THE BELL OF FREEDOM
Yesterday, Federal legislation aimed at granting LGBT people (lesbian, gay, bisexual and transgender) equal rights was signed into law for the first time in our nation’s history. In some ways it was just a toe in the water and a very small start – it extended the existing Federal hate crimes statute to cover crimes based on sexual orientation and gender identity. But it was a good start, and we soon may have the employment discrimination law extended to cover gays; allow gays to serve in the military without having to lie about who they are; even allow married gay couples the same right as married straight couples. (Right now, a gay couple legally married in Massachusetts or Canada or Connecticut or Spain or Iowa or South Africa or Vermont or Holland is treated by the Federal government as if they were not married at all.)
Addressing a group of interested citizens after the signing, the President concluded by recalling the signing of the original hate crimes legislation:
In April of 1968, just one week after the assassination of Martin Luther King, as our nation mourned in grief and shuddered in anger, President Lyndon Johnson signed landmark civil rights legislation. This was the first time we enshrined into law federal protections against crimes motivated by religious or racial hatred — the law on which we build today.
As he signed his name, at a difficult moment for our country, President Johnson said that through this law “the bell of freedom rings out a little louder.” That is the promise of America. Over the sounds of hatred and chaos, over the din of grief and anger, we can still hear those ideals — even when they are faint, even when some would try to drown them out. At our best we seek to make sure those ideals can be heard and felt by Americans everywhere. And that work did not end in 1968. It certainly does not end today. But because of the efforts of the folks in this room — particularly those family members who are standing behind me — we can be proud that that bell rings even louder now and each day grows louder still.
BZ, DEPO, INCY, DYAX
I think there’s lots of risk in the stock market even after the small correction we’ve just had or are in the midst of. But with BZ back down from over $6 to $5.21 and the BZ warrants down from a high of $1 to 62 cents year, I was heartened by a research paper yesterday from Lazard Capital. It noted a refinancing of some 15.75% debt with 9% debt and set its price target for Boise Paper stock at $8. I wouldn’t buy it here – I liked the stock better at 37 cents a year ago and the warrants better at 2 cents. But I’m not rushing to sell the final third or so of the warrants. You never know.
A basket of mini-drug-stock speculations that might double a year or two from now – to be bought only with money you can truly afford to lose – is INCY (suggested June 11 at $3.40 or so, $5.62 last night) and DEPO (down to $3.02 from $4.50 or so when suggested here the first of this month, so I’ve bought more) and DYAX, yours yesterday for $3.17.
Quote of the Day
In 1800, 75% of [an American's] working man's expenditures went for food alone. By 1850, that had dropped to 50%. Today it is a little more than 11%.~The Wall Street Journal, September 20, 1996
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