.floatimg-left-hort { float:left; } .floatimg-left-caption-hort { float:left; margin-bottom:10px; width:300px; margin-right:10px; clear:left;} .floatimg-left-vert { float:left; margin-top:10px; margin-right:15px; width:200px;} .floatimg-left-caption-vert { float:left; margin-right:10px; margin-bottom:10px; font-size: 12px; width:200px;} .floatimg-right-hort { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 300px;} .floatimg-right-caption-hort { float:left; margin-right:10px; margin-bottom:10px; width: 300px; font-size: 12px; } .floatimg-right-vert { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 200px;} .floatimg-right-caption-vert { float:left; margin-right:10px; margin-bottom:10px; width: 200px; font-size: 12px; } .floatimgright-sidebar { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 200px; border-top-style: double; border-top-color: black; border-bottom-style: double; border-bottom-color: black;} .floatimgright-sidebar p { line-height: 115%; text-indent: 10px; } .floatimgright-sidebar h4 { font-variant:small-caps; } .pullquote { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 150px; background: url(http://www.dmbusinessdaily.com/DAILY/editorial/extras/closequote.gif) no-repeat bottom right !important ; line-height: 150%; font-size: 125%; border-top: 1px solid; border-bottom: 1px solid;} .floatvidleft { float:left; margin-bottom:10px; width:325px; margin-right:10px; clear:left;} .floatvidright { float:right; margin-bottom:10px; width:325px; margin-right:10px; clear:left;} Dear Mr. Berko:

Dear T.A.:

There are lots of folks like you who have their tutus in a tizzy. They strongly dislike Obama and blame him for our huge deficits, high unemployment rate, problems in our schools, the recession, crashing real estate prices, immigration, Social Security, taxes and even the weather. However, the blame – 100 percent of it – belongs to the 535 members of Congress.

In short, the White House does not make immigration laws; Congress does. The White House does not write tax laws; Congress does. The White House did not cause Fannie Mae to lower loan standards and henceforth fail, but Congress did. The White House did not expand the coverage and cost of Medicaid; Congress did. The White House did not write legislation that forced Medicare to overextend itself, but Congress did. And the White House did not write the laws forcing Social Security to be more generous with its benefits; Congress did.

I really like your broker’s Copano (CPNO-$25.14) recommendation. I bought 100 shares for my sister in March 2005 at $38 and sold them in May 2007 (after a 2-for-1 stock split) at $42. Some 18 months later, CPNO traded in the $9-$10 range, and its 57.5-cent quarterly dividend ($2.30 annually) yielded better than 23 percent. I lacked the courage to buy it then; however, in February I put 200 shares back in her account at $23, and I’m glad I did. The current yield is 9 percent, and I expect CPNO may increase its dividend sometime this year.

CPNO provides gathering, compression, dehydration, treating, transportation, processing, conditioning and fractionation for natural gas producers. Copano owns 6,300 miles of pipeline in Wyoming, Louisiana, Oklahoma and Texas, seven processing plants and a significant stake in two smaller pipeline companies.

Since its initial public offering at $20 a share in May 2004, CPNO has boosted its revenues to $1.3 billion from $430 million; book value has increased to $17.20 per share from $4.20; cash flow has grown to $91.4 million from $6.3 million; the dividend has risen to $2.30 per share from 40 cents; and its share price has more than doubled.

The fundamental outlook for the gas storage and transportation industry is modest. But I expect fee-based pipeline and terminal operators to continue to expand earnings. And though gas consumption may be up only a tad in 2010, longer-term prospects are strong.

Due to market conditions, I think CPNO will trade in the $23 to $27 range this year and should run to the low $30s in 2011. You can enjoy a $2.30 per-share dividend while you wait.

Please address your financial questions to Malcolm Berko, P.O. Box 1416, Boca Raton, Fla. 33429 or e-mail him at malber@adelphia.net. © Copley News Service