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To: Maurice Winn who wrote (7386)	8/18/2001 8:37:11 PM
From: Moominoid	Respond to of 74559

Dick Armitage is really running the US Government.

To: Maurice Winn who wrote (7386)	8/18/2001 9:19:44 PM
From: Ilaine	Read Replies (1) \| Respond to of 74559

Very funny, Mq. I nominate it for cool post of the day!;^) BTW, I bought a 3 pound box of New Zealand golden kiwis at Costco today, in your honor. Only $4.99 for the box!

To: Maurice Winn who wrote (7386)	8/21/2001 10:57:20 AM
From: Ilaine	Respond to of 74559

Congrats to Mq for Cool Post of the Day!

To: Maurice Winn who wrote (7386)	8/21/2001 12:07:19 PM
From: LLCF	Respond to of 74559

<The world is afloat on an ocean of US$. But it's not deep enough or extensive enough. More, more, more!!!> Ahhh, the trillion dollar question. DAK

To: Maurice Winn who wrote (7386)	8/21/2001 1:04:07 PM
From: Jim Willie CB	Read Replies (1) \| Respond to of 74559

Maurice, since Bretton Woods abandoned the gold standard... the USdollar has gradually replaced it as world store of value and it pays a dividend yield the world NEEDS a stable tangible commodity store value without gold or another precious metal, the human need gropes for a replacement and it found one, not a perfect one, but a workable one the consequence is that when world financial markets resolve the US$ overpriced condition, WE GET A WORLDWIDE RECESSION nice rant, old top (and a Cool Post) let's not even talk about the economies whose currency is pegged to the buck e.g. Argentina, Lithuania, Belize, Cuba and many many more / jim

To: Maurice Winn who wrote (7386)	8/23/2001 12:48:37 PM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 74559

hi Maurice Winn, The USA is creating a Greater Co-Prosperity Sphere. The USA is Colinizing the world with a Condominium [lead by Colin Powell and Condoleezza Rice - GeorgeW just collects the salary, they run the show]. nice theory. reality looks more like a Colonoscopy to me. too bad that according to wsj, nasdaq companies have collectively not made a single dime during the past five years. apparently america has been embarking on a deranged malinvestment spree. past champions like lucent and amazon have not made a single dime during their entire corporate existence. tantalizing stories like metricom and globalstar devoured the funds sent to america by naive investors--foreigners and americans alike--who were looking to make a quick buck. QUALCOMM ships a lot of the dollars home as profits, pays taxes to USS Enterprise to maintain the system and pays the shareholders the rest [or reinvests in more expansion]. you think CDMA technology is a net profit maker for north america? let's see...the leading corporate backers of cdma in north america are nortel, lucent and motorola - who clocked in losses topping 20 billion dollars during the last quarter. and what about QCOM? personally, i would like to see QCOM restate their earnings for the past five years. here is something i posted a while back on the subject which was somehow, amazingly, ignored by the QCOM crowd>> (from the NOK thread) #reply-16070023 To:Nils Mork-Ulnes who started this subject From: Mucho Maas Friday, Jul 13, 2001 5:04 AM Respond to of 14619 interactive.wsj.com It's impossible to know precisely how much money Qualcomm has made since the mid-1990s without a formal earnings restatement, which Qualcomm says is unnecessary under GAAP. But since the beginning of 1996, on a pro forma basis excluding unusual charges, Qualcomm reported pretax income of $2.02 billion, according to Multex. Including all unusual charges, its pretax income was $1.44 billion over the same period, making it nearly 30% less profitable. Lynn Turner, the SEC's chief accountant, says the recent spate of write-offs of vendor-financed receivables raises troubling questions, though he declines to comment on specific companies. "I get very concerned when the accounting rules turn out an answer that just doesn't reflect the economics," Mr. Turner says. but these are just simple facts, of course - you can make of them what you like. as for QCOM, of their 30% discounted 1.44BB of income since 1996, it might be an interesting exercise to determine what percentage of that money might have come from tax credits the company received when employees exercised stock options in the wake of 1999's massive share-price increase. to the extent that tax credits were a contributor, your argument about QCOM importing massive profits loses weight. and in light of the losses of the other north american CDMA backers, it sure looks to me like the technology is a moneyloser. that is not to say CDMA isn't great or useful technology, but as history shows, there have been lots of great technologies--railroads, airplanes--that never made any money for their respective carriers and caused investors much heartache in the aggregate. so, Maurice Winn, if you want to say nice things about QCOM, be my guest, but i really fail to see how it provides the macro benefits you allege, once you take all industry participants into account (as must be done when talking about the macro picture). IMO, facts are why dollar is tanking now. americans got used to gobbling up 1 billion dollars a day to plug the current account deficit. in my humble opinion, if foreigners are now waking up to what has been done with their investments, the dollar will tank, assets will be pulled out of america and greenspan will be forced to start hiking rates by the end of the year. of course - this is exactly the process that has started during the past couple of weeks.

To: Maurice Winn who wrote (7386)	8/23/2001 1:49:51 PM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 74559

hi Maurice Winn, as a follow-up on QUALCOMM ships a lot of the dollars home as profits, pays taxes to USS Enterprise to maintain the system i thought you might like to see the following figures from QCOM's SEC filings... the item "Tax benefit from option exercise" is the tax credits QCOM received for these respective years. i.e., these are dollars that QCOM does not pay to the "USS Enterprise to maintain the system". adding up just those amounts for the years 97-99 gives more than $525 million of money QCOM did not have to pay to the "USS Enteprise to maintain the system". i am not sure whether these items are classified by QCOM as income. i am pretty sure they do classify the tax benefits as income, because looking at the cash flow statement we see the tax provision fluctuates under the operating heading. but first let's look at the income statement... (BTW, you can review this 10-K filing at freeedgar>> freeedgar.com ) FY1997: Exercise of stock options 10,317 1 32,147 - - 32,148 Tax benefit from exercise of stock options - - 17,125 - - 17,125 Issuance for Employee Stock Purchase and Executive Retirement Plans 3,774 - 19,408 - - 19,408 FY1998 Exercise of stock options 48,994 5 205,223 - - 205,228 Tax benefit from exercise of stock options - - 290,817 - - 290,817 Issuance for Employee Stock Purchase and Executive Retirement Plans 4,994 1 31,570 - - 31,571 Stock based compensation expense - - 8,613 - - 8,613 FY1999: Exercise of stock options and warrants 22,101 2 109,825 - - 109,827 Tax benefit from exercise of stock options - - 217,846 - - 217,846 Issuance for Employee Stock Purchase and Executive Retirement Plans 749 - 31,186 - - 31,186 Stock based compensation expense - - 25,400 - - 25,400 so the tax benefit is some 525 million, and we can see it reflected in the income statement thusly (see the bold line at the bottom)>> YEARS ENDED SEPTEMBER 30, ----------------------------------------------- 2000 1999 1998 ------------- ----------------- ------------ OPERATING ACTIVITIES: Net income $ 670,211 $ 200,879 $ 108,532 Depreciation and amortization 243,842 158,429 141,892 Purchased in-process technology 60,030 - 6,976 Restructuring, impairments and other non-cash charges and credits 88,953 269,449 25,000 Gain on sale of available-for-sale securities (270,132) (5,663) - Minority interest in income of consolidated subsidiaries 6,264 13,066 48,366 Equity in losses of investees 15,117 15,140 20,731 Non-cash income tax provision (benefit) 481,621 (96,595) (55,581) i'm a little disappointed in QCOM for including the tax credits under operating cash flows. if you add up the last three years (2000-98), it is 481,621 - 96,595 - 55,581 = $334,445 million. that is a nice addition to the bottom line, if in fact QCOM did that. but unfortunately that is funds which did not flow to the USS Enterprise.