Well, this settles an earlier dispute with an anonymous commentator who thought the UK taxpayer might come out ahead on this financial crisis...
From the BBC....
The cost of protecting UK savers during the credit crisis has been revealed by the body set up to compensate victims of banking collapses. In its latest annual report, the Financial Services Compensation Scheme said it paid out £21bn in the six months after the onset of the crisis. That compares with just £1bn in the seven years before the crisis.
Friday, July 31, 2009
The Chinese take a punt on the UK housing market
There is something grimly inevitable about this....
British landlords and homeowners will soon be able to mortgage their properties with the Bank of China. Mortgages from the Chinese bank are offered via four brokers, starting at 2.5% above the base rate.
Bank of China previously focussed on lending to Chinese communities in the UK, but is now widening its scope. Borrowers will have to attend a face-to-face meeting with the bank to secure the mortgage. The move could prompt more foreign banks to start lending on the British market as UK-based mortgage lenders continue to keep tight controls over lending.
Thanks Kevin for the link....
British landlords and homeowners will soon be able to mortgage their properties with the Bank of China. Mortgages from the Chinese bank are offered via four brokers, starting at 2.5% above the base rate.
Bank of China previously focussed on lending to Chinese communities in the UK, but is now widening its scope. Borrowers will have to attend a face-to-face meeting with the bank to secure the mortgage. The move could prompt more foreign banks to start lending on the British market as UK-based mortgage lenders continue to keep tight controls over lending.
Thanks Kevin for the link....
UK financial supervision is still a mess
A few select quotes from today's treasury committee report on financial supervision:
By any measure the FSA has failed dreadfully in its supervision of the banking sector,...
We believe the reforms to the institutional structure of the Tripartite Committee announced in the Treasury’s recent White Paper to be largely cosmetic. Merely rebranding the Tripartite Standing Committee will do little in itself.
Substantial reforms to capital and liquidity regulations are now required. The Basel capitalrules did not work in preventing the financial crisis. Arguably they made things worse by distracting the attention of leading experts. We therefore support the introduction of a leverage ratio, to complement the more risk-sensitive minimum requirements under the Basel II capital accords. We also support an element of counter-cyclicality in capital regulation.
Clarity over existing (financial supervisory) responsibilities remains a problem, but no new responsibilities should be allocated until a decision is made about the precise tools needed for macroprudential supervision.
By any measure the FSA has failed dreadfully in its supervision of the banking sector,...
We believe the reforms to the institutional structure of the Tripartite Committee announced in the Treasury’s recent White Paper to be largely cosmetic. Merely rebranding the Tripartite Standing Committee will do little in itself.
Substantial reforms to capital and liquidity regulations are now required. The Basel capitalrules did not work in preventing the financial crisis. Arguably they made things worse by distracting the attention of leading experts. We therefore support the introduction of a leverage ratio, to complement the more risk-sensitive minimum requirements under the Basel II capital accords. We also support an element of counter-cyclicality in capital regulation.
Clarity over existing (financial supervisory) responsibilities remains a problem, but no new responsibilities should be allocated until a decision is made about the precise tools needed for macroprudential supervision.
I really should be more grateful to banks
Yesterday, I received the following comment:
Alice handily ignores the increased quality of life brought to everyone in the UK over the past decade through the substantial contribution to the country's GDP by the financial services industry.
Net-net, this effect dwarfs the amount the Government will have spent re-capitalising the banks... it wouldn't surprise me if the UK taxpayer actually turned a profit when Northern Rock and RBS are sold off.
But don't let facts stand in the way of your vitriol Alice
I have been feeling pangs of guilt all day. Have I really been so ungrateful for all the wonderful things that the financial sector has done for me during the last 10 or so years? Will I be the lucky beneficiary of the bail-out as NRK and RBS are sold off for a profit? Oh, I do hope so.
But what of the relationship between the financial sector and GDP growth? Have I, buried deep in a pile of vitriol, missed the "substantial contribution" to the country's GDP generated by the financial system?
The financial sector can generate real increases in GDP in three ways. First, it offers an efficient payments system. However, banks have been doing this effectively for at least a century. Very little additional GDP was generated in the last 10 years because banks clear cheques and handle inter-bank transfers quickly.
Second, banks help finance investment, which increases the productive capacity of the economy and generates higher living standard. However, the sad truth is that these days most bank lending goes on financing consumption and housing related speculation. Investment levels in the UK have barely changed over the last ten years.
Which brings us onto the third channel through which banks can affect GDP - they can finance consumption. However, this kind of lending simply transfers disposable income from the future into today. If I take a loan to buy a plasma TV. Consumption goes up today, and this is reflected in GDP. However, I have to pay the loan back and this means lower consumption and GDP in the future.
This is why the UK economy enjoyed such strong growth over the last decade. We were spending money we expected to get in the future. Banks allowed us to do this, and we built up a massive pile of household debt. In fact, this debt stock is so high that banks can no longer rely on us to pay it back. This led to many of our banks sliding into insolvency, leading the government to commit 90 percent of GDP to clean up the mess.
For this, anonymous wants me to feel grateful. Sorry, I can't do it. Instead, I am angry about the excesses of the past that have led to this sorry state of affairs. I am fearful for the future because of the cost that the bank bailout will impose on my standard of living.
You can call that vitriol if you want, but that is how I feel.
Alice handily ignores the increased quality of life brought to everyone in the UK over the past decade through the substantial contribution to the country's GDP by the financial services industry.
Net-net, this effect dwarfs the amount the Government will have spent re-capitalising the banks... it wouldn't surprise me if the UK taxpayer actually turned a profit when Northern Rock and RBS are sold off.
But don't let facts stand in the way of your vitriol Alice
I have been feeling pangs of guilt all day. Have I really been so ungrateful for all the wonderful things that the financial sector has done for me during the last 10 or so years? Will I be the lucky beneficiary of the bail-out as NRK and RBS are sold off for a profit? Oh, I do hope so.
But what of the relationship between the financial sector and GDP growth? Have I, buried deep in a pile of vitriol, missed the "substantial contribution" to the country's GDP generated by the financial system?
The financial sector can generate real increases in GDP in three ways. First, it offers an efficient payments system. However, banks have been doing this effectively for at least a century. Very little additional GDP was generated in the last 10 years because banks clear cheques and handle inter-bank transfers quickly.
Second, banks help finance investment, which increases the productive capacity of the economy and generates higher living standard. However, the sad truth is that these days most bank lending goes on financing consumption and housing related speculation. Investment levels in the UK have barely changed over the last ten years.
Which brings us onto the third channel through which banks can affect GDP - they can finance consumption. However, this kind of lending simply transfers disposable income from the future into today. If I take a loan to buy a plasma TV. Consumption goes up today, and this is reflected in GDP. However, I have to pay the loan back and this means lower consumption and GDP in the future.
This is why the UK economy enjoyed such strong growth over the last decade. We were spending money we expected to get in the future. Banks allowed us to do this, and we built up a massive pile of household debt. In fact, this debt stock is so high that banks can no longer rely on us to pay it back. This led to many of our banks sliding into insolvency, leading the government to commit 90 percent of GDP to clean up the mess.
For this, anonymous wants me to feel grateful. Sorry, I can't do it. Instead, I am angry about the excesses of the past that have led to this sorry state of affairs. I am fearful for the future because of the cost that the bank bailout will impose on my standard of living.
You can call that vitriol if you want, but that is how I feel.
Rabbinate strikes again
I am not anti-religious; I have long had involvements with one or more synagogues and I even know how to "daven." Yet I have long believed that Zionism would have had a truly revolutionary impact if it had succeeded in separating Jewish ethnic and cultural identity from the religion.
Instead, Israel has no civil marriage, a concession Ben-Gurion made to his Orthodox allies at a time when he thought it would have little bearing on the country. It is a cruel irony that a country mostly founded by militantly secular pioneers is so in thrall today to Orthodox nationalists and ultra-Orthodox extremists.
We reported last week on the problem of the Orthodox religious domination over how Jewish citizens marry and who they can wed in Israel. This more recent Ynet article provides but another outrageous example of over-zealous Rabbinical interference in the lives of Israeli Jews.
This is the summary at the top of this Ynet article (I've added the bracket):
"After producing all the necessary documents proving they are both Jewish, Rabbinate tells couple they cannot marry because husband-to-be is [allegedly] adopted and so his Jewishness cannot be verified. 'I know I'm Jewish and I know I'm not adopted,' says man."
Instead, Israel has no civil marriage, a concession Ben-Gurion made to his Orthodox allies at a time when he thought it would have little bearing on the country. It is a cruel irony that a country mostly founded by militantly secular pioneers is so in thrall today to Orthodox nationalists and ultra-Orthodox extremists.
We reported last week on the problem of the Orthodox religious domination over how Jewish citizens marry and who they can wed in Israel. This more recent Ynet article provides but another outrageous example of over-zealous Rabbinical interference in the lives of Israeli Jews.
This is the summary at the top of this Ynet article (I've added the bracket):
"After producing all the necessary documents proving they are both Jewish, Rabbinate tells couple they cannot marry because husband-to-be is [allegedly] adopted and so his Jewishness cannot be verified. 'I know I'm Jewish and I know I'm not adopted,' says man."
SCH. COUNTY GUITAR GIVEAWAY
This Saturday, August 1st, is the final round of the Schuylkill County Guitar Promotions. We have spent weeks searching for the Best of the Best musical act here in Schuylkill County. Tonight at GoodFellas Cafe in Pottsville, PA the winner will be selected and awarded the Limited Edition Yuengling Martin Guitar. 7 musical acts qualified to perform at this event, and they will take the stage in the warehouse at GoodFellas starting at 7pm. Local radio station, T102, will be at this event from 7-10pm doing a live broadcast and giving away prizes. All Yuengling products will be on special for just $1.00! Come early and stay late, because you won't want to miss a minute of this exciting finale!The bands performing tonight have won at the recent qualifying rounds:
True Becoming - Round 1 at Thunder Road
Lights Over Ashfield - Round 2 at Strikers
Sausage Party - Round 3 at Ridge Road
Shout Maggie - Round 4 at Hangloose
Tommy Dee - Round 5 at Porter House Grille
Pale Harvest - Round 6 at The Roundhouse
Five-P - Round 7 at Scores
STILL WATER LOUNGE SAMPLING
Yuengling was out at the Still Water Restaurant and Lounge in the Embassy Suites in Syracuse, NY earlier this month for a sampling event. We chose this location because of the all the guests in town for the Syracuse Nationals. The Syracuse Nationals is a car show that brings over 7000 classic and custom cars into the Syracuse area each year.
Once guests at the Embassy Suites had parked their cars for the night, the lounge filled up and it was time to enjoy some Yuengling. We had a sampling from 10-11pm. During this time patrons played Yuengling trivia and won Yuengling prizes! The car show brought in guests from all over the east coast, Canada, and even as far as Minnesota! Guests who live outside of the Yuengling distrubution area were excited for the opportunity to try our beer and many said they will be taking some home with them too. After the sampling hour was over guests finished off thier evening with $2.00 Yuengling pints.
Thank you to Cathy Merola and all of the staff at the Still Water Restaurant & Lounge for making this a successful evening.
Once guests at the Embassy Suites had parked their cars for the night, the lounge filled up and it was time to enjoy some Yuengling. We had a sampling from 10-11pm. During this time patrons played Yuengling trivia and won Yuengling prizes! The car show brought in guests from all over the east coast, Canada, and even as far as Minnesota! Guests who live outside of the Yuengling distrubution area were excited for the opportunity to try our beer and many said they will be taking some home with them too. After the sampling hour was over guests finished off thier evening with $2.00 Yuengling pints.
Thank you to Cathy Merola and all of the staff at the Still Water Restaurant & Lounge for making this a successful evening.
Thursday, July 30, 2009
Congressional Black Caucus Opposes Mountaintop Removal
According to Appalachian Voices and ILoveMountains.org, the vast majority of the Congressional Black Caucus (CBC) opposes mountaintop removal. This opposition comes in the form of their cosponship of H.R. 1310, the Clean Water Protection Act, which effectively bans the practice by protecting nearby creeks and streams. AAEA supports the legislation. Thirty members of the CBC are cosponsors:Rep Payne, Donald M. [NJ-10]
Rep Conyers, John, Jr. [MI-14]
Rep Rush, Bobby L. [IL-1]
Rep Kilpatrick, Carolyn C. [MI-13]
Rep Lee, Barbara [CA-9]
Rep Rangel, Charles B. [NY-15]
Rep Lewis, John [GA-5]
Rep Edwards, Donna F. [MD-4]
Rep Norton, Eleanor Holmes [DC]
Rep Ellison, Keith [MN-5]
Rep Cleaver, Emanuel [MO-5]
Rep Carson, Andre [IN-7]
Rep Christensen, Donna M. [VI]
Rep Cummings, Elijah E. [MD-7]
Rep Meek, Kendrick B. [FL-17]
Rep Brown, Corrine [FL-3]
Rep Clay, Wm. Lacy [MO-1]
Rep Hastings, Alcee L. [FL-23]
Rep Watson, Diane E. [CA-33]
Rep Davis, Danny K. [IL-7]
Rep Towns, Edolphus [NY-10]
Rep Scott, Robert C. [VA-3]
Rep Jackson, Jesse L., Jr. [IL-2]
Rep Clarke, Yvette D. [NY-11]
Rep Waters, Maxine [CA-35]
Rep Butterfield, G. K. [NC-1]
Rep Johnson, Hank [GA-4]
Rep Fattah, Chaka [PA-2]
Rep Richardson, Laura [CA-37]
Rep Marcia Fudge [OH-11]
There are still 11 members of the Congressional Black Caucus who have not signed on:
Rep Watt, Melvin L. [NC-12]
Rep Jackson-Lee, Sheila [TX-18]
Rep Meeks, Gregory W. [NY-06]
Rep Sanford Bishop [GA-02]
Rep Jim Clyburn [SC-06]
Rep Artur Davis [AL-07]
Rep Al Green [TX-09]
Rep EB Johnson [TX-30]
Rep Gwen Moore [WI-04]
Rep David Scott [GA-13]
Rep Bennie Thompson [MS-02]
AAEA is encouraging those 11 CBC members to sign onto HR 1310 as cosponsors to help facilitate passage of the legislation.
NeighborWorks Report Shows Hispanic Homeowners More Likely to Hold ARMs than Fixed Rate Mortgages
Today NeighborWorks America, the administrator of the Congressionally authorized National Foreclosure Mitigation Counseling (NFMC) program, announced that of the more than 363,000 homeowners who received foreclosure prevention counseling as a result of NFMC funding through March 31, 2009, 21 percent were Hispanic homeowners, nearly twice their representation of total homeowners. In all, 53 percent of NFMC Program clients were minority homeowners, or more than twice the overall percentage of minority homeowners.
The data reported today are part of the third NFMC report distributed to Congress in June 2009, and are based on client information provided from more than 1,700 HUD-approved housing counseling intermediaries, state housing finance agencies, and nonprofit housing counseling agencies that received NFMC funding through March 31, 2009. As of June 30, 2009, more than 540,000 homeowners have received foreclosure prevention counseling as a result of NFMC funding.
Nationwide, Hispanic homeowners make up only 11 percent of the nation’s homeowners, according to industry studies. Twenty-four percent of the nation’s homeowners are racial/ethnic minorities, with African American homeowners accounting for 9 percent, and Asian/Pacific Islanders accounting for 4 percent.
Also according to the NeighborWorks America NFMC report, Hispanic clients who sought foreclosure prevention counseling were the only group of homeowners more likely to hold adjustable rate mortgages (ARMs) than fixed rate mortgages. Forty-seven percent of Hispanic NFMC clients held ARMs, and 41 percent held fixed rate mortgages. Nationwide, only 18 percent of outstanding mortgages are ARMs.
All other NFMC clients were more likely to hold fixed rate mortgages than ARMs. Fifty-one percent of African American clients held fixed rate mortgages, and 38 percent held ARMs. Like African American NFMC clients, White NFMC clients were more likely to hold fixed rate mortgages (59 percent) than ARMs (31 percent).
For more information about the NFMC Program, visit www.nw.org/nfmc.
The data reported today are part of the third NFMC report distributed to Congress in June 2009, and are based on client information provided from more than 1,700 HUD-approved housing counseling intermediaries, state housing finance agencies, and nonprofit housing counseling agencies that received NFMC funding through March 31, 2009. As of June 30, 2009, more than 540,000 homeowners have received foreclosure prevention counseling as a result of NFMC funding.
Nationwide, Hispanic homeowners make up only 11 percent of the nation’s homeowners, according to industry studies. Twenty-four percent of the nation’s homeowners are racial/ethnic minorities, with African American homeowners accounting for 9 percent, and Asian/Pacific Islanders accounting for 4 percent.
Also according to the NeighborWorks America NFMC report, Hispanic clients who sought foreclosure prevention counseling were the only group of homeowners more likely to hold adjustable rate mortgages (ARMs) than fixed rate mortgages. Forty-seven percent of Hispanic NFMC clients held ARMs, and 41 percent held fixed rate mortgages. Nationwide, only 18 percent of outstanding mortgages are ARMs.
All other NFMC clients were more likely to hold fixed rate mortgages than ARMs. Fifty-one percent of African American clients held fixed rate mortgages, and 38 percent held ARMs. Like African American NFMC clients, White NFMC clients were more likely to hold fixed rate mortgages (59 percent) than ARMs (31 percent).
For more information about the NFMC Program, visit www.nw.org/nfmc.
The taxpayer put money in, and the bankers take it out
I think I am going to become a communist.
While taxpayers were pumping in uncountable billions into the US financial system, bankers took out multi-million dollar bonuses. How on earth could that be justified? If it wasn't for taxpayers, these banks would have been forced into bankruptcy.
At least in the US there is sufficient transparency to ensure that taxpayers know they have been ripped off. How many UK bankers in loss making banks received multi-million pound bonuses, generously financed by UK taxpayers?
From the Financial Times.
Citigroup and Merrill Lynch, which together lost $55bn in 2008, paid bonuses of more than $1m to a total of 1,400 employees, according to a New York state report on Thursday on bonus payments by banks propped up with taxpayer funds.
The study, compiled by Andrew Cuomo, New York attorney-general, showed that JPMorgan Chase and Goldman Sachs, which both finished in the black last year, paid the most million-dollar bonuses - 1,626 and 953, respectively.
However, the totals at a profitable bank like Goldman were nearly matched by two of the year’s biggest losers on Wall Street. Citi, which suffered a $27.7bn loss, paid million-dollar bonuses to 738 employees. Merrill, which lost $27.6bn, paid 696 bonuses of $1m or more.
While taxpayers were pumping in uncountable billions into the US financial system, bankers took out multi-million dollar bonuses. How on earth could that be justified? If it wasn't for taxpayers, these banks would have been forced into bankruptcy.
At least in the US there is sufficient transparency to ensure that taxpayers know they have been ripped off. How many UK bankers in loss making banks received multi-million pound bonuses, generously financed by UK taxpayers?
From the Financial Times.
Citigroup and Merrill Lynch, which together lost $55bn in 2008, paid bonuses of more than $1m to a total of 1,400 employees, according to a New York state report on Thursday on bonus payments by banks propped up with taxpayer funds.
The study, compiled by Andrew Cuomo, New York attorney-general, showed that JPMorgan Chase and Goldman Sachs, which both finished in the black last year, paid the most million-dollar bonuses - 1,626 and 953, respectively.
However, the totals at a profitable bank like Goldman were nearly matched by two of the year’s biggest losers on Wall Street. Citi, which suffered a $27.7bn loss, paid million-dollar bonuses to 738 employees. Merrill, which lost $27.6bn, paid 696 bonuses of $1m or more.
We have yet another Bank of England bailout facility
The Bank of England have introduced yet another scheme designed to inflate our troubles away. This one is called the Secured Commercial Paper Facility.
The Bank is today publishing details of its Secured Commercial Paper Facility to support the provision of working capital to a broad population of companies.
The Secured Commercial Paper Facility (SCP) will offer to buy securities backed by assets such as trade receivables consistent with the APF’s aim to purchase high-quality assets of broadly investment grade. The purpose of the Facility is to help improve the function of the private market by standing ready to make primary market purchases and by acting as a backstop for secondary market investors.
The Facility will be available from Monday, 3 August, although transactions will not take place until SCP programmes have been approved as eligible.
When will this madness end?
The Bank is today publishing details of its Secured Commercial Paper Facility to support the provision of working capital to a broad population of companies.
The Secured Commercial Paper Facility (SCP) will offer to buy securities backed by assets such as trade receivables consistent with the APF’s aim to purchase high-quality assets of broadly investment grade. The purpose of the Facility is to help improve the function of the private market by standing ready to make primary market purchases and by acting as a backstop for secondary market investors.
The Facility will be available from Monday, 3 August, although transactions will not take place until SCP programmes have been approved as eligible.
When will this madness end?
UK House prices up 1.3 percent in July
My stomach turned when I saw this chart. House prices rose by 1.3% in July. Three month rate of change at highest level since February 2007.
I think we can see where we are going here.
Lets roll those loaded dice
There is something deeply disturbing about this chart. It shows that mortgage approvals have picked up over the last four months. While lending activity hasn't yet reached the levels seen during the bubble, there is no doubt that banks are returning to the housing market.
This chart is disturbing because mortgage lending is the only credit market that has seen a pick up in activity. Credit to the corporate sector is contracting. Firms are, on a net basis, actually paying loans back. Things aren't much better for consumers. Interest rate spreads on credit cards have actually increased, and consumer credit growth is close to zero.
So why are banks ready to return to the housing market and at the same time abandon other credit activities? Well, I have my answer. This is a classic case of moral hazard.
Regardless of what the government said in public, the recent bailout had only one objective in mind - put a floor under house prices. The liquidity support and the guarantees were all aimed at stabilizing the housing market. In effect, the government offered to insure banks and their property speculating clientele. The message from Brown and Darling is clear - "we will support house prices no matter how much it will cost".
Banks have picked up on this commitment. Bankers understand all too clearly that the government didn't offer any real support to corporate or consumer lending. Only property matters. Therefore, it is rational for banks to return to mortgage lending while at the same time, cut back on other credit activities.
With this huge de facto insurance contract in their back pocket, banks are cranking up another housing bubble, and it is happening with the financial support of the taxpayer. Moreover, as recent RICS data suggests, there is army of potential house buyers out there ready to dive in and speculate again on property prices.
It is the rational response. After all, we have a government that is ready to guarantee that no one will lose if they speculate on housing. If there are any losses, the government will ensure that the hapless taxpayer will pick up the bill.
Law Needed to Ban Texting While Driving
Democratic lawmakers called for states to ban texting while driving or face cuts in highway funds, citing the need to reduce driver distraction and potential highway deaths and injuries.
"When drivers have their eyes on their cell phones instead of the road, the results can be dangerous and even deadly," said Sen. Charles Schumer, D-N.Y., who unveiled the legislation Wednesday with Democrats Robert Menendez of New Jersey, Mary Landrieu of Louisiana and Kay Hagan of North Carolina.
CBS News
This proposal is a no-brainer, it should receive full support from the alternative transportation and livable city movements. If just one life is saved it will have been legislation well-passed. But it will likely save thousands of lives.
"When drivers have their eyes on their cell phones instead of the road, the results can be dangerous and even deadly," said Sen. Charles Schumer, D-N.Y., who unveiled the legislation Wednesday with Democrats Robert Menendez of New Jersey, Mary Landrieu of Louisiana and Kay Hagan of North Carolina.
CBS News
This proposal is a no-brainer, it should receive full support from the alternative transportation and livable city movements. If just one life is saved it will have been legislation well-passed. But it will likely save thousands of lives.
Law Needed to Ban Texting While Driving
Democratic lawmakers called for states to ban texting while driving or face cuts in highway funds, citing the need to reduce driver distraction and potential highway deaths and injuries.
"When drivers have their eyes on their cell phones instead of the road, the results can be dangerous and even deadly," said Sen. Charles Schumer, D-N.Y., who unveiled the legislation Wednesday with Democrats Robert Menendez of New Jersey, Mary Landrieu of Louisiana and Kay Hagan of North Carolina.
CBS News
This proposal is a no-brainer, it should receive full support from the alternative transportation and livable city movements. If just one life is saved it will have been legislation well-passed. But it will likely save thousands of lives.
"When drivers have their eyes on their cell phones instead of the road, the results can be dangerous and even deadly," said Sen. Charles Schumer, D-N.Y., who unveiled the legislation Wednesday with Democrats Robert Menendez of New Jersey, Mary Landrieu of Louisiana and Kay Hagan of North Carolina.
CBS News
This proposal is a no-brainer, it should receive full support from the alternative transportation and livable city movements. If just one life is saved it will have been legislation well-passed. But it will likely save thousands of lives.
THE DISTILLERY - ROCHESTER NY
The Yuengling team in New York was busy on July 17th, running promotions at all three Distillery Restaurant locations in the Rochester, NY market! The Distillery is a great place to meet friends for a few Yuengling's after work, or to sit down and enjoy any of their great menu selections for diner.Yuengling held a golf promotion at all three locations in one night! The New York crew was at the Greece location from 5:30-7pm, the Winton Road location from 7:30-9pm, and the Mt. Hope Ave. location from 9:30-11pm.
During the event consumers walked away with some great Yuengling prizes including tee shirts and Yuengling Golf towels. Patrons also had the opportunity to enter to win a golf package from Yuengling that includes a golf bag and passes to play at local courses. There will be one golf package winner at each location, so be sure and enter to win! Distillery patrons enjoyed $2.75 Lager pints all evening at each location.
If you are in the Rochester, NY market and you missed the July 17th promotion, don't worry, we are doing it again this Friday, July 31st. We will be at all three locations at the times outlined above. Hope to see you there!
Pictures from the Greece location below:
THE DISTILLERY ADDL PICS
Additional Pictures from The Distillery Winton Road and Mount Hope Ave. locations below:Winton Road - July 17th
Mount Hope Ave. - July 17th
Wednesday, July 29, 2009
Hamburger America Heads to The White House
After seeing the Brian Williams NBC special "Inside The Obama White House" where Obama makes a burger run to Five Guys I felt it was necessary that the president had a copy of my book. I also sent a copy to the White House staff since it was obvious from the show that they all like burgers. If you missed the show, Obama and his wingman Reggie Love take orders around the office at lunch one day, slip out to a local DC Five Guys, and return to the White House with huge grease-stained bags full of burgers. It was a brilliant and unpretentious moment in the White House even if it had been solely for the cameras. Later that day the president sees First Lady Michelle and tells her that he had a 'tasty burger' for lunch with Brian. The brass at Five Guys headquarters must have been falling over themselves when they saw the show.
Hamburger America Heads to The White House
After seeing the Brian Williams NBC special "Inside The Obama White House" where Obama makes a burger run to Five Guys I felt it was necessary that the president had a copy of my book. I also sent a copy to the White House staff since it was obvious from the show that they all like burgers. If you missed the show, Obama and his wingman Reggie Love take orders around the office at lunch one day, slip out to a local DC Five Guys, and return to the White House with huge grease-stained bags full of burgers. It was a brilliant and unpretentious moment in the White House even if it had been solely for the cameras. Later that day the president sees First Lady Michelle and tells her that he had a 'tasty burger' for lunch with Brian. The brass at Five Guys headquarters must have been falling over themselves when they saw the show.
"Progressive" Oakland Theater Owner Has Hissy Fit over Parking Meter Increase
What an absolute joke this story is...
New parking regulations passed by Oakland's City Council have some local business owners very upset.
Alan Michaan owns the Grand Lake Theatre and said the council has gone way overboard by increasing fines, having meters in effect until 8 p.m. and increasing rates.
He's urging all of the city's business owners to close next Thursday to protest the new regulations.
KCBS
Parking SHOULD be expensive. It's good for the environment, public transit, and the planet. It is also good for business if people can find an open parking spot in front of business they want to shop at. Read Donald Shoup for more on this.
It's amazing how supposedly Green people "talk the talk" about improving the world, but the minute you make it a little harder to park their vehicles for cheap they "drive the drive" like reactionary conservatives.
How about ZERO parking on Grand Avenue?
The street would make a lovely pedestrian mall.
I guess all that opposition to Bush's oil war was just a pose.
Now it's "Save the Cars!"
"Progressive" Oakland Theater Owner Has Hissy Fit over Parking Meter Increase
What an absolute joke this story is...
New parking regulations passed by Oakland's City Council have some local business owners very upset.
Alan Michaan owns the Grand Lake Theatre and said the council has gone way overboard by increasing fines, having meters in effect until 8 p.m. and increasing rates.
He's urging all of the city's business owners to close next Thursday to protest the new regulations.
KCBS
Parking SHOULD be expensive. It's good for the environment, public transit, and the planet. It is also good for business if people can find an open parking spot in front of business they want to shop at. Read Donald Shoup for more on this.
It's amazing how supposedly Green people "talk the talk" about improving the world, but the minute you make it a little harder to park their vehicles for cheap they "drive the drive" like reactionary conservatives.
How about ZERO parking on Grand Avenue?
The street would make a lovely pedestrian mall.
I guess all that opposition to Bush's oil war was just a pose.
Now it's "Save the Cars!"
Disscussion of Aluf Benn's NY Times Op-Ed
If you missed "Why Won't Obama Talk to Israel?" by Haaretz editor Aluf Benn, in Tuesday's NY Times, click here. It is important to read because it raises many issues. For example: what is a self-hating Jew? Does it include anyone who is critical of Israel? It appears to be very dismissive of many American Jews who love Israel but do not agree with Natanyahu. On the other hand, Aluf Benn does raise a serious question, why is Obama not speaking directly to Israelis?
In this post I have included two responses to this article: one, from J. Zel Lurie, and the other from Meretz USA Chair, Theo Bikel. First, here is J. Zel Lurie's letter to the editor:
In the First Phase of the Road Map the Palestinians agreed to combat terror and the Israelis agreed to a freeze of settlement activity and to eradicate the settlement outposts erected since 2001. The Palestinians have fulfilled their part. A new Palestinian security force trained in Jordan by the United States General Drayton and subsidized by the American taxpayer has taken over the Palestinian cities from the Israel Army.
It is now up to Israel to fulfill its part of the bargain. It must freeze the settlements and begin to eradicate the illegal outposts. It can no longer rely on the fiction "natural growth" under which the population of the settlements were increased by almost a third since the Road Map was agreed to seven long years ago.
And here is Theo Bikel's response:
Aluf Benn got at least one thing right: “If Israel is part of the problem, then Israel must be part of the solution.” (Op-Ed 7/28) However much may be required of the Palestinians in this process, the single most glaring obstacles on the Israeli side are the settlements. Freezing all building in the West Bank is only a first step but it is the sine qua non in any movement toward a resolution. In continuing the Clinton initiative Barack Obama is doing exactly what needs to be done. Clearly, the two state solution is still the only hope on the horizon, although it is becoming more elusive. It is in Israel’s self interest that this go forward, it is in the Palestinians’ self interest; and it is certainly in America’s. Palestinian extremists stand in the way, so do Israeli extremists; I have no sympathy for either or for those here at home who support them.
What upsets me when I hear fellow Jews speak disparagingly about Barack Obama is this: The presidency of the United States is an awesome task that involves decisions both domestic and foreign that have far reaching consequences for the lives of millions around the globe. Even if he were wrong (which I believe he is not) I am embarrassed when I hear members of my community speak of the President as though he were to be judged on one issue alone: Israel. Nothing else, no other element enters the conversation. While I assign no moral equivalence to the issues, the single-mindedness of those who see only Israel is not much different from those who judge the President on nothing else but abortion. He deserves better from us.
In this post I have included two responses to this article: one, from J. Zel Lurie, and the other from Meretz USA Chair, Theo Bikel. First, here is J. Zel Lurie's letter to the editor:
Yes, President Obama should talk to the Israeli people. He should explain to them that seven years ago the government of Ariel Sharon accepted the Road Map to a Palestine State presented to them and to the Palestine Authority by the Quartet, the United states, Russia. the European Union and the United Nations.
In the First Phase of the Road Map the Palestinians agreed to combat terror and the Israelis agreed to a freeze of settlement activity and to eradicate the settlement outposts erected since 2001. The Palestinians have fulfilled their part. A new Palestinian security force trained in Jordan by the United States General Drayton and subsidized by the American taxpayer has taken over the Palestinian cities from the Israel Army.
It is now up to Israel to fulfill its part of the bargain. It must freeze the settlements and begin to eradicate the illegal outposts. It can no longer rely on the fiction "natural growth" under which the population of the settlements were increased by almost a third since the Road Map was agreed to seven long years ago.
And here is Theo Bikel's response:
Aluf Benn got at least one thing right: “If Israel is part of the problem, then Israel must be part of the solution.” (Op-Ed 7/28) However much may be required of the Palestinians in this process, the single most glaring obstacles on the Israeli side are the settlements. Freezing all building in the West Bank is only a first step but it is the sine qua non in any movement toward a resolution. In continuing the Clinton initiative Barack Obama is doing exactly what needs to be done. Clearly, the two state solution is still the only hope on the horizon, although it is becoming more elusive. It is in Israel’s self interest that this go forward, it is in the Palestinians’ self interest; and it is certainly in America’s. Palestinian extremists stand in the way, so do Israeli extremists; I have no sympathy for either or for those here at home who support them.
What upsets me when I hear fellow Jews speak disparagingly about Barack Obama is this: The presidency of the United States is an awesome task that involves decisions both domestic and foreign that have far reaching consequences for the lives of millions around the globe. Even if he were wrong (which I believe he is not) I am embarrassed when I hear members of my community speak of the President as though he were to be judged on one issue alone: Israel. Nothing else, no other element enters the conversation. While I assign no moral equivalence to the issues, the single-mindedness of those who see only Israel is not much different from those who judge the President on nothing else but abortion. He deserves better from us.
Enhancements to Google Apps Directory Sync
Today we're releasing two enhancements to Google Apps Directory Sync, a tool that helps businesses synchronize the user and directory information in their LDAP systems with Google Apps. These changes complement the improvements to contacts in Google Apps that we announced a few weeks ago.
Now Google Apps Directory Sync not only helps synchronize employee contact information, but also information for non-employees that are listed in the central LDAP directory. This way, employees can easily look up and contact important customers, partners and vendors, too.
This release also expands the list of contact fields that can be synchronized between an LDAP system and Google Apps. Rich user profile information like multiple phone numbers, addresses and job titles are now supported, making full profiles easily accessible by employees.
Get timely updates on new features in Google Apps by subscribing to our RSS feed or email alerts.
Now Google Apps Directory Sync not only helps synchronize employee contact information, but also information for non-employees that are listed in the central LDAP directory. This way, employees can easily look up and contact important customers, partners and vendors, too.
This release also expands the list of contact fields that can be synchronized between an LDAP system and Google Apps. Rich user profile information like multiple phone numbers, addresses and job titles are now supported, making full profiles easily accessible by employees.
Companies and schools using Google Apps Premier and Education Editions can learn more and get started with Google Apps Directory Sync here:
http://www.google.com/apps/directorysync
Posted by Navneet Goel, Product Manager, Google Apps teamhttp://www.google.com/apps/directorysync
Get timely updates on new features in Google Apps by subscribing to our RSS feed or email alerts.
Car Free Times Square is a Broadway Smash!
It’s not just for tourists. Real New Yorkers like car-free Times Square, according to a just-released Quinnipiac University poll. The survey of registered NYC voters found support for the new pedestrian spaces by a margin of 58%-34%, and 44% of New Yorkers have been to the car-free zones.
Mobilizing the Region
Mobilizing the Region
Car Free Times Square is a Broadway Smash!
It’s not just for tourists. Real New Yorkers like car-free Times Square, according to a just-released Quinnipiac University poll. The survey of registered NYC voters found support for the new pedestrian spaces by a margin of 58%-34%, and 44% of New Yorkers have been to the car-free zones.
Mobilizing the Region
Mobilizing the Region
Iskash*taa Refugee Harvesting Network
This is a terrific network of people helping refugees in Tucson Arizona.
It is helping the refugees help themselves too.
This is something that many other cities and communities could do. I hope there are many more just like it that are already doing it.
It is helping the refugees help themselves too.
This is something that many other cities and communities could do. I hope there are many more just like it that are already doing it.
NeighborWorks' Marietta Rodriguez Calls for Servicers to Compensate Counselors
Mortgage foreclosures are continuing to increase, but recently many of the country's largest mortgage servicers -- the companies that homeowners mail their monthly payments to and the firms responsible for making loan modifications -- sat down with government officials to improve things.NeighborWorks America's Marietta Rodriguez, director for Homeownership and Lending, told National Public Radio's Marketplace program, what she thought mortgage servicers should be doing better to help families stay in their homes.
Marietta outlines some basic improvements that servicers need to make such as increasing communication back and forth between the borrower, the counselor working with them and more standardization. She noted that forms to process a loan modification are lost by servicers and that the homeowner, already under stress, has to fill the documents out multiple times in some cases. That fact is illustrated by reports from counselors who are part of the National Foreclosure Mitigation Counseling program.
According to Marietta, counselors are working very hard to get borrowers in trouble to work with their servicers and that work is making the servicer's job easier. As a result, in comments edited out of the Marketplace interview, Marietta said that the servicing industry needs to begin compensating counselors for this work that is saving the mortgage industry time and money.
"Counselors provide a real, tangible benefit to servicers just like any other professional like lawyers and title companies. Counselors should be compensated for this work."
US real estate lending growing at 6.4 percent
There are many occasions when I wonder just how serious was this credit crunch. Here is a good example - US real estate lending by banks.This chart tracks the annual change in real estate lending. Currently, it is running at about 6.4 percent. Moreover, at no time did it ever actually decline. As such, it was always possible for US borrowers with good credit ratings to get new mortgages.
AAEA Supports The Clean Water Protection Act, H.R. 1310
AAEA opposes mountaintop removal.The Clean Water Protection Act, H.R. 1310 was introduced by Congressman Frank Pallone (D-NJ) on March 4, 2009 and amends the Federal Water Pollution Control Act (commonly known as the Clean Water Act) to define "fill material" to mean any pollutant that replaces portions of waters of the United States with dry land or that changes the bottom elevation of a water body for any purpose and to exclude any pollutant discharged into the water primarily to dispose of waste.
For years, the Clean Water Act allowed for the granting of permits to place 'fill material' into waters of the United States, provided that the primary purpose of the 'filling' was not for waste disposal. The intention was to prevent industries such as coal mining from using the nation's waterways as waste disposal sites. That changed in 2002, when the Army Corps of Engineers, without Congressional approval, altered its longstanding definition of 'fill material' to include mining waste. This change accelerated the devastating practice of mountaintop removal coal mining and the destruction of more than 1,200 miles of Appalachian streams.
H.R. 1310 restores the original intent of the Clean Water Act to clarify that fill material cannot be comprised of mining waste. The legislation has 154 cosponsors and has bipartisan support. (ILoveMountains.org)
WARREN PA RIBFEST
Yuengling was proud to be a sponsor of the 6th Annual Warren Ribfest in Warren, PA this July. The Ribfest is an annual event that brings in people from all over to sample a great selection of BBQ delights from some of the best rib spots in the state. There is also an amateur rib cooking competition at the event. Yuengling was at this years event right along side all of the delicious food, offering samples of our Traditional Lager, Light Lager, and Black & Tan. Attendees that stopped by the Yuengling tent had the opportunity to enter to win an Emotion Kayak from Yuengling while they enjoyed their samples!
The combination of great BBQ and Yuengling was a success at this year's festival. To learn more about the Warren Ribfest, visit their website.
Tuesday, July 28, 2009
Sandra and Sam Training in Switzerland
WOC is less than three weeks away, and Team USA is busy training hard all over the world. After successfully coaching the Junior Team at the Junior World Orienteering Championships in Italy, Sandra and Sam spent a wonderful two weeks doing some high altitude training in Switzerland. Read all about it and see photos and maps on Sandra's blog.You can now also follow Team USA on Facebook. You don't have to belong to Facebook to check out the updates and pictures!
Seth Erlandsson on Presuppositions in Biblical Research
The following article is now available in PDF format:
Seth Erlandsson, "Is there ever Biblical Research without Presuppositions?" TSF Bulletin 65 (Spring 1973): 1-5.
My thanks to Dr Erlandsson for his kind permission to reproduce this article.
Seth Erlandsson, "Is there ever Biblical Research without Presuppositions?" TSF Bulletin 65 (Spring 1973): 1-5.
My thanks to Dr Erlandsson for his kind permission to reproduce this article.
Should Car Ads include Health Warnings?
Much like smoking. Only a couple of decades ago cigarettes were an integral part of life, whether you smoked or not. That has changed radically. I am certainly not comparing the dangers of smoking to the dangers of driving, I just think that we could borrow freely from the health warnings now found on cigarette packs around the world.
Copenhagenize
Should Car Ads include Health Warnings?
Much like smoking. Only a couple of decades ago cigarettes were an integral part of life, whether you smoked or not. That has changed radically. I am certainly not comparing the dangers of smoking to the dangers of driving, I just think that we could borrow freely from the health warnings now found on cigarette packs around the world.
Copenhagenize
London house prices up 2 percent in a month
The Land Registry reckons that London house prices are up 2 percent in June. Oh how I hope that this isn't true, yet I have suspected for a couple of weeks that the property market in London was turning.
I fear we are heading back to bubbleville. Everything is coming into line for a ferocious surge in house price inflation; goverment guarantees, ridiculously low interest rates, and banks under pressure to lend. Once expectations of higher house prices takes hold, the UK will dive back into the abyss of a new bubble.
Why do we do this to ourselves? Do we ever learn?
Ruthless defaulters
The debt serfs in America are starting to revolt.
From the New York Times....
Melissa Birks is being stalked. Her cellphone keeps ringing, always from a caller marked “unknown.” She says she knows it is her credit card company wondering why she stopped making payments. Ms. Birks, who owes $28,830, has nothing to say.
Those on the front lines of the debt industry say there is a small but increasingly noticeable group of strapped consumers who, like Ms. Birks, are deciding they will simply stop paying. After loading up on debt eagerly provided by the card companies during the boom times, these people now find themselves trapped in an endless cycle where they are charged interest on interest and fees upon fees while the lenders get government bailouts.
They are upset — at the unyielding banks and often at their free-spending selves — and are pre-emptively defaulting. They could continue to pay for a while longer but instead are walking away. “You reach a point where you embrace the darkness of default,” said Adam Levin, chairman of the financial products Web site Credit.com.
The lending industry term for these people is “ruthless defaulters.” In a miserable economy where paychecks, savings and expectations are all diminished, their numbers will surely grow.
From the New York Times....
Melissa Birks is being stalked. Her cellphone keeps ringing, always from a caller marked “unknown.” She says she knows it is her credit card company wondering why she stopped making payments. Ms. Birks, who owes $28,830, has nothing to say.
Those on the front lines of the debt industry say there is a small but increasingly noticeable group of strapped consumers who, like Ms. Birks, are deciding they will simply stop paying. After loading up on debt eagerly provided by the card companies during the boom times, these people now find themselves trapped in an endless cycle where they are charged interest on interest and fees upon fees while the lenders get government bailouts.
They are upset — at the unyielding banks and often at their free-spending selves — and are pre-emptively defaulting. They could continue to pay for a while longer but instead are walking away. “You reach a point where you embrace the darkness of default,” said Adam Levin, chairman of the financial products Web site Credit.com.
The lending industry term for these people is “ruthless defaulters.” In a miserable economy where paychecks, savings and expectations are all diminished, their numbers will surely grow.
New Resource for Planning and Implementing an REO Program Released
The current economic climate has drawn attention to the issue of Real Estate Owned (REO) properties, with tens of thousands of foreclosed properties appearing in our communities.Affordable housing practitioners and community development organizations are looking for ways to handle these properties, which are often left vacant and vulnerable to vandals and the elements. When properties deteriorate, neighborhoods undergo stress and destabilization, and there's a lost opportunity to match properties with lower-income families.
In addition to a growing number of courses focused on the acquisition, management and sale of REO properties, as well as classes on stabilizing neighborhoods and helping prospective homeowners purchase foreclosed properties, NeighborWorks America is pleased to offer a free, half-hour webinar that guides boards, executive directors and other key decision-makers in planning and implementing a REO program. The webinar can be viewed here, and note that there is a link at the end for a printed copy with speaker's notes.
Haredi settlers viewed as unique
Yesterday's NY Times (July 27) featured a long article about the Haredi (ultra-Orthodox) inhabitants of the West Bank settlement of Beitar Illit, a homogeneous city of 40,000 (the West Bank's largest Jewish community). On the same day, the PBS “World Focus” news program also featured this settlement. (Incidentally, the same program featured a segment about how the marked lifting of roadblocks and waiting times at many checkpoints [in response to US pressure] has created a new economic boomlet and an air of optimism for the first time in years among West Bank Palestinians-- but this is literally another story.)
These Haredim live an insular parochial life style, but are not right-wing nationalists. They are not even considered Zionists. Their large families, however-- commonly including five, six, even ten children-- make up about half of the “natural growth” that Prime Minister Netanyahu is arguing over with Pres. Obama's administration. Beitar Illit is also directly along the pre-June '67 boundary; the Times reporters even spoke with inhabitants who were not aware that it is over the line in the West Bank.
Some residents expressed a willingness to move back to Israel proper if they were compensated for their property, but the article also makes the point that this town could easily be absorbed into Israel in a land swap with the Palestinians, of the sort long proposed by doves on both sides. There was also a reference to the notion that some Haredi residents provided documents which supported Palestinian claims in the Supreme Court ruling two years ago, which partially favored the inhabitants of nearby Bilin, struggling against the separation barrier.
These Haredim live an insular parochial life style, but are not right-wing nationalists. They are not even considered Zionists. Their large families, however-- commonly including five, six, even ten children-- make up about half of the “natural growth” that Prime Minister Netanyahu is arguing over with Pres. Obama's administration. Beitar Illit is also directly along the pre-June '67 boundary; the Times reporters even spoke with inhabitants who were not aware that it is over the line in the West Bank.
Some residents expressed a willingness to move back to Israel proper if they were compensated for their property, but the article also makes the point that this town could easily be absorbed into Israel in a land swap with the Palestinians, of the sort long proposed by doves on both sides. There was also a reference to the notion that some Haredi residents provided documents which supported Palestinian claims in the Supreme Court ruling two years ago, which partially favored the inhabitants of nearby Bilin, struggling against the separation barrier.
Google Apps Connector for BlackBerry Enterprise Server: coming soon
We wanted to share a quick update regarding the Google Apps Connector for BlackBerry Enterprise Server, which we pre-announced in May. We've been working hard to make this feature publicly available in Google Apps Premier Edition and Education Edition, and a significant number of our customers have been actively using and testing the Apps Connector over the last several months. The feature is very close to being ready for prime time, and as we move toward the finish line it's looking like the Apps Connector will be launched in August, not July as previously hoped.
We're sorry for this delay. We know many of you are excited about this integration with BlackBerry Enterprise Server, and we appreciate your patience as we continue to test and finalize over the next few weeks.
Posted by Raju Gulabani, Product Management Director
Get timely updates on new features in Google Apps by subscribing to our RSS feed or email alerts.
We're sorry for this delay. We know many of you are excited about this integration with BlackBerry Enterprise Server, and we appreciate your patience as we continue to test and finalize over the next few weeks.
Posted by Raju Gulabani, Product Management Director
Get timely updates on new features in Google Apps by subscribing to our RSS feed or email alerts.
Quantitative easing - what next?
Edmund Conway of the Telegraph today.....
As Charlie Bean, deputy governor of the Bank, has said repeatedly on his tour of the UK to explain the unusual monetary medicine, it may take as many as nine months to show its full effects. But so far the results have hardly been encouraging. The fact is that the vast majority of this money is being funnelled into banks' reserves – the cash they keep with the Bank of England – and is not finding its way out again.
According to data from the British Bankers' Association, the level of reserves held by major banks rose to £110bn in June, compared with £27bn before quantitative easing began. Indeed, a full 3pc of total banks' assets are now sitting in reserves – a proportion not seen since comparable records began in 1987.
What is alarming is that something very similar happened in Japan, when it experimented with quantitative easing. The Bank of Japan poured cash into the system but it was merely soaked up by the zombified banks, where those who managed them were too scared of losses, under-capitalisation and the threat of collapse to do anything other than put it under the figurative mattress.
As Charlie Bean, deputy governor of the Bank, has said repeatedly on his tour of the UK to explain the unusual monetary medicine, it may take as many as nine months to show its full effects. But so far the results have hardly been encouraging. The fact is that the vast majority of this money is being funnelled into banks' reserves – the cash they keep with the Bank of England – and is not finding its way out again.
According to data from the British Bankers' Association, the level of reserves held by major banks rose to £110bn in June, compared with £27bn before quantitative easing began. Indeed, a full 3pc of total banks' assets are now sitting in reserves – a proportion not seen since comparable records began in 1987.
What is alarming is that something very similar happened in Japan, when it experimented with quantitative easing. The Bank of Japan poured cash into the system but it was merely soaked up by the zombified banks, where those who managed them were too scared of losses, under-capitalisation and the threat of collapse to do anything other than put it under the figurative mattress.
More bad news for estate agents
This is not a happy chart for UK estate agents. House prices may have edged up, but home sales volumes remain very depressed. No sales means no commissions.
The red hot housing market
In this chart, red indicates house price crash.Despite the 0.1 percent property price increase in June, virtually all counties in England and Wales have recorded huge annual price declines.
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