Doug Casey on NASA & Space Exploration
Doug : Well, the markets have been very interesting lately. Gold shooting up to $1,800 an ounce was a predictable consequence of the U.S. credit-rating downgrade, which was in turn a predictable consequence of out-of-control money printing and spending on the part of the government. And I’m back from my jaunt to the Middle East. We’ll have a lot to say about that and more in The Casey Report Doug : A little of both. It’s something to mourn because space is the final frontier, and we need that frontier. It’d be wonderful if we could get off this planet. For many reasons – sociological, political, technological, and more – I’m highly enthusiastic about the conquest of space. But it’s a mixed bag, because a government program is the stupidest way possible to go about it. So in a way, I’m glad the government is out of the game, and I’m glad the economic crisis makes it unlikely that the government will get back in it soon, at least not on anything like the scale we’ve seen in recent years. This is one bright side of the governments of the world going bankrupt. L : Wow, Doug, I’ve got to say that I’m shocked to hear you call it a mixed bag. I’d have thought you – the International Man who never shrinks from strong statements – would have called NASA or any government space program an unalloyed evil. Since we agree that getting the state involved in this or any creative venture is the worst possible approach, what is there to see as “mixed?” Doug : Perhaps I wasn’t clear – I should have fully separated the concepts of space exploration, which I wholeheartedly endorse, and government space programs, which I oppose on principle and in practice. Government in space is bad economics. It’s unethical to force those not interested in space to pay for its exploration through taxes. And though few people like to think about it, most of what the state now does in space has military intent, and that is very grave, very destructive, on multiple fronts.
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L: That's hard for most people to feel as a pressing need, not when they are two mortgage payments behind and just got laid off, but I agree. Doug: Well, one thing even those behind on their mortgages should feel, deeply and personally, is the loss of
But Tech continues to lag and the Nasdaq Composite is down 0.8%. IBM, Cisco and Dell are doing okay, but Apple, Microsoft and Yahoo aren't. Chip stocks remain weak. The Philly Semi index is off 1.8%. Of course, this could all flip around again in the
Daily Answers & Experience: Hewlett-Packard
The results were overshadowed by HP's announcement that it plans to spin off its PC business and stop selling its webOS tablet and mobile phones. HP's stock fell another $2.90, or nearly 10 percent, to $26.61 in extended trading. The company earned $1.93 billion, or 93 cents per share, in the latest quarter. HP's revenue climbed less than 2 percent to $31.2 billion from $30.7 billion. HP said its software revenue rose 20 percent to $780 million, and its services revenue climbed 4 percent to $9.09 billion, while revenue in its printer segment fell 1 percent to $6.09 billion and revenue in its personal systems group, which includes PCs, fell 3 percent to $9.59 billion. For the current quarter, HP forecast adjusted earnings of $1.12 to $1.16 per share, below analysts' average expectation for $1.32 per share. This comes a year after HP spent $1.2 billion buying Palm and its webOS business, so HP could have its own operating system and build its own developer ecosystem, instead of using Windows. Chief Executive Leo Apotheker — who joined Palo Alto, Calif.-based HP in November after a career at business software giant SAP — is playing to Wall Street and converting HP into a higher-margin, enterprise company. The planned PC spinoff and Autonomy purchase were announced along with HP's earnings during the third quarter. HP netted $1.9 billion on sales of $31.2 billion — a 9 percent increase in profit over the same period the year before and a 1 percent increase in sales. Its release noted that consumer sales were down 15 percent, and its business sales were up 5 percent.
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