text:
Great Recession |
Following the bursting of the housing bubble in mid-2007, the United States entered a severe recession. The United States entered 2008 during a housing market correction and a subprime mortgage crisis.
The National Bureau of Economic Research (NBER) dates the beginning of the recession as December 2007. According to the Department of Labor, roughly 8.7 million jobs were shed from February 2008 - February 2010, and GDP contracted by 5.1%, making the Great Recession the worst since the Great Depression. Unemployment rose from 4.7% in November 2007 to peak at 10% in October of 2009.
The bottom, or trough, was reached in the second quarter of 2009 (marking the technical end of the recession, defined as at least two consecutive quarters of declining GDP).[1] The NBER, dating by month, points to June 2009 as the final month of the recession.
The recovery since 2009 has been weak and both GDP and job growth remain erratic and uneven. Unemployment as of January 2014 was 6.6%, considered high by American standards, with about 8.4 million jobs created since February 2010. American household wealth has plunged to levels not seen since 1992, with incomes dropping to 1996 levels when adjusted for inflation. Nearly 50 million Americans (16%) are in poverty, up from 12.1% in 2007.
After the Great Depression of the 1930s, the American economy experienced robust growth, with periodic lesser recessions, for the rest of the 20th century. To help guard against a 1930s-magnitude financial event, the federal government enforced the The Securities Exchange Act (1934)[2] and The Chandler Act (1938),[3] which tightly regulated the financial markets and provided stability. The Securities Exchange Act of 1934 regulated the trading of the secondary securities market and The Chandler Act regulated the transactions in the banking sector.
There were a few investment banks, small by current standards, that expanded during the late 1970s, such as JP Morgan. The Reagan Administration in the early 1980s began a thirty-year period of financial deregulation.[4] The financial sector sharply expanded, in part because investment banks were going public, bringing them vast sums of stockholder capital. From 1978 to 2008, the average salary for workers outside of investment banking in the U.S. increased from $40k to $50k[5] – a 25 percent salary increase - while the average salary in investment banking increased from $40k to $100k – a 150 percent salary increase. Deregulation also precipitated financial fraud - often tied to real estate investments - sometimes on a grand scale, such as the savings and loan crisis. By the end of the 1980s, many workers in the financial sector were being jailed for fraud, but many Americans were losing their life savings. Large investment banks began merging and developing monopolies; this led to the formation of the giant investment banks like Goldman Sachs.
Early suggestions of recessionEdit
In the early months of 2008, many observers believed that a U.S. recession had begun.[6][7][8] The collapse of Bear Stearns and the resulting financial market turbulence signaled that the crisis would not be mild and brief.
Alan Greenspan, ex-Chairman of the Federal Reserve, stated in March 2008 that the 2008 financial crisis in the United States "is likely to be judged in retrospect as the most wrenching since the end of the second world war."[9] A chief economist at Standard & Poor's said in March 2008 he had projected a worst-case-scenario in which the country would endure a double-dip recession, in which the economy would briefly recover in the summer 2008, before plunging again.[citation needed] Under this scenario, the economy's total output, as measured by the gross domestic product (GDP), would drop by 2.2 percentage points, making it among the worst recessions in the post World War II period.[citation needed]
The former head of the National Bureau of Economic Research said in March 2008 that he believed the country was then in a recession, and it could be a severe one.[citation needed] A number of private economists generally predicted a mild recession ending in the summer of 2008 when the economic stimulus checks going to 130 million households started being spent. A chief economist at Moody's predicted in March 2008 that policymakers would act in a concerted and aggressive way to stabilize the financial markets, and that then the economy would suffer but not enter a prolonged and severe recession.[citation needed] It takes many months before the National Bureau of Economic Research, the unofficial arbiter of when recessions begin and end, makes its own ruling.[10]
According to numbers published by the Bureau of Economic Analysis in May 2008, the GDP growth of the previous two quarters was positive. As one common definition of a recession is negative economic growth for at least two consecutive fiscal quarters, some analysts suggested this indicates that the U.S. economy was not in a recession at the time.[11] However, this estimate has been disputed by analysts who argue that if inflation is taken into account, the GDP growth was negative for those two quarters, making it a technical recession.[12] In a May 9, 2008 report, the chief North American economist for investment bank Merrill Lynch wrote that despite the GDP growth reported for the first quarter of 2008, "it is still reasonable to believe that the recession started some time between September and January," on the grounds that the National Bureau of Economic Research's four recession indicators all peaked during that period.[13]
New York's budget director concluded the state of New York was officially in a recession by the summer of 2008. Governor David Paterson called an emergency economic session of the state legislature for August 19 to push a budget cut of $600 million on top of a hiring freeze and a 7 percent reduction in spending at state agencies that had already been implemented by the Governor.[14] An August 1 report, issued by economists with Wachovia Bank, said Florida was officially in a recession.[15]
White House budget director Jim Nussle maintained at that time that the U.S. had avoided a recession, following revised GDP numbers from the Commerce Department showing a 0.2 percent contraction in the fourth quarter of 2007 down from a 0.6 percent increase, and a downward revision to 0.9 percent from 1 percent in the first quarter of 2008. The GDP for the second quarter was placed at a 1.9 percent expansion, below an expected 2 percent.[16] On the other hand, Martin Feldstein, who headed the National Bureau of Economic Research and served on the group's recession-dating panel, said he believed the U.S. was in a very long recession and that there was nothing the Federal Reserve could do to change it.[17]
In a CNBC interview at the end of July 2008, Alan Greenspan said he believed the U.S. was not yet in a recession, but that it could enter one due to a global economic slowdown.[18]
A study released by Moody's found two-thirds of the 381 largest metropolitan areas in the United States were in a recession. The study also said 28 states were in recession, with 16 at risk. The findings were based on unemployment figures and industrial production data.[19]
In March 2008, financier Warren Buffett stated in a CNBC interview that by a "common sense definition," the U.S. economy was already in a recession. Buffett has also stated that the definition of recession is flawed and that it should be three consecutive quarters of GDP growth that is less than population growth. However, the U.S. only experienced two consecutive quarters of GDP growth less than population growth.[20][21]
With the advent of internet trading of stocks and the development of new concepts in derivatives trading, the investment banking sector flourished, but often at the price of the loss both of transparency and of basic regulatory controls.
Financial conglomerates, investment banks, and insurance firms were linked together in the trade of mortgage derivatives and other instruments, in a system sometimes called the "Securitization Food Chain."[22]
The securitization food chain created a method of mortgage transfer within the economy. It consists of five positions, in sequential order in the chain –
- home buyers
- lenders
- investment banks
- investors
- insurance companies
In this sequence, the home buyer grants to the lender a mortgage, that the lender then passes to the investment banks for earning interest. The investment banks bundle mortgages and similar debt instruments together into complex derivatives called collateralized debt obligations (CDOs).[23] The CDOs are a mix of such things as home loans, car loans, student loans, and credit card loans. The credit rating agencies, such as Moody's and Standard & Poors, then indirectly rated these CDOs - while being paid by the investment banks for their rating service. The CDOs were sold to still other investors by the banks, again based on the premise that they would earn interest. The insurance agencies, such as AIG, were selling a type of CDO known as credit default swaps to the investors, and earning premiums. The credit default swaps were presented as a kind of insurance for the investors. If the rating of the CDO went down, then the insurer was to pay the investors for their losses. Additionally, with the introduction of derivatives, the speculators were also betting against the CDOs they didn't own. The insurance companies were earning both through premium from investors, as well as from the derivatives sold to the speculators. Thus the risk was transferred to the insurance agencies.
As the investments were risk free for the investors (as the risk were borne by the insurance agencies in exchange for the premium), the demand for the CDOs grew. Investment banks sought more mortgages to form more CDOs to continue the food chain. In this climate, lenders started signing riskier loans at their end of the food chain.
In the traditional mortgage system, the borrower typically had to pay down 20 percent of their desired investment; the remaining 80 percent could be borrowed from a lender. Moreover, the consumer could take loans worth no more than about four times his or her annual salary. The rise of the securitization food chain paved the way for more loosely termed loans as banks engaged in riskier lending.
The housing bubble nearly tripled the prices of homes and other real-estate from 1999 to 2007. This huge increase was due in part to the uncontrolled credit given by the American banks that engaged in such practices, and which further increased demand in the housing sector. On December 30, 2008 the Case-Shiller home price index[24] reported the largest price drop in its history. Increased foreclosure rates in 2006–2007 among U.S. homeowners led to a crisis in August 2008 for the sub prime, collateralized debt obligation, mortgage, credit, hedge fund, and foreign bank markets. As early as October 2007, the U.S. Secretary of the Treasury had called the bursting housing bubble "the most significant risk to our economy."
Government policiesEdit
Some analysts believe federal government policies were responsible to a large extent for the recession in the United States and the resultant vast unemployment. Factors include:
- Off-shoring of American jobs:[25] The U.S. government has from time to time encouraged the outsourcing of American jobs by various subsidies and through loopholes in tax policy. President Kennedy, for example, gave tax relaxation to those industries which had outsourced some jobs to developing countries.
- Encouraging mergers: The U.S. government in its deregulatory periods has encouraged large corporate mergers, which often have the effect of reducing tax revenues and often choked market competition. Many such mergers act to cut employment, as well. The U.S. Treasury Department has allowed banks and other financial institutions in many cases to use the 2008 and 2009 bailout money to buy out their competitors.
- Allowing unemployment to grow to control inflation: U.S. government policy sometimes favors growing unemployment ostensibly in order to achieve long run growth by reducing inflation. According to Merrill Lynch chief economist David Rosenberg,
"The number of people not on temporary layoff surged 220,000 in August and the level continues to reach new highs, now at 8.1 million. This accounts for 53.9% of the unemployed — again a record high — and this is a proxy for permanent job loss, in other words, these jobs are not coming back. Against that backdrop, the number of people who have been looking for a job for at least six months with no success rose a further half-percent in August, to stand at 5 million — the long-term unemployed now represent a record 33% of the total pool of joblessness."
Role of Alan GreenspanEdit
Alan Greenspan was the Chairman of the Federal Reserve of the United States from 1987 to 2006. He was appointed by President Ronald Reagan in August 1987 and was reappointed by President Bill Clinton in 1996. He was, perhaps, the person most singly responsible for the housing bubble in the U.S., although he said that "I really didn't get it until very late in 2005 and 2006.".[26] Greenspan stated that the housing bubble was "fundamentally engendered by the decline in real long-term interest rates,"[27] though he also claims that long-term interest rates are beyond the control of central banks because "the market value of global long-term securities is approaching $100 trillion" and thus these and other asset markets are large enough that they "now swamp the resources of central banks."[28]
Formation of bubbleEdit
There was a sharp increase in sub-prime loans in 2006. Now the borrowers could borrow even 99 percent of their investments. The investment banks preferred sub-prime loans, as they earned high revenue due to high risk; poorer ratings yield higher interest rates. This massive credit flow drove demand in the housing sector, helping expand the bubble. Mortgage regulations were relaxed and there were huge profits in the financial sector; some stock prices tied to real estate and financial firms skyrocketed. The leverage ratio during the bubble also was very high, as banks borrowed heavily to give loans. The leverage ratio is the ratio between the funds borrowed by banks and the banks' own assets. The ratio was nearly 33:1 during late 2006. There were also faulty ratings by the trusted rating agencies. Due to the nature of the CDO and the passing of responsibility and risk up the securitization food chain, however, rating agencies had few if any liabilities if their ratings were wrong.
Recession declared by economistsEdit
On December 1, 2008, the National Bureau of Economic Research (NBER) declared that the United States entered a recession in December 2007, citing employment and production figures as well as the third quarter decline in GDP.[29][30] The Dow Jones Industrial Average lost 679 points that same day.[31] On January 4, 2009, Nobel prize winning economist Paul Krugman wrote, "This looks an awful lot like the beginning of a second Great Depression."[32]
Rise in unemploymentEdit
On September 5, 2008, the United States Department of Labor issued a report that its unemployment rate rose to 6.1%, the highest in five years,[33][34] and the Congressional Budget Office forecast that the unemployment rate could reach as high as 9% during 2010.[35] The news report cited Department of Labor reports and interviewed Jared Bernstein, an economist:
" | The unemployment rate jumped to 6.1 percent in August, its highest level in five years, as the erosion of the job market accelerated over the summer. Employers cut 84,000 jobs last month, more than economists had expected, and the Labor Department said that more jobs were lost in June and July than previously thought. So far, 605,000 jobs have disappeared since January. The unemployment rate, which rose from 5.7 percent in July, is now at its highest level since September 2003. Jared Bernstein, economist at the Economics Policy Institute in Washington, said eight months of consecutive job losses had historically signaled that the economy was in a recession. "If anyone is still scratching their head over that one, they can stop," Mr. Bernstein said. Stocks fell after the release of the report, with the Dow Jones industrials down about 100 points after about 40 minutes of trading. | " |
CNN also reported the news,[36] quoted another economist, and placed the news in context:
" | Job losses are still mild by recession standards, but the losses are relentless and they are accumulating. If job growth had paced with population growth during this year, it would have meant 1.3 million new jobs would have been created. Instead 605,000 were lost. That means about 2 million fewer people are working than if the economy were on a steady path. And that's a big number. But while economists generally study the payroll numbers most closely, it's the unemployment rate that registers with most Americans when they think about the labor market.[36] -- Bob Brusca of FAO Economics |
" |
As of December 2008, the U1 unemployment figure was 2.8% while U6 unemployment was 13.5%.[37] On January 26, 2009 a day dubbed "Bloody Monday" by the media, 71,400 jobs were lost in the U.S.[38]
The unemployment rate among workers with college degrees rose to 3.8% during the first quarter of 2009.[39] This "pinch" was also spreading worldwide.[40]
For all of 2008, the United States incurred a net loss of 3.617 million jobs, and for 2009, a net loss of 5.052 million jobs. Unemployment rose from 5% in December 2007 to peak at 10% in October 2009.
Liquidity crisisEdit
From late 2007 through September 2008, before the official October 3 bailout, there was a series of smaller bank rescues that occurred which totalled almost $800 billion.
In the summer of 2007, Countrywide Financial drew down a $11 billion line of credit and then secured an additional $12 billion bailout in September. This may be considered the start of the crisis.
In mid-December 2007, Washington Mutual bank cut more than 3,000 jobs and closed its sub-prime mortgage business.
In mid-March 2008, Bear Stearns was bailed out by a gift of $29 billion non-recourse treasury bill debt assets.
In early July 2008, depositors at the Los Angeles offices of IndyMac Bank frantically lined up in the street to withdraw their money. On July 11, IndyMac, a spinoff of Countrywide, was seized by federal regulators - and called for a $32 billion bailout - as the mortgage lender succumbed to the pressures of tighter credit, tumbling home prices and rising foreclosures. That day the financial markets plunged as investors tried to gauge whether the government would attempt to save mortgage lenders Fannie Mae and Freddie Mac. The two were placed into conservatorship on September 7, 2008.
During the weekend of September 13–14, 2008, Lehman Brothers declared bankruptcy after failing to find a buyer; Bank of America agreed to purchase investment bank Merrill Lynch; the insurance giant AIG sought a bridge loan from the Federal Reserve; and a consortium of 10 banks created an emergency fund of at least $70 billion to deal with the effects of Lehman's closure,[41] similar to the consortium put forth by financial titan J.P. Morgan during the stock market panic of 1907 and the crash of 1929.[citation needed] Stocks on Wall Street tumbled on Monday, September 15.[42]
On September 16, 2008, news emerged that the Federal Reserve might give AIG an $85 billion rescue package; on September 17, 2008, this was confirmed. The terms of the package were that the Federal Reserve would receive an 80% public stake in the firm. The biggest bank failure in history occurred on September 25 when JP Morgan Chase agreed to purchase the banking assets of Washington Mutual.[43]
The year 2008, as of September 17, had seen 81 public corporations file for bankruptcy in the United States, already higher than the 78 for all of 2007. The largest corporate bankruptcy in U.S. history also made 2008 a record year in terms of assets, with Lehman's size - $691 billion in assets - alone surpassing all past annual totals.[44] The year also saw the ninth biggest bankruptcy, with the failure of IndyMac Bank.[45]
The Wall Street Journal stated that venture capital funding slowed down, which in the past had led to unemployment and slowed new job creation.[46] The Federal Reserve took steps to feed economic expansion by lowering the prime rate repeatedly during 2008.
Federal reserve rates changes[47] | |||||
Date | Discount rate | Discount rate | Discount rate | Fed funds | Fed funds rate |
Primary | Secondary | ||||
rate change | new interest rate | new interest rate | rate change | new interest rate | |
Apr 30, 2008 | -.25% | 2.25% | 2.75% | -.25% | 2.00% |
Mar 18, 2008 | -.75% | 2.50% | 3.00% | -.75% | 2.25% |
Mar 16, 2008 | -.25% | 3.25% | 3.75% | ||
Jan 30, 2008 | -.50% | 3.50% | 4.00% | -.50% | 3.00% |
Jan 22, 2008 | -.75% | 4.00% | 4.50% | -.75% | 3.50% |
Bailout of U.S. financial systemEdit
On September 17, 2008, Federal Reserve chairman Ben Bernanke advised Secretary of the Treasury Henry Paulson that a large amount of public money would be needed to stabilize the financial system.[48] Short selling on 799 financial stocks was banned on September 19. Companies were also forced to disclose large short positions.[49] The Treasury Secretary also indicated that money funds would create an insurance pool to cover themselves against losses and that the government would buy mortgage-backed securities from banks and investment houses.[49] Initial estimates of the cost of the Treasury bailout proposed by the Bush Administration's draft legislation (as of September 19, 2008) were in the range of $700 billion[50] to $1 trillion U.S. dollars.[51] President George W. Bush asked Congress on September 20, 2008 for the authority to spend as much as $700 billion to purchase troubled mortgage assets and contain the financial crisis.[52][53] The crisis continued when the United States House of Representatives rejected the bill and the Dow Jones took a 777 point plunge.[54] A revised version of the bill was later passed by Congress, but the stock market continued to fall nevertheless.[55] [56] The first half of the bailout money was primarily used to buy preferred stock in banks, instead of troubled mortgage assets. This flew in the face of some economists' argument that buying preferred stock would be far less effective than buying common stock.[57]
As of mid-November 2008, it was estimated that the new loans, purchases, and liabilities of the Federal Reserve, the Treasury, and FDIC, brought on by the financial crisis, totalled over $5 trillion: $1 trillion in loans by the Fed to broker-dealers through the emergency discount window, $1.8 trillion in loans by the Fed through the Term Auction Facility, $700 billion to be raised by the Treasury for the Troubled Assets Relief Program, $200 billion insurance for the GSEs by the Treasury, and $1.5 trillion insurance for unsecured bank debt by FDIC.[58] (Some portion of the Fed's emergency loans would already have been repaid.)
United States policy responsesEdit
The Federal Reserve, Treasury, and Securities and Exchange Commission took several steps on September 19 to intervene in the crisis. To stop the potential run on money market mutual funds, the Treasury also announced on September 19 a new $50 billion program to insure the investments, similar to the Federal Deposit Insurance Corporation (FDIC) program.[59] Part of the announcements included temporary exceptions to section 23A and 23B (Regulation W), allowing financial groups to more easily share funds within their group. The exceptions would expire on January 30, 2009, unless extended by the Federal Reserve Board.[60] The Securities and Exchange Commission announced termination of short-selling of 799 financial stocks, as well as action against naked short selling, as part of its reaction to the mortgage crisis.[61]
The recession officially ended in the second quarter of 2009,[1] but the nation's economy continued to be described as in an "economic malaise" during the second quarter of 2011,[33] and has been described as the weakest recovery since the Great Depression and World War II.[62][63] The weak economic recovery has led many to call it a "Zombie Economy". It is called this because it is neither dead nor alive. Household incomes, as of August 2012, had fallen more since the end of the recession, than during the 18 month recession, falling an additional 4.8% since the end of the recession, totally to 7.2% since the December 2007 level.[64] Additionally as of September 2012, the long-term unemployment is the highest it has been since World War II,[65] and the unemployment rate peaked several months after the end of the recession (10.1% in October 2009) and was above 8% until September 2012 (7.8%) .[66][67]
In 2010, the US gained 1.758 million jobs, 2.083 million in 2011, 2.236 million in 2012, and 2.220 million in 2013, and 113,000 so far as of January 2014. However, these 8.4 million jobs haven't kept up with population growth(increasing from 303 million in 2008 to 319 million in 2014), and about 250,000 more jobs must be created to simply break even with recession losses.
Timeline of the Great Recession across all continentsEdit
The table below display all national recessions appearing in 2006-2013 (for the 71 countries with available data), according to the European recession definition, saying that a recession occurred whenever seasonally adjusted real GDP contracts quarter on quarter, through minimum two consecutive quarters. Only 11 out of the 71 listed countries with quarterly GDP data (Poland, Slovakia, Moldova, India, China, South Korea, Indonesia, Australia, Uruguay, Colombia and Bolivia) escaped a recession in this time period.
The few recessions appearing early in 2006-07 are commonly never associated to be part of the Great Recession, which is illustrated by the fact that only two countries (Iceland and Jamaica) were in recession in Q4-2007.
One year before the maximum, in Q1-2008, only six countries were in recession (Iceland, Sweden, Finland, Ireland, Portugal and New Zealand). The number of countries in recession was 25 in Q2‑2008, 39 in Q3‑2008 and 53 in Q4‑2008. At the steepest part of the Great Recession in Q1‑2009, a total of 59 out of 71 countries were simultaneously in recession. The number of countries in recession was 37 in Q2‑2009, 13 in Q3‑2009 and 11 in Q4‑2009. One year after the maximum, in Q1‑2010, only seven countries were in recession (Greece, Croatia, Romania, Iceland, Jamaica, Venezuela and Belize).
The recession data for the overall G20-zone (representing 85% of all GWP), depict that the Great Recession existed as a global recession throughout Q3‑2008 until Q1‑2009.
Subsequent follow-up recessions in 2010‑2013 were confined to Belize, El Salvador, Paraguay, Jamaica, Japan, Taiwan, New Zealand and 24 out of 50 European countries (including Greece). As of October 2013, only eight out of the 71 countries with available quarterly data (Cyprus, Greece, Italy, Slovenia, Croatia, Ukraine, Belize and El Salvador), were still in ongoing recessions.[68][69] The many follow-up recessions hitting the European countries, are commonly referred to as being direct repercussions of the European sovereign‑debt crisis.
Country[a] | Recession period(s) during 2006‑2013[68][69] (measured by quarter-on-quarter changes of seasonally adjusted real GDP, as per the latest revised Q3-2013 data from 10 January 2014)[b] |
Albania | [70] Q3-2009 until Q4-2009 (6 months)[70] Q4-2011 until Q1-2012 (6 months)[70] |
Q1-2007 until Q2-2007 (6 months)
Argentina | Q4-2008 until Q2-2009 (9 months) |
Australia | No |
Austria | Q3-2011 until Q4-2011 (6 months) |
Q2-2008 until Q2-2009 (15 months)
Belgium | Q2-2012 until Q1-2013 (12 months) |
Q3-2008 until Q1-2009 (9 months)
Belize | [71] Q1-2007 until Q3-2007 (9 months)[71] Q4-2008 until Q1-2009 (6 months)[71] Q4-2009 until Q1-2010 (6 months)[71] Q1-2011 until Q2-2011 (6 months)[71] Q2-2013 until Ongoing (6 months)[71] |
Q1-2006 until Q2-2006 (6 months)
Bolivia | No[72][c] |
Brazil | Q4-2008 until Q1-2009 (6 months) |
Bulgaria | Q1-2009 until Q2-2009 (6 months) |
Canada | Q4-2008 until Q2-2009 (9 months) |
Chile | Q2-2008 until Q1-2009 (12 months) |
China | No |
Colombia | No[73][74] |
Costa Rica | [75] | Q2-2008 until Q1-2009 (12 months)
Croatia | Q3-2011 until Q4-2012 (18 months) Q2-2013 until Ongoing (6 months) |
Q3-2008 until Q2-2010 (24 months)
Cyprus | Q3-2011 until Ongoing (27 months) |
Q1-2009 until Q4-2009 (12 months)
Czech Republic | Q4-2011 until Q1-2013 (18 months) |
Q4-2008 until Q2-2009 (9 months)
Denmark | Q3-2011 until Q4-2011 (6 months) Q4-2012 until Q1-2013 (6 months) |
Q3-2008 until Q2-2009 (12 months)
Ecuador | [76] Q1-2009 until Q3-2009 (9 months)[77][78] |
Q4-2006 until Q1-2007 (6 months)
El Salvador | [79][d] Q2-2013 until Ongoing (6 months)[79][d] |
Q3-2008 until Q2-2009 (12 months)
Estonia | Q1-2013 until Q2-2013 (6 months) |
Q3-2008 until Q3-2009 (15 months)
EU (28 member states) | Q4-2011 until Q2-2012 (9 months) Q4-2012 until Q1-2013 (6 months) |
Q2-2008 until Q2-2009 (15 months)
Eurozone (17 member states) | Q4-2011 until Q1-2013 (18 months) |
Q2-2008 until Q2-2009 (15 months)
Finland | Q2-2012 until Q1-2013 (12 months) |
Q1-2008 until Q2-2009 (18 months)
France | Q4-2012 until Q1-2013 (6 months) |
Q2-2008 until Q2-2009 (15 months)
G20 (43 member states, PPP-weighted GDP)[e] | Q3-2008 until Q1-2009 (9 months) |
Germany | Q2-2008 until Q1-2009 (12 months) |
Greece | [82] (not qoq-data, but quarters compared with same quarter of last year)[b] |
Q3-2008 until Ongoing (63 months)
Hong Kong | [83] | Q2-2008 until Q1-2009 (12 months)
Hungary | Q2-2008 until Q3-2009 (18 months) Q2-2011 until Q3-2011 (6 months) Q1-2012 until Q4-2012 (12 months) |
Q1-2007 until Q2-2007 (6 months)
Iceland | Q4-2008 until Q1-2009 (6 months) Q3-2009 until Q2-2010 (12 months) |
Q4-2007 until Q2-2008 (9 months)
India | No |
Indonesia | No |
Ireland | Q1-2008 until Q4-2009 (24 months) |
Q2-2007 until Q3-2007 (6 months)
Israel | Q4-2008 until Q1-2009 (6 months) |
Italy | Q3-2011 until Ongoing (27 months) |
Q2-2008 until Q2-2009 (15 months)
Jamaica | [84] Q3-2008 until Q1-2009 (9 months)[84] Q4-2009 until Q2-2010 (9 months)[84] Q4-2011 until Q1-2012 (6 months)[84] Q4-2012 until Q1-2013 (6 months)[84] |
Q3-2007 until Q4-2007 (6 months)
Japan | Q4-2010 until Q2-2011 (9 months) Q2-2012 until Q3-2012 (6 months) |
Q2-2008 until Q1-2009 (12 months)
Kazakhstan | [85][f] | Q3-2008 until Q1-2009 (9 months)
Latvia | Q2-2008 until Q3-2009 (18 months) |
Lithuania | Q3-2008 until Q2-2009 (12 months) |
Luxembourg | Q2-2008 until Q1-2009 (12 months) |
Macedonia | [86] Q1-2012 until Q2-2012 (6 months)[86] (not qoq-data, but quarters compared with same quarter of last year)[b] |
Q1-2009 until Q3-2009 (9 months)
Malaysia | [87][88] | Q3-2008 until Q1-2009 (9 months)
Malta | Q4-2008 until Q1-2009 (6 months) |
Mexico | Q3-2008 until Q2-2009 (12 months) |
Moldova | No[89][g] |
Netherlands | Q2-2011 until Q1-2012 (12 months) Q3-2012 until Q2-2013 (12 months) |
Q2-2008 until Q2-2009 (15 months)
New Zealand | Q3-2010 until Q4-2010 (6 months) |
Q1-2008 until Q2-2009 (18 months)
Norway | Q2-2010 until Q3-2010 (6 months) Q1-2011 until Q2-2011 (6 months) |
Q1-2009 until Q2-2009 (6 months)
OECD (34 member states, PPP-weighted GDP) | Q2-2008 until Q1-2009 (12 months) |
Paraguay | [90] Q2-2011 until Q3-2011 (6 months)[90] |
Q3-2008 until Q1-2009 (9 months)
Peru | [91] | Q4-2008 until Q2-2009 (9 months)
Philippines | [92][93] | Q4-2008 until Q1-2009 (6 months)
Poland | No |
Portugal | Q1-2008 until Q1-2009 (15 months) Q4-2010 until Q1-2013 (30 months) |
Q2-2007 until Q3-2007 (6 months)
Romania | Q4-2009 until Q1-2010 (6 months) Q4-2011 until Q1-2012 (6 months) |
Q4-2008 until Q2-2009 (9 months)
Russia | Q3-2008 until Q2-2009 (12 months) |
Serbia | [94] Q2-2011 until Q1-2012 (12 months)[94] Q3-2012 until Q4-2012 (6 months)[94] |
Q2-2008 until Q2-2009 (15 months)
Singapore | [95][96][97][98][99] | Q2-2008 until Q1-2009 (12 months)
Slovakia | No |
Slovenia | Q3-2011 until Ongoing (27 months) |
Q3-2008 until Q2-2009 (12 months)
South Africa | Q4-2008 until Q2-2009 (9 months) |
South Korea | No |
Spain | Q2-2011 until Q2-2013 (27 months) |
Q2-2008 until Q4-2009 (21 months)
Sweden | Q1-2008 until Q1-2009 (15 months) |
Switzerland | Q4-2008 until Q2-2009 (9 months) |
Taiwan | [100] Q3-2011 until Q4-2011 (6 months)[100] |
Q2-2008 until Q1-2009 (12 months)
Thailand | [101] | Q4-2008 until Q1-2009 (6 months)
Turkey | Q2-2008 until Q1-2009 (12 months) |
Ukraine | [102] Q3-2012 until Q4-2012 (6 months)[102][103] Q2-2013 until Ongoing (6 months)[104][105] |
Q2-2008 until Q1-2009 (12 months)
United Kingdom | [106] Q4-2011 until Q2-2012 (9 months)[106] |
Q2-2008 until Q3-2009 (18 months)
United States | Q3-2008 until Q2-2009 (12 months) |
Uruguay | No[107] |
Venezuela | [108] | Q1-2009 until Q1-2010 (15 months)
- ^ 105 out of the 206 sovereign countries in the World, did not publish any quarterly GDP data for the 2006‑2013 period. The following 21 countries were also excluded from the table, due to only publishing unadjusted quarterly real GDP figures with no seasonal adjustment: Armenia, Azerbaijan, Belarus, Brunei, Dominican Republic, Egypt, Georgia, Guatemala, Iran, Jordan, Macao, Montenegro, Morocco, Nicaragua, Nigeria, Palestine, Qatar, Rwanda, Sri Lanka, Trinidad and Tobago, Vietnam.
- ^ a b c Only seasonally adjusted qoq-data can be used to accurately determine recession periods. When quarterly change is calculated by comparing quarters with the same quarter of last year, this results only in an aggregated -often delayed- indication, because of being a product of all quarterly changes taking place since the same quarter last year. Currently there is no seasonal adjusted qoq-data available for Greece and Macedonia, which is why the table display the recession intervals for these two countries only based upon the alternative indicative data format.
- ^ Bolivia had as of January 2014 only published seasonally adjusted real GDP data until Q1-2010, with the statistics office still to publish data for 2010-13.[72]
- ^ a b According to the methodology note for the quarterly GDP of El Salvador, this data series include seasonally adjustments.[80]
- ^ The G20-zone represents 85% of all GWP, and comprise 19 member states (incl. UK, France, Germany and Italy) along with the EU Commission as the 20th member, who represents the remaining 24 EU member states in the forum.[81]
- ^ Kazakhstan had as of January 2014 only published seasonally adjusted real GDP data until Q4-2009, with the statistics office still to publish data for 2010-13.[85]
- ^ Moldova had as of January 2014 only published seasonally adjusted real GDP data until Q4-2010, with the statistics office still to publish data for 2011-13.[89]
See alsoEdit
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text:
In World Cup year, Europe offers Brazil longer-term goal
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* Mercosur-EU trade pact would encompass 750 mln people
* Argentina and EU embroiled in trade row over biodiesel
* Failure could leave Brazil out of global trade deals
By Robin Emmott and Alonso Soto
BRUSSELS/BRASILIA Dec 4 (Reuters) - While much of Brazil is focused on hosting next year's soccer World Cup and the Olympic Games in 2016, an event of far longer-lasting economic significance is bubbling below the surface.
If all goes to plan, Brazil will sign its first major free-trade agreement next year, 15 years after talks were first launched with Europe on an ambitious deal. Such pacts can bring sustainable wealth while sporting events tend to engender only short-term and sometimes money-losing prestige.
But success or failure for Brazil relies on dealing with an unpredictable partner, Argentina.
The European Union and the South American trade bloc Mercosur have set themselves a deadline of Dec. 31 to swap offers for opening markets in a pact that would encompass 750 million people and $130 billion in annual trade.
A final accord could be struck early next year. But negotiators also know that over more than a decade, talks have collapsed and been relaunched only to stall again, while in between, Argentina suffered the world's largest debt default.
"We still hope we can agree a deal," said Adrianus Koetsenruijter, a senior EU official who deals with Mercosur, which comprises Brazil, Argentina, Paraguay, Venezuela and Uruguay.
For the European bloc, the deal would let it tap into Latin America's promising economies and boost its global trade role.
But the question is whether Argentina, one of the most protectionist members of the Group of 20 countries, will join in opening its economy to greater EU imports, or go the way of Venezuela's leftist government, which is out of the talks.
Brazil, one of the world's largest and most dynamic emerging economies, is ready to do a deal. It is backed by Uruguay and Paraguay, but they are relatively small players.
It wants Argentina on board, although it would most likely go ahead with a rump Mercosur if necessary.
"Brazil knows that it needs to sign up to the sophisticated trade deals that are emerging," said Jean-Pierre Audy, a member of the European Parliament who led a delegation of lawmakers to Brazil in October. "It doesn't want to be isolated."
Europe, meanwhile, is also frustrated by Argentina's policies to protect local industry. Relations have been soured by a row over biodiesel exports and Argentina's nationalisation of energy company YPF from Spain's Repsol last year.
EU and South American diplomats see the year-end deadline as Argentina's last chance to stick with the pack, or release Brazil to pursue its own agenda as the world's seventh largest economy in a rapidly evolving international trade system.
But Brazilian President Dilma Rousseff appears unwilling to force her fellow leftist ally, Argentina's Cristina Fernandez, to make a decision. "There is no decision to break Mercosur. It is a strategic project," said Brazil's new ambassador to the European Union, Vera Barrouin Machado.
Privately, however, a faction of the Brazilian government backed by Brazilian business wants to leave Argentina behind.
Mercosur, once seen as South America's answer to European integration, is a forum for Brazil's diplomatic role as Latin America's largest economy and most populous nation, while Argentina is an important market for Brazilian companies.
Brazil, which exports goods from cars to coffee, is the fifth largest foreign investor in Europe and wants access to EU markets for its agricultural exports, especially beef.
Its development and foreign ministers were set to go to Brussels last month to deliver the Brazilian proposal to liberalise almost 90 percent of trade with Europe.
But the trip was scrapped at the last minute, according to a person close to the talks. Argentina countered by leading a delegation to Brasilia to draw up a single proposal to present to the Europeans on behalf of all of Mercosur.
Brazilian and Argentinian trade officials met again on Tuesday in Buenos Aires. "Brasilia and Buenos Aires want to send a signal to Europe that Mercosur is united," said a South American diplomat close to the talks.
Brazil's neighbourly policy carries risks, however.
If a Mercosur-EU free-trade deal fails, Brazil could be one of the few Latin American countries without a free-trade agreement with both the United States and the European Union, unlike for example, Mexico, Peru, Chile and Colombia.
Meanwhile, the European Union is in ambitious trade talks with almost 80 countries, including the United States. For its part, Washington is negotiating a free-trade bloc that would stretch from Vietnam to Chile to Japan, or about 40 percent of the global economy, the Trans-Pacific Partnership (TPP).
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subset: commoncrawl


text:
RS:X South American Youth Championships
Yacht Club Uruguayo, the Local Organising Authority (LOA), is pleased to invite RS:X sailors to take part in the 2010 RS:X South American Championships & RS:X South American Youth Championships under specified conditions laid down by the International RS:X Class Association in co-operation with ISAF
between the dates of
February 11th -16th , 2010
1. RULESFebruary 11th -16th , 2010
This is an ISAF sanctioned event governed by:
1.1 The rules as defined in the Racing Rules of Sailing, ISAF 2009-2012.
1.2 No National Authority prescriptions will apply.
1.3 The RS:X Class Rules will apply.
1.4 If there is a conflict between the Notice of Race and the Sailing Instructions (SIs), the SIs will take precedence.
1.5 The Medal Races will be subject to on-the-water umpiring according to Addendum Q.
1.6 If there is a conflict between languages the English text will take precedence.
2.1 ISAF Regulation 20-Advertising Code shall apply..
2.2 Competitors may be required to carry advertising for event sponsors.
2.3 The maximum area on the sail that the event sponsor's branding may occupy is 300mm x 1000mm and shall be placed immediately below batten #5 and as close to the clew as possible.
2.4 National letters and sail numbers shall comply with relevant Class Rule C9.2. The LOA reserves the right to change a competitor's sail number (not letters) to avoid the duplication of numbers.
2.5 Competitors may also be required to wear a Lycra vest carrying the event sponsor's name(s) / logo (s) as supplied by the LOA.
3.1 All entries shall meet the requirements of ISAF Regulation 19 - Eligibility Code.
3.1.1 The total combined entries per division shall not exceed 120.
3.1.2 Entries may be subject to the agreement of the relevant authority.
3.1.3 Entries shall have been issued with an ISAF Sailor Number
3.2 Competitors shall be members of their National Class Association (NCA) or of the International RS:X Class Association. National Class Associations (NCA) shall be in good standing.
3.3 Class membership formalities can be completed on site.
3.4 Each full member (National Class Association) shall pay the entry fees of his nationals by February 11th 2010.
3.5 Competitors shall provide the following documentation prior to completing registration formalities on site:
o Original Entry Form (Form 1 - Download)
o Proof of Entry Fee payment
o Evidence of valid third party Insurance
o Proof of age (passport)
o Parental / legal Guardian Assent (Form 2) If needed.
o Measurement Form signed by the Official Measurer
o Medical treatment permission (Form 3)
3.6 Coaches and team support personnel shall provide the following documentation prior to completing registration on site:
o Original Regatta Entry Form (Form 4 - Download)
o Proof of Entry Fee payment
o Boat Driving Licence (if applicable)
o Evidence of Boat Insurance (if applicable)
- Proof of ICSA membership
4.1 The Entry Fee for 2010 RS:X South American Championships is 90 Euros.Coaches and team support personnel including boat drivers shall register their boats by January 30th , 2010 by paying 40 euros each. (see Form 3).
4.2 Payment shall be made in US (american dollars), in €(euros) or R$(local currency), according to the exchange rates set by the LOA. No other currency will be accepted.
4.3 Entries shall be made on site and only in cash. No other form of payment will be accepted.
5.1. 2010 RS:X South American Championships
5.1.1 The Event shall be a single discipline course racing event for South American competitors only.
5.1.2 The first South American man and woman in the Final Standing shall be the 2010 RS:X South American Champion.
5.2 2010 RS:X Open South American Championships
5.2.1 The Event shall be a single discipline course racing event for all entries into the RS:X South American Championships.
5.2.2 The first man and woman in the RS:X Open Final Standing shall be the 2009 RS:X South American Open winner.
5.3 2010 RS:X South American Youth Championships
5.3.1 The Event shall be a single discipline course racing event for Divisions C and D, for South American competitors only.
5.3.2 The first youth man and youth woman in the Final Standing shall be the 2010 RS:X South American Youth Champion.
6.1 There will be four Divisions;
a. Division (A) - Men c.Division (C )- Youth Men
b. Division (B) - Women d.Division (D)- Youth Women
6.1.1 Divisions C and D shall be under the age of 19 years on 31 December 2010 (born after 31 December 1991)
6.2 Division B, C and D shall race together. Division A shall race separately. Each in a maximum 9 races series over 5 days.
6.3 A minimum of 3 races is required for a valid Championship in that Division.
6.4 The events will run simultaneously and consist of a Single Series and a Medal Race and/or an Opening Series and a Medal Race. The Opening Series will consist of a First Round (Qualification Series) and a Final Round (Final Series).
6,5 There will be one Medal Race for each Divisions provided that those divisions have a minimum of 20 entries. Each one will consist of the top 10 sailors from their current standing.
6.5.1 Other Divisions will compete in a normal series race in place of a medal race.
6.6 Where there are 50 or fewer boards entered in a Division, they shall race in a Single Series.
6.7 Where there are between 51 and 60 boards entered in a Division, they shall race either in a Single Series or in two Groups in an Opening Series as decided by the RS:X Class Race Director.
6.8 Where there are between 61 and 120 boards entered in a Division, they shall race in two Groups in an Opening Series. They shall be divided based on their final standing; first, in the last World Championship; second, on their final standing in the 'Open Event' at the last South American Championship; and thirdly, on their final standing at their 'home' Continental Championship and finally their national standing.
6.9 A minimum of 5 eligible entries is required to form a division. If less than 5 eligible entries have been received for a division, then those entries may sail in another division as defined by the Race Committee.
7.1 Event Schedule
Feb 10th
Feb 11th Wednesday Thursday
0900-1800 hrs
1400 hrs
1800 hrs
1900 hrs Arrival
Registration & Measurement
Practice Race
Coaches Meeting
Opening Ceremony
Feb 12th
Feb 13th Friday
Saturday 1200 hrs
1200 hrs Races
Feb 14th Sunday 1200 hrs Races
Feb 15th Monday 1200 hrs Races
Feb 16th Tuesday 1200 hrs Races & Medal Races
1630 hrs Last possible warning signal
1900hrs Prize Giving & Closing Ceremony
Feb 17th Wednesday Departure
7.2 The scheduled time of the warning signal for the first race each day is 1200hrs (for the practice
race, the warning signal will be given at 1400 hrs).
8.1 Each competitor shall ensure that his/her equipment complies with the current Class Rules.
8.2 Measurement and equipment checks may be made throughout the event.
8.3 Competitors and their equipment shall be on site by 0900 hrs on February 11th 2010. Competitors shall book a Measurement Time Slot by signing in at the Measurement Area after picking up their Measurement Form from the Registration Desk.
9.1 All competitors shall bring their own equipment.
10.1 The Sailing Instructions will be available at registration as well as the Event Program scheduling social events.
10.2 Alterations to the Sailing Instructions shall be approved by the Class Race Director.
11.1 The regatta site is: Yacht Club Uruguayo, Puerto del Buceo Montevideo URUGUAY
Tel: +598 2 9221221 ex 103 Fax:+ 598 2 6221584
12.1 Except for the Medal Races, the courses will be Olympic Trapezoidal or Windward-Leeward Courses with Slalom Ends.
12.2 For the Medal Races, the course type will be Windward-Leeward Course with two or three loops and Slalom End.
12.3 The length of the courses will be adapted according to wind strength in order to have a race duration of about 30 - 35 minutes except for the Medal Race where the duration will be of about 20 - 25 minutes.
12.4 "Gates" may be used in place of single leeward marks.
13.1 The scoring will be Low Points Scoring System in accordance with RRS A4.
13.1.1 Each event shall be scored separately.
13.1.2 A board's series score will be the total of her race scores excluding her worst score. When racing in "Groups", these discarded race result from the First Round "Qualifying Series" may be substituted with a worse race result from the Final Round "Final Series".
13.2 The Medal Race score shall not be excluded.
13.3 Competitors will carry their series score (i.e. total of race scores after discard) through to the Medal Race.
13.4 For the Medal Race, the points are doubled, and the scores are based on the number of boards assigned to compete in that race.
13.5 Any series tie after the Medal Race will be broken in favour of the board finishing higher in the Medal Race.
13.6 If the Medal Race is not completed, medals will be awarded based on the series score.
13.7 Unless penalized under RRS 5 or RRS 69.1(b)(2), boards assigned to compete in the Gold Group will be ranked higher in the regatta than the boards assigned to the Silver Group.
13.8 Unless penalized under RRS 5 or RRS 69.1(b)(2), boards assigned to compete in the Medal Race will be ranked higher in the regatta than the boards assigned to the Gold and Silver Groups.
14.1 An International Jury will be appointed in accordance with the RRS Appendix N.
14.2 Their decisions will be final and cannot be appealed, according to RRS 70.5.
15.1 Coach boats may be available for charter. Please apply to the organisers for costs and availability. For this limited service you may contact the LOA before the January 15th 2010 (Form 4)
15.2 Boats' drivers shall register and provide the LOA with their driving licence and proof of insurance as well as details of their boat and the board(s) they support.
15.3 Support boats shall also clearly display the white numbered flag supplied by the organization. These flags shall be returned to the organization at the end of the championship.
16.1 On completion of registration and continuing until the end of the regatta, when ashore (other than when launching and retrieving), all boards shall be kept in their assigned places. Removal of any board from the regatta site shall require prior written approval from the jury. Access to boards in the board storage area during certain hours, including hours of darkness may be restricted.
16.2 Unless otherwise directed by the LOA, all competing boards and equipment shall be launched and retrieved from the designated area.
17.1 If personal buoyancy is prescribed by the Race Committee every competitor and support boat crewmember shall wear a jacket harness or vest with a minimum buoyancy of 4kg uninflated in fresh water. The buoyancy shall be tested with a ferrous metal weight of 4kg, which shall remain supported for a minimum of 5 minutes.
18.1 Medals will be awarded to the first three Men and Women in the RS:X South American Championships and to the first three Youth Men and Youth Women in the RS:X South American Youth Championships.
18.2 At the RS:X Open South American Championships, medals will be awarded to the first three Men and Women.
19.1 Competitors take part in all races at their own risk. The LOA and International Class Associations or any of their officials or representatives or the sponsors or their officials or representatives are not responsible, under any circumstances, for any damage, loss or injury either ashore or on the water either to persons or equipment, which may result.
19.2 Participation in this event, supporting events and in each race in them is at the sole discretion of the sailor and at his/her own risk. Notice is drawn to RRS 4.
20.1 Competitors shall possess valid third party liability insurance, which may be acquired locally.
20.2 Coach and support boat drivers shall also have a valid third party liability insurance, which may be acquired locally.
20.3 Evidence of insurance cover shall be provided at registration.
21.1 Competitors are reminded of the ISAF rules and regulations concerning the use of banned methods and substances. Drug testing may take place during the event.
22.1 In registering for the event, competitors automatically grant to the LOA and the International RS:X Class Association the right in perpetuity to make, use and show from time to time at their discretion, any motion pictures, still pictures and live, taped or filmed television and other reproductions of them, taken during the period of the event, for the said Championship as defined in the Notice of Race and Sailing Instructions in which he/she participates without compensation.
23.1 Attendance at the Opening Ceremony, Prize Giving and Closing Ceremony is mandatory.
23.2 Smart casual clothes will be worn.
23.3 The LOA reserve the right to refuse entry to those whose standard of attire is not commensurate with the occasion.
24.1 The average conditions that can be expected in February are: wind speeds between 10 -25 knots, water temperatures 200C and air temperatures 22-28 0C.
24.2 More information about accommodation and transport from and to the airport will be previously published on the official event website.www.ycu.org.uy
24.3 Neither the LOA nor International RS:X Class Association take responsibility for travel bookings made in error.


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Cayin MM-1
If you don't want to worry about how to best match amplification with loudspeakers, Cayin might have a solution for you. Cayin is a subsidiary of the Zhuhai Spark Electronic Equipment Co., and in the Cayin room at T.H.E. show, the company displayed a couple of Spark mini-systems, including the MM-1 Mini Hi-Fi integrated with FM tuner, USB input, and matching speakers. Cayin's representative, John Hwang, explained that the company will be improving the original Spark designs for the US market. Price is to be determined and availability will be sometime in late spring or early summer.
Site Map / Direct Links
Loudspeakers Amplification Digital Sources | Analog Sources Accessories Featured | Music Columns Features | Show Reports | Show Reports |
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Lakota West senior guard Monty Boykins committed to play college basketball at Lafayette during his official visit this weekend, according to Lakota West head basketball coach Sean Van Winkle.
Boykins was leading his team in scoring this season until he tore his ACL at the end of the Fairfield game Dec. 28, which was the Firebirds' seventh game of the 2012-2013 regular season. Including that game, Boykins had been averaging 17.2 points, 9.3 rebounds and 3.5 assists per game.The 6-foot-4 guard also had offers Duquesne, Miami (Ohio), Eastern Michigan, Toledo, Kennesaw State, James Madison, Bowling Green, Kent State, Eastern Kentucky and Robert Morris.
- Cincinnati Enquirer's recruiting blog with Mike Dyer
- Lakota East Signing Day
- VIDEO: GMC Signing Day
- Lakota West Signing Day
- Monty Boykins video highlights
Since going down with the season-ending injury, his teammates have played inspired basketball – going 11-4 in the final 15 games of the regular season.
On Tuesday, West (15-7, 9-5 in the Greater Miami Conference) will play Sycamore (13-10, 9-5 in GMC) in the district quarterfinals at Hamilton High School at 6 p.m. WestChesterBuzz.com will provide a game story.
Posted in: Sports, Winter Sports |


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Guests of the Kennebunkport Inn can enjoy world class dining, without stepping foot outside the door. Lead by Chef Brian Roche, One Dock features native Maine favorites with a cosmopolitan twist. Lobster is paired with house-made saffron fettuccine, white wine cream and truffle oil to create a signature dish; mussels sauteed with blue cheese, cream and bacon offer a savory house favorite. One Dock also offers a diverse wine list, creative cocktails and martinis and seasonal dining specials that ensure a fantastic night out. Read below for more on this Dock Square favorite.
Click to explore our Winter Menu.
Click HERE to make a reservation through Open Table or call 800-248-2621, 207-967-2621 locally.
Weekly Events
With its warm atmosphere, diverse menu and great location, One Dock is a prime spot to enjoy weekly dinner specials and events. Each season, the team creates fun new offerings to delight our guests. This winter, enjoy the following:
- Sunday: "Where's the Beef? Carving & Cocktails" - Enjoy unlimited savory prime rib for $15 and $5 Martinis and Manhattans all night long.
- Tuesday: Tini Tuesday with Lisa! Specialty martinis courtesy of Lisa for $6, with $5 small bites all evening.
- Wednesday: Wednesday Wine Auction - Dine with us and get the chance to bid on your favorite bottle of wine from our list!
- Thursday: Local Dish! This weekly event has become a favorite for locals and guests. Enjoy Happy Hour all night, while local musicians provide live entertainment - from 7pm - 10pm.
- Saturday: Wine Tasting at One Dock every Saturday from 3pm-4pm, $10 per person. See you there!
The Pub and Live Entertainment
The Pub at One Dock is a favorite destination for both locals and visitors to the Kennebunks. One of Kennebunkport's liveliest nightspots, the Pub offers a casually hip ambiance, with a spacious outdoor deck and fireplace. House signature cocktails combine classic favorites with creative libations such as infused martinis and muddled cocktails.
As one of the only spots in the Kennebunks to enjoy live music, One Dock features some of Southern Maine's most talented entertainers. Larry "Flash" Allen brings up the energy with the tunes of Frank Sinatra, Bobby Darin and a host of show tunes. Michelle Currie tickles the ivories with terrific contemporary tunes, and the popular "Local Dish" features a different local musical act every Thursday evening.
View the current schedule below:
- January 30, Local Dish
- January 31, Dennis Coraccio
- February 1, Uncle Jim
- February 6, Local Dish
- February 7, Flash
- February 8, Lisa, Mark and Pepper
- February 13, Local Dish
- February 14, Dennis Coraccio
- February 15, The Wetsuits
- February 20, Local Dish
- February 21, TBA
- February 22, Flash
- February 27, Local Dish
- February 28, Matt Fogg
- March 1, Dennis Coraccio
- March 6, Local Dish
- March 7, Flash
- March 8, Lisa, Mark and Pepper
- March13, Local Dish
- March 14, Michelle Currie
- March 15, Jim and Don
- March 20, Local Dish
- March 21, Dennis Coraccio
- March 22, Flash
- March 27, Local Dish
- March 28, Michelle Currie
- March 29 Lisa and Mark
One Dock Circle
One Dock Circle is our frequent dining program that allows members to earn credits toward future meals at One Dock. For every $200 spent, we'll provide you with a $20 credit toward your next dining experience with us.
Simply request a One Dock Circle application and we'll provide you with an exclusive membership card for tracking food and beverage dollars. It's that simple…enjoy great meals at One Dock and earn credits for future meals!
One Dock Recommends...
We realize you might want to experience some of the other incredible dining in the Kennebunks on your visit. Click below to explore our suggested spots.
David's KPT
David's KPT offers waterfront dining, a large outdoor deck and creatively prepared cuisine. Enjoy lunch, dinner or cocktails on the deck daily. Reservations are not accepted. For more information, please call 207-967-8225 or view menus online.
Join Chef Pierre Gignac at Ocean, offering breathtaking views and French inspired cuisine. Enjoy early evening cocktails or dinner in the dining room or outdoor patio. Sample native Maine delicacies from the sea mingled with the freshest vegetables and local proteins. View menu and call 207-967-2125 for more information or to make reservations.
Abbondante Trattoria & Bar
Dine on fresh, local ingredients comprised to create delicious family-style Italian food in a casual setting. Hand-made pastas are made daily and paired with local vegetables and proteins. View menu and call 207-967-2211 for more information or to make reservations.
The Tides Beach Club
Located on pristine Goose Rocks Beach, The Tides Beach Club provides the ultimate dining destination with excellent ocean views, a stellar menu featuring classic seaside favorites and refreshing cocktails. Open for lunch and dinner. For more information or to make a reservation, please call (207) 967-3757 or visit The Tides Beach Club.
Earth at Hidden Pond
Earth at Hidden Pond offers farm-to-fork fare, creative cocktails and a unique, rustic setting. A collaboration with James Beard award winner, Ken Oringer, Earth's menu is comprised of house grown vegetables, local meats and seafood. Visit Earth at Hidden Pond for more information or to make a reservation, please call (207) 967-6550.
The Dory
The lower level of the main lodge houses The Dory; a poolside bar that opens onto the expansive outdoor patio area, along with outdoor games like ping pong. The restaurant offers light meals, such as Johnny Cove Corn Cakes and Maine lobster sliders, along with a separate kid's menu featuring fresh, easy to eat finger foods such as hand-cut cove fries. Adults will also enjoy a refreshing cocktail menu.
Tia's Topside
Located in downtown Lower Village, Tia's Topside offers fresh seafood and sushi, lobster many ways and an outdoor fire pit surrounded by rocking chairs. Enjoy lunch, dinner or weekend brunch on their outdoor porches, overlooking bustling Lower Village Try their Boneless Buffalo Wings!


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Twitter's Nicole Wong, in line for Obama privacy post, praised for First Amendment chops
A Silicon Valley lawyer who has headed free speech efforts at Google (GOOG) and Twitter is in the running to be named a top Obama administration adviser on privacy issues.
Nicole Wong, who was deputy general counsel at Google before leaving last year to become Twitter's legal director, is widely praised for her smarts, thoughtfulness and consumer focus. "She's as hard-core on free speech as anybody you could ever find," said Andrew McLaughlin, who as Google's public policy director worked closely with Wong on requests to take down content foreign governments deemed objectionable.


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Hello, i am new to this and im hoping someone can help me. I am trying to synch the hotmail on my ipad. I had already set the ipad email, to receive hotmail in my ipad and it wored, however i dont have my folder and when i read email on the ipad, when i later log in from my pc they are all still ther as unread.
I searched online and i did the following:
I set ahotmail exchange account using server m.Hotmail.com, however when i enter my password, it keeps on saying it isincorrect, although i knowis right.
Any ideaon how to fix this problem?
Many thanks in advance, rgs Ana


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Motorsports & Racing Camp
Dust clouds, racing flags flying and burning rubber mean total motorsports camp madness! Hugging thrilling curves and blasting to the finish line is the name of the game here at Pali's fast-paced, high-intensity motorsports racing camp. Whether you arrive here at Pali merely a novice or already an accomplished rider, you will learn awesome trailblazing techniques and high precision moves under the dedicated, focused instruction and supervision of our special racing masters. With three incredible custom racetracks here at our California racing camp, get ready to ride! We offer all of the following motorsports activities at Pali's Motorsports Camp:
- Minibikes
- ATVs
- Summer Camp Soap Box Racing
- Go karts
- Pali Time Trials racing event
- Fastest Camper competitions
The end of the week at this California adventure camp ramps up with pure excitement as you put your newfound skills to the test. Our nail-biting racing event, the Pali Time Trials, has campers racing their newly painted Soapbox Derby cars and rocking their new motorsports moves. With every twist, curve and turn of the road on our custom-built tracks, our motorsports campers racing ATVs and dirt bikes will keep their hearts pounding and adrenaline pumping! Come see what we are all about at Pali's Motorsports Camp, and enjoy an epic experience of nonstop motorsports safety and fun under the summer sun!


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Forums → Popular Media
Posted Oct 9, '12 at 12:34pm
93 posts
i would like armor games the most but i chose hacked arcade games
Posted Oct 9, '12 at 4:08pm
1,102 posts
Well.... I have a few favorite websites:
Sariel.pl He makes very nice Lego Creations. And he has a cute hamster, and who can't resist that?
Armor Games Yup, I voted for AG. I have been playing on this site ever since Elementary school. I got a lot of memories from this site.
Beastmaster Clan Site It might be a bit cheesy to vote for my own website but... I did.
Posted Oct 9, '12 at 5:41pm
209 posts
Armor Games, of course. Also I like Reddit. I think thats spelled right.
Posted Oct 21, '12 at 12:14pm
113 posts
Reddit, automatically type it in whenever I open up my internet browser.
Posted Oct 22, '12 at 1:43pm
26 posts
armor games, 9gag, and mangafox bookmarked it all
You must be logged in to post a reply!


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Ryan Williams Signs Free Agent Deal
FORT MYERS, Fla. – Florida Gulf Coast University's Ryan Williams signed a minor league free-agent contract with the Cincinnati Reds this past weekend. The Eagles' left-hander will be assigned to the Reds' affiliate in the Gulf Coast Rookie League based in Sarasota, Fla.
Williams becomes the fifth Eagles' baseball player to sign with a major league baseball team and the third from this past season's squad which finished 41-17 and advanced to the NCAA Division II South Region Championship Tournament.
In June's MLB Amateur Draft two other Eagles' were selected. Senior third baseman Jason Louwsma was drafted in the 29th round by the Cincinnati Reds while junior right-handed pitcher Justin Stiver was taken in the 17th round by the Houston Astros.
The hard-throwing Williams played two full seasons with the Eagles. In 2004, Williams led FGCU with 8 wins and two complete games. He was second on the staff with an ERA of 2.78 and struck out a team high 73 batters. Williams then sat out the 2005 season as a medical red-shirt. This past season, Williams went 6-1 in seven starts with an ERA of 4.20. He pitched 55.2 innings and struck out 65 batters. He picked up one of FGCU's two NCAA victories with a strong outing against Catawba College. Williams only gave up four homeruns all season and opponents hit .284 off him. Williams is No. 1 all-time at FGCU in most strikeouts per nine innings with 10.27. Also, he is fifth all-time in ERA (3.38), third in wins (14), and third in strikeouts (143).
For more information on the Gulf Coast Reds, go to www.minorleaguebaseball.com
Copyright ©2014 FGCU Athletics. All Rights Reserved. | www.FGCUAthletics.com |


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First Thursday Seminar Technical Information and Troubleshooting
Are you watching a FEMP First Thursday Seminar in a group of colleagues? Don't forget to fill out and return a roster to help us track seminar participation.
First Thursday Seminars are FEMP training opportunities targeting Federal energy, environmental, and fleet professionals offered at no cost by leading experts. The following technical information is intended to help troubleshoot issues connecting to First Thursday Seminars.
Answers to frequently asked questions (FAQs) are also available.
Webcast Instructions
All audio and video is streamed live via the Internet. Attendees do not need login usernames, passwords, or dial-in numbers to access the training session. However, if multiple attendees plan to share the same screen, please fill out a roster to allow FEMP to track participation. Directions for submitting rosters are included on the download.
Webcast links are provided after registering through FEMP Central. You should receive a confirmation note with all needed URLs after registration. If you did not receive a confirmation note with the webcast URL, please contact email@example.com.
Important Notes
First Thursday Seminars will no longer be available via Windows Media Player format. Viewers MUST download the Microsoft Silverlight player prior to the seminar. In addition, please factor in these other important notes:
- Download the Microsoft Silverlight player prior to viewing the seminar.
- To avoid buffering issues, a computer with a broadband connection of at least 512 kbs per user on your local network is needed. High-speed Internet connections result in the best viewing experience.
- Test the links and viewer prior to the seminar using the test process outlined below.
- Consult your IT department with any bandwidth, player, or firewall issues or questions well in advance of watching the seminar. Most military and Federal agencies also require users to contact their IT department to request a Silverlight player download and permission to receive a live streaming webcast.
Test Process
Test your system compatibility and firewall controls well in advance of the seminar by following the process outlined below.
- Test streaming media
- Test broadband speed (Java required)
- Test the Microsoft Silverlight player
- Test the presentation URL
Note: If assistance is needed, contact your local IT support. This is especially important if this is your first First Thursday Seminar experience or if you have firewall issues. Firewalls in Federal facilities are often set to block external live streaming video and need these firewall settings:
- Windows Media Server: 220.127.116.11
- Web Server/Slide Server: 18.104.22.168
- Content delivered on port 80
Contact Ed Kronhom at 877-820-0305 or 888-820-4898 to find satellite downlink sites if streaming video is not possible in your area.
Additional support is available via the First Thursday Seminar FAQ or by contacting email@example.com or 865-974-7561.
Satellite Downlink Instructions
Contact your training coordinator, video facility manager, or IT department to tune into a satellite downlink facility. Broadcast downlink coordinates for FEMP First Thursday Seminars are:
Downlink Coordinates
1:15p-3:00p ET (including test time)
GALAXY 25 (Digital Ku)
Transponder 19 - Slot B
Format: Standard Def, 6x9, Anamorphic
Uplink: 14353 H
Downlink: 12053 V
Symbol Rate: 6.1113
Bandwith: 9Mhz
Test Time
Broadcast Time
Technical Support for Downlink Facility: 865-974-5069
If multiple attendees plan to view the seminar, please fill out a roster to allow FEMP to track participation. Directions for submitting rosters are included on the download.
DETN/GETN Instructions
FEMP First Thursday Seminars are available through all Federal Education Networks, including DETN/GETN. All Federal and military GETN site facilitators must register for First Thursday Seminars to receive illumination authentication (GETN/Warrior dishes).
Sites must register at www.dlnets.com/FEMP/telereg.htm or by calling Ed Kronholm at 877-820-0305 or 888-820-4898. To find sites near you, go to http://getn.govdl.org/ and click on Site Locations by State.
View course information with Facilitator's Guide and Learner's Guide.
If multiple attendees plan to view the seminar, please fill out a roster to allow FEMP to track participation. Directions for submitting rosters are included on the download. Individual participants must also register via FEMP Central.


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Meagen Medcalf
Master of Arts in Teaching
Early Childhood Education, Elementary Education
Multiple Subjects
Teaching Strengths
- Integrating literacy into all content areas
- Using technology within the classroom
- Writers Workshop
- Differentiating instruction for all learners
- Classroom management
- Using GLAD anchor charts
- Flexible, reflective and collaborative worker
- Organized and well prepared
- Plan to begin ESOL endorsement summer 2011
- Oregon State University, BA (human development and family sciences)
- Willamette University, MAT
Teacher Research Topic
How can I appropriately encourage on-task behavior in the classroom?
Student Teaching
- Myers Elementary School, Salem, Ore., gr. 3
Practicum Teaching
- Clear Lake Elementary School, Keizer, Ore., gr. 1
Other Classroom / Youth Experience
- Preschool teacher – Bright Beginnings Preschool in Corvallis, Ore.
- Preschool student teacher – Child Development Center in Corvallis, Ore.
- Reading buddy for the SMART program in Corvallis, Ore.
Student Teaching Supervisor
- Sibyl Felts, Meyers Elementary School, Salem, Ore.
Practicum Supervisor
- Cortney Clendening, Clear Lake Elementary School, Keizer, Ore.
University Supervisor
- Linda Tamura, EdD, firstname.lastname@example.com


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Recovery efforts ongoing after bulldozer topples over Tennessee cliffWEAKLEY COUNTY, Tenn. - Divers are searching in a gravel pit for a west Tennessee bulldozer operator after his machine fell into about 25-feet of water. Earlier story: TROY, Tenn. - A man was operating a bulldozer near Troy, Tennessee when it apparantly toppled over a cliff. |
Most Popular
Photo Galleries
Advertisement |


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Posted by: Unizzy
« on: July 23, 2013, 06:04:33 »I bought an Envy 15 3205tx. Dust started to gather between the outer glass panel and the lcd screen. HP support says its not a "functional" issue and refuse to honour the warranty. The aluminium case oxidized within 6 months, and black spots starting to show (I have no idea what those are). The machine has overheating issues, and the software has not been updated to windows 8 compatible despite it being offered as a windows 8 upgrade machine. Top of the line laptop and crappy support and QC. Don't buy HP please.


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Visits: 22 Votes: 0 Fame Riser |
Fame Rank
Bon Scott Fan-Club Bon Scott has no Fans yet! |
Famous People
- What was the date Bon Scott passed away?... by Iulia
Famous Tags
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Brought before the proconsul Dion, Maximilian refused enlistment in the Roman army saying, "I cannot serve, I cannot do evil. I am a Christian."
Dion replied: "You must serve or die."
Maximilian: "I will never serve. You can cut off my head, but I will not be a soldier of this world, for I am a soldier of Christ. My army is the army of God, and I cannot fight for this world. I tell you I am a Christian."
Dion: "There are Christian soldiers serving our rulers Diocletian and Maximian, Constantius and Galerius."
Maximilian: "That is their business. I also am a Christian, and I cannot serve."
Dion: "But what harm do soldiers do?"
Maximilian: "You know well enough."
Dion: "If you will not do your service I shall condemn you to death for contempt of the army."
Maximilian: "I shall not die. If I go from this earth, my soul will live with Christ my Lord."
Maximilian was 21 years old when he gladly offered his life to God. His father went home from the execution site joyful, thanking God that he had been able to offer heaven such a gift.
The author of the Joshua series, Fr. Joseph Girzone, retells the ancient stories of Jesus in ways that make them fresh and accessible.
Why did the pope choose the name Francis? Find out in this new book by Gina Loehr.
Learn how the life and teachings of St. Teresa Benedicta of the Cross (Edith Stein) serve as a guide for women's unique vocations today.
Find the real highway to freedom using the road map of Christ's two laws and the Ten Commandments.


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It looks like you're posting an email address or phone number. To protect your privacy, don't post any personal contact information here.
5 posts by 2 people
My besties said that i'm a kind, cheerful person. I'm kinda stiff with new people. But I tried my best to meet with new people. I study psychology in university.
I am a person loving a pleasant thing, optimistic, and positive. I would like to spend pleasant time with a great person.
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LEWISBURG - The 19th annual Senior Health and Lifestyle Expo will be held Tuesday at the Silvermoon Banquet Hall.
Representatives from more than 40 of the top companies that provide products and services of interest to folks 40 years of age and older will be on hand to answer questions and provide the latest information to visitors.
The event begins at 7:30 a.m. with a free early bird breakfast. Lunch will be served from 10 a.m. to 1 p.m.
Miss Pennsylvania 2012, Jordyn Colao, is the guest hostess and will be on hand to meet and greet all visitors.
Entertainment will be provided by singer-songwriter KJ will perform folk music and songs that all visitors love and remember. KJ has performed throughout the United States and Europe. Powerhouse Sound will play the oldies throughout the expo.
The next event will take place from 7:30 a.m. to 2 p.m. Oct. 23 at the Bloomsburg Fairgounds.


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Don't Have an Account? Join the IHG® Rewards Club
Redeem when you want, for what you want. Your points never expire and there are no blackout dates.
Reward Nights When redeeming points for a Reward Night, you may only book one room at a time. Once you complete your Reward Night reservation you will be given the option to duplicate this reservation.
* Requires affiliation in the respective organization.
** Best Available Rate Search does not include affiliation rates.
To book more than 9 rooms for one stay or request a quote, please use our Easy Meetings tool or call 1-800-MEETING (in United States, Mexico and Canada).
Friendly staff will greet you in the marble Lobby at the ANA Crowne Plaza Hotel Grand Court Nagoya, where guests relax among the soothing greenery. Take the lift to your room overlooking Nagoya's retro TV Tower or hop next door to the Nagoya/Boston Museum of Fine Arts, where exhibitions showcase emerging Japanese painters.
ANA Crowne Plaza Hotel View More
ANA Crowne Plaza Hotel Grand Court Nagoya is a 25-minute train journey from Central Japan International Airport, and a few minutes' walk from Kanayama rail station. By subway, it takes 5 minutes to get to the antique shops of Osu, or 10 minutes to the sloping tiled turrets of Nagoya Castle. Our Aquarium Package includes admission to one of Japan's biggest marine attractions, and we're the closest city hotel to the Japan Gaishi Sport Plaza and Nagoya Congress Center.
At lunchtime, guests flock to our Kenzan restaurant for fresh sushi dishes seasoned with soy and wasabi. Sip a cold Japanese beer in the Lobby Lounge, or try our signature strawberry cocktail. For views over Nagoya's skyline, visit the Star Gate bar and restaurant on the hotel's 30th floor.
Hire our 700-seater meeting room for your wedding or corporate event, where ANA Crowne Plaza Hotel Grand Court Nagoya's dedicated Crowne Meetings Director will be on hand to ensure things run smoothly.


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permalink: http://alibi.com/blog/articles.html?desired_user=whisperwind
sordid story [ Fri Apr 24 2009 1:45 PM ]
Anaiah, the seed of Waynes field has come to fruition. It is no accident that Wayne and you folks find yourselves at this place in your existence. You are your own creators. If there are impurities and imaginations, they come from the fertility of your own minds and hearts. It is your actions that force the conclusions that are reached about this case. It seems to me that you are trying to use the same infantile technique that Adam used in the garden when he tried to defend his behavior. (the woman that you gave me was the cause of this) or (the world that you gave me was the reason this happened) "HOGWASH". Better go read what Adams next move was!
confused [ Thu Apr 23 2009 9:30 PM ]
Some of us believe eternal destinies are at stake in this episode and already the results of real truth and justice are being seen. If you only want strongcities point of view, they have a site, I am sure they will engage respectfully with you, as long as you coddle them, even though they will come on this site and denigrate the intelligence of one who dare stand up to their abuses. Hopefully this site is open for all to comment on. . By the way, to whom it matters, whisperwind is not CT or TT. |
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