MARLON BRANDO

Ever since I was a junior at Galveston's Ball High School, I've been an off-and-on reader of The New Yorker.  Actually more "on" than "off."  If you were to add up the years I've had subscriptions, for an example, they'd probably total 40 or more.  And when I wasn't subscribing, I frequently peaked at one at the library or from the magazine rack at Barnes and Noble.

What I have with the magazine is very definitely a love-hate relationship.  And right now it's definitely a hate one.

For the past couple of years, The New Yorker has been relentless in its criticism of everything Republican, to the point that over and over its articles have been mean-spirited.  And that would upset me just as much if it had played the very same tricks on Democrats. 

Subscribers to The New Yorker have been enticed to be regular readers because it claims to focus on the arts -- theater, dance, fiction, non-fiction and, in general, articles about the people who make up Manhattan.  That's where the staff and contract writers excel.

I don't buy the magazine to read zillion page political dronings.  So, as I have at least three time in the past when they've done this, I'm letting my subscription run out this month rather than renew it.

But before I do, I want to recommend to you a superb seven page article titled "Method Man," written by Claudia Roth Pierpoint in the October 27, 2008 edition.  It is a thorough accounting of the founding, rise and service to the theater of America's greatest actor, Marlon Brando.

I suppose he was the first actor to exemplify Method Acting, and maybe the only actor who ever really pulled it off.  Ms. Pierpoint's description of how Brando changed Tennessee Williams' "A Streetcar Named Desire," and essentially stole the show from British actress Jessica Tandy, is fascinating, for an example. 

And that Brando was sure he was "washed up and unemployable" when Mario Puzzo insisted that he had always thought Brando should play Dom Corleone in "The Godfather" is yet another story.

"'The Godfather' was not only Brando's redemption but Hollywood's, proving that a big commercial movie could be a work of beauty and significance," Ms. Pierpoint says.  "Everyone agreed that it was the kind of movie Brando should have been making all along."

Those interested in the theater, those interested in Marlon Brando, will savor this article in the current issue of The New Yorker.

BILL CHERRY, REALTORS

DALLAS

Our 44th Year Selling America!

214 503-8563

1-800 314-7110

Copyright 2008 - William S. Cherry

All rights reserved

Many years ago I traveled as a dining room pianist, playing hotels throughout the United States.  Most of the time the bookings were for six weeks, then I packed the truck of my Cadillac and moved to the next town.

Back then the IRS had a ruling that a musician could not deduct as a business expense the cost of the clothes he or she dressed in for the performances.  Well, that’s not exactly true.  You could deduct costumes and clothing if it was obvious they would be inappropriate attire elsewhere.

That, by the way, was the genesis of spangled tux coats and yellow suits and goofy shoes and the like that rock ‘n roll singers began to wear.

But there was another factor that was involved.  When you’re on the road and on the move, it is difficult to find a way to get clothes to the dry cleaners and back before you are leaving for the next town.

And on top of that, dry cleaning the outrageous costumes and the spangled tux jackets was usually unsuccessful. 

There was a mail-order uniform company called Saxony.  Their spangled tux jackets were less than $50 a piece, and the tux pants were about $20.  Most of us adopted this approach:

We would order ten sets of jackets and pants and have Saxony send them to the hotel that was next on our list.  So when we would leave the previous place, we would leave behind the wardrobe we had worn there.

That solved the dry cleaning problem and having to pack unnecessary volumes in the car trunk.

The latest criticism of vice presidential candidate, Sarah Palin, is a large wardrobe bill that was paid by the Republican Party.  That’s unfair criticism, really, since she’s faced with the same problem I was:  She’s moving constantly and she’s somehow got to have enough clean outfits for her appearances.  The only way to do it is to have a lot of them.

COMPARE AND CONTRAST -- TAX PROPOSALS OF THE CANDIDATES.

A longtime friend, a retired CEO of a major life insurance company, sent this "compare and contrast" accounting to me. Because of the source, I assume it is correct although I have not personally verified it. 

The two proposals regarding new taxes for home ownership are interesting, and are the primary reason I am posting this here.

Proposed Changes by the Candidates in Taxes after 2008 General Election

October 21, 2008

CAPITAL GAINS TAX  

MCCAIN 0% on home sales up to $500,000 per home (couples) McCain does not propose any change in existing home sales income tax.  

OBAMA 28% on profit from ALL home sales. How does this affect you? If you sell your home and make a profit, you will pay 28% of your gain on taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.  

DIVIDEND TAX  

MCCAIN 15% (no change)  

OBAMA 39.6% increase How will this affect you? If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes.

INCOME TAX  

MCCAIN (no changes) Single making 30K - tax $4,500                                       

OBAMA (reversion to pre-Bush tax cuts)

• Single making 30K - tax $8,400
• Single making 50K - tax $14,000
• Single making 75K - tax $23,250
• Married making 60K - tax $16,800
• Married making 75K - tax $21,000
• Married making 125K - tax $38,750  

Under Obama your taxes will more than double! How does this affect you? No explanation needed. This is pretty straight forward.

• Single making 50K - tax $12,500
• Single making 75K - tax $18,750
• Married making 60K- tax $9,000
• Married making 75K - tax $18,750
• Married making 125 K - tax $31,250  

INHERITANCE TAX  

MCCAIN 0% (No change, Bush repealed this tax)  

OBAMA Restore the inheritance tax   

NEW TAXES BEING PROPOSED BY OBAMA *

• New government taxes proposed on homes that are more than 2400 square feet
• New gasoline taxes
• New taxes on natural resources consumption (heating gas, water, electricity)
• New taxes on retirement accounts
• New taxes to pay for socialized medicine

The news of the destruction and attempts for recovery after Hurricane Ike struck the Gulf Coast has dwindled to a snail's pace.  Galveston is a fun place, but after all it doesn't have anywhere near the notoriety of New Orleans.  That reality doesn't help.

You see, the destruction is of the same intensity and magnitude.  People's homes are no longer standing; others have been told theirs can't be repaired, but their insurance won't pay for the total loss that FEMA has arbitrarily put on them.  What to do? 

How does this happen in America? they ask.

Thousands are homeless and substitute housing is very tight, to non-existent.  Garbage, animal carcasesand former yachts are piled all together in skyscraper-sized landscape art.  Hundreds of people are missing.  It's feared many of their bodies are also in those piles of debris.  Cadaver dogs are searching.

You read about my lifelong friend, George Helmond, deciding to leave when it was too late.  He drowned in his truck.  It made the national news.  There were many others who died, too.  Their tragic deaths didn't make the news.

So here's what I would like for you to do...two things:

• Add the people of Galveston Island and County to your daily prayers
• Ask that your church add the Island and County to its church services' prayer list.

Please contact your church right now while you're thinking about it.

And if you know in your heart you should make a financial contribution to help those who are in need, but are afraid to send money for fear that a big part of it will go for administration, here's what you can do.

Make a check payable as follows:

Rector's Discretionary Fund - IKE

Trinity Episcopal Church

2216 Ball Avenue

Galveston, Texas 77550

I'll guarantee you 100% of your contribution will be used to help victims, and it will be tax deductible as well.

Thanks.

BILL CHERRY, REALTORS

DALLAS

214 503 8563

1 800 314-7110

Our 43rd Year Selling Texas

BILL CHERRY, REALTORS

DALLAS

214 503-8563

1 800 314-7110

Our 43rd Year Selling Texas

DALLAS PUMPKIN PATCH -- ST. JAMES EPISCOPAL CHURCH 

Every year, Saint James Episcopal Church on Audelia at McCree, a few blocks north of Northwest Highway, stages its famous Pumpkin Patch.  Thousands of fresh pumpkins will be sold.  Pumpkins of every size and shape.

This is a joint venture between the church and a New Mexico Indian tribe.  The Indians plant, grow and harvest the pumpkins, and then they are shipped in two big loads to St. James where they are sold by volunteers.

The entire net proceeds to Saint James goes to fund its youth ministry which not only includes its Dallas activities, but its missionary trips.  The youth director, Doug Horton, advises that enough money is raised by the venture so that the church does not have to subsidize the youth program.

In addition to the thousnds of pumpkins that are delivered in two loads, about two weeks apart, there are picture boards and staged photo shoot areas so that parents and grandparents can take Halloween pictures of the kids, and take them without charge.

The Saint James Pumpkin Patch is open from 10AM to 7PM, Monday through Saturday, and on Sundays, it opens right after the last church service....say about 11:30 AM.

If you want to talk about real estate, the economy, the bail out, Galveston or life in general, I'd love to be one side of that conversation.  I have an extra chair at the table waiting for you, and I will be holding court every Thursday until Halloween from 1PM to 4PM.  Please stop by.

BILL CHERRY, REALTORS

DALLAS

214 503-8563

1 800 314-7110

                                           Our 43rd Year Selling Texas!

I started out my formal business career as a banker.  And my graduate education zeroed in on finance and economics as they pertained to commercial banking.  That began in 1961.

Back in those days, banks and other credit lenders used to buy loans on cars made by dealers to their customers, but there was an important caveat.  Those loans were made with recourse.  If the loan to the individual fell behind, wasn’t paid and required repossession of the car by the bank, the dealer was on the hook for the shortfall.  Unless the car deal went broke in the meantime, the bank had no measurable risk.

So naturally I’ve been wondering why the government’s mortgage bail-out plan isn’t being done with recourse on those lenders?  Buying the mortgage loans for cash to infuse cash back into the marketplace and thus unfreeze the credit market makes plenty of sense.  Buying the loss potential makes no sense at all.

So why aren’t these loan packages to be bought with recourse on the original lender? In other words, why aren't the lenders being kept on the hook for the potential losses? 

Old fashioned banking was based on a lot of good sense.