North Carolina Extends Early Voting

From the New York Times, "North Carolina Extends Early Voting."

The North Carolina Board of Elections today announced that it would extend early voting hours on Saturday, the last day people can cast ballots in the state before Nov. 4.
The emergency decision affects “one-stop” registration and voting sites in the state’s 100 counties, which have experienced long lines since opening on Oct. 16. The sites can now stay open four hours later, until 5 p.m., on Saturday.According to The Associated Press, more than 1.7 million people, just under a third of the state’s registered voters, had cast ballots by Wednesday evening in the surprise swing state.

The North Carolina decision comes as states around the country have experienced heavy early turnout, with Gov. Charlie Crist of Florida extending early voting hours from eight hours a day to 12 on Tuesday.

BofA Doesn't Explode; CEO Ken Lewis Named Banker of the Year

Marketwatch reports, "American Banker to Honor Kenneth D. Lewis With 2008 Banker of the Year Award."

In the past two years, Lewis seized strategic opportunities created when financial services rivals stumbled, and in the process expanded his company's reach in two key financial services businesses. He turned the company into a mortgage powerhouse with the acquisition of Countrywide Financial Corp. and followed with a deal for Merrill Lynch that establishes B of A as a leader in wealth management.

Notes Clusterstock:

Apparently you can still be named “Banker of the Year” by American Banker even if the share price of the bank you run is down 50% for the year. That might not be entirely fair. Watching half your market capitalization vanish is better than having your whole company vanish. Lewis is certainly no Jimmy Cayne, Dick Fuld or John Thain. (Although, in fairness to those guys, they didn't have the giant depositor base, years of access to the discount window and FDIC protections that Ken enjoyed).

Three cheers for Ken! He kept Bank of America alive! It only took $25 billion of new capital from taxpayers and God knows what other favors Chris Dodd worked into the bailout legislation for you.

Socialist Welfare Queens!

Click on the above picture to view the twenty five banks currently on the Treasury dole. I wonder how Joe the Plumber likes this wealth redistribution.

A NASCAR Endorsement For Obama

NASCAR icon Junior Johnson endorses Barack Obama. Junior Johnson is described as the first NASCAR superstar, a man from the western Piedmont who actually started out as a moonshine runner. His folksy endorsement letter follows:

Every day I talk to someone else who's never voted for a Democrat, but now they're voting for Barack Obama. They realize that Barack understands what we're going through here in North Carolina. And they're ready for change.

So I've made up my mind, and I'm ready to get involved. I know that I could never have won a race without my pit crew, and I know Barack can't win this one without us.

Can you sign up to volunteer this last crucial week?

When I talk to folks about why I support Barack, I just tell it like I see it.

There's been a lot thrown at him this election, and he's stayed calm, positive, and focused. I know a little something about how important it is to stay cool under pressure.And with all the dangers in our world today, that's the kind of rock-solid leadership our country needs.

These days, I run a small country ham and pork skins business. Barack Obama will fight for a fair economy where small businesses like mine have the freedom to grow, and he'll defend the Second Amendment to protect the hunter's way of life.

But the most important reasons I'm speaking out for Barack Obama are named Robert and Meredith, my two children. My wife Lisa and I talked it over, and honestly, we know in our gut that their future is more secure if Barack Obama is president.

At the end of the day, there's just nothing more important than that.

That's why I'm going to talk to my neighbors this week, and I'm asking you to do the same. This election in North Carolina is going to be one of the closest ever, and we all need to lend a hand. Join me by volunteering this week:
http://my.barackobama.com/...

I've been in a lot of races in my life. But this may be the most important one of all. So let's all get in gear and win it together.

Yours,
Junior Johnson

P.S. -- I know what it means to run an aggressive race, but I also know what it means to compete with integrity. Have you gotten one of these pre-recorded calls that are flooding our state smearing Barack Obama's character and questioning his patriotism? That's crossing the line, and North Carolinians deserve better. Help fight back by canvassing this week to tell your neighbors the truth about Barack.

Being Rich While Living Poor

We're all fixated on the financial markets these days. By and large, we're all feeling poorer, or at least I am, as I watch my investment accounts take a beating. With this in mind, I'm excerpting from one of my favorite lifestyle/culture websites, Of Two Minds. This featured website's "food for thought" is free and it's your option to take it or leave it.

To get through the upcoming economic hard times, Charles Hugh Smith's blog encourages us to:

aspire to the inner wealth of charity, forgiveness, empathy, self-acceptance, self-reliance, humor and a healthy humility about wisdom and how much remains to be learned in life. Regrettably for the Standard Model of Marketing, all of these are hopelessly and irrevocably free. (snip) I know it runs counter to everything we are supposed to cherish about the "American Lifestyle," but it seems to me that living poor has all sorts of advantages.

To list but a few:

1. Smaller cars are easier to park and cheaper to own/drive. A Toyota or Honda will last for 15 or 20 years with routine maintenance, while the luxury brands are rusting in the junkyard or requiring thousands of dollars in repairs.

2. Cooking real food is cheaper, tastes better and is healthier for you by far.

3. Teaching kids self-reliance and thriftiness (basically the same thing) cures dysfunctional dependence; cancel the maid service, stop buying sports drinks as everyday treats, etc.

4. Having a cellphone glued to your ear does not make you a bigshot. 80% of all "communication" is distraction. Creativity and innovation are not nourished by being overwired and distracted.

5. Being a renter is much easier than owning a house. When something breaks, you call the landlord or porperty management company. Once you buy a house with a mortgage, it's costly to align the mortgage to market forces; it's fixed unless rates fall and even then you have to pay thousands in refinancing fees. Rents are open to market forces so you can negotiate lower rents or move to a cheaper place without losing 10% of your capital (selling a house costs 6% realtor fees plus closing costs).

6. Second-hand stuff is treated as tainted by a "buy new" middle-class, but used is smarter. The first owner took a 90% loss, or a 50% loss for a recent auto. The second owner gets all the benefits with very little loss of intrinsic value.

7. Not buying anything new is best for the planet. Even a "green" Prius uses hundreds of gallons of oil to manufacture, extract the iron, make the steel and plastic, etc. It takes more oil to manufacture a Prius than the vehicle will ever consume. If you want a Prius, buy a used one.

8. The Web is mostly free (this site included). That makes it the greatest bargain of all time. Yes, a monthly access fee is required but these are less than cellphone plans. Or you can log onto free public wi-fi networks.

9. The real world trumps electronic simulacrums, which inevitably leave users with a strange inner hollowness and ennui. It's free to go outside, free to learn new things off the Web, free to do situps on your own floor, etc.

10. "New" is oversold. We seek novelty but novelty does not have to be purchased.

11. Drawing identity from Consumerism (in any guise) is true inner poverty. Focusing on being a better parent, smarter investor, mentoring younger colleagues, etc. are all free; they build an authentic identity that has no need for superficial externals for verification.

12. What you consciously give up as not in your own best self-interest you no longer miss: sodas, chips, ridiculously overpriced football games, ice cream, fast food, cable TV, etc. etc.

In the near future, we'll be reading more and more advice like this. While Smith takes the "living poor" philosophy further than I would, I believe we all should periodically examine our lifestyle priorities and choices. Our ability to be happy in difficult circumstances hinges on being flexible and adjusting to ever-changing realities. Now is such a time to examine and perhaps recalibrate our priorities and expectations.

Nothing Could Be Finer Than To Be In Carolina

This morning I opened my Charlotte Observer to see its editorial board give the nod to Barack Obama for President.

In an era that begs for a return to the standards of decency and respect for the rule of law that made America great, Obama offers thoughtful proposals for a rational way to respond to the nation's needs. The Observer enthusiastically endorses Barack Obama for president.

Note: The Observer also endorses Kay Hagan (D) for U.S. Senate, Pat McCrory (R) for North Carolina Governor. For what it's worth, I concur.

As an added treat, I've also included The Nation's piece by Bob Moser that I believe sums up North Carolina this election - Obamalina. Moser, bringing the election full-cycle, writes:

The night of his primary triumph in May, Obama was all swole with joy and uplift--and in full sales mode. After calling North Carolina "a swing state, a state where we will compete to win if I am the...nominee for president," Obama raised the roof with his big preacherly finish: "In this country, justice can be won against the greatest odds. Hope can find its way back from the darkest corners.... We answer with one voice, 'Yes we can.' North Carolina and America...don't ever forget that this campaign is about you. It's about your hopes, it's about your dreams, it's about your struggles, it's about your aspirations."

Duke Energy to Reduce Investment in Alternative Energy

From the Charlotte Observer, "Duke Halves Its $100 Million Plan for Solar Panels."

Duke Energy has cut in half its $100 million plan to place solar-electric panels on hundreds of N.C. rooftops after consumer advocates for the state Utilities Commission called the proposal too aggressive and expensive.

Two takeaways from this move: 1) traditional energy (oil/gas) prices are going to continue to fall; and 2) cash (funding for alternative energy) must be conserved. Both of these factors obviate the need for aggressively funding solar-electric energy. More fall-out from the rapidly contracting economy.

Closing the Books on Wachovia

From Clusterstock:

There's a reason the government put 'em down. Wachovia has just announced a $23.9 billion quarterly loss -- $18.8 billion of which is the impairment of goodwill. That represents the end of its $25 billion acquisition of Golden West, back in 2006. Deals don't get much worse than that. Excluding Goodwill and various merger expenses, it only lost $4.4 billion.

Wachovia - RIP. As a recovering Wachovia stalker, I suppose I'll now have to focus on Wells and BofA.

Be Happy!

Yes there's lots of anxiety and turmoil these days, from the elections to the financial markets. But Foresight, British think-tank report, covered in The Times, lists few simple ways to stay sane and be happy (and none of them involve money!):

Steps to happiness

Connect
Developing relationships with family, friends, colleagues and neighbours will enrich your life and bring you support

Be active
Sports, hobbies such as gardening or dancing, or just a daily stroll will make you feel good and maintain mobility and fitness

Be curious
Noting the beauty of everyday moments as well as the unusual and reflecting on them helps you to appreciate what matters to you

Learn
Fixing a bike, learning an instrument, cooking – the challenge and satisfaction brings fun and confidence

Give
Helping friends and strangers links your happiness to a wider community and is very rewarding.

Now, add those five things to your daily to-do list.

More Evidence of NC As Election Battleground

A new SurveyUSA poll in North Carolina finds the state deadlocked with Sen. Barack Obama and Sen. John McCain each getting 47% support.Compared to an identical poll just two weeks ago: McCain is down 2 points, Obama is up 1. Among those who have already voted, Obama leads 59% to 36%.

Interestingly, the races for U.S. Senate and Governor are also dead heats.

New Tarheel Poll

A new PPP poll for the Tarheel state! The numbers are:
Obama 51 (49)
McCain 44 (46)

Hagan 49
Dole 42

No report on the McCrory vs. Purdue race.

NC - From Election Battleground State to Potential Obama "Closer" UPDATED

At The Field, Al Giordano outlines why North Carolina may be "The Closer" for Barack Obama on Election Night.

It's in Greater Charlotte and Piedmont where the votes are measurably switching from Bush '04 to Obama '08: Charlotte is home to the Bank of America and the carcass of Wachovia Bank (just bought out by Wells Fargo, a casualty the current economic crisis), plus 23 more of the Fortune 500 companies. It is second to New York as a financial capital.

The same deep worry that today afflicts financial professionals in Manhattan hangs heavily not only over Charlotte and its suburbs, but also Winston-Salem, where the old Wachovia Bank building shadowed surprisingly empty streets on a random weekday lunch hour earlier this week. (Emphasis mine)

In his piece, Giordano observes, "Hugh McColl Jr., former CEO of Bank of America, penned a column last week in the Charlotte Observer .

In 49 years of living in Charlotte, I've seldom offered my opinion in writing and never submitted a piece such as this. The condition of our country compels me. The economic disarray threatening our community and nation poses critical challenges but also presents opportunity. We can observe the presidential candidates in the crucible of crisis.

Only one of them demonstrates the needed intellect, fortitude and temperament. That is why I have decided to publicly support Barack Obama.

Hugh McColl's whole piece is well worth reading and, in Charlotte, is bigger and more important than any media or political endorsement. Giordano concludes his analysis by noting:

This isn't just a political campaign. It's a steamroller. This is why North Carolina really is in play. And the excitement in this state - from West to East - is the highest and the hungriest among the five states we visited in the past two weeks.

In other words, North Carolina - if all these great works come to fruition - could become, early on Election Night, the closer. Because if Obama wins here, it means he probably just won Virginia, too, and the Electoral College math then becomes impossible for McCain to overcome anywhere else that's still in play.

It's exciting to contemplate that this presidential race may be determined here in North Carolina and very possibly even in Charlotte itself. No one knows Charlotte like Hugh McColl. He seems to sense the importance of something happening here, do you?

Updated 10/13 - No link yet, but Dean Smith, legendary UNC basketball coach, has endorsed Obama.

Wachovia Still Lending...to the Republicans

As Wachovia awaits the verdict on who its new owner(s) will be, we learn that they've extended credit to the Republican Party. Per Roll Call:

The National Republican Congressional Committee, trailing its Democratic counterpart considerably in cash on hand, has secured an $8 million loan to
spend on House races during the last few weeks of the campaign, according to sources. The NRCC reported $14.4 million in cash on hand as of Aug. 31, compared to $54 million in the bank for the Democratic Congressional Campaign Committee. As it did last cycle, the NRCC is procuring its loan from Wachovia Bank, sources confirmed.

The NRCC's $8 million loan would appear to push the committee's cash on hand over the $20 million mark, depending on how much money it raised and spent in September. Last month's numbers for both the NRCC and DCCC are not due to be publicized until later this month.

Dailykos has extensive commentary on this (see here).

My commentary is shorter and more wistful: If Wachovia had been more careful about its borrowers' creditworthiness and more correctly assessed loan risks, perhaps they wouldn't be where they are today. Yes, NRCC can be included in the category of credit deadbeats as they defaulted on their last Wachovia loan.

McCrory + Palin = Win in Charlotte?

Per the News & Observer: Palin Stops for Pizza, Debate.

Palin's visit came as recent national and North Carolina polls have indicated that the Democratic ticket of Obama and Sen. Joe Biden is surging as the country reels from one economic blow after another.

Obama has targeted North Carolina, which has typically gone for Republicans
in recent presidential elections, as a potential swing state this year. Obama's
campaign said Tuesday night that Palin's visit was yet another indication that
N.C. voters could have an impact on the outcome.

Back in August, I thought the Tar Heel State would become a presidential battleground state (see here). Winning in Charlotte is both Obama's and McCrory's ticket to victory in North Carolina. Can they both win here? Maybe. Sarah Palin is a lightening rod. Will Charlotte's moderates embrace or reject the McCrory/Palin connection? It's too soon to tell.

McCrory currently leads by +1 against Purdue in the governor's race; Obama/Biden is currently polling +6 over McCain/Palin in the latest North Carolina PPP poll.

The Fate of Wachovia at (High) Noon Today?

Per the Charlotte Observer: Wachovia Up In Air; Split-up Feared.

And for the sake of Wachovia, I don't like seeing Robert Steel so glum. Guess we'll get the verdict on Wachovia at 12 noon today.

Trainwreck BofA Offering

From Bloomberg:

Bank of America Corp. will cut its dividend by 50 percent and plans to sell $10 billion in common shares after third-quarter profit fell 68 percent. The stock fell in late trading. Bank of America profit dropped to $1.18 billion, or 15 cents a share, in the quarter ended Sept. 30, from $3.7 billion, or 82 cents, in the same period last year, the Charlotte, North Carolina-based company said in a statement.
``These are the most difficult times for financial institutions that I have experienced in my 39 years in banking,'' Chief Executive Officer Kenneth Lewis said in the statement. ``It is prudent to raise capital to very substantial levels in this uncertain environment.'' Bank of America dropped 7.2 percent to $29.91 as of 4:27 p.m. in extended trading. During the regular session, the bank dropped 6.6 percent. Lewis said "recessionary conditions'' and the outlook for an even weaker economy will drive up credit losses and depress earnings.


My comment: Way to attract investors: cut dividends AND dilute stocks! Is it a surprise to anyone that Bank of America Offering is a Calamity ?

Rewriting Wachovia's Ending

Wachovia to merge with Wells Fargo; Citi left in the dust.

This is a huge surprise, but this deal makes much more sense than the deal with Citigroup. This also takes the FDIC off the hook and is an improved outcome for Wachovia shareholders.

From Dealbreaker.com: Wachargo It Is!