Sun City Center golf blog

Source:  MoneyNews.com - 02/09/2008

No bailout needed, says billionaire investor Warren Buffett. The investing legend said this week that he thinks the U.S. economy can fix itself soon enough, and without a federal stimulus plan. “I am a huge bull on the American economy,” Buffett told Ontario daily The National Post. A recession is looming, but Buffett says the United States has overcome worse and come out ahead. “It is not a smart thing to sell the United States short over the years — or Canada for that matter,” Buffett said. “The world does get better. People get more productive. More human capacity is unleashed over time.” Buffett said that the financial institutions that got wrapped up in sour mortgage loans can and will sort out those bad investment vehicles without government help. “The ones that have taken the big write-offs, they’re not going out of business, but they’re selling a lot of new shares in the process so they’re diluting future earnings. They’re paying a price,” Buffett said. The banks might not be great investments for a while, even for a few years, but they are not “permanently crippled” by all those subprime loans. In any case, a government-led bailout simply won’t be necessary, Buffett said. The banks took the risks, and they should take the losses, not American taxpayers, he said. “Somebody has to bear those losses. Is it better that the XYZ bank bears it or is it better to socialize it for the American public?” Buffett asked. “I’d rather have the XYZ bank pay for it,” he said. Buffett also spoke in relative favor of the investments made by foreign countries, often using U.S. dollars from their exports or from high-priced crude oil. He said the rise of sovereign wealth funds was the “inevitable consequence” of the U.S. trade deficit. “If we’re going to consume US$2 billion a day more of foreign goods than we sell to the rest of the world we have to ship them something in exchange,” Buffett said. What they get is dollars, which inevitably find their back to the United States in the form of investments here. “The United States is fueling the sovereign wealth funds. We’re making deposits in their wealth funds in effect,” Buffett said. As for the housing crunch, Buffett says he does not see a major credit problem ahead, or at least not enough to seriously damage the U.S. economy. “I went through 1982 when short-term money cost 21 percent. This is not a tough period,” Buffett said.

 Jill: I just don’t understand the attraction golf holds for men.

Mary: I thought I asked legitimate questions like, “Why did you hit
the ball into that lake?”

Annie’s Mailbox

Kathy Mitchell and Marcy Sugar Dear Annie: Over 5.4 million veterans received care in Veterans Affairs health facilities in 2007. This year VA will treat more than 774,000 veterans hospitalized in our facilities across the nation. VA’s outpatient clinics, nearly 900 of them, will register over 60 million visits. From the patient rooms of VA hospitals to the halls of VA outpatient clinics around the country, it is clear to see that freedom isn’t free.

Our veterans have given so much, sacrificed so much and devoted so much on behalf of America, that you’ll find no individual who cherishes freedom more. Our veterans’ devotion to duty and the true spirit of democracy is only matched by the dedication and unyielding support of your readers during the VA National Salute to Hospitalized Veterans. It is hard to describe the joy on a veteran’s face when they open a valentine delivered by a caring member of the community, a civic group or scout troop, or perhaps just someone who wants to say “thank you for your service.”

The 2008 National Salute to Hospitalized Veterans is from Feb. 10-17. Valentines may be delivered to your local VA hospital, and the address can be found by checking the local phone directory or by visiting www.va.gov/directory and selecting “Find a Facility.” In addition to delivering valentines, why not take a few moments to personally say thank you to a veteran? It’s so easy to do, too. The Voluntary Services Department will be happy to arrange it. It will mean so much to our veterans and bring a true feeling of warmth and satisfaction to the visitor.

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WE  have taken this on the CHIN, we as members of the South Course and also the Renaissance are taking our membership on the CHIN.  Our PRO Bob Daley has given out the  Renaissance Golf course to a bus load of players that has apparently asked for a morning and afternoon TEE time that was GRANTED to them. (MONEY TALKS) TO

H— with any members. (MONEY CERTINALLY DOES TALK) and DALEY is LISTINING . Does anyone care about MEMBERS ??? NOT WCI or at least Daley.

Tom was spoken to and had a very non discript comment. ( only being a glorified SHIRT FOLDER)

WCI Announces Completion of

Amendment to Revolving Credit Facility and Term Loan

Bonita Springs, FL (January 16, 2008) – WCI Communities, Inc. (NYSE: WCI), a leading builder of traditional and tower residences in highly amenitized lifestyle communities, today announced that the Company has successfully amended its Senior Secured Revolving Credit Agreement (“Revolver”) and Term Loan Agreement (“Term Loan”). These amendments, which extend through June 30, 2009, modify, suspend or waive certain covenants and provide the Company with greater operating and financial flexibility to allow the Company to continue to manage its business during this industry downturn. The Company also reduced the total commitment available under the Revolver and the outstanding amount of the Term Loan, converted a portion of the Revolver to non-revolving status and agreed to increase the pricing on the loans.

Jerry Starkey, President and Chief Executive Officer of the Company, said, “We appreciate the continued support of our senior lenders and believe that these amendments enhance WCI’s financial flexibility to help navigate through this difficult market. The Company remains focused on generating cash flow to reduce debt and strengthen its balance sheet. We continue to aggressively reduce overhead and search for avenues to lower our cost of doing business without sacrificing the high quality of our products and services which WCI’s customers demand and expect.”

WCI Communities, Inc., named America’s Best Builder in 2004 by the National Association of Home Builders and Builder Magazine, has been creating amenity-rich, master-planned lifestyle communities since 1946. Florida-based WCI caters to primary, retirement, and second-home buyers in Florida, New York, New Jersey, Connecticut, Maryland and Virginia. The Company offers traditional and tower home choices with prices from the high-$100,000s to more than $10 million and features a wide array of recreational amenities in its communities. In addition to homebuilding, WCI generates revenues from its Prudential Florida WCI Realty Division, and title businesses, and its recreational amenities, as well as through land sales and joint ventures. The Company currently owns and controls developable land on which the Company plans to build over 18,500 traditional and tower homes.

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