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As they decide which lobby to saunter through on Monday, MPs in all parties should ask themselves just one question. Ought issues of first-rank constitutional importance to be decided by the electorate as a whole?Here, by contrast, are some questions which they shouldn't ask themselves:Is this precisely how I'd have worded the question?It's a non-binding resolution. In reality,sac chanel, the referendum question will be set by the Government in consultation with the Electoral Commission,oakley pas cher. All that Monday's vote will establish is whether Parliament favours the principle of a referendum. A clear declaration that MPs trust their constituents will go a long way to restore the standing of the House of Commons.Are referendums compatible with the British constitution?That argument has been settled. Before 1979, we had had just four referendums: one each in Scotland, Wales and Northern Ireland, and the 1975 plebiscite on the Common Market. Since 1997, by contrast there have been a further 49. It is no longer possible to argue that consulting voters is somehow alien or un-British. If we can hold a referendum on what method we use to elect our MPs, why not a referendum on whether those MPs get to run the country??In any ?case – this point can't be made too often – all three parties were recently promising a referendum on the EU.Is this the right moment for the debate,Mulberry uk?That has been decided by the country. The Coalition, to its great credit, introduced a mechanism whereby any motion attracting the support of 100,oakley custom,000 signatures would automatically trigger a parliamentary debate. The first issue to gain enough support was the call for the release of all the documents relating to the Hillsborough tragedy. This is the second.Might a referendum be a distraction from the economic crisis?Opponents of a referendum used to claim that it was wrong because Europe wasn't an issue; now they're claiming that it would be wrong because Europe is an issue. We're being sent huge bills () to prop a currency which we declined to join. The EU was sold to us as an economic proposition, yet it's becoming clear that we're shackled to a corpse.Do people care enough about the issue?On Saturday, many more people will descend on Westminster to demand a vote than have been protesting against the banks outside St Paul's Cathedral (though you can be certain that the MSM won't give them a tenth of the coverage). In every constituency, voters are signing the , promising to support candidates who give them an In/Out referendum. More than twice as many people want a referendum on leaving the EU . Even if none of these things was true, though, it would still be right to put an issue of this magnitude to the country. Parliament is not the owner of our liberties, but their temporary and contingent custodian.Am I splitting my party?. In real life, there have been 150 'rebellions' since the Coalition was formed,Mulberry outlet, and life has carried on,chanel. MPs voting for a referendum would be belatedly keeping the promise their parties made during the last Parliament. If the Whips are genuinely worried about splits, though, the solution is in their hands: they should declare a free vote.Will my vote affect my promotion prospects,oakley france?It's precisely this kind of thinking that has brought Parliament to its present despised condition. If my own activists in South East England are anything to go by,Nike Air Max, an MP who displays independence and integrity will be preferred over one who has disregarded his constituents' wishes. You can't be a minister if you're not in Parliament,gucci pas cher.What would be the outcome of a referendum?This is the most common starting point for politicians and commentators. At the risk of stating the obvious, no one knows how a referendum would go. Opinion polls currently show an anti-EU majority,chanel pas cher, but referendums often see a swing back to the status quo option during the campaign. As this blog never tires of pointing out, it's precisely such machinations that put people off politics.Instead of agonising over these questions, MPs should ask themselves the only one that actually matters. Is EU membership a proper subject for a referendum? All our great constitutionalists – Bagehot, Dicey, Erskine May – would have seen it as a textbook example of where it is right to consult the country. It is a constitutional question, turning on the location of sovereignty. In other words, it is about how we choose our rulers, not whom we choose. It divides the parties internally, and so cannot easily be settled at a general election. It sunders the political class from the wider nation. And – let's repeat it one more time – all three parties were recently promising a vote on Europe. Now is their opportunity to keep their word.UPDATE: In the interests of even-handedness, is the contrary case.
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This has been a hugely shameful week for sections of the American Left, who have exploited a horrific tragedy that claimed six lives, in order to advance political attacks upon some leading conservative politicians and media commentators, as well as an entire political movement in the form of the Tea Party. The vitriolic and hate-filled attacks have marked a low point for liberal media elites in America in the 21st century, even to the extent that President Obama himself, probably the most liberal US president of modern times, felt the need to rebuke this undignified and crass display of left-wing finger-pointing on Wednesday night,oakley.And after all the accusations against an array of prominent public figures from Sarah Palin, Bill O'Reilly and Glenn Beck, to Rush Limbaugh and Roger Ailes, it emerged that the deranged shooter, Jared Loughner, was in no way influenced by political rhetoric, and indeed had no interest at all in politics. As Charles Krauthammer , “rarely in American political discourse has there been a charge so reckless, so scurrilous and so unsupported by evidence”.I have compiled below a list of some of the most egregious examples of Leftist hysteria over the past week. It is by no means an exhaustive list – this list could easily be expanded to 20 or 30 further instances, especially crude statements from liberal politicians,oakley pas cher. New York Times columnist Paul Krugman was among the very first to link the mass shooting to conservatives, and two of his hugely irresponsible pieces feature in the list below. The list also includes a major article from American Guardian writer Michael Tomasky, as an example of how the Left-wing vitriol of the last week emanated not only from the east and west coasts of the United States, but also in some cases from across the Atlantic.So here is my top 10 list, which Telegraph readers will no doubt wish to add to in their comments.1. Paul Krugman, , January 8, 2011We don’t have proof yet that this was political, but the odds are that it was. She’s been the target of violence before. And for those wondering why a Blue Dog Democrat, the kind Republicans might be able to work with, might be a target, the answer is that she’s a Democrat who survived what was otherwise a GOP sweep in Arizona, precisely because the Republicans nominated a Tea Party activist.You know that Republicans will yell about the evils of partisanship whenever anyone tries to make a connection between the rhetoric of Beck, Limbaugh, etc,oakley custom. and the violence I fear we’re going to see in the months and years ahead. But violent acts are what happen when you create a climate of hate.2. Keith Olbermann, , January 8, 2011This morning in Arizona, this time of the ever-escalating, borderline-ecstatic invocation of violence in fact or in fantasy in our political discourse,sac gucci pas cher, closed. It is essential tonight not to demand revenge, but to demand justice; to insist not upon payback against those politicians and commentators who have so irresponsibly brought us to this time of domestic terrorism, but to work to change the minds of them and their supporters – or if those minds tonight are too closed, or if those minds tonight are too unmoved, or if those minds tonight are too triumphant, to make sure by peaceful means that those politicians and commentators and supporters have no further place in our system of government.If Sarah Palin, whose website put and today scrubbed bullseye targets on 20 Representatives including Gabby Giffords, does not repudiate her own part in amplifying violence and violent imagery in politics, she must be dismissed from politics – she must be repudiated by the members of her own party, and if they fail to do so, each one of them must be judged to have silently defended this tactic that today proved so awfully foretelling, and they must in turn be dismissed by the responsible members of their own party,Air Max 1.3. Pima County Sheriff Clarence Dupnik, , January 8, 2011When you look at unbalanced people, how they respond to the vitriol that comes out of certain mouths about tearing down the government. The anger, the hatred, the bigotry that goes on in this country is getting to be outrageous. And unfortunately, Arizona I think has become sort of the capital. We have become the mecca for prejudice and bigotry.4. Michael Tomasky, , January 9, 2011Republicans and even Tea Partiers will have the sense – again, for a while – to steer clear of directly gun-related rhetoric. We won't be hearing much in the near term about "second amendment remedies" and insurrection and so forth. But this will be temporary. Guns are simply too central to the mythology of the American right, as is the idea of liberty being wrested from tyrants only at gunpoint. For the American right to stop talking about armed insurrection would be like American liberals dropping the subjects of race and gender. It's too encoded in conservative DNA.… Direct responsibility for what happened Saturday,chanel pas cher? No. Mentally ill people are mentally ill. The Beatles weren't responsible for the messages that Charles Manson heard in their music. But there's a difference. Paul McCartney had no earthly reason to think that an innocent song about a fairground ride (Helter Skelter) would lead a man to commit barbarous acts of murder. Today's Republicans and conservative commentators, however, surely understand the fire they're playing with. But they do it, and a tragedy like Saturday's won't stop them, as long as they can maintain a phoney plausible deniability and as long as hate continues to pay dividends at the ballot box.5. Paul Krugman, , January 9, 2011it’s the saturation of our political discourse — and especially our airwaves — with eliminationist rhetoric that lies behind the rising tide of violence.Where’s that toxic rhetoric coming from? Let’s not make a false pretense of balance: it’s coming, overwhelmingly, from the right. It’s hard to imagine a Democratic member of Congress urging constituents to be “armed and dangerous” without being ostracized; but Representative Michele Bachmann, who did just that,Mulberry sale, is a rising star in the G.O.P.And there’s a huge contrast in the media. Listen to Rachel Maddow or Keith Olbermann, and you’ll hear a lot of caustic remarks and mockery aimed at Republicans. But you won’t hear jokes about shooting government officials or beheading a journalist at The Washington Post. Listen to Glenn Beck or Bill O’Reilly, and you will,Air Max 90.… So will the Arizona massacre make our discourse less toxic? It’s really up to G.O.P. leaders. Will they accept the reality of what’s happening to America, and take a stand against eliminationist rhetoric? Or will they try to dismiss the massacre as the mere act of a deranged individual, and go on as before? If Arizona promotes some real soul-searching, it could prove a turning point. If it doesn’t, Saturday’s atrocity will be just the beginning.6. Michael Daly,sac chanel, , January 9, 2011But anyone with any sense at all knows that violent language can incite actual violence, that metaphor can incite murder. At the very least, Palin added to a climate of violence.And, now that Palin may have the blood of more than some poor caribou on her hands, I wonder if she will continue putting people in cross hairs and calling on folks to RELOAD!7. George Packer, , January 10, 2011But it won’t do to dig up stray comments by Obama, Allen Grayson, or any other Democrat who used metaphors of combat over the past few years, and then try to claim some balance of responsibility in the implied violence of current American politics. (Most of the Obama quotes that appear in the comments were lame attempts to reassure his base that he can get mad and fight back, i.e., signs that he’s practically incapable of personal aggression in politics.)In fact, there is no balance—none whatsoever. Only one side has made the rhetoric of armed revolt against an oppressive tyranny the guiding spirit of its grassroots movement and its midterm campaign. Only one side routinely invokes the Second Amendment as a form of swagger and intimidation, not-so-coyly conflating rights with threats.Only one side’s activists bring guns to democratic political gatherings. Only one side has a popular national TV host who uses his platform to indoctrinate viewers in the conviction that the President is an alien, totalitarian menace to the country. Only one side fills the AM waves with rage and incendiary falsehoods. Only one side has an iconic leader, with a devoted grassroots following, who can’t stop using violent imagery and dividing her countrymen into us and them, real and fake. Any sentient American knows which side that is; to argue otherwise is disingenuous.8. Arizona Congressman Raul Grijalva, in an interview with , January 8, 2011“The climate has gotten so toxic in our political discourse, setting up for this kind of reaction for too long. It’s unfortunate to say that. I hate to say that,” Grijalva said in an interview with The Huffington Post. “If you’re an opponent, you’re a deadly enemy,” Grijalva said of the mindset among Arizona extremists,oakley france. “Anybody who contributed to feeding this monster had better step back and realize they’re threatening our form of government.”Grijalva said that Tea Party leader Sarah Palin should reflect on the rhetoric that she has employed. “She — as I mentioned, people contributing to this toxic climate — Ms. Palin needs to look at her own behavior, and if she wants to help the public discourse, the best thing she could do is to keep quiet.”9. Harold Meyerson, , January 12, 2011The primary problem with the political discourse of the right in today's America isn't that it incites violence per se. It's that it implants and reinforces paranoid fears about the government and conservatism's domestic adversaries.Much of the culture and thinking of the American right – the mainstream as well as the fringe – has descended into paranoid suppositions about the government, the Democrats and the president. This is not to say that the left wing doesn't have a paranoid fringe, too. But by every available measure, it's the right where conspiracy theories have exploded. A fabricated specter of impending governmental totalitarianism haunts the right's dreams.… That doesn't make Beck, Erickson, Rupert Murdoch and their ilk responsible for Tucson. It does make them responsible for promoting a paranoid culture that makes America a more divided and dangerous land.10. Jane Fonda, , January 8, 2011And finally, Oscar-winning actress and liberal darling Jane Fonda emerged from hibernation and delivered , brazenly exploiting the shooting of a Congresswoman to make a monumentally shallow political attack. (hat tip: )@SarahPalinUSA holds responsibility. As does the violence-provoking rhetoric of the Tea Party 2:51 PM Jan 8th via Echofon@glenbeck guilty too. Shame. It must stop! 2:20 PM Jan 8th via Seesmic WebProgressive Arizona Rep Gabrielle Giffords is shot. In her ads, Sarah Palin had her targeted in a gun site. Inciting to violence. 2:11 PM Jan 8th via Echofon
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CFA CAIA and Senior Vice President of Research & Industry Information with NAREIT to get his feedback on Moody's REIT outlook As he explained:A study published in late 2011 by the Research Director of the Pension Real Estate Association found that listed REITs have an advantage over other real estate investors because of their access to capital when credit is tight and the Moody's upgrade is a reflection of that advantage Listed REITs have steadily reduced their leverage since March 2009 strengthening their balance sheets so they'd be able to take advantage of their access to all parts of the capital market-public and private equity and debt-to acquire good assets at good prices from troubled investment managers in private real estate This is good news but it's not unexpectedCase is right REITs are getting stronger today and especially the blue chip REITs They are like battleships and they are better prepared for the future risks and they are perhaps even stronger after experiencing the effects of the latest Recession Overall the blue chip REITs continue to strengthen their portfolios as evidenced by the key metrics or as we/some say their vital signs As Warren Buffett says:Only when the tide goes out do you discover who's been swimming nakedIn Search of a Blue Chip REIT with an Adequate Margin of SafetyAs intelligent investors know the "margin of safety" strategy of buying stocks at below their calculated value came from Benjamin Graham noted economist who is considered to be the Father of Value Investing Graham's philosophy was framed around the notion that investors must wait patiently for storms to subside while waiting on a sunnier and more plentiful time to resume investing activitiesAs Graham believed buying companies trading below intrinsic value leaves a cushion for error thus giving you a margin of safety in case your analysis of the stock's value is too high Because Warren Buffett advises holding stocks for the long-term an investor with a cheap blue chip stock pick has the luxury of waiting it out until the price goes up againMost investors - though not all - should own blue chip REITs Those seeking a well-established financially sound blue chip REIT are much less likely to face serious threats that involve deteriorating dividend safety and even cuts (which make any price too high)But wait a minute Blue chip REITs are trading at outrageous pricing levels Should we wait for a correction before we put money to work Or should we ease valuation standards and look for small cap REITs even though they lack the fortress balance sheets and untested management teams possessed by the blue chip REITsGraham's methods greatly minimize such risk by filtering out disadvantageously positioned securities from the outsetOne of my favorite methods for filtering out disadvantageously-positioned REIT stocks is by using FAST Graphs (Disclosure: did not pay me to say this) Before I provide a few of my favorite blue chip REITs let me say that I consider the most important hallmark for a blue chip REIT to be experienced management That all important ability of recognizing and controlling risk is a core component for a blue chip REIT and it is also one of the reasons that many of the blue chips are trading at higher multiples todayI explained that in a previous Seeking Alpha (Do Realty Income Shares Warrant A Valuation Premium Due To Exceptional Risk Management) :REITs that possess superior management teams often warrant premium pricing I find it interesting that companies that trade at premium levels and leave no cushion for error (or margin of safety) are often managed by experienced leadership teams with "blue chip" credentialsAs my friend Chuck Carnevale would say "it's not the CEO's fault that a REIT's valuation is expensive" He often preaches to me that "the CEO may in fact be doing a fantastic job and Mr Market is simply rewarding him (the CEO) for his hard work"Realty Income () It should come to no surprise that I find Realty Income to be one of my favorite blue chip REITs today With a $9713 billion market cap Realty Income's stock price has continued to climb to new levels The stock closed Thursday at $4951 and shares hit another (almost weekly now) all-time high of $4957 on April 23rd The company's P/FFO multiple of 209x makes the shares moderately expensive,lululemon outlet; however the dividend yield of 439% is still fairly cheap when compared with other risk-adjusted blue chip companiesIn terms of management Realty Income is by far one of the best managed REITs around The company released Thursday and here is a comment from Tom Lewis Realty Income's CEO:I'll start with just the general comment that was in the release which is obviously the first quarter was the best quarter I think operationally in the company's history and each facet of the business had solid resultsWe all know Realty Income as "The Monthly Dividend Company" and with a streak of 19 years in a row of dividend paid and increased the stalwart REIT is living up to its reputation as a reliable source of dividend income In fact Lewis mentioned the company's dividend on the earnings call today:We remain optimistic that we'll be able to continue to increase the dividend Obviously had nice movement in that in the first quarter as Paul mentioned and we look forward to have additional increases over the yearThe FAST Graph below illustrates Realty Income's moderately expensive pricing (closed at $4951) and the shaded light below area clearly indicates the extraordinary success of the dividend history(click to enlarge)Ventas Inc () A few weeks back I wrote an on Ventas and although I truly appreciate the success of the CEO's (Deborah Cafaro) amazing turnaround I believe that Mr Market has provided her company with a premium report card Ventas also hit an all-time high this week of $7960 (April 23rd) and shares closed Thursday at $7860 Ventas has a $2295 billion market cap and the dividend yield is 341%Like Realty Income Ventas shares are trading at premium levels and I suspect that the best entry point would be closer to $6500 There is very little margin of safety with Ventas today and the risk-adjusted yield - compared with other healthcare REITs - is less attractive(click to enlarge)Kimco Realty () As the largest owner of shopping centers in the nation Kimco has an extremely well-balanced portfolio with a fortress balance sheet The $945 billion REIT is one of my top picks due to the company's flexible capital stack that includes common preferred and JV components Kimco hit a 52-week high on April 11th when shares hit $2358 and they closed Thursday at $2314Retail planned store openings hit a 5-year high as explained by :Planned store openings over the next 12 months by the 2000+ retailers in our database reached a five year high in March of 41713 stores The 24 month outlook fell only 325 stores short of the five year high at 81575 stores The continued strong demand by this large group of retailers comes despite fluctuations in overall consumer activity increased payroll taxes a modest GDP outlook and slow improvement on the employment front - another testimony to the long term view taken by successful retailers As such we find little reason to suspect that planned store openings will pull back in any meaningful way in the near term Instead we think the more pertinent question is - where will the industry put all these new storesKimco appears to be well-positioned to benefit from the retail expansion Kimco is trading at a P/FFO of 176x with a dividend yield of 363%(click to enlarge)Simon Property Group () Simon's dominant footprint in the Regional Mall sector can't be unnoticed With a massive $5457 billion market cap Simon is the largest retail REIT with an impressive portfolio of 589 properties Simon shares have also been climbing as the recent close price was $17601 With a modest dividend yield of 261% and a P/FFO multiple of 205x I feel as though Simon says let's wait on pull back and then load up the truck(click to enlarge)Tanger Factory Outlets () Early this week I wrote an on Tanger As I summarized:Given the current price of Tanger shares today it is not very likely that Buffett (or even the legendary Ben Graham) would pull the trigger now It is clear that Tanger is doing a terrific job increasing its "wide moat" and Mr Market favors the established Tanger brand for its high quality income streamTanger much like Realty Income has a very reliable and predictable dividend record,hollister,and I also view the; nonetheless the current price of $3679 does not justify an entry today With a P/FFO of 204x and a dividend yield of 245% I believe a patient investor would look for a dip with a risk-adjusted target price closer to $3200 However I wouldn't call you foolish for taking immediate action as Tanger has a high growth model that should continue to grow and produce sound income and growth(click to enlarge)Federal Realty () Federal is one of the most expensive REITs today With a current price of $11457 Federal has a $75 billion market cap and a P/FFO multiple of 250 The company owns very high quality retail sites and that is reflected in the impressive track record of 45 years (in a row) of dividends paid and increased Like several of the other blue chip REITs I don't see the 255% dividend yield as attractive and I believe the modest margin of safety fundamentals are reflected in the FAST Graph illustration below:(click to enlarge)Digital Realty () One final blue chip worth considering is Digital Realty In a previous I explained:I recommend Digital Realty shares at the current price of $6540 Digital is indeed the "big dog" of the Data Center space In addition Digital has a proven track record for paying and maintaining dividends and with considerable demand for high-quality data storage the big dog has plenty of room to run Digital Realty barks louder than the smaller peers as the San Francisco-based REIT has a beastly dividend yield of 446% But get ready; Digital Realty should be a valuable REIT companion in 2013 as I expect continued dividend increases as well as strong appreciationDigital is trading at a fair valuation level of 149 P/FFO with a current dividend yield of 434% Digital has a $923 billion market cap - the dominant REIT in the data sector I like Digital today and I believe that there is an adequate margin of safety in the shares today(click to enlarge)I was planning to include Public Storage () Taubman Centers () and Essex Property Trust () in the FAST Graph filtering process; however all three of these REITs are trading at P/FFO multiples of 20x or higher and I did not see the reason for including the chartsBuy a High Quality REIT Franchise at a Moderate PriceClearly there is a demand for high quality REITs and intelligent investors should be ready to "seize the day" when there is a fluctuation in pricing We all know that the present price is simply based upon a mix of unpredictable factors - a combination perhaps of emotion and psychology But we also know that no one can predict how far prices will go up but we also know that they will at some point come downAt the end of the day blue chip REITs can provide terrific SLEEP WELL AT NIGHT income; however investors must approach these securities much like the legendary investor Ben Graham would Simply said he would not look so much to buy them cheaply but perhaps he would look to "buy a wonderful business at a moderate price"(click to enlarge)Sources: and FAST Graphs But analysts are being a bit more cautious on the immediate future of the industry as a whole,No rival has anythi,cheap lululemon. that is not the case internationally, though they are forgotten equally fast.

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