text:
Credit scoring has greatly reduced the cost of credit to the benefit of industry and borrowers, and has minimized concerns about intentionally discriminatory underwriting. Despite these gains, there remain questions about the integrity of the data used to determine borrowers' scores and the fairness of the models used by credit reporting agencies (CRAs). These concerns are amplified as credit scores take on increasingly important roles in the society. Indeed, they have become a form of collateral. In this post, we muse about areas in which credit scoring needs further investigation.
Credit scoring unquestionably predicts borrower creditworthiness; however, scores could be more accurate and, thus, more fair. In particular, there is evidence that: (1) there are errors in the inputs on individual consumers; (2) some of the variables and the weights given to them are not predictive; and (3) models omit variables that would help predict borrower creditworthiness. For example, medical debt is often treated the same as credit card debt in scoring models. As a result, borrowers with unexpected, delinquent medical debt will be "dinged" on their credit reports just as people who took on debt buying discretionary consumer goods.
The Consumer Financial Protection Bureau's bailiwick includes the authority to write rules that would further the purposes of the Fair Credit Reporting Act. The CFPB is already collecting credit report information on 200,000 individuals from each of the three major CRAs for the purpose of analyzing variations between the scores sold to consumers and those sold to creditors (http://www.consumerfinance.gov/wp-content/uploads/2011/07/Report_20110719_CreditScores.pdf). These efforts could expand to include requiring that CRAs and entities, like FICO, that develop scoring models provide the CFPB with their algorithms, including the inputs and the weights given each variable. This would enable the CFPB to test how well the CRAs predict default risk and the accuracy of their inputs.
The three national CRAs are not the only entities that collect and sell data on consumers. Smaller enterprises collect discrete data on individual borrowers that are not necessarily captured in traditional credit scores. Another role of the CFPB should be to identify these providers, evaluate their methods, and subject them to regulatory oversight.
There is a need to understand the market for the provision of accurate credit scores. In a well-functioning market, you would expect that competition among CRAs would lead to ever more accurate credit scoring models. However, if the marginal gains from: (1) including omitted, predictive variables, (2) insuring the accuracy of data with precision, and (3) scrutinizing weights, is small relative to the efficiency of slightly more crude scoring, CRAs and their clients might prefer the latter course. The result would have a potentially adverse impact on borrowers who are at the cusp of creditworthiness, which would implicate fairness concerns.
With lenders increasingly cautious about granting credit to people with less than pristine credit scores, there is a need to survey and evaluate models other than traditional scoring. This should include approaches taken in other countries, with an emphasis on programs that help low-income borrowers build credit and demonstrate creditworthiness.
I am sure there are other areas in which more understanding is needed and hope people will comment on this post so I can expand my catalog.
Stay tuned: Suffolk Law School Law Review will have a special issue on credit scoring and reporting later this year. (http://www.law.suffolk.edu/highlights/stuorgs/lawreview/index.cfm)
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Teaching international financial regulation in a business school is no easy task, but I often think it should be. There isn't a good set of readily available opinions to be summarized in a casebook, so the instructor has to look to other methods of imparting the information to students. If you aren't going to lecture, it would seem that the business school case would be an attractive pedagogical alternative. "Cases" in a business school means "scenarios," which usually last for one class, and otherwise proceed in a reasonably similar way that a law school class does (there's cold-calling, c-x, and nicer ways of running the discussion too).
The business school method is attractive in some ways, and as law schools try to do more skills education, I predict that its appeal will only grow. But it isn't an easy way to impart doctrine. It can push critical thinking and strategic management skills quite well. In my view, however, IFR will work best in a business school when someone develops some cases that encourages both doctrinal mastery and situational analysis.
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This post comes to us from Lawrence Baxter (Duke University School of Law) as part of our Roundtable on Teaching Banking Law/Financial Institutions. You can read the other posts in the roundtable here.
Thank you, Erik, for setting up this fascinating and very helpful forum. I apologize for coming late to the conversation, situated as I now am in chilly but exuberant and splendid South Africa after languishing for a week in beautiful Croatia. I have had the benefit of being able to read the inspiring contributions to the forum; as a result, I am inspired to revise completely the order of my assigned readings before classes begin—in only four short weeks!
I should note that I come to the teaching of bank regulation with a particular set of biases. In the first place, having spent some of my earlier years consulting with the federal banking agencies and working with the staff of the Senate Banking Committee during passage of FDICIA, I am keenly aware of the importance of understanding the law within the larger framework of financial policy. Secondly, my time working with a financial institution was entirely on the strategic and business side, not within the office of general counsel. So I tend to think of legal practice as serving the long term strategic prosperity of the business, which long term prosperity necessarily involves stability and the addition of value for sharehoders and the communities in which they operate. This is not to say that I believe the role of lawyers is simply to serve the immediate ends of the businesses that are their clients; on the contrary, I take the view that some among the legal profession, whether external or in-house counsel, sometimes submit far too greatly to the will of business executives without asserting independent leadership where the long term interests of the financial institution and its shareholders and customers really demand this independence. Financial lawyers have sometimes allowed themselves to become too much of a service industry and appear to have abandoned their roles as a source of wise counsel.
So my approach is to try to inculcate in students an understanding of the whys more than the whats. My hope is that this will encourage students not only to think strategically but also to recognize and understand both public and long-term private interests. This asks a lot of such future lawyers because impatient executives are seldom willing to listen to a sermon on the virtues of constraints they are trying to avoid. But if we don't persevere in this effort then attorneys might as well consign themselves to roles not significantly different from those of marketers and human resource personnel.
I teach domestic and international banking regulation in separate courses—the former in the fall and the latter in the spring. During the past academic year I used a diverse collection of material for the domestic course and the superb Schooner/Taylor book plus additional material for the international course. Before I left on my current trip I had worked out the syllabus and reading assignments for the fall 2011 domestic course, almost all of which are based on Lissa Broome's and Jerry Markham's new casebook edition.
I never felt comfortable with this approach for two main reasons. First, it is now entirely artificial to separate domestic and international bank regulation, so a good deal of the international course has to find its way into the domestic course anyway. How can one possibly teach domestic regulation without recognizing that the operations of large banks are transnational and, in most cases, global? And, of course, Basel is integral to domestic bank regulation, while the actions and recommendations of the Financial Stability Board, G20 and other international institutions have a great impact, whether acknowledged or not, on the shape of domestic regulation, be it through rules or agency decisions. The Collins Amendment provides one of many illustrations.
Second, although Lissa and Jerry performed a Herculean task in updating their excellent casebook so soon after the passage of Dodd-Frank, I have become increasingly disenchanted with the casebook method as a means of teaching financial regulation, particularly now that the field has become so dynamic when compared to how it was twenty years ago. Of course there are key historical cases (e.g., McCulloch v. Maryland, Tiffany National Bank), and well-crafted judicial opinions, albeit rather scarce, help students to understand essential principles and the way these are applied in formal disputes. Cases such as the Second Circuit's § 20 decisions form part of the dynamic tableau of financial regulation and they help to illustrate the interaction of public policy, agency positioning, industry advocacy that produces important though evanescent inflection points. But forcing the class to understand the larger picture through the episodic vignettes and procedural contortions of cases that make their way to the federal circuits and Supreme Court seems to me to distort the overall picture in ways that are not ideal when one is trying to lay down a long-lasting framework for future counsel. It is true that future financial lawyers are going to need to know the law with great precision once they engage in practice, but they are never going to acquire such precision within the framework of a three-hour course of passing technical validity. My hope is that the learning in law school that lasts is the bigger picture that frames the continually changing detail.
Perhaps it is also true that the case method, if used too much beyond the first year (where one is teaching basic forensic skills), wrongly encourages young lawyers to the assumption that the most important service they can provide is to defend their clients' positions at almost all costs. This teaching method might even have contributed to the more general malaise in regulatory Washington, where no sensible result can be reached because adversary gridlock is perpetually generated or encouraged by lawyers terrified of conceding ground on behalf of their clients.
The previous conversations in this blog, in which others have described such imaginative use of diverse material in a fluid environment, leaves my earlier planned approach seeming not only uncomfortable, for the reasons already outlined, but also rather pedestrian. So although the die is cast for course listings for the 2011-12 academic year and my messy domestic/international bifurcation between must continue for the time being, I am nevertheless going to impose my own framework on the class reading sequence for the casebook. Instead of following the general order of the casebook, in making the reassignments of the readings from Broome & Markham I now plan to lay out my syllabus along the outline below (readers will recognize in my terminology my fascination with complexity theory as it applies to financial regulation):
I. The Financial Regulatory Ecology
- Financial systems, agents and stability
- Incl. brief overview of industry structure and demographics
- Central banking and regulatory supervision
- Agency structure overview
- Incl. some comparatives
- Exchanges and FMUs
- Regulatory forms, market failure and regulatory failure
- Why banks are (still) special and often Too Big to Fail
II. Path Dependencies
Like others in this forum, I cannot conceive teaching financial regulation without helping students to gain a basic understanding of how our regulatory framework evolved, what happened at various key moments in US and international economic history, and why legislation such as Dodd-Frank ends up being as complex and convoluted as it is. This history provides crucial elements of the initial states from which our regulatory thickets sprung, and how the financial industry has formed. Besides, the history is one of the most entertaining elements for students and a way to help them integrate their knowledge from other courses, such as constitutional and administrative law, into their understanding of financial regulation in general and banking regulation in particular.
III. "Banking" in its Modern Forms
- "Business of banking," "incidental business," and "closely related" financial services
- Balance sheet structure and P&L dynamics
- Basic overview of capital/liability/asset structure
- How banks earn (and lose) money
- Liquidity and funding management and risks
- Incl. securitization, derivatives, etc.
- Accounting and tax trickery
- How other financial segments fit in
- Investment banking
- Insurance
- Public and private funds
- "Shadow banking"
- Rating agencies
- Competition, Scale and Universal banking
- The conflicting ethics and cultures of modern finance
IV. Risk
- Fractional reserve banking
- Leverage
- Losses
- Risk management
- Capital, risk-adjustment, Collins, etc.
- Basel
V. Structure
- Traditional "walls:" Glass-Steagall, McFadden, BHC Act, McCarran-Ferguson
- M&A & competition
- Affiliation & Anti-tying
- GLB & "Deregulation"
- Dodd-Frank, esp. Volker Rule(s): the attempt to separate, once again, custodial banking from investment banking
- Size and TBTF redux
VI. Conduct
(Note: Here I lean in the direction of Adam Feibelman rather than Heidi Schooner. But I would go further: not only are consumer protection issues, presented a certain way, of macroprudential importance; they are also directly relevant to the supervision of individual institutions for safety and soundness (i.e. as a microprudential consideration). As an illustration, my own company (after I retired from it, I hasten to add!) entered the realm of adjustable ARMs when it purchased Golden West. This step eventually destroyed the company. I believe the regulators and shareholders should be asking penetrating questions about why financial institutions are making patently stupid, or at the very least imprudent, loans and why such activity will not impact the solvency of the institution. Regulators should be demanding proof that mortgage service outsourcing, for example, has been done responsibly and in a manner that can withstand a crisis like the one we are in. The debate on consumer protection has been cast as one of irresponsible lending versus irresponsible borrowing, but I think this way of framing the issues underplays the important microprudential elements that regulators failed to police. So my presentation of consumer and investor protection issues would be presented, not so much from the point of view of consumers and investors themselves but from the point of view of regulators and shareholders.)
- General consumer and investor protection
- HMDA etc.
- Fed and traditional agencies
- Cards
- Incl. Durbin (fees), smart cards, etc.
VII. Depositor Protection
- Origins & comparisons
- Including the financial stability and liquidity roles depositor protection plays
- Moral hazards & influence on regulation
- Including whether depositor protection achieves its goals or perhaps makes things even worse
VIII. Supervision
- Supervisory process
- Enforcement
- SFI regulation
(This whole section could form the heart of the evaluative discussion with the class on market v. regulatory failure, our inability to take regulation seriously, whether internal constraints such as ethical and moral precepts might offer better alternatives, and whether some of the ambitions of regulatory constraints—such as preventing systemic failures—are achievable.)
IX. Liquidation
- Why banks are handed differently through the receivership rather than the bankruptcy process Traditional FDIC receivership (incl. conservatorship)
- Living Wills
- SFIs
- Incl. GSFIs and cross-border resolution
X. So What Will Happen in the Next Crisis?
- I.e., an evaluation of the reforms and current approach to banking regulation
# # #
In the final result, some large chunks of the casebook will be left out and I will again provide substantial legal and non-legal supplementary material. Basically I need a whole new type of coursebook, but that is another story . . .
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Our thanks to our panelists for an insightful roundtable on teaching Banking/Financial Institutions. As they noted it is a particularly challenging and rewarding time to be teaching and rethinking this course. We heard from Adam Feibelman (Tulane), Anna Gelpern (American), Heidi Schooner (Catholic), and Arthur Wilmarth (George Washington). We will hear from Lawrence Baxter (Duke) later in the summer.
You can access all of the Banking Roundtable posts here. For all of the posts in last week's teaching Roundtable on Contracts, click here.
This coming Thursday and Friday (June 23-24) we will gather a distinguished group of teachers and scholars to convene a roundtable on teaching Corporate Finance.
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First, huge thanks and kudos to Erik and the Glom crew for being visionary. My version of letting no crisis go to waste is to assert that The Crisis is attributable entirely to the formerly niche status of banking and financial institutions in the law curriculum, which misled some of the best minds in the country to things like the Constitution and SOX, when we all should have been thinking about capital adequacy and systemic risk. But I digress. Bye-bye seminar caps, hello first-year lecture halls! Hooray for big screens and Heidi's graphics! And thank Goodness for the giants among us who knew the difference between FDICIA, FIRREA, FIRIRCA and FBSEA as it happened. I am deeply honored and humbled to be in their company.
My quick and dirty take on the course boils down to sequencing, central banks, and movies. The international dimension is a no-brainer, so I get to it last. But really, it is all about the movies. To wit, my only Dodd-Frank thought is on the visuals. I concur with everything DFA that has been said before.
Sequencing. Capital and Systemic Risk have to come super-early in the course, probably immediately after the definition of a bank. It makes no sense to wait until after geographic restrictions, which are weedy and not particularly binding anyway (not to be confused with activities and affiliation restrictions, which are a must). Another reason to start with capital is that it gets the bank balance sheet up on the board soonest. While we are on balance sheets, the Unidentified Financial Institutions exercise in the Jackson-Symonds book (pp. 14-26) is truly genius, though the book is more than a decade out of date. Maybe someone should start a wiki to put together balance sheets and income statements for all kinds of institutions, including shadow banks ...
When doing systemic risk, consider the structure of supervision. The G-30 is good for both, even if it feels like a black-helicopter conspiracy.
Central Banks. The role of financial institutions in money creation is important, as is their access to the Lender of Last Resort. This ties in with systemic risk, shadow banking, runs and crises, aka major payoff. (Tradeoff? Chartering rules. Snooze.) The Fed is also a fabulous resource, with this and this just about enough to get you through. Bonus feature: Bernanke's Great Depression writing is remarkably accessible (I assign Nonmonetary Effects, minus the math section), and makes everyone feel very theoretical. Same goes for many Tarullo speeches, which come across as learned yet accessible to the law audience.
Movies. Breaking the Bank is just the right length, and can serve as a nice transition between banks and other financial institutions, or to set up crisis response, as well as affiliation material. My all-time favorite is Trillion Dollar Bet, which is more about systemic risk, hedge funds, derivatives, regulatory perimeter, funky hand gestures, and the perils of being filmed riding a golf cart. But honestly, I would find a way to show it in a physics or interpretive dance class. Don't miss the options pricing game on the website. Do miss Inside Job -- not enough substance, except maybe for an Economics Department consulting ethics module (do they have those?).
In the clips department, FDIC needs to get a real soundtrack for Never Lose a Penny. Davis Polk's Dodd-Frank miniseries must have a cult following, but Mad Men it isn't. On the bright side, Fidelity Fiduciary Bank is the hands-down favorite for content saturation and technical accuracy (safe and sound! compound! propriety! prudently!). Sadly, this YouTube sing-along version cuts off before the bank run, so make yourself a CD and post the lyrics. Below is my mature representation of the difference between banking and securities investing, using Jane and Michael Banks. Wicked popular with the pre-K crew.
International. Another reason to start with Mary Poppins: it frames banking as international and comparative from the start. How can you possibly understand our weird system without either historical (see Art's post) or cross-country context? Northern Rock is the ideal case study for deposit insurance, especially since the scheme that failed was a bright shiny modern one that had thought about moral hazard and tried to do the clever thing. Perfect foil for rusty ole FDIC. Iceland is good for home-host issues, which by the way is the way I deal with geographic restrictions, branching and subsidiaries. Wal-Mart Bank in Mexico is a five-fer: affiliations, activities restrictions, financial inclusion, consolidated supervision, and home/host/international coordination. But don't take my word for it; this Ortiz speech is the perfect length, and divisible in two. Bonus feature: even if you do not teach anything international, read Heidi's book with Michael Taylor, because it is the crispest account of banking of any sort, ever. I cannot wait for the movie version.
By the way, I understand that Basle might be the hipper way to write Basel, but that might reinforce the niche image, so better not. I do worship their statistics.
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The following post comes to us from Arthur Wilmarth, Professor of Law and Executive Director of the Center for Law, Economics and Finance at the George Washington University Law School:
Many thanks to Erik Gerding for organizing this exchange of views on teaching Banking Law, and for inviting me to participate. Following are some of my thoughts on teaching Banking Law in the context of the financial crisis and the Dodd-Frank Act:
(1) I use a historically-oriented approach in teaching Banking Law. I spend at least two classes on the history of banking regulation before 1980, with a particular emphasis on the 1920's and the New Deal legislation of the 1930s. I believe that the credit boom of the 1920s, the financial and economic crises of 1929-1933, and the New Deal legislation provide a very helpful comparative context for studying the events of the past decade.
(2) I spend several classes reviewing the expansion of powers for national banks and the expansion of permitted financial activities for bank holding companies (BHCs) before I discuss the financial crisis. We also consider the basic safety-and-soundness regulations for banks (including deposit insurance, capital requirements, prompt corrective action (PCA) and affiliate transaction rules) before we discuss the financial crisis. Evaluating the desirability and effectiveness of limitations on bank and BHC activities as a trade-off for government support helps the students to appreciate policy arguments for and against greater regulation. We also discuss Congress' decision to rely on the affiliate transaction rules under Sections 23A and 23B of the Federal Reserve Act as the best way to prevent the spread of safety net subsidies from banks to their nonbank affiliates (especially securities broker-dealers) following the enactment of the Gramm-Leach-Bliley Act in 1999.
(3) We spend 2-3 classes discussing the banking and thrift crises of the 1980s and the legislative responses to those crises in 1989 and 1991. That discussion helps students to appreciate the limited ability of Congress to respond effectively to the causes of financial crises. In 1991, Congress focused on capital regulation as the best antidote to the moral hazard created by deposit insurance, even though there was already significant evidence that capital rules were undermined by (i) the lagging effect of capital levels as indicators of bank problems, and (ii) the vulnerability of capital rules to capital arbitrage. Congress also thought it could force regulators to take timely action against undercapitalized banks by enacting the PCA regime.
Instead, however, regulators agreed to the advanced internal risk-based approach for capital regulation embodied in Basel II, which deferred to internal risk models created by the largest banks and allowed them to conceal significant increases in their effective leverage. In addition, when the financial crisis reached its peak in 2008 and early 2009, U.S. regulators announced they would not apply PCA rules against any of the 19 largest BHCs and, instead, would provide any capital those institutions needed to survive. Similarly, the Fed repeatedly waived the affiliate transaction rules under Sections 23A and 23B so that major banks could support their broker-dealer affiliates during the crisis. Thus (as Saule Omarova has persuasively demonstrated in her forthcoming article), regulators decided not to enforce Sections 23A and 23B against the largest financial holding companies just as they refused to enforce the (purportedly) non-discretionary PCA rules.
(4) We spend 2-3 classes on the basic causes of the financial crisis. There is a huge amount of material on which to draw, but I have used two sources in the past couple of years that I have found to be reasonably comprehensive and accessible to students. The first is testimony that FDIC Chairman Sheila Bair presented to the Financial Crisis Inquiry Commission in January 2010. It provides a good survey of the causes of the crisis as well as several proposals for regulatory reform that were ultimately adopted in Dodd-Frank. That testimony can be found on the FDIC's website at the following weblink:
The second source is an article written by Kenneth Scott entitled "The Financial Crisis: Causes and Lessons." The article is available on SSRN at the following weblink:
There are certainly many other good sources that are available on the causes of the crisis.
(5) After discussing the causes of the crisis, we spend 3-4 classes on the main highlights of Dodd-Frank (especially Titles 1, 2 and 10, with somewhat less attention to Titles 3, 6 and 7). Again, there are many useful summaries of Dodd-Frank. None of them is ideal, but I have found the e-book on Dodd-Frank published by Arnold & Porter to be quite good. The e-book is available at the following weblink:
In our discussions, we try to evaluate whether the provisions of Dodd-Frank (i) represent promising or misguided responses to the causes of the financial crisis, and (ii) were the product of compromises and concessions that indicate the surprising amount of political influence retained by the major financial institutions despite their shared responsibility for the crisis and the extraordinary governmental assistance they received.
(6) We finish the course by looking at the conventional bank receivership rules under the Federal Deposit Insurance Act, and we compare those rules to the orderly liquidation authority created by Title 2 of Dodd-Frank. We also discuss, more generally, whether the Dodd-Frank has essentially separated the regulation of financial institutions into two tiers, one for non-systemic institutions and the other for systemically important financial institutions (SIFIs) that will be subject to Titles 1 and 2 of Dodd-Frank. I point out that numerous PCA orders have been issued against small and midsized banks, and hundreds of those institutions have been placed in receivership during the past three years. In contrast, Lehman Brothers stands alone in the U.S. as a presumptive SIFI that was allowed to fail. We discuss the policy implications of too-big-to-fail (TBTF) for the future of financial regulation in the U.S., and we evaluate whether Dodd-Frank will do much to reduce the explicit and implicit subsidies received by institutions that are perceived to be TBTF.
(7) As the above discussion indicates, I emphasize history and also integrate policy discussions with regulatory analysis. I believe that the current regulatory structure and the most important regulatory statutes cannot be understood by law students and banking lawyers unless they understand the historical background of those statutes and the policy arguments that led to their enactment. To the extent that our students become regulatory lawyers, they will certainly need to use policy arguments in their future interactions with regulators and the courts. The financial crisis has demonstrated that policy considerations count much more than statutory technicalities in determining how Congress and regulators respond to a major crisis.
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This post comes to us from Adam Feibelman, the Sumter Davis Marks Professor of Law at Tulane University Law School:
In the roundtable spirit, I thought I'd respond to one point Heidi makes in her initial post: that consumer protection issues might fall beyond the scope of macro-prudential regulation. Lately I've been exploring the opposite possibility, that regulation of consumer financial has important macro-prudential relevance.
Erik and Anna have written about this recently, both emphasizing that the recent global, systemic crisis began with consumer financial transactions that were sped and magnified through the financial system. But the relevance is even broader. There is a growing body of evidence that central bankers and other international institutions are increasingly focused on how the amount and composition of household debt affects macro-economic performance and vulnerability, a surprisingly understudied topic. For one example, consider the 2009 conference, Household Debt: Implications for Monetary Policy and Financial Stability, co-sponsored by the Bank of Korea and the Bank of International Settlements. I'm currently working on a paper, Toward a Macro-prudential Approach to Consumer Financial Regulation. It explores, among other things how the substance of regulation in this area might be influenced by macro-prudential concerns. If anyone out there would like to see a preliminary draft, I'd be more than happy to send it along.
I don't mean to overstate the macro-economic or systemic importance of consumer finance or household debt, especially in relation to other financial and economic activity. But I am convinced that the recent crisis has drawn this topic within the field of systemic concerns. And at the very least, the topic illustrates how the content and contours of macro-prudential regulation are as yet undefined and up for grabs.
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The following post comes to us from Heidi Mandanis Schooner, Professor of Law at the Columbus School of Law of the Catholic University of America.
Teaching Banking Law has always been about systemic risk. Post-Financial Crisis, we see that the microprudential approach to systemic risk was too narrow (i.e., it only focused on deposit-taking banks and too much on their solvency). Yet, the regulatory goal remains the same. In other words, protecting the solvency of a bank (microprudential) was never meant to be about protecting that individual firm. It was about protecting that firm because of the systemic implications if you didn't. The Financial Crisis highlighted the need to broaden the scope of prudential regulation – and we gave it a new and improved name – macroprudential regulation.
In almost every class, I use variations on two visuals that I find useful in teaching the course. The first is the balance sheet which I use throughout the course to help students understand the nature of the business of banking and the fragility of banks. The second visual (the focus of this post) is a series of organizational charts. Focus on the structure of the organization emphasizes the traditional and persistent institutional focus of prudential regulation. Some examples of various charts are below but, obviously, there are many variations on this theme. The progression below is also roughly chronological in terms of the passage of bank legislation and therefore can be used in developing the history of regulation. Moreover, the statutes themselves are a challenge for students. The institutional focus assists in separating, for example, the National Bank Act from the Bank Holding Company Act, etc.
National Bank. Most traditional prudential rules apply strictly to that entity, i.e., special chartering, lending limits, business of banking (§ 24(seventh)), etc. Other types of prudential rules can also be introduced at this level and circled back to later, e.g., Section 16 of Glass Steagall, capital regulation, administrative enforcement, special insolvency rules.
Bank Holding Company. Coverage at the bank holding company level can include 23A and B, geographic limits, activities restrictions (e.g., commerce, Volcker rule). This type of organization chart is also useful in illustrating the responsibilities of the various bank regulators.
Financial Holding Company. Coverage of the financial holding company relates to Gramm Leach Bliley – securities, insurance and merchant banking activities.
Systemically Important Financial Institutions. This will include large bank holding companies and, most importantly, non-bank financial institutions. The visuals here will be less about adding onto an organizational chart and more about identifying firms that are deemed systemic. Naturally, this is the place in which Dodd-Frank will have the greatest impact on the course. Coverage will include: identification of systemic non-bank institutions, enhanced prudential rules, countercyclical rules, living wills, and the new resolution regime.
International Law. Although Banking Law is a domestic course, I try to introduce as much international and comparative law as possible. In teaching capital, for example, I find that the Basel rules are more accessible to students than U.S. capital regulations. I also try to introduce some comparative perspective as time permits.
Topics Not Covered. If one conceives of the course as macroprudential, then consumer protection issues can be omitted. This does not solve the question of how to deal with market regulation that aims to address systemic risk (e.g., OTC derivatives). I am inclined to conclude that a full treatment of market regulation should be left to securities courses. At very least, some coverage of market regulation in the banking law course is appropriate to emphasize the fact that a purely institutional focus to systemic risk regulation is incomplete.
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This post comes to us from Adam Feibelman, the Sumter Davis Marks Professor of Law at Tulane University Law School:
First of all, thanks to Erik and the folks at the Conglomerate Blog for inviting me to participate in this roundtable, and greetings to the other participants.
Even in economic peacetime, regulation of financial institutions is a challenging and rewarding topic to teach. The subject matter is always important, if usually not very salient to most law students, and it provides an interesting window into a broad range of general issues that societies and policymakers face when they regulate industries and commercial activities.
I found teaching it this year, in the wake of financial crisis and regulatory responses, especially Dodd-Frank, to be an exceptionally challenging and rewarding experience.
I learned with some surprise in late fall that I was going to teach financial institutions this spring. I had taught it a few times previously, but not in many years, and only as a seminar; this spring I was expected to teach it as a course. And although I had followed some of the debate leading up to Dodd-Frank with interest and concern and some bewilderment, I had not followed it carefully, and I had largely ignored large swaths of issues implicated by the proposed bill. I was distracted with other topics, and so once Dodd Frank became law, I moved on and gave its details little thought. I distinctly remember looking at a brief summary of the bill running many pages and thinking, "Thank God I'm not teaching banking law any time soon."
Given the short notice, I faced a dilemma. The bill made some major changes to the regulatory landscape affecting financial institutions (bye-bye Office of Thrift Supervision, hello Consumer Financial Protection Bureau). But it also provided for a dizzying array of smaller, if not minor, changes to the substance and structure of financial regulation. ("Provided for," that is, because many of these changes will only emerge in the slow process of rule-making and agency practice.) In the busy period between terms, there was no way that I could comprehend all of these changes and incorporate them all into a syllabus.
Out of necessity, then, I decided to spend most of the term teaching the field as it stood before Dodd-Frank (using Anna Gelpern's fantastic syllabus to help me convert my seminar into a course) and then to spend the last few weeks of the term exploring the regulatory events of the recent crisis, the bill itself, and the changes it made to the pre-existing landscape.
I was sheepish about this approach at first, but quickly decided that it had some unanticipated merit. Focusing on the regulatory status quo ante made it much easier to draw students into the law- and rule-making process and to get them to consider the range of alternative designs and approaches that policymakers have at their disposal. Again, these are always important background issues in a course on regulated industries, but I felt that withholding the regulatory "reveal" added some elements of drama and uncertainty that brought these issues to life. I noted along the way that particular doctrines or rules we were covering had been altered by Dodd-Frank, and I did not sense that students were made anxious or confused by the approach.
As much as I enjoyed this approach to the course, I doubt I will be able to reconstruct it in the future. Having become familiar with ways in which the new law changed the regulatory landscape, it will be hard to resist explaining the new current framework topic by topic, to integrate the recent changes into the material in the way that legal developments get woven together to create a field of law. And I certainly won't be able to recreate my own nervous uncertainty and surprise at learning the substance of reforms for the first time mid-course.
As a side note, teaching this material again after Dodd-Frank underscored for me how the essential content of the field has shifted in recent years, especially in light of recent issues and developments. A number of topics that are traditionally part of the course now seem a bit quaint, like geographic restrictions on banking or rules governing branching. Other topics that I previously omitted or under-emphasized now seem central, like resolution, capital requirements, consumer protection, and transnational regulation. And still other topics, like macro-prudential regulation, are altogether new. I wonder what the casebooks for the course will look like a few years from now.
Permalink | Finance| Financial Crisis| Roundtable: Banking| Teaching | Comments (0) | TrackBack (0) | Bookmark
The Conglomerate is pleased to host our second online teaching roundtable of the summer today and tomorrow. We have gathered together some of my favorite scholars and teachers who will be discussing how they approach the course in Banking Law/Financial Institutions during a time of legal upheaval.
Joining us for the roundtable are Lawrence Baxter (Duke), Adam Feibelman (Tulane), Anna Gelpern (American), Heidi Schooner (Catholic), and Arthur Wilmarth (George Washington).
As with last week's engaging roundtable on teaching Contracts, we give our guests free rein to discuss topics of their choice. Here are some of the questions they may examine:
- How has the financial crisis changed the subject matter of the course?
- How much do you focus on non-bank financial institutions? Is "shadow banking" (financial instruments and markets, like asset-backed securities, that perform many of the same economic functions and pose some of the same economic risks as depository banks) a component of the course?
- If non-bank institutions are increasingly emphasized, how do you define the boundaries and central themes of the course, so that it is still coherent and manageable? How much do you focus on financial instruments and markets?
- How do you cover the sheer scope of Dodd-Frank? What topics are most important?
- How much of a historical focus helpful in teaching?
- How much of the economics of banking do you teach? Is it a useful frame for the course, or do you dip into economics as needed?
- How do you incorporate international or transnational subjects into the course?
- How do you balance policy issues with preparing students to be practitioners? How does one incorporate practitioner perspectives/problem solving dimensions into an introductory course when the material is so highly technical and likely to be alien to most students?
- How do you "sell" students (and even colleagues) on what the course is and why it is relevant for students? (I am sure many of us have a "friend" who has had to have this conversation with colleagues).
Let's get started!
Permalink | Administrative| Finance| Financial Crisis| Roundtable: Banking| Teaching | Comments (0) | TrackBack (0) | Bookmark
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subset: commoncrawl


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Click any word in a definition or example to find the entry for that word
90% of the time, speakers of English use just 7,500 words in speech and writing. These words appear in red, and are graded with stars. One-star words are frequent, two-star words are more frequent, and three-star words are the most frequent.
The thesaurus of synonyms and related words is fully integrated into the dictionary entries. Click on the T button in an entry to review the synonyms and related words for that meaning.more
Aren't you making unreasonable demands on her time?
It's extremely unreasonable to expect them to pay so much.
What we are asking is not unreasonable.
The price is completely unreasonable (=too high).
It's unreasonable to attempt a project like that without computers.
unreasonably high prices
This is the British English definition of unreasonable. View American English definition of unreasonable.
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text:
Atlanta Customs Brokers
and International Freight Forwarders emphasizes experience in
all phases of air and ocean, both import and export. Our staff
has 150 years of experience collectively.
Espańol: Contamos con ejecutivos Latino-Americanos
para sus servicios de importacion.
(We offer Latin-American executives for your import services)
(We provide our
services in Chinese/Mandarin)
New Federal Law which will impact the
importing community effective the 26 of January 2009 is known
as the 10+2 program. Reviewing this document (What
is 10+2 doc) will give you a base understanding of
how to fulfill the new requirements prior to fines and/or penalties
being assessed by US Customs to the Importer.
Helpful U.S. Government Links:
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Food and Drug Administration (FDA)


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2014 Holiday Ordering Deadlines
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Choose your preferred language. We speak English and 41 other languages.
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|Hôtel - Restaurant " Victor Hugo" 1, Rue Victor Hugo, 9414 Vianden, Luxembourg (4.7 miles from Dauwelshausen)
Score from 308 reviews: GoodHotel Victor Hugo is situated in the heart of the small village Vianden. There is a sunny terrace along the Our River, a wellness area and a playground for kids. Free WiFi is available in all areas. More…
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Score from 144 reviews: GoodAuberge De L'Our is a charming design hotel on the bank of the Our River and in the heart of Vianden. The restaurant has a panoramic view of the village's medieval castle. More…
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|Hotel du Commerce 2, Rue de Marnach, 9709 Clervaux, Luxembourg (7.8 miles from Dauwelshausen)
Score from 240 reviews: Very goodAt the foot of Castle Clervaux, along the Clerve River, Hotel du Commerce offers modern rooms with free Wi-Fi. Facilities include a spa center with an indoor swimming pool. More…
" Staff exceedingly kind and helpful. Permitted me to change plans at short notice without charge. Much appreciated "
|Chateau d'Urspelt Beim Schlass, 9774 Urspelt, Luxembourg (8 miles from Dauwelshausen)
Score from 342 reviews: Very good There are 2 people looking at this hotel.Situated in the heart of the Our valley, this luxurious, 18th century castle is fully renovated and offers a classic and stylish setting for your stay in Luxembourg. More…
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$82 Average price per night
|Hotel des Nations 29, rue de la Gare, 9707 Clervaux, Luxembourg (8.3 miles from Dauwelshausen)
Score from 111 reviews: Very goodThis boutique hotel is situated in Clervaux, a small city in the northern part of Luxembourg. It includes free access to the spa centre and free WiFi in the rooms. More…
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A group of Girl Scouts from Paxton Keeley Elementary School came to the Missourian to take a tour of the newsroom. After we talked about how cool it is to work at a newspaper, a few of the Scouts were chatting about an art project they had recently completed, in which they drew their favorite celebrity.
FROM READERS: Paxton Keeley students draw their favorite celebrities
Friday, February 15, 2013 | 6:00 a.m. CST
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Join the Neopoet online poetry workshop and community to improve as a writer, meet fellow poets, and showcase your work. Sign up, submit your poetry, and get started.
The heavenly angels knew just what I wanted
a cherished bundle to be loved and flaunted
and when I saw you, I was filled up with love
such a perfect precious gift, sent from above
Just the sight of you brought a smile to my face
sweet dark eyes overflowing with angelic grace
not a single eyelash or brown hair out of place
too cute in your dresses made of satin and lace
Its not fair this tragic fate we were sadly dealt
all I ever prayed for was your happiness and health
I will never understand why God took you home
why me and your dad could not keep you for our own
But the Lord must have needed your special light
to shine in heaven above all, forever shining bright
every moment with you was as it was meant to be
and forever I will hold those memories close to me
In Memory of Olivia Louise Valenzuela, 5/18/2010-9/14/2010
Fri, 2010-10-29 23:19
Sun, 2010-10-31 10:46
beautiful dedication julie
so sorry to hear of your friend's loss - there is nothing you can say - but just being there is the greatest help of all....
this poem flows easily and the slow rhythm brings a gentleness with the sadness
perfect title as it is a dedication.
love judy
This is it and I am It and you are it and so is that and he is it and she is it and it is it and that is that ...James Broughton


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Budapest Astoria Apartments Large
Official Contact Details - Budapest Astoria Apartments Large
Fully equipped self-catered private 2-room accommodation in Budapest centre with free internet connection. Spacious (70 sqm), bright, calm and good value for low/middle price. Discounts from 7 nights.
- Price from 40 EUR / Day
- Capacity up to 5 people
- 2 bedrooms & 1 bathroom
(click on a photo to view it)
Last updated: 05/27/2010
This is your property ?
Budapest-Astoria Apartments were opened in the Autumn of 2005 - refurbished 2-room apartment at Astoria in Rákóczi Street in Budapest. The flat is located on the top floor of a 2-storey quiet building. Main tourist sights of Budapest are within reach by the nearby excellent public transportation facilities (Metro Line 2, bus #7, 7A, 9 and 78, trams #47 and #49).Váci Street and the traditional pedestrian zone of Budapest is just a few minutes walk. The Gellért Bath is 3 tram stops away. The neighbouring area (as many other places in Budapest) is famous for its cafés, shops and restaurants.Though you can rely on the fantastic public transportation in Rákóczi Street you will not suffer from the traffic noise because of the soundproofed double window-panes.If you wish to reserve this large (70 sqm) apartment (for 1-4 persons +1 extra bed possible) you can occupy the following rooms:- corridor- livingroom with the diningroom- the kitchen- 1 bedroom- the bathroom with bath-tub(*if 1-3 persons wish to occupy the second bedroom the higher rates must be paid - when lower rates are paid the extra bedroom is locked up; 4-5 persons pay the higher rates and have both bedrooms automatically.)We supply bed linen, sheets, blankets, towels, toilet-paper, iron with ironing board and washing machine. ADSL high-speed internet access to your own laptop; ideal for business travellers.The apartment is furnished and equipped in a modern way with matching colours. It is suitable for long term rental too because it is spacious, bright and calm; close to the business center of Budapest.
Parking is possible in public garages or in the street (must be solved individually).
The person who hands you the keys when you arrive at the flat will provide all the necessary information regarding your stay in the apartment and in Budapest. We hope to make your stay in our city a pleasant and comfortable one.All taxes are included in price. Since Budapest-Astoria Apartments are self-catered accommodation breakfast is not included. Payment in cash upon arrival (no cheques or credit cards accepted). For long stays we apply individual prices. Please note: minimum stay is 3 nights (minimum 3 nights' fee must be paid).Important: minimum rates below apply from Nov until March without the extra bedroom for max. 2 people, maximum rates for short stays with extra bedroom and max. 4 people in other seasons of the year (except New Year, Easter and Formula-1 holidays).The apartment is on the 2nd floor without elevator.
Prices & deals
- Lowest Daily Price:
- Highest Daily Price:
- Lowest Weekly Price:
- Highest Weekly Price:
- Cleaning fee:
- Charging Method:
- Payment Types:
- Cash
- Credit Card
- Cheque
- Travellers cheque
- Paypal
- Wire Transfer
Location & area
At Astoria on line Metro2; very close to Deák Square, Váci Street, River Danube and the business district on Pest side of Budapest city.
- Address:
- Rákóczi Street, at Astoria, 1088, Budapest, Hungary
- Accommodation located in:
- business district, city, downtown, near cultural interest, near historical interest, near restaurants & bars, near shopping area, old town!
Amenities & services
In all rooms we provide wireless internet (ADSL) connection to your own notebook. On request we provide baby-cot. Children of age under 14 must be stated in your reservation request. We supply bed linen, sheets, blankets, towels, toilet paper, iron and ironing board, washing machine and stand fan in Summer in your studio apartment.
# of Units: 1... and each unit includes:
- Bedrooms: 2
- Bathrooms: 1
- Single beds: 2
- Double beds: 2
- Baby cots: 1
- Single sofa beds: 1
- Double sofa beds: 0
- Bath:
- Hair Drier:
- Shower:
- Towels:
- Washing Machine:
- Work Desk:
- Bed Sheets:
- Bikes:
- Cable/Satelite TV:
- Internet Broadband:
- Internet Dial Up:
- Ironing Board:
- Stereo/Radio System:
- Library:
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- Fax:
- Butler Service:
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- Local Guides:
- Local Transportation:
- 24h Concierge:
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- Fridge & Freezer:
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Living room
- Fireplace:
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Review - Budapest Astoria Apartments Large
Budapest Astoria Apartments Large - Contact the owner
Important Notice : Avoiding Fraud
It's rare, but some helpful hints to watch out for with regards to fraud:
- It is important to NEVER wire funds or use/employ other fund transfer mechanisms such as western union: Always use a credit card to protect yourself against fraud. If owners pressure you into providing a deposit or refuse to accept credit cards, there is a high probability that this is a scam.
- If at all suspicious of fraud, ask to see their website, or any other literature they can provide or send to you. Ask them for contact details for guests who have previously stayed on their property insisting on telephone numbers. Be suspicious of emails that originate from free email services (yahoo, hotmail, gmail, etc)
- Research the property thoroughly on the internet to see if there is any history or mention of scams associated with the property.


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» 37 Comments
FORMERLY A-rated senator.+4
Because ALL of these shooters are card carrying members of the NRA….NOT!+4
Maybe time to take another look at the drugs used to turn children into obedient mindless little robots. Seems those have been a factor in virtually every incident of this kind.+9
Tell that to the rancher in southern Arizona that has to deal with the AK-47′s Eric Holder gave to the bad guys.Noteworthy Comment +14
Liberals created this mess. When was the last time a shooting happened at a private school? Now Liberals want to confiscate guns. Take a look at what children see…on television…video games…internet sites. Take a hard look at these and then compare today's times to fifty years ago. Ask yourself what's changed. Guns are not the problem…it's the lifestyles that are the problems.Noteworthy Comment +13
Yep every bad guy I've ever seen behaves just like a deer.Noteworthy Comment +14
I don't know that I would give any democrat an A rating.
FOX news this morning had some dumb ass reporter describing the Bushmaster .223 AR 15 as the most powerful rifle in America. He also called it an automatic.+8
A gun safe in Principal's office, with 4-6 weapons and ammo, with an alarm that calls the Police when it's opened would cost a few thousand on the open market. Figure in gubbermint efficiency and double that to say, $10,000. What's a 10K one-time expense to a school budget?
Then twice a year you take the guns and all the teachers to a shooting range. If they won't go, it's instant termination. You have to make sure they can protect the children and it's a good way to get the anti-gun liberal teachers out of schools.Noteworthy Comment +21
…..waiting for Joe's next statement that coal is bad for West Virginia.Noteworthy Comment +15
This is exactly why the NRA needs to reconsider how they rate congressmen. The game is to vote bills out of committee then whet your finger. If there aren't enough votes to pass on the Senate floor, it's safe to vote against it and go home and tell your constituents you're A rated. Manchin is a Democrat. When push comes to shove, he'll vote with his majority (think 'pro-life' Bart Stupack).
The NRA must consider committee votes in their rating.+9
If all that should "be on the table" then your job should be "on the chopping block"……+9
@ Xavier
I like it. Great idea….+6
I know that I wanted to post this link somewhere, the problem is that I can't remember where…..
Ever notice how it's always a moron that doesn't know the difference between a "magazine" and a "clip" and a "semi auto" and an "assault rifle" that calls for banning guns?Noteworthy Comment +11
This illustrates the power of groupthink collectivism. Either that or The Feinstein-Schumer-Marx Axis has footage of him corn holing little boys.
F.O.A.D. Manchin. Yesterday. And the horse you rode into town on. That goes for every single one of you stinking commie vermin.Noteworthy Comment +10
Always the "deer hunting" analogy. The Founding Fathers didn't care about deer hunting at all.
"Why do you need am assault weapon to go deer hunting?"
You don't…you need it to protect yourself against the government.
Anybody who thinks that an armed citizenry can't stand against an "armed force" needs to explain Afghanistan to both us and the Russians….Noteworthy Comment +14
During the election Manchin's opponent ran commercials saying a vote for Manchin was a vote for Obama. The opponent was right. The election is over and now Senator Manchin believes he has more flexibility.+7
Today, unfortunately, in our founding fathers' House and Senate, there are many Manchins.+8
Rush just made a good point. Waco was one of the deadliest shootings in US history.
Did he left call for disarming the government?Noteworthy Comment +12
Maybe now the NRA will stop backing Demonrats.+7
Sen Manchin:
"I only need three rounds in my rifle… THAT'S ENOUGH FOR YOU TOO"
"Anyone that doesn't agree with me… IS WRONG"
a liberal, Obama ass kisser that was formerly supported by the NRA.+7
They just caught a serial rapist, Senator. What time can I drop by and cut off your dick as a common-sense rape control measure?+4
Replace those school "gun-free zone" signs with signs that read : "many of our teachers carry concealed weapons; try to harm these kids and you take your chances of finding out which ones are armed today".+5
How Ironical. Now the gun haters are advocating using guns against all NRA members. The liberal though process is amazing.
Brad, Most thoughts of what they would do with guns is a peek into derangement. It's always the nuttiest thing imaginable.
After hearing some horrible thing they assume is going to happen, I have often thought: Man, Ban guns from these guys if that's the way they think!
Calling Dr. Rorshack! Your test subjects are ready.+1
And people think the NRA has it's act together. Pfft
GOA Has grown fast because of the NRA endorsing people like Joe. We know better. NRA has agreed to many gun control measures. They are not the be-all of gun rights. Often work against gun owners – like endorsing even Harry Reid over the years!
GOA = Gun Owners of America+3
When was the last time someone opened fire on a gun club?
Gun free zones are the problem.
Every adult over 25 should carry a gun.
Mental people should be put in mental wards.+1
The arse-wipe Joe Manchin also voted for S1867 which included a provision to remove UCMJ Article 125. Which among other things removed bestiality from the list of criminal offenses. We're not exactly hearing for a full roll of Charmin when Joe speaks.+1
We need to call it as it is.
They are on the verge of total control over the people of this country.
Of course they are about to push harder than they ever have for gun control. They just may force it anyway. Katrina-style if they can.
So, I think they need to be reminded that the reason we need more than 3 rounds is to fight people like him. So, no thanks Mr Wrong. Don't even try.
Make sure they stay on topic as to why we need them. We need them now more than any other time in over a century.
Of course they want gun control.
Because they want ultimate people control.+2
A machine gun in every household is gun control.+1
If these Nazis/Communist/Socialist/Liberal/Fascists think they can just pass a bill and take down the 2nd Amendment they are in for a rude awakening. And the awakening will be fired without a shot.0
Poor dumb fukkin hillbilly just doesn't understand that the 2nd Amendment is about protecting us from him and his foolish notions.
So, everything is on the table Senator? Does that include your balls on the chopping block?+1
Jerry SCOTUS can do it.+1
Karl Denniger has an AWESOME POST on the last mass-shooting: thinking PROZAC and mass-murder.
Would be cool to have a thread and discuss it.
"I assert that we need to stop drugging kids, except in extreme cases, and in those extreme cases we need to do it under strict supervision."0
The NRA endorsed that dead mummy from nevada. I stopped sending them money.
The TSRA supports Louie Gohmert AND Uncle Ted.0
8,775 people lost their lives in 2010 to people that killed them with firearms.
Only 358 were from rifles, which include semi-automatic "assault weapons".
In 2010 32,885 people lost their lives in motor vehicle accidents.
Ask yourselves, who builds the roads? The same folks that brought you 'Fast & Furious'.
So, why are we hell-bent to ban guns when the real murderer is the Federal Government under the present regime?0


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Michael Phelps: From childhood phenom to record books
Take a look at Michael Phelps in and out of the pool and see how the Baltimore native became an Olympic champion.
The views expressed below are not those of Click On Detroit, WDIV, or its affiliated companies. By clicking on "Post," you acknowledge that you have read the Terms of Service and your comment is in compliance with such terms. Readers, please help keep this discussion respectful and on topic by flagging comments that are offensive or inappropriate (hover over the commenter's name and you'll see the flag option appear on right side of that line). And remember, respect goes both ways: Tolerance of others' opinions is important in a free discourse. If you're easily offended by strong opinions, you might skip reading comments entirely.


text:
Gated Country Estate on 10 Acres
This gated country estate radiants sunlight with vaulted ceilings, skylights and large windows exposing the spectacular views of Garland park and the Santa Lucia hills. Beautiful one level 3100+ square feet home with three bedrooms, four bathrooms, office in the Miramonte area. Ten acres with a fenced garden, outdoor spa and many other options. Come see to enjoy.


text:
We are no longer accepting applications for fall 2014.
All M.S. applications have been reviewed and decisions have been made. Due to unforeseen circumstances, notifications to students have been delayed. We are working to get these out as soon as possible.
Ph.D. applications are still under review. Applicants should receive notice by mid-June.


text:
* Tex Texin wrote: >With respect to user agents reparsing documents from the beginning, can you say >which ones do this? Internet Explorer for Windows re-parses the chunk in which the <meta> element was found (a chunk is usually a block of 8 KB), Mozilla re- parses all the chunks, that's at least what I remember from tests. You can test such things using a <title> element prior to the <meta> element, for example. >They are not obligated to and the wording of the standards implies that the >encoding "switch" from the initial value to the value specified in the charset >statement, occurs at the point the statement is parsed. That's not clear to me at all...Received on Monday, 23 August 2004 02:52:37 GMT
This archive was generated by hypermail 2.2.0+W3C-0.50 : Tuesday, 2 June 2009 19:17:03 GMT


text:
How to unlock your BlackBerry for free!
If you have a BlackBerry 8000 or 9000 series device and looked into unlocking then you know its usually expensive. Simon over at IntoMobile has posted details on how to unlock your device for free! So this unlocks virtually any BlackBerry Pearl, Curve, Pearl Flip or 8800 series. All you have to do is download the files from Rapidshare and follow the instructions below… Good luck and enjoy!
UPDATE: As you might have noticed this does not work anymore sadly. However you can instantly unlock ANY BlackBerry for $10 at www.unlockd.net.
1. Download and install Microsoft NET Framework 2.0
2. Download and install Blackberry desktop manager v188.8.131.52
3. Download and install Blackberry Operating System
4. Delete the vendor.xml file located in c:\program files\common files\research in motion\apploader
5. Download and install MFI Multiloader.
6. Open MFI Multiloader shortcut on your PC and wait until shows up as:
7. Then your phone should be like this on screen:Unlocking a BlackBerry Pearl
8. Open Blackberry Desktop Manager on your PC and read how to update/reinstall BlackBerry Operating System explained below. How To update/ReInstall BlackBerry Operating System ? Connect your device to your computer. Open the BlackBerry® Desktop Manager. Click Application Loader. Click Start in Add/Remove Applications or Update Applications. If necessary, perform the following actions: If the Device Security Password dialog box appears, type your device password. Click Next. If the Communication Port Selection dialog box appears, specify a communications port. Click Next. Click Next. Perform any of the following actions: To add an application that appears in the list, select the check box beside the application. To add an application that does not appear in the list, click Browse. Double-click an application loader (.alx or .ali) file. Click Next.
9. Click Finish.
10. Congratulations, your BlackBerry unlock is done for free! You can now replace your SIM and memory card and set up your phone the way you like it.
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Mississippi 85% Nonviolent Drug Offenders
The eighty-five percent (85%) drug laws in Mississippi are not designed to give First-Time Nonviolent Offenders a second chance. The negative impacts of these current laws regarding mandatory minimum sentencing and forbidding early parole have had a devastating effect on the African American and Hispanic population and must be changed. This widespread incarceration of Nonviolent Drug Offenders has increased the burdens on the African American/Hispanic family unit and the entire community. This disparity undermines efforts to stabilize communities and reduce the impact of drug use and abuse. Dear Lawmakers, Legislatures and the Criminal Justice System of the State of Mississippi. We the undersigned are dedicated to working together to implement preserve and reform these drug laws. Mississippi laws should be amended for the following reasons:
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Daily Report for March 11, 2013
Hospital Notes
Hospital Notes
• Sunday: Robert Lorenz, Richmond.
• Friday: Melissa Harris, Wellsville; Bonita Kitts, Ottawa.
• Saturday: Dorothy Turney, Baldwin City.
Franklin County Jail
Police Department Arrests
• 2:19 a.m. Saturday, 2200 block of Princeton Circle Drive, Clint Callaghan, 32, Ottawa, on suspicion of driving under the influence and transporting an open container.
• 5:06 p.m. Saturday, 200 block of South Main Street, Jessica Bowen, 36, Greeley, on suspicion of driving under the influence, driving while suspended, transporting an open container and refusing to take a preliminary breath test.
• 1:11 a.m. Monday, 1000 block of West 17th Street, John Singleterry, 35, Ottawa, on a Franklin County warrant.
Police Department News
• 5:06 p.m. Saturday, 200 block of South Main Street, police officers recovered a stolen vehicle for the Anderson County Sheriff's Office after a traffic stop, according to a police report.
• 1:24 a.m. Sunday, 500 block of South Locust Street, Muncel Jones, 24, Ottawa, was cited for keeping a vicious dog after it bit a 26-year-old Ottawa man, according to a police report.
• 1:13 p.m. Friday, Ottawa High School, 1120 S. Ash St., a 57-year-old Ottawa woman reported an unknown suspect stole property.
• 8:10 p.m. Friday, 1300 block of South Dogwood Street, a vehicle driven by Elizabeth Scott, 35, Ottawa, was backing out of a drive and struck a legally parked vehicle owned by Randi White, 21, Ottawa, according to a police report.
Fire Calls
Ottawa Fire Department
• 9:43 p.m. Sunday, 718 S. Liberty St., firefighters investigated a carbon monoxide report.
• Firefighters assisted with two medical calls Friday through Sunday.
Franklin County Fire Departments
• Firefighters responded to five medical calls Friday through Sunday.


text:
Emporia High School Alumni
Sue Osborn
Class of 1968
Mona Hedges-McKernan
Class of 1964
Jeremy Lucy
Class of 1991
Amanda Swartz
Class of 1990
This site has been created for the former students of Emporia located in Emporia, Kansas. For former Emporia High students from KS, you can view the class reunion information that has been posted by other site visitors. In addition, we encourage you to post your profile in the alumni directory, share information about the school activities you were involved with and look for lost friends. If you haven't already, we also encourage you to register for free on this site. You may also want to check out the latest news and school memories.


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Better With Bacon: 10 Products for the Bacon Lover
Colonial Americans cooked with bacon, your grandparents cooked with bacon, and carnivorous Americans everywhere are still frying it up with pride. So celebrate International Bacon Day with these 10 items that take their inspiration from the smoky, savory treat that has the power to transform everyday foodsfrom eggs-over-easy to lettuce-and-tomato sandwichesinto culinary classics.
By Heidi Davis
Bakon Vodka
What started as a fun endeavor between three Seattle friends turned into a serious business. Bakon Vodka is a culinary triumphdistilled from the best Idaho Russet Burbank potatoes, pure spring water, and a proprietary bacon infusion. The savory spirit won favor with professional mixologists, who first used the vodka in a clever twist on a classic, the Bakon Mary. Realizing the vodka offered an even wider range of versatility, the beverage gave rise to recipes for sweet drinks as well, such as the "CoCo Pig" (where bacon's smoky essence highlights chocolate's smooth sweetness) and the Elvis Presley, which corrals the essence of the King's favorite foods (bacon, peanut butter, and bananas) in one drink.


text:
Get it in time for Christmas with UPS Next Day Air®. Click for details...
New for 2014! Lightweight,
abrasion resistant and quick drying, the Marmot Cruz Short is designed to offer
UV protection and comfortable mobility for warm weather hiking or backpacking.
An excellent combination of
comfort, durability and UV protection, the Mammut Men's Explore Shorts offer
versatile performance for a variety of outdoor activities in warmer weather.
New for 2014! The Marmot
Approach Short lets you move unhindered while hiking, trail scrambling,
climbing or backpacking. Quick drying, the Approach Short is up for
day-after-day use, as well.
New for 2014! Ideal for
hiking and backpacking in warm weather, the adidas Outdoor Men's Terrex Swift
Lite Shorts employ soft, lightweight high-stretch fabric that delivers comfort
and freedom of movement.
New for 2014! The Mountain
Hardwear Men's CoolRunner 2-in-1 Short dries quickly and offers lightweight
comfort on hot and humid trail runs or fast-paced day hikes. A boxer-brief
style inner liner provides extra comfort and reduces chafing.
The Mountain Hardwear Men's Refueler 2-in-1 Short dries quickly and offers lightweight comfort on hot and humid trail runs or fast-paced day hikes. An inner liner short provides extra comfort and reduces chafing.
New for 2014! Patagonia
Men's Baggies Stretch shorts are a great combination of dependability and
functionality with stretch for hikers, backpackers, climbers, yoga practitioners
and anyone who wants a flexible short that's up for anything.
Outdoor Research Equinox Shorts are perfect for hiking and backpacking in hot and humid climates. Lightweight, quick-drying and delivering UPF 50 sun protection, Equinox Short are ideal for day hikes or extended trips.
Patagonia Men's Quandary Shorts are ideal for hikers and travelers who want a short that works well on the trail and looks good in town. UPF-40 sun protection makes them ideal for days outside and the gusseted crotch let you move freely.
Combining a supportive
compression short and lightweight, breathable overshort, the Salomon Men's
Endurance Twinskin Short provides trail runners with excellent chafe-free
New for 2014! Patagonia
Men's Baggies Lights shorts are a great combination of dependability and
functionality for hikers, backpackers, travelers and anyone who wants a short
that's up for any kind of outdoor fun.
for 2014! Designed with several backpack-compatible features, the lightweight
Sierra Designs Silicone Trail Short combines stretch with breathable,
quick-drying fabric that makes it ideal for hiking or travel.
Made from durable Canyon Twill cloth with a micro-chamois waistband, Mountain Hardwear's do-it-all Men's Canyon Short is an excellent choice for backpacking, hiking, paddling or scrambling over boulders.
New for 2014! Made of a
breathable and fast-drying recycled polyester/spandex blend fabric with a
Merino wool/spandex blend liner, the Ibex Men's Pulse Runner Short offers
ultra-light performance for road and trail runners.
View more videos in our Video Library.


text:
The Citizen Gents Navihawk JY8034-58E Watch or also known as the Navihawk Perpetual Chrono Watch is one of the most recognized pieces of because of the huge dial, analog/digital display and a vast amount of features.
The watch comes in a two-tone color with a stainless steel finish with a black dial that has a classier look and feel to it. This timepiece is definitely one of the more elegant Navihawk brands.
This watch is full RRP at all official UK stockists online. If you buy it from a non official stockist for a discount then your warranty will be void. This must be very frustrating for everyone. However, if you use the following discount code and enter this at checkout after clicking the banner below, you can save about £140 off RRP, from a reputable official UK stockist and the price includes VAT and free next day delivery.
Use code CITIZEN13 at checkout...
The watch includes the Eco-Drive feature that Citizen is now offering for most of the timepieces, which uses solar energy to make it work. Aside from that, the famous atomic timekeeping technology with synchronized time adjustment is also included in its features. You can be sure that the time and the date as well is very accurate, and is available in 43 cities around the world.
It also features multiple alarms, quite useful when you are the type of person who has a busy schedule and has to keep up with appointments. You can adjust it so that it rings at an appointed time you had set so you will know if you need to go to a certain meeting or even a normal gym session.
Other notable features are the glowing hands and the glowing hour markers, perpetual calendar which makes sure your date is correct, power gauge to let you know how much power your watch needs, a 24 hour display, chronograph and a date display.
You can be assured that no matter where you go, performance is a key for this watch. Not only is it one of the classiest in the market, but is one of the best out there!
Citizen JY8034-58E Watch
Posted 20 October 2013 - 09:14 AM
The Citizen Gents Navihawk JY8034-58E Watch or also known as the Navihawk Perpetual Chrono Watch is one of the most recognized pieces of because of the huge dial, analog/digital display and a vast amount of features.
#2 Guest_Donald_*
Posted 30 October 2013 - 11:40 AM
Great watches in great days.
Posted 16 November 2013 - 11:39 PM
The Navihawk range are awesome, absolutely uber reliable super looking watches.
Thanks for the discount code, just tried it, works, but not bought yet as im savingup.
Posted 21 November 2013 - 01:01 AM
This watch is very beatiful, I could purchase it with that coupon, it would be nice.
Posted 28 February 2014 - 03:36 AM
I used one of the discount codes last year and it saved me a ton! I am looking at another watch and the Navihawk range is fast becoming my favorite! I like the looks, the features and the price isn't all that bad for what you get, especially if you use the coupon code!
Posted 02 March 2014 - 07:52 PM
Eco-Drive is such a great feature on this watch. It probably wouldn't be viable for someone who is indoors for most of the time but it is indeed useful. Thanks for the code, I will refer some friends who are interested to this.
Posted 10 March 2014 - 11:34 PM
That Citizen watch is very elegant, I like the golden details. I am sure I will buy this, I am cheking all reviews, but this design is one of my favourites.
#8 Guest_sam_*
Posted 31 March 2014 - 11:25 AM
#9 Guest_shalaka_*
Posted 31 March 2014 - 11:27 AM
#10 Guest_mosami_*
Posted 31 March 2014 - 11:29 AM
#11 Guest_varun_*
Posted 31 March 2014 - 11:35 AM
#12 Guest_rohan_*
Posted 31 March 2014 - 11:37 AM
Good looking with great design Citizen JY8034-58E Watch
#13 Guest_rocky_*
Posted 31 March 2014 - 11:44 AM
#14 Guest_sona_*
Posted 31 March 2014 - 11:45 AM
I need purchase Citizen JY8034-58E Watch online.
#15 Guest_sid_*
Posted 31 March 2014 - 11:46 AM
Different design in new Citizen JY8034-58E Watch
#16 Guest_rani_*
Posted 31 March 2014 - 11:49 AM
#17 Guest_jenny_*
Posted 31 March 2014 - 11:50 AM
#18 Guest_Jane_*
Posted 27 May 2014 - 08:41 PM
Very classy! I wonder if my boyfriend would like it. I think it would make the pefect birthday present for him.
Posted 07 July 2014 - 02:26 PM
Posted 24 September 2014 - 12:32 AM
Oh, the Eco-Drive, really a exquisite piece, that metalic classic design is awazing, I think this watch can be my choice this year.
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text:
Bass TabsChordsChords v2TabsUkulele
Track: Big Bang Theory Cadd9 D/F# G Em7 Cadd9 Our whole universe was in a hot dense state, Cadd9 D/F# G Em7 N/C Then nearly fourteen billion years ago expansion started. Wait... Cadd9 D/F# The Earth began to cool, G Em7 The autotrophs began to drool, Cadd9 D/F# Neanderthals developed tools, G We built a wall (we built the pyramids), Cadd9 D/F# G Em7 Math, science, history, unravelling the mysteries, Cadd9 D/F# G That all started with the big bang! Cadd9 D/F# G Em7 Cadd9 "Since the dawn of man" is really not that long, Cadd9 D/F# G Em7 As every galaxy was formed in less time than it takes to sing this song. Cadd9 D/F# G Em7 A fraction of a second and the elements were made. Cadd9 D/F# The bipeds stood up straight, G Cadd9 The dinosaurs all met their fate, D/F# They tried to leap but they were late G And they all died (they froze their asses off) Cadd9 D/F# The oceans and pangea G Cadd9 See ya, wouldn't wanna be ya D/F# G Set in motion by the same big bang! Cadd9 D/F# Cadd9 It all started with the big BANG! D G Cadd9 G Cadd9 Em7 It's expanding ever outward but one day D G Cadd9 G Cadd9 Em7 It will cause the stars to go the other way, D Cadd9 G Em7 Collapsing ever inward, we won't be here, it wont be heard D Cadd9 D Cadd9 Our best and brightest figure that it'll make an even bigger bang! INSTRUMENTAL D G Cadd9 G Cadd9 Em7 D G Cadd9 G Cadd9 D/F# G Em7 Australopithecus would really have been sick of us Cadd9 D/F# G Debating how we're here, they're catching deer (we're catching viruses) Cadd9 D/F# G Cadd9 Religion or astronomy, Encarta, Deuteronomy D/F# G It all started with the big bang! Cadd9 D/F# G Cadd9 Music and mythology, Einstein and astrology D/F# G It all started with the big bang! Cadd9 D/F# G (Once) It all started with the big BANG!
Popular Barenaked Ladies tabs & chords
Song lyrics
↑ Back to top | Tablatures and chords are parodies/interpretations of the original songs. You may use it for private study, scholarship, research or language learning purposes only


text:
MARCH Roll Call ! :)
Find a Conversation
|Fri, 03-09-2012 - 5:12pm
Who's with us?
|Fri, 03-09-2012 - 5:15pm
Name: Nikki
State: NC
Car: 2010 Nissan Pathfinder
Hobby: Running, reading, cooking, Facebook :)
Add a question for the person below you!
How tall are you? :)
|Fri, 03-09-2012 - 5:24pm
Name: Leslie
State: Florida
Car: Currently a Chevrolet Impala but I'm looking to get a Chevrolet Traverse this summer.
Hobby: Geocaching, although we haven't been able to do it since the boys were born. I hope to get out there again in a couple years when the boys reach "tromping through the woods" age.
I'm 5'6"
What's your favorite color?
|Fri, 03-09-2012 - 5:34pm
State: Idaho
Car: My mom's 2004 Ford Freestar :) She drives her truck most of the time.
Hobby: Reading, school, and occasionally MMORPG's (massively mulitiplayer online role-playing games)
My favorite color is purple.
Whats your favorite splurge food? (pre-pregnant or during, your choice)
|Sat, 03-10-2012 - 8:55am
Name: Kara
State: South Dakota
Car: I drive a 2000 Toyota Camry that I got when I graduated high school. It's got a ton of miles but I love it! My husband wants to get me a new car but I just love my camry so much!
Hobby:Anything outdoors. My husband and I both love to fish and I like to hike and take walks.
What's your favorite splurge food? I love cupcakes! I cannot resist when I see one.
|Sat, 03-10-2012 - 12:17pm
State: Washington State
Car: Dodge Caravan Minivan
Hobby: Sleeping :(
Height: 5 ft. 4 in.
Color: Green
Splurge Food: Eggs Benny cause I am on little to no carbs :) Had it last night and my blood sugar levels were perfect!!!
Vacation: Europe
What is your dream job?
|Sun, 03-11-2012 - 9:04am
State: FLorida
Car: Olive green Kia Sportage
Hobby: Scrapbooking (but never have the time)
Height: 5'10
Dream job - Write novels and make lots of money so I can hire a housekeeper!!!
Question: What did you want to be when you grew up when you were little?
|Sun, 03-11-2012 - 10:09am
State: Iowa
Car: Chrysler Town and Country (The mini van I swore I would never have, and now I LOVE)
Hobby: I have literally no time at all for hobbies. I guess if I could have a hobby, I would probably like to garden. But with three kids, being pregnant, working from home, and cleaning houses on the side, not to mention babysitting, there just aren't enough hours in the day. Any "free"second I have, I use it to clean my house that is never clean. :-) So I like the idea of the "dream job" where i make enough money so I can have a housekeeper. That would be fantastic!!
Height: 5'6
Question: What did you want to be when you grew up when you were little?
LOL, I honestly wanted to be a nail polish namer. You know, think up names for different colors, like "Crushed Tulip" ha ha! Too bad there isn't a market for that.
Question: If you had unlimited funds, and a week all to yourself, what would you do?
|Sun, 03-11-2012 - 6:39pm
Name: Megan
State: Iowa
Car: A really old (1997) Honda Civic that is still running.
Hobby: Hmmmm. Once it warms up, I do love getting out in the yard and planting flowers around the yard, as well as some tomato plants. I try to keep them alive during the summer :) I think my main hobby would really be working out. I love going to group fitness classes at the gym like, Zumba, Body Pump and Body Attack. I really think messing around on the computer soaks up too much of my time.
Question: If you had unlimited funds, and a week all to yourself, what would you do? I would go away to a vacation spot like Hawaii with my best group of girlfriends and just chill, drink, and enjoy the sun!
New Question: Do you have any pets? Love them or annoyed by them?
|Mon, 03-12-2012 - 9:12am
Name: Brie
State: TX
Car: 2001 Jeep Grand Cherokee Limited Ed.
Hobby: Cross-stitch, Photoshop junkie
Question: Do you have any pets? Love them or annoyed by them? We don't have any pets. Kids keep asking for dogs and cats, but with 3 kids and 1 on the way, it's just not something I feel we can afford. Plus we're renting a small house and barely have room for all of us. I'm really not a pet person, either. I don't hate them or anything, just don't prefer them. I'm sure that will change when I'm an old woman and my children have moved away. :)
New Question: If finances and employment weren't an issue, where would you most want to live?


text: I am enquiring about having further surgery done to my bottom lip. I have previously had two lip reductions but i am still not happy with them. It has left my lip uneven and i have no confidence left. Do you think there is anything you can do to help? I also have scar tissue so my lip feels strange. I live in Scotland but am so desperate to sort this out. Any feedback would be so much appreciated.


text:
As Thrill noted, the so-called fiscal cliff was semi-averted last night. I didn't pay too close attention to the debate since the basics of the deal had been hashed out days before. All we had last night was political theater. It's true that 2/3 of the Republican House voted against it. But they allowed it to come to a vote and most voted after they were sure it would pass as an ass-covering maneuver. I'm … Read more
Tag Archive: Tax cut
Starving the Budget
With the fiscal cliff looming, Republicans are indicating some flexibility on taxes, at least for the higher income brackets. Naturally, this is generating some opposition:
… Read more
To start with, Kristol misunderstands the opponents of the tax increases on the rich, whose main goal is not to ensure that the rich get to keep more of their money. Their main goal is to prevent the federal government from obtaining a new source of revenue. Why might that
Stimulus … V?
I've lost track of the number of stimulus bills our Congress has passed. There were two under Bush (mostly tax cuts), the big Obama spendathon and now two waves of payroll tax cuts:
… Read more
Two months after vowing to never give up the fight against President Obama's payroll tax proposal, House Republicans decided Friday that they could not afford the battle any more.
Large bipartisan coalitions in both the House and Senate passed a $143
The Big Graph
The NYT ran this graph yesterday, showing the cause of the debt we have and our piling up this century.
A number of thoughts:
First, several policies are placed entirely in the Bush column that should really be shared. Barack Obama owns the wars and the tax cuts now, having continued both. Obama supported TARP and has only expanded Medicare D.
I do think it's a good illustration of which policies are driving the debt… Read more
Disheartening study
RealClearPolitics has a very interesting, albeit disappointing to me, article about politicians, the public, the debt crisis, and how the participants of this study feel it needs to be solved. As usual, what we have here is a debate between what the left thinks the public wants and what the right does, as the article starts off discussing. What's obvious to me from the study that the article is based on is the fact … Read more


text:
KNOXVILLE, Tenn. (WVLT) -- The jury sentenced George Thomas to life with parole for the murders of Channon Christian and Christoper Newsom. He'll be eligible for release in 45 years, since he's already served six years.
Around noon on Friday, jurors found him guilty on all charges. He sat emotionless while jurors returned guilty verdict after guilty verdict against him - 46 times in all.
Families of both Channon Christian and Christopher Newsom exchanged hugs afterwards.
In the week-long trial, prosecutors spent nearly three days laying out their case against Thomas before resting first thing Thursday morning.
Defense attorneys rested without calling a witness. They contends just because Thomas was present at the scene of the crime doesn't make him criminally responsible. Thomas says he was there, but in his bedroom high on marijuana the whole weekend.
At his first trial, Thomas was sentenced to life in prison without parole. This time, he has a chance to walk out of jail in 45 years.
Before the jury returned with that decision, they listened to Channon and Chris's parents, and saw pictures of the couple for the first time.
"She wanted to have a normal life with her own family," said Gary Christian.
But at just 21 years old, Channon's life was over. Gary Christian thinks about that everyday, and the four kids that she wanted to have.
"I'll never see my grandchildren," said Gary. "And I will never dance at her wedding."
Chris Newsom's parents described him on the stand as a Christian, baseball player and an artist.
"If I could have my son back for just a short period of time, to tell him how much I loved him, I'd give all the money I have," said Hugh Newsom.
Hugh Newsom told the jury that one week after Chris died, his mom found clothes he golfed in.
"And I said, 'Mary what are you going to do with that?' She said, 'I'm gonna do his laundry one more time,'" said Hugh.
George Thomas' mother also gave an impact statement before sentencing, hoping her son would get the chance to walk out of prison one day.
"Just let the Lord lead your heart. And I believe in God, and I believe that one day, that I will see my son. And I'm standing and believing on that because God is good," said Bridget Thomas.
George Thomas is 30 years old. He's already served six years, so he will be 75 when he's eligible for parole.
There is still one more court date on June 4. That's when the judge will decide on the sentence for the other charges of his involvement, and that could extend his time served.
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text:
Your digital media business model has to include video if it's to be successful.
With every new set of usage and advertising stats it becomes harder and harder to argue with that statement. Today, figures from PwC (via IAB UK) show that online video ad spend in the UK rose 43 percent to £69.8 million in the first half of 2012, accounting for 12 per cent of online and mobile ad spend compared to nine percent in 2011.
And with deals that will shape the future of video being struck at MIPCOM in Cannes this week, we thought it might be good to give you the big picture on video's rise as a key consumer behaviour.
Huge growth
Click for a bigger view
Cisco's Visual Networking Initiative forecast from earlier this year highlights a swathe of interesting trends which will frame the environment those deals will be played out in over the next four years.
And if you think online video is huge now, just wait. It's going redefine what we think of as huge.
The amount of data consumed each month by online video will more than quadruple between 2011 and 2016, from 10,000 petabytes last year to more than 45,000 petabytes in 2016. To put that in context, one petabyte is a million gigabytes. The entire written works of mankind to date runs to 50 petabytes. By 2016 we'll have six million years of video every month crossing the internet every month.
And that isn't just down to more data usage overall, the share of data consumed by online video globally will rise from 51 percent to 55 percent by 2016.
In the UK, internet video currently accounts for half of all internet traffic but that is set to rise to 59 percent by 2016. There are also separate signs the ad markets are catching up with the growth in video.
Changing format mix
Mobile has been touted as the next big thing in video for years, but the 90 percent average growth rate Cisco is predicting between 2011 and 2016 would seem, in part, to justify this. Mobile video currently consumes the fifth largest amount of data across online video formats, but by 2016 it will have leapfroged all other formats except long-form to become the second-largest source of video data traffic.
The continuing dominance of long-form video online challenges the stereotype of web video being made up of small snippets of cute cats or "Charlie bit my finger" viral videos. However, short form video consumption is growing more quickly than long form, at a rate of 34 percent compared to 22 percent for long-form.
It looks like short YouTube clips are still going to be a big earner. That makes Base79's decision at Mipcom to launch four new YouTube channels seem like a better long-term game plan than Freemantle's decision to start repurposing YouTube content for traditional broadcasters.
Internet video streamed to TV and internet-connected personal video recorders will also be a big growth area, but while internet to TV (over-the-top or OTT) will become the third-largest contributor to online video traffic, internet PVRs will still be a pretty small market in 2016.
Western Europe will have its revenge on America
Cisco's predictions for growth by region unsurprisingly show Latin America and the Middle East and Africa as the really high growth regions, with as both are developing rapidly from a very, very low base.
More surprising is the prediction that consumption in Western Europe will grow far more rapidly than in North America, at an average rate of 37 percent between 2011 and 2016, compared to 20 percent for North America. That will put Western Europe in second place in terms of consumption, just behind current leader Asia Pacific, and well ahead of the US in third.
Image by thms.nl on Flickr via a Creative Commons licence.