Last year, the market stalled; the IPO market dried up, and the economy crawled along as the Gross Domestic Product (GDP) edged lower with a sense of pessimism hanging in the air. Yet Americans dug deep; and for the second consecutive year, they established a record for charitable giving. A whopping $373.2 billion bucks were forked over to U.S. charities despite the sluggish recovery. The news belies the non-stop narrative of a greedy, stingy culture where only bigger governments can answer the call of those in need.
I would love to see fewer taxes paid, allowing people to make even larger donations to causes they feel deeply about rather than the bait-and-switch cronyism system that is the government in the role of our savior.
A Caring Nation
Them that's got shall have
Them that's not shall lose
So the Bible says and it still is news
Mama may have, Papa may have
But God bless the child that's got his own, that's got his own
God bless the child that’s got his own
-Billie Holiday
The donor-class is a combination of regular folks and more and more billionaires looking to make a difference.
Donors |
||
Individuals |
$264.6 |
+3.8% |
Foundations |
$58.5 |
+6.5% |
Bequest |
$31.8 |
+2.1% |
Corporations |
$18.5 |
+3.9% |
Religious organizations took in the most donations by far, but there were huge increases for education, the arts, and international affairs.
Recipients |
||
Religious |
$119.3 |
+2.8% |
Education |
$54.5 |
+8.9% |
Human Services |
$45.2 |
+4.2% |
Foundation |
$42.3 |
+3.8% |
Health |
$29.8 |
+1.3% |
Public Society |
$27.0 |
+6.0% |
Arts |
$17.1 |
$7.0% |
International Affairs |
$15.8 |
+17.5% |
Environmental |
$10.7 |
+6.2% |
We are a nation of great wealth, great blessing and great people and from time to time we forget these things. Blessing will continue to come our way as long as we don’t forget charity or stop believing.
-The Market
Okay, now it’s getting critical. There is a certain level of dread as key indices near key support points that must hold before those triggers of panic kick in. We held yesterday with a small burst of buying into the close, but Wednesday was the big test as even blue-chip names were taking it on the chin. More stocks hit 52- week lows than highs on the NYSE. It looks as though big money is hiding out in treasury bonds for now.
Breadth |
NYSE |
NASD |
New Highs |
42 |
27 |
New Lows |
44 |
73 |
Advancers |
34% |
39% |
Decliners |
63% |
57% |
The Dow closed right at its 50-day moving average; further weakness could send the index to 17,380; looking for the conclusion of the Federal Open Market Committee (FOMC) to be a trapdoor or signaling the buy-on-dips crowd.
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