we are bound to see growth in 2009. "If all this stimulus has no effect on the economy, that would be a rarity indeed," says Paulsen.
Standard & Poor's chief economist David Wyss expects a mild recession that ends next spring. "Gradually we will regain confidence in the market. Lower oil prices and a falling trade deficit will help," he says. "This is a financial panic, not an economic one."
Of course, that could change if the financial panic doesn't abate soon. If banks remain too scared or broke to lend, would-be home buyers will be frozen out of the market. If that happens, home values could fall even more, crimping confidence and putting the brakes on the economy's greatest engine: the consumer.
Does All This Mean I'll Pay Higher Taxes?
Yes. "Taxes will rise regardless of who wins the Presidency," predicts Greg Valliere, chief political strategist for Stanford Group Co.
It's impossible to say what the final bill for rescuing Wall Street will be. Even before the bill to buy $700 billion of unwanted mortgage-backed debt, the government had already signed on for nearly $365 billion in loan guarantees and other costs.
The eventual price tag will depend in part on the housing market. If it recovers by 2010, the value of mortgage-backed securities could rise, minimizing the tab for taxpayers, says Brian Bethune, chief U.S. financial economist for Global Insight.
"On the other hand," Bethune adds, "if the economy continues to tank into a deeper recession, dragging the housing market along with it, then the costs to the taxpayers easily could escalate to several hundred billions of dollars."
Under Treasury Secretary Henry Paulson's original debt-buyback proposal, some economists predicted the federal deficit could soar to $900 billion in 2009. Even without a bailout, the federal budget was expected to hit $482 billion next year. If government aid pads that figure by $200 billion, the deficit will be back to where it stood in the 1980s - around 5% of GDP. At the very least, that will make it hard for a future President to keep tax-cut promises.
http://finance.yahoo.com/banking-budgeting/article/105918/What-This-Economy-Means-for-You%3B_ylt%3DAn5CeeKqeZp7H.p8PvZFvqJO7sMF

In my "Special Report" of 10-06-08, i made reference to the National Debt Clock and it is scary thinking how much we owe as a Nation. But this next article is actually pretty funny.

NYC National Debt Clock runs out of digits
NEW YORK - In a sign of the times, the National Debt Clock in New York City has run out of digits to record the growing figure.
As a short-term fix, the digital dollar sign on the billboard-style clock near Times Square has been switched to a figure — the "1" in $10 trillion. It's marking the federal government's current debt at about $10.2 trillion.
The Durst Organization says it plans to update the sign next year by adding two digits. That will make it capable of tracking debt up to a quadrillion dollars.
The late Manhattan real estate developer Seymour Durst put the sign up in 1989 to call attention to what was then a $2.7 trillion debt.
http://news.yahoo.com/s/ap/odd_national_debt_clock;_ylt=AvuG5JqrBLm9v4c0ui1lLBADW7oF

New World Order: Global co-operation, nationalisation and state intervention - all in one day
Published Date: 09 October 2008
By Lindsay McIntosh
IT WAS a day of desperate global action, unprecedented in both scale and cost, intended to stymie the international devastation being wrought by the financial crisis.
As the London stock market steeled itself to open again following days of vicious battering, Alistair Darling, the Chancellor, rose to stake the future of the country and the Cabinet on an audacious £500 billion banking bail-out.And barely had the City begun to digest the hugely complex and unorthodox scheme when it was sent reeling again by an unscheduled interest rate cut – mirrored across the world – by the Monetary Policy Committee. It was the first such co-ordinated approach since the 9/11 terrorist attacks in 2001 – yet another indicator, had one been needed, of the gravity of the situation.The half percentage point drop was immediately passed on to millions of borrowers, with leading high-street banks cutting their mortgages.The government's scheme, a three-part plan which takes in short, medium and long-term measures, was welcomed by business leaders and analysts.David Kern, adviser to the British Chamber of Commerce, said: "The government has taken a radical step, but it is one we welcome."But there was concern a phenomenal amount of taxpayers' cash was being staked on a last-ditch measure that could fail. The Taxpayers' Alliance accused ministers of failing to address other options first.Meanwhile, the International Monetary Fund (IMF) issued a fresh warning that Britain was on the brink of recession.In its latest World Economic Outlook, it predicted the UK economy would contract by 0.1 per cent next year as growth across the developed countries slowed to almost zero.The downturn will mean lost jobs, with unemployment forecast to rise from 5.4 per cent to 6 per cent, while public finances were said to be "considerably weaker" than in previous slowdowns. However, the IMF said it was expecting Britain to bounce back strongly in 2010.The £500 billion plan includes the government taking shares of up to £50 billion in leading banks, increasing funds available to banks to £200 billion, and guaranteeing their debts when they lend to one another. The guarantees are likely to cost up to £250 billion.The Prime Minister called the plans "bold and far-reaching", but admitted they would offer no quick fix.Eight UK banks and building societies – including Royal Bank of Scotland, Halifax Bank of Scotland, Barclays, Lloyds TSB and Nationwide – have pledged to increase their capital by £25 billion but the government will pump in the funds if called upon. The Treasury also stands ready to make at least another £25 billion available, if necessary.The Bank of England – alongside its interest rate cut – is taking emergency action to help ensure banks have enough cash to run their day-to-day activities. It has increased to £200 billion the size of its special liquidity scheme that lets banks swap risky assets for Treasury bonds.The government is also making the further £250 billion available for banks to guarantee debt, but a fee will be charged.Mr Brown moved to reassure taxpayers they would have the potential to "earn a proper return" from their investment. There would be "strings attached and conditions to be met" to protect taxpayer interests.One key concern is whether there will be controls over the bonuses of the "fat cat" bank bosses. Gordon Brown, the Prime Minister, said such issues would be dealt with case by case. Remuneration should be "based on responsibility, hard work, effort and enterprise", he said.It had been claimed that RBS bosses, chief executive Sir Fred Goodwin and chairman Sir Tom McKillop, had offered to leave under a boardroom clear-out agreed with the government, but this was denied by the bank.The announcement provided an initial boost to the FTSE 100 index of leading shares, and in particular to banking stocks, but this fell away later in the day. The FTSE closed at a loss of 5 per cent – its lowest close since 2004 – while banks failed to hold on to the huge gains of up to 60 per cent made earlier in the day.When Mr Brown stood to address the House of Commons on the package, which could well determine how his premiership is judged, he was able to announce the interest rate cut.Central banks across Europe, the US, Canada and China also reduced interest rates in an emergency move.The banks hope to encourage nervous consumers and businesses to spend more freely again after widespread housing, credit and financial problems.The cut – which was immediately passed on to more than five million homeowners – was cautiously welcomed by analysts and business leaders.Miles Templeman, director-general of the Institute of Directors, said: "Before today's announcement, the financial system was in the deep freeze. After today, it might be in the fridge, but there is no guarantee. Nobody should be under any illusion that the financial system is now fixed. Our concern now is for the real economy and how much it will slow."There remains a real risk that the economic downturn under way will further undermine bank capital due to rising repossessions and bad debt."Howard Archer, an economist, of Global Insight, said: "It's not the magic pill. We have a lot of difficult times ahead. But the first stage is stopping things getting worse, and the hope is this will help to stabilise the economy."Martin Weale, director of the National Institute of Economic and Social Research, said that, for the UK, it was important that the move came alongside the £500 billion package.He said: "The international banks concluded there is a major international banking crisis. Banks were collapsing in Europe, as well as the United States. I think they rather optimistically concluded a rate cut of this type can restore confidence."Rate cuts were "a valuable piece on the side", but he added: "The key issue is for affected countries to do what Britain has done and show governments are prepared to inject equity capital into banks that look as though they need it."We will only be confident the worst is over when the US adopts a scheme like Britain."And Louise Cuming, the head of mortgages at moneysupermarket.com, warned: "This is not a magic cure-all, and we won't see either the mortgage or the housing market bouncing back to where it was 18 months ago."Following the announcements, Mr Brown spoke by phone to the French president, Nicolas Sarkozy, the German chancellor, Angela Merkel, and the Italian prime minister, Silvio Berlusconi, as well as the EC president, José Manuel Barroso.The government is expected to hold up its plan as a potential model for the rest of Europe. The EU – which is concerned about competition implications of a scheme by Ireland to safeguard its deposits – later said it saw no problem with Britain's move.Mr Darling is due to fly to Washington today to discuss global action on the crisis.How clever was it? We offer some marks out of tenBill Jamieson,on the wisdom and implications of the British bail-outIMMEDIATE IMPACT: 5 out of 10. Shares in HBOS and Royal Bank rallied after a faltering start. HBOS closed 24.5 per cent higher and RBS was up 0.8 per cent. UK shares overall continued to plunge, with the FTSE100 down another 5 per cent or 238.53 points at 4366.69. But the reaction in money markets to the package was notably more positive.TIMING: 1 out of 10. Work has been under way on a bank rescue for weeks. So why the long delay?RATE CUTS: 9 out of 10. The co-ordinated nature of the move by the world's central banks was particularly impressive. But more will be needed in the coming weeks. The near immediate passing on of the half per cent rate cut to mortgage borrowers is desperately needed good news for home-buyers. PRESENTATION:3 out of 10. Not impressive. And negotiations going on till early hours smacked of panic.CONTENT: 8 out of 10. The package itself broadly went down well in money markets. It is seems well thought out, targeted at the key problems of capital strength and liquidity, is flexible, and does not crush the ordinary shareholders into oblivion. OVERALL EFFECT: Jury out. This is going to take time. And this emergency package for UK banks will be of little use if the fiery panic across the world's markets is not staunched. It will not stop the recession that is already under way. But what the deal has certainly prevented is a total collapse in confidence in the UK's financial system. It has improved the odds that there will still be a functioning banking system left by the end of the month. Whether that will be true by the time the storm has run its course may depend on further injections of central bank funds – and more rate cuts. The huge efforts of the US Federal Reserve, the US Treasury, and the British and European governments and central banks have still not turned the tide. WHAT IS THE TREASURY'S AIM?It is to staunch the flight of confidence and to revive the inter-bank market – banks lending to other banks. To meet these objectives, it has effectively created a core group of banks of capital strength that will form the heart of the new UK financial system. By doing so the hope is this will end the flight of confidence and stop the run on bank shares. The government is setting aside a further £25 billion to help other institutions build their capital so that they too will be fit counterparties for the core members. But in reviewing eligibility for inclusion, the government "will have due regard to an institution's role in the UK banking system and the overall economy".It is likely a two-tier banking system will develop, similar to the world of 40 years ago when there was a distinction between clearing banks and secondary banks. The government will require a full commitment from participants in its scheme to support lending to small business and to home-buyers.WILL IT WORK?No-one can be sure. And certainly nothing is going to work until the firestorm raging across global markets is put out. Overnight Japan's stock market plummeted 9.4 per cent – its biggest one-day drop in 21 years. In Germany the Dax Index opened down 4.8 per cent while trading on the Moscow stock exchange was again halted. Not even that co-ordinated rate cut by the US Federal Reserve (to 1.5 per cent), the Bank of England (to 4.5 per cent) and the European Central Bank (3.75 per cent) rallied markets as had been expected. Tumbling share prices are a signal that a severe recession is going to hit whatever governments now do. The overall aim of government is to reduce the risk that recession turns into depression through the vicious cycle between the worsening economy, deteriorating credit quality, heightened financial strains and reduced credit availability. The aim is to ensure that there is still a functioning banking system left a) by the end of the month and b) once the recession ends. The measures themselves will not on their own end the financial crisis. This is global in nature and the interlinkages are complex – and potentially highly flammable. So it is unlikely measures by any one country can return financial conditions to normal. Says Saunders: "We are not yet even halfway through the decline in UK house prices. We are not even close to halfway through the UK recession, with associated job losses, business failures, mortgage arrears and repossessions and debt write- offs. Much pain lies ahead."TOO LITTLE TOO LATE?Many fear so. Further bank recapitalisation and liquidity measures may be needed. And there will almost certainly need to be further rate cuts, taking UK rates down to 3 per cent – possibly lower. Banks move to pass on benefitsLINDSAY MCINTOSHBORROWERS finally got some good news yesterday when UK banks passed on a shock interest rate cut.The Bank of England dropped the base rate from 5 to 4.5 per cent at noon, in the surprise move 24 hours ahead of its scheduled decision. Some economists said it might soon plunge much lower.Yesterday's action was mirrored by the world's major central banks, including the Federal Reserve in the United States and the European Central Bank, in an attempt to prevent a global economic meltdown.Almost instantly, Britain's high street banks pledged to pass on the cut to customers. HBOS, Barclays and Lloyds TSB – which lends through the Cheltenham & Gloucester – were the first to cut their standard variable rates in line with the Bank of England.Where the cut is passed on in full, it will knock about £47 off monthly repayments on a typical £150,000 mortgage, reducing repayments to £1,012.81 a month and saving consumers £570 a year, based on a new rate of 6.5 per cent.Those with loans of £250,000 will benefit even more, saving £79 a month or £950 a year.The rate reduction was welcomed by the Council of Mortgage Lenders, alongside the other measures taken by the government to help the banking sector.Michael Coogan, the CML's director-general, said in cutting mortgage rates, the banks had helped to strengthen the rescue package announced by Gordon Brown, the Prime Minister, and Alistair Darling, the Chancellor."Not only are the tripartite authorities now pulling together decisively to address domestic confidence, but international central bankers are also collaborating much more effectively on their position," he said. "All this decisive action augurs well for an improving market situation, even though no-one is pretending the tough times are over yet."The US Federal Reserve reduced rates from 2 per cent to 1.5 per cent and the European Central Bank trimmed its rates from 4.25 per cent to 3.75 per cent. The central banks of Canada, Sweden and Switzerland all took similar action. The Bank of England said that the drop was justified by likely falls in inflation in the coming months. Howard Archer, the chief European and UK economist at Global Insight, predicted interest rates could be as low as 4 per cent by the end of the year.Who thought what of rescue package"Taken together with the co-ordinated cut in interest rates, today's package represents a welcome step on the road to normality in financial mar-kets, which is so critical for the wellbeing of the United Kingdom economy."Keith Skeoch, CEO, Standard Life Investments • "The government is using taxpayers' money as an easy way out, and haven't fully explored other options that don't put £50 billion of our hard-earned cash on the line."Matthew Elliott, chief executive of the TaxPayers' Alliance• "At last, the UK Treasury and Bank of England Monetary Policy Committee are wakening up to the scale of the crisis triggered by the credit crunch."Jonathan Fair, chief executive of Homes for Scotland• "In the wake of the recent financial carnage, the MPC's decision to cut the base rate by 0.5 per cent to 4.5 per cent is welcome news for struggling UK homeowners. This is the first reduction since April, and many borrowers will be breathing a long-awaited sigh of relief."Ann Robinson, director of consumer policy at uSwitch.com• "It is very welcome that the Bank of England has heeded calls for an interest rate cut to ease lending conditions and provide a stimulus to households and businesses, and brought forward the announcement in conjunction with other central banks. Alex Salmond, First Minister• "Excessive risk-taking should not be rewarded but punished."Gordon Brown, the Prime MinisterCREDIT CRUNCHIN NUMBERSSo what could £500bn buy?• Four-and-a-half NHS's (based on annual UK health budget) • Six UK education systems (based on budget for 2008-9)• 55 UNs (based on its annual budget) • 20 Beijing Olympics• 1,250 Scottish Parliaments• Seven Vietnam wars• Four-and-a-half Iraq wars• South Africa, Nigeria, Cameroon, Ghana, Tunisia, the Ivory Coast, Madagascar, the Republic of Congo, Chad and Malawi combined (based on their GDPs)
http://thescotsman.scotsman.com/latestnews/-New-World-Order.4573452.jp

An eailier blog entry around the end of March, about the boycott of McDonalds. I thought i would pass along this happy ending.
McDonald's surrenders! Boycott declared overFamily group says fast-food giant agrees not to promote 'gay' agenda
Posted: October 09, 20088:40 pm Eastern
By Bob Unruh© 2008 WorldNetDaily
Following the link from the National Gay and Lesbian Chamber of Commerce's website leads to a promotional for children's Happy Meals at the McDonalds website
A corporate executive for McDonald's restaurants who had been on board of directors of the National Gay & Lesbian Chamber of Commerce has stepped down following a boycott of the chain organized by the pro-family American Family Association.
McDonald's officials confirmed today to WND that Richard Ellis, who had been named to the "gay" chamber board after McDonald's contributed $20,000 to the organization, "made a personal decision to step down" after he accepted a new position with McDonald's Restaurants of Canada.
McDonald's officials also told AFA the company has no plans to renew its membership in the special interest group when it expires in December.
"We appreciate the decision by McDonald's to no longer support political activity by homosexual activist organizations," AFA chairman Donald E. Wildmon said in a prepared statement.
WND reported in May when McDonald's signed onto the "gay" agenda, and one executive for the fast-food chain later accused Christian advocates of the traditional family of being motivated by "hate."
The AFA called for a boycott and established a website to facilitate the effort. However, AFA officials today said the boycott was being called off after the company notified the AFA Ellis has resigned from the board and "his seat on the board will not be replaced by McDonald's."
"McDonald's stated that the company would remain neutral in the culture war surrounding homosexual marriage," the AFA said.
The pro-family group noted that in an e-mail to McDonald's franchise owners, the company said, "It is our policy to not be involved in political and social issues. McDonald's remains neutral on same sex marriage or any 'homosexual agenda' as defined by the American Family Association."
McDonald's statement, from media relations vice president William Whitman, said the company "stands by and supports our people. Diversity and inclusion are integral components of our brand and our heritage. We continue to have strong employee networks throughout our company and will continue to align our brand with individuals and organizations that share our belief in supporting our people and the communities we serve."
The "gay" chamber said, "Like all our corporate relationships, McDonald's USA has been a good partner … there has been no discussion between the NGLCC and McDonald's regarding continuing membership, nor has the NGLCC been notified of any move not to renew our work together."
The organization continued, "The NGLCC will continue to align with corporate America in support of equal opportunity for all of America's worker (sic) and small businesses."
When Ellis joined the NGLCC board he proclaimed: "I'm thrilled to join the National Gay & Lesbian Chamber of Commerce team and ready to get to work. I share the NGLCC's passion for business growth and development within the LGBT community and I look forward to playing a role in moving these important initiatives forward."
Ellis had only recently joined McDonald's USA, previously holding the position of vice president of communications and public affairs for McDonald's in Canada, a division to which he now apparently is returning.
The American Family Association is one of the largest pro-family organizations in the nation with between 2 and 3 million online supporters.
As WND previously reported, after Wal-Mart joined the NGLCC, its income started declining as Christian organizations reacted to the news.
CNN reported Wal-Mart officials later decided to pursue a lower level of homosexual promotions.
"We are not currently planning corporate-level contributions to GLBT groups," Mona Williams, the company's senior vice president of corporate communications, told CNN only months after the issues arose.
The chamber group describes itself as promoting the LGBT community first and always.
Under a "What we do" page is listed a variety of goals, including "disseminate news and information central to the success of LGBT businesses … ensure increased opportunity and equality for LGBT professionals … help LBGT businesses gain more procurement opportunities …. provide strong lobbying efforts for LBGT business causes."
Other corporate sponsors of the NGLCC include Coors Light and Kodak, who have been leaders in advocating homosexuality, as well as IBM, Wells Fargo, JPMorganChase, Motorola, Intel, Avis, Pepsico, OfficeMax and Coldwell Banker.
It also was revealed Happy Meals profits had been used to send 56 McDonald's staff members to a meeting in San Diego to strategize about promoting homosexuality within the company.
But the AFA had sought only a statement of neutrality in the culture wars from the company, not an abandonment of its workers or communities.
WND also has reported on AFA's documentation of McDonald's sponsorship of a homosexual festival featuring public nudity for both men and women.
The AFA revealed McDonald's sponsored the 2008 San Francisco "Gay" Pride parade with a television commercial. The ad originally was posted on YouTube by a McDonald's employee, the group said. "After AFA exposed it, it was removed by the McDonald's employee," the AFA said.
The original McDonald's position supporting the NGLCC agenda, however, came down to a matter of dollars and cents for officials for a family of mutual funds.
They accused McDonald's officials of "neglecting" their "fiduciary" duty to stockholders by their pursuit of homosexual activism.
"It continues to amaze me that corporations, like McDonald's, continue to publicly and financially support things that alienate their consumer base," said Arthur Ally, the president of the Timothy Plan family of mutual funds.
The company refuses to invest with McDonald's.
"Shareholders as well as customers should be outraged," Ally said, "at the blatant position this company has taken on this issue. McDonald's corporation has a fiduciary responsibility to their shareholders to continue to earn profits and expand their company. By alienating such a large consumer base, the Christian community, they are undoubtedly neglecting this responsibility."
The AFA's boycott site comment forum had attracted thousands of comments such as:
"America is tired of corporations and organizations twisting the free speech and actions of its citizens into 'hatred' when we simply oppose the corporation's, or organization's, involvement in areas where we don't want our money going. Don't expect any more of my money."
"McDonald's is a thing of the past for me."
"We love your fries, but we will not compromise truth. You have taken money that our family, and millions of others, have contributed to the success of the McDonald's Corp. and chosen to use it for an agenda that defies the foundation of our nation, the family, as created by a man and woman."
"I will take [my] 10 great grand children to Wendy's, Burger King or some other place. YOU ARE NOT THE ONLY GAME IN TOWN!"
"Yes Wendy's, I will have a Frosty with that."
"Consider my family's patronage 'McGone.'"
http://www.worldnetdaily.com/index.php?fa=PAGE.view&pageId=77515