HAPPY NEW YEAR AND MAY 2010 BE A BETTER YEAR FOR ALL

ome random thoughts, comments, opinions and a few rhetorical questions on this, the first, back to work day of the year.

This morning's very first challenging e-mail came from Santa Monica and asked, somewhat accusingly, "Why do you still like and how can you respect President Obama."

I do and for several reasons. Keep in mind that he's about to sign the nation's boldest social legislation in several decades. It is the start of real healthcare reform. The idea has some defects but it will produce notable improvement . The system needs change. It is enormously expensive and gets mediocre results while leaving over 40 million without insurance. There will be major healthcare reform.

I think the president who has held office for just one year deserves credit in foreign affairs; though not quite yet deserving of the Nobel Prize for peace.

Obama is not, as some critics proclaim, "all talk". With our country losing the fight in Afghanistan he has, bravely, decided to follow through and increase our military strength there.

His style of leadership is calm and reflective and sometimes he appears remote. How has the Obama leadership done with the troubled economy? Lest we forget, when he took over the office of President just a year ago, the economy was on the verge of a full-scale depression. We needed a major, big-scale stimulus. The economy is improving.

If, just a short year ago, any would have proclaimed 2009 would end with a comeback on Wall Street of such historic proportions, one might have thought the claimant as somewhat looney.

Maybe, already, this chief executive needs to start focusing on lessening the role of the administration in Government. It will happen.

Some random questions: Will this be the year when Israel takes the plunge and attacks the Iranian nuclear installations? I hope it is not needed, but should it occur no military is better equipped for the job. It seems more likely that Iran will be involved in internal fighting that could bring about radical reform in Tehran.

Will the Republicans make a comeback, politically, this year? Probably they'll make gains in both the House and Senate, but I hope the gains will be kept to a minimum.

Will 2010 be the hottest year on record, globally? Probably, until next year!

Question from San Diego, "Michael will Prime Minister Putin of Russia, declare once again for the presidency of Russia (that would be in 2012)? Probably. And the hand-picked President who succeeded him, will become Prime Minister.

Here's a big question from West Covina "Will there be a full blown trade war this year?" I doubt it, just the usual skirmishes.

Borrowing a headline "Estate tax is expiring, but death won't last". There is a temporary break for the heirs of the rich. It is a window of opportunity for wealthy Americans determined to avoid paying up post mortem. It is something of a quirk in a Bush era tax cut: the federal estate tax is set to be repealed for one year. "Michael, make a note, get rich this year!!".

Just a note for those who may not have heard, the world's four biggest emerging market economies are known collectively as the BRIC nations. They are Brazil, Russia, India and China.

Quote of the four-day-old year comes from Warren Buffet, the multi billionaire. It was he who proclaimed that the Obama stimulus plan was "Sort of like taking half a Viagra and having also a bunch of candy thrown in". No, I have no idea what he means, but he is usually correct".

Just a personal, professional note. We have just passed the tenth program in our weekly radio series, aired, live on KABC Radio Los Angeles; Sunday morning's from 11.00 until noon. It has been a joy hosting "Financial Insider Radio with Michael Jackson, and picking on the expertise of two nationally renowned advisors: Greg Kushner of Lido Advisors and Greg Heller of Heller Capital Resources.

I'd love you to join us any Sunday on 790am KABC , my old "haunt"