[equalizer]

Allan,

You are the expert in the “broadly defined” refinery field so I’m sure you know most of these details.

Since BP bought Amoco in 1998, they have been plagued with much higher rates of accidents than Exxon. BP excelled at improving efficiency and profits to please fat cats like me and others on Wall Street.

The U.S. Chemical Statement and Hazard Investigation Board in 2007 found BP fostered bad management at the plant and that cost-cutting moves by BP were factors in the Texas City explosion.

Judge Richard Posner (eminent legal scholar, UofChicago professor, (Milton disciple) has for decades argued for less government interference, but in the last 2 years he has changed in my mind on regulation is bad after the financial nightmare of the last few years. I’m sure this latest tragedy in Gulf would also lean him toward tighter regulation. Palin should give this a read from her local paper “Free-market economist changes tune” http://www.adn.com/2010/04/15/1228127/free-market-economist-changes.html#ixzz0lHniBEds

Judge Posner has a great blog with economist Gary Becker. http://uchicagolaw.typepad.com/beckerposner/

The WSJ reports from this week further implicate BP in the Gulf rig explosion that killed 11 and injured many others. Whatever errors the other firms made, they claim that BP was the boss and so dictated all decisions. Leasing the rig at $1M per day, and over budget, BP appears to have taken shortcuts.

The industry will take a big hit for BP not following best practices, to be charitable. Instead of blaming BP or paying more bribes to Congress, the industry should take lead by having Lee Raymond (former Exxon CEO) explaining need for Gulf Oil and how he will personally guarantee new guidelines for the industry. They should also attempt to show goodwill with the public by hiring someone like Oprah to explain to the people their respect for safety, the environment and need for public to pay for safety.

The Texas City refinery explosion in 2005 killed 15 and injured 170.

The law firm BCA worked for Rowe’s settlement. Instead of taking the money and signing the abhorrent NDA (note to SCOTUS: ban NDAs in the name of safety, free speech) , the daughter fought hard to improve safety for future . “the total amount of which remains confidential, as do other plaintiffs’ settlements — secured funds for the hefty charity program and made public more than 7 million pages of court documents that helped bring to light safety lapses that led to the blast. Rowe expressed her gratitude that numerous endowments — established with $44 million included in her settlement with the British oil company — were improving safety in the refining industry.
Texas A&M has educated more engineers in process safety and has launched new research into fires, explosives and fire suppression, said Dr. Sam Mannan, of the university’s Mary Kay O’Connor Process Safety Center. It got $12.5 million and $2 million for a matching grant program. The University of Texas Medical Branch at Galveston, where many of the injured were taken after the explosion, has trained 30 doctors from around the world in burn and trauma treatment, and has developed new medicines, said Dr. David Herndon of UTMB, which also got $12.5 million and $2 million for a matching grant program. College of the Mainland, a community college in Texas City, has established the Gulf Coast Safety Institute, along with a new degree program in occupational safety and health technology, said Monica O’Neal, who directs the college’s foundation. The college got $5 million and $2 million for a matching grant program.

http://www.rememberthe15.com/rt15_news?post_id=878

[equalizer]

[quote=AN][quote=UCGal]I agree with CAR about 8% being optimistic. Especially if you’re diversified to mitigate risk.[/quote]
I used the Dow index as my example of diversity and long term return. I just checked out BRKB’s 10 year return and it’s greater than 8% over the last 10 years. So to me, either I’ll buy a DOW index fund, try to beat the DOW with my own set of investments, or trust Buffett and his team. I don’t think I can out do Buffett and his team.

Here one other example for those who thinks 8% is too optimistic. At 4% return, you’ll have $1.47M in 20 years. Or $1.56M after 25 years at 2% return . I’m a firm beliver in the power ofcompound interest. So the sooner you start saving, the higher chance of you amassing a million or two and be able to retire early.[/quote]
In today’s market of 0% rates, 5% is more realistic. I just traced back 15 years of biggest fund and indexes with Morningstar data. Only 25% of 500 funds/indexes were over 8% avg over 15 years and only 10% over 8% over last 10 years with S&P 0% over 10 years.

By the way, I bought Vanguard Health Care 15 years ago and it is avg 14% since then. It is ranked #2 of all funds/indexes over that time period. I made the mistake of drinking/dating/diversifying, otherwise I would be ahead of Buffet by now.

Typical child care expenses are over 10K per child per year in San Diego, throw in high rent/mortgage, home expense it is very difficult to save much money even with 150K salary outside 401K. If you include 401Ks then 2-3K savings/month can be done if you stick to the picnics, etc.

[Of course this year includes the 60% rate over last 12 months. Had you done this report last year the 15 year returns would nearly all be 3% or less]

[equalizer]

[quote=AN][quote=UCGal]I agree with CAR about 8% being optimistic. Especially if you’re diversified to mitigate risk.[/quote]
I used the Dow index as my example of diversity and long term return. I just checked out BRKB’s 10 year return and it’s greater than 8% over the last 10 years. So to me, either I’ll buy a DOW index fund, try to beat the DOW with my own set of investments, or trust Buffett and his team. I don’t think I can out do Buffett and his team.

Here one other example for those who thinks 8% is too optimistic. At 4% return, you’ll have $1.47M in 20 years. Or $1.56M after 25 years at 2% return . I’m a firm beliver in the power ofcompound interest. So the sooner you start saving, the higher chance of you amassing a million or two and be able to retire early.[/quote]
In today’s market of 0% rates, 5% is more realistic. I just traced back 15 years of biggest fund and indexes with Morningstar data. Only 25% of 500 funds/indexes were over 8% avg over 15 years and only 10% over 8% over last 10 years with S&P 0% over 10 years.

By the way, I bought Vanguard Health Care 15 years ago and it is avg 14% since then. It is ranked #2 of all funds/indexes over that time period. I made the mistake of drinking/dating/diversifying, otherwise I would be ahead of Buffet by now.

Typical child care expenses are over 10K per child per year in San Diego, throw in high rent/mortgage, home expense it is very difficult to save much money even with 150K salary outside 401K. If you include 401Ks then 2-3K savings/month can be done if you stick to the picnics, etc.

[Of course this year includes the 60% rate over last 12 months. Had you done this report last year the 15 year returns would nearly all be 3% or less]

[equalizer]

[quote=AN][quote=UCGal]I agree with CAR about 8% being optimistic. Especially if you’re diversified to mitigate risk.[/quote]
I used the Dow index as my example of diversity and long term return. I just checked out BRKB’s 10 year return and it’s greater than 8% over the last 10 years. So to me, either I’ll buy a DOW index fund, try to beat the DOW with my own set of investments, or trust Buffett and his team. I don’t think I can out do Buffett and his team.

Here one other example for those who thinks 8% is too optimistic. At 4% return, you’ll have $1.47M in 20 years. Or $1.56M after 25 years at 2% return . I’m a firm beliver in the power ofcompound interest. So the sooner you start saving, the higher chance of you amassing a million or two and be able to retire early.[/quote]
In today’s market of 0% rates, 5% is more realistic. I just traced back 15 years of biggest fund and indexes with Morningstar data. Only 25% of 500 funds/indexes were over 8% avg over 15 years and only 10% over 8% over last 10 years with S&P 0% over 10 years.

By the way, I bought Vanguard Health Care 15 years ago and it is avg 14% since then. It is ranked #2 of all funds/indexes over that time period. I made the mistake of drinking/dating/diversifying, otherwise I would be ahead of Buffet by now.

Typical child care expenses are over 10K per child per year in San Diego, throw in high rent/mortgage, home expense it is very difficult to save much money even with 150K salary outside 401K. If you include 401Ks then 2-3K savings/month can be done if you stick to the picnics, etc.

[Of course this year includes the 60% rate over last 12 months. Had you done this report last year the 15 year returns would nearly all be 3% or less]

[equalizer]

[quote=AN][quote=UCGal]I agree with CAR about 8% being optimistic. Especially if you’re diversified to mitigate risk.[/quote]
I used the Dow index as my example of diversity and long term return. I just checked out BRKB’s 10 year return and it’s greater than 8% over the last 10 years. So to me, either I’ll buy a DOW index fund, try to beat the DOW with my own set of investments, or trust Buffett and his team. I don’t think I can out do Buffett and his team.

Here one other example for those who thinks 8% is too optimistic. At 4% return, you’ll have $1.47M in 20 years. Or $1.56M after 25 years at 2% return . I’m a firm beliver in the power ofcompound interest. So the sooner you start saving, the higher chance of you amassing a million or two and be able to retire early.[/quote]
In today’s market of 0% rates, 5% is more realistic. I just traced back 15 years of biggest fund and indexes with Morningstar data. Only 25% of 500 funds/indexes were over 8% avg over 15 years and only 10% over 8% over last 10 years with S&P 0% over 10 years.

By the way, I bought Vanguard Health Care 15 years ago and it is avg 14% since then. It is ranked #2 of all funds/indexes over that time period. I made the mistake of drinking/dating/diversifying, otherwise I would be ahead of Buffet by now.

Typical child care expenses are over 10K per child per year in San Diego, throw in high rent/mortgage, home expense it is very difficult to save much money even with 150K salary outside 401K. If you include 401Ks then 2-3K savings/month can be done if you stick to the picnics, etc.

[Of course this year includes the 60% rate over last 12 months. Had you done this report last year the 15 year returns would nearly all be 3% or less]

[equalizer]

[quote=AN][quote=UCGal]I agree with CAR about 8% being optimistic. Especially if you’re diversified to mitigate risk.[/quote]
I used the Dow index as my example of diversity and long term return. I just checked out BRKB’s 10 year return and it’s greater than 8% over the last 10 years. So to me, either I’ll buy a DOW index fund, try to beat the DOW with my own set of investments, or trust Buffett and his team. I don’t think I can out do Buffett and his team.

Here one other example for those who thinks 8% is too optimistic. At 4% return, you’ll have $1.47M in 20 years. Or $1.56M after 25 years at 2% return . I’m a firm beliver in the power ofcompound interest. So the sooner you start saving, the higher chance of you amassing a million or two and be able to retire early.[/quote]
In today’s market of 0% rates, 5% is more realistic. I just traced back 15 years of biggest fund and indexes with Morningstar data. Only 25% of 500 funds/indexes were over 8% avg over 15 years and only 10% over 8% over last 10 years with S&P 0% over 10 years.

By the way, I bought Vanguard Health Care 15 years ago and it is avg 14% since then. It is ranked #2 of all funds/indexes over that time period. I made the mistake of drinking/dating/diversifying, otherwise I would be ahead of Buffet by now.

Typical child care expenses are over 10K per child per year in San Diego, throw in high rent/mortgage, home expense it is very difficult to save much money even with 150K salary outside 401K. If you include 401Ks then 2-3K savings/month can be done if you stick to the picnics, etc.

[Of course this year includes the 60% rate over last 12 months. Had you done this report last year the 15 year returns would nearly all be 3% or less]

[equalizer]

[quote=meadandale]One of the few responsibilities given to the federal government in the Constitution is national defense.[/quote]
So you agree that Democrats in Congress should not let Gates cut defense spending (i.e., put heroes on the street) and should call for his resignation?

http://www.washingtonpost.com/wp-dyn/content/article/2010/05/08/AR2010050802495.html

[equalizer]

[quote=meadandale]One of the few responsibilities given to the federal government in the Constitution is national defense.[/quote]
So you agree that Democrats in Congress should not let Gates cut defense spending (i.e., put heroes on the street) and should call for his resignation?

http://www.washingtonpost.com/wp-dyn/content/article/2010/05/08/AR2010050802495.html

[equalizer]

[quote=meadandale]One of the few responsibilities given to the federal government in the Constitution is national defense.[/quote]
So you agree that Democrats in Congress should not let Gates cut defense spending (i.e., put heroes on the street) and should call for his resignation?

http://www.washingtonpost.com/wp-dyn/content/article/2010/05/08/AR2010050802495.html

[equalizer]

[quote=meadandale]One of the few responsibilities given to the federal government in the Constitution is national defense.[/quote]
So you agree that Democrats in Congress should not let Gates cut defense spending (i.e., put heroes on the street) and should call for his resignation?

http://www.washingtonpost.com/wp-dyn/content/article/2010/05/08/AR2010050802495.html

[equalizer]

[quote=meadandale]One of the few responsibilities given to the federal government in the Constitution is national defense.[/quote]
So you agree that Democrats in Congress should not let Gates cut defense spending (i.e., put heroes on the street) and should call for his resignation?

http://www.washingtonpost.com/wp-dyn/content/article/2010/05/08/AR2010050802495.html

[equalizer]

[quote=DataAgent]Defense spending = socialism? Pulleezzzz…

Here… pull my finger.[/quote]
How eloquent.
Have you every read the defence spending bills?
These are all concerns from Gates:
1. Defense budget has doubled in last 10 years. [edit from 50% to 100%]
2. Health care spending is skyrocketing in Defense budget.

Even questionable programs that armed forces don’t want are revived by Democrat Congressman to keep jobs in their state. Isn’t that the definition of Socialism?

Simple question: Are these Congressman the enemy of the state for wasteful spending or is Gates for putting heroes on the street? It’s pretty clear that nearly all Republicans like me believe that Gates needs to retire, maybe in France.

“One of the members of Congress, I’m told, said, ‘Well, why is $3 billion for the alternative engine such a big deal when we’ve got a trillion-dollar deficit?’ I would submit that’s one of the reasons we have a trillion-dollar deficit, is that kind of thinking,” Gates told reporters this month.

http://www.washingtonpost.com/wp-dyn/content/article/2010/05/16/AR2010051602937.html

[equalizer]

[quote=DataAgent]Defense spending = socialism? Pulleezzzz…

Here… pull my finger.[/quote]
How eloquent.
Have you every read the defence spending bills?
These are all concerns from Gates:
1. Defense budget has doubled in last 10 years. [edit from 50% to 100%]
2. Health care spending is skyrocketing in Defense budget.

Even questionable programs that armed forces don’t want are revived by Democrat Congressman to keep jobs in their state. Isn’t that the definition of Socialism?

Simple question: Are these Congressman the enemy of the state for wasteful spending or is Gates for putting heroes on the street? It’s pretty clear that nearly all Republicans like me believe that Gates needs to retire, maybe in France.

“One of the members of Congress, I’m told, said, ‘Well, why is $3 billion for the alternative engine such a big deal when we’ve got a trillion-dollar deficit?’ I would submit that’s one of the reasons we have a trillion-dollar deficit, is that kind of thinking,” Gates told reporters this month.

http://www.washingtonpost.com/wp-dyn/content/article/2010/05/16/AR2010051602937.html

[equalizer]

[quote=DataAgent]Defense spending = socialism? Pulleezzzz…

Here… pull my finger.[/quote]
How eloquent.
Have you every read the defence spending bills?
These are all concerns from Gates:
1. Defense budget has doubled in last 10 years. [edit from 50% to 100%]
2. Health care spending is skyrocketing in Defense budget.

Even questionable programs that armed forces don’t want are revived by Democrat Congressman to keep jobs in their state. Isn’t that the definition of Socialism?

Simple question: Are these Congressman the enemy of the state for wasteful spending or is Gates for putting heroes on the street? It’s pretty clear that nearly all Republicans like me believe that Gates needs to retire, maybe in France.

“One of the members of Congress, I’m told, said, ‘Well, why is $3 billion for the alternative engine such a big deal when we’ve got a trillion-dollar deficit?’ I would submit that’s one of the reasons we have a trillion-dollar deficit, is that kind of thinking,” Gates told reporters this month.

http://www.washingtonpost.com/wp-dyn/content/article/2010/05/16/AR2010051602937.html

[equalizer]

[quote=DataAgent]Defense spending = socialism? Pulleezzzz…

Here… pull my finger.[/quote]
How eloquent.
Have you every read the defence spending bills?
These are all concerns from Gates:
1. Defense budget has doubled in last 10 years. [edit from 50% to 100%]
2. Health care spending is skyrocketing in Defense budget.

Even questionable programs that armed forces don’t want are revived by Democrat Congressman to keep jobs in their state. Isn’t that the definition of Socialism?

Simple question: Are these Congressman the enemy of the state for wasteful spending or is Gates for putting heroes on the street? It’s pretty clear that nearly all Republicans like me believe that Gates needs to retire, maybe in France.

“One of the members of Congress, I’m told, said, ‘Well, why is $3 billion for the alternative engine such a big deal when we’ve got a trillion-dollar deficit?’ I would submit that’s one of the reasons we have a trillion-dollar deficit, is that kind of thinking,” Gates told reporters this month.

http://www.washingtonpost.com/wp-dyn/content/article/2010/05/16/AR2010051602937.html

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