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My favorite company, Intuitive Surgical Inc. (NASDAQ: ISRG), the maker of the da Vinci Surgical System reported earnings Tuesday afternoon that creamed Street guesstimates by 10 cents per share. Intuitive posted earnings per share of $1.28 versus analyst consensus of $1.18.

For the 23rd quarter in a row, just like clockwork and without missing a beat, Intuitive's top and bottom line growth simply ignored the global economy, blazing its own trail. I wonder how ISRG would have done if the economy was not in the dumps?

Overall, second quarter revenue shot up 56% from $142.2 million to $219.2 million. Instruments and accessories revenue increased 61% to $73.6 million from $45.8 million. Training revenue increased 44% to $29.4 million from $20.3 million during the second quarter of 2007.

Lonnie Smith, Chairman and CEO of Intuitive Surgical, said, "We are pleased with our second quarter revenue and earnings growth. These results reflect the continued adoption of the da Vinci Surgical System platform across a broadening group of surgical procedures."

When you watch your kids playing war games on their computers, it must have occurred to you at some point that this might all be part of some grand scheme to get the next generation well-versed in a new set of skills. Hand-to-hand combat (except with their siblings) is out and unmanned aerial vehicles, or UAVs are in.

The AP (7/20) reported that Raytheon Company (NYSE: RTN) recently unveiled "its new control system for unmanned aerial vehicles, or UAVs." Raytheon's "Universal Control System,...uses some hardware from the gaming world," and is expected to "shorten training time and help prevent crashes of expensive unmanned drone aircraft by providing a more interactive experience for the pilot." The company focused on "making the system more intuitive -- replacing keystrokes with a game console -- after consulting with experts and discovering that thumbs are the most energy-efficient and accurate way to control an aircraft."

Given Iran's recent missile tests and all the saber rattling that goes on around the world, it should be no surprise that governments have been seeking Raytheon's Patriot Missile technology for years, but RTN is also a leader in a wide range of radar systems, guidance systems, airport monitoring and control systems, and of course the latest in UAV technology.

Giving some thought to what in the world Mr. Gramm was thinking about (or not), it seems to me that his angst last week about Americans being a bunch of whiners was quite self referential. He obviously has lost his sense of balance and is spending too much time with the country club crowd to realize that some folks are feeling true pain.

Unless he is getting free gas or his limousine driver is not speaking with him then how could he have missed the fact that everyone in our country has seen a rapid and significant rise in prices. Ask anyone driving a truck for a living, just as a sampling. I would not consider their plight frivolous.

For some reason he has also missed the fact that all three of our major automobile manufacturers Ford Motor (NYSE: F), General Motors (NYSE: GM), and Chrysler (now privately held) are teetering on bankruptcy.

I have been fortunate enough to have traveled to the four corners of the United States, Alaska and Hawaii and I would actually say we tend to be overly optimistic at times in the US. By comparison many of the 25 countries I have had the chance to visit can be some what negative. I would place us somewhere in the middle.

If Bush's change-up marks the bottom, then WFC is the slugger that hit the ball back over the fence. Can one report from one bank make a difference? Yes it can, if people read it as a sign of things to come. At the same time, the capitulation I describe in IndyMac (IMB) turns to dust is another sign that we may be at the turning point.

Last Friday, June 11, 2007, the Feds basically put IndyMac Bancorp (NYSE: IMB) into receivership, even as they reminded customers that their deposits were insured by the Federal Deposit Insurance Corporation (FDIC) covering each individual account up to $100,000.

When I posted IndyMac (IMB) turns to stone on June 8, IMB had shut down lending. Now, as they have turned to dust from a shareholder perspective, customers are still lining up to withdraw their funds despite government assurances that there is nothing to worry about.

Some fret that this bailout will cost taxpayers money but most of the money will be coming from actual deposits as company assets are liquidated. However, while a majority of the costs are covered, the process will incur significant costs nevertheless, since this is only the tip of the iceberg and other banks are sure to fall into the abyss as well.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money. Disclosure: I own shares of BRK.B.

Updating the story with the final numbers heading into the week end.

1) Johnson and Johnson (NYSE: JNJ) closed at $64.34 and pays a 2.89% dividend yield. (NOW $66.53 -- up 3.4%) finished at $66.26 -- up 2.98%.

2) Teva Pharmaceuticals ADR (NASDAQ: TEVA) closed at $45.80 and pays a 1% dividend yield.( NOW 42.58 -- down 7%) finished at $41.78 -- down 8.78%.

3) Chubb Corp (NYSE: CB) closed at $49.01 and pays a 2.64% dividend yield. (NOW $47.51 -- down 3%) finished at $47.56 -- down 2.96%.

According to a report in The Wall Street Journal, about 50 stores have already been notified that they will be closing by July 31, and the list will be made public by July 15. The Journal writes of anxiety for the Starbucks faithful who have come to appreciate the caffeine brew and do not have satisfactory alternatives.

There are two stores in walking distance of my office and when Starbucks opened the second one about 18 months ago I was very surprised. However, I will not be surprised if the newer store is among the casualties.

It is always difficult to discuss one's failings, but nothing has been worse than my suggestion that IndyMac might be a screaming buy last year. The stock is down 97%. The sad truth is it was a screaming sell and my worst call since I have been writing for BloggingStocks.com. That will be a separate story.

Today, IndyMac is trading down 47% to $0.37. It will have to restructure once again and will be submitting a survival plan to the FDIC. The current market cap is about $37 million, while its losses over the last twelve months exceed $600 million.

When companies perform poorly financially and it is reflected in the share price the protests are even louder and more justified.

Like they say about pornography... When executive pay becomes so high that it becomes obscene, you may not be able to define it exactly, but you know it when you see it!

Unfortunately these protests are not coming from the board room, or large institutional investors or pension funds, although they should! They come from the "hard working stiffs" that go unheard and disrespected -- and the common shareholder.