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Getting IT Done
- Take Your Kindle To Work Day? First glance at Amazon's Whispercast
- Review: Free, open source VirtualBox lags behind VMware and Parallels
- HP's ElitePad 900 wants to bring Windows 8 to your business
- Create your own local Dropbox with AeroFS
- iCloud for Windows 2.0: An improvement, but not much has changed
Our recent feature on the growing vulnerability of passwords chronicled the myriad ways crackers extract clues used to guess other people's login credentials. Add to that list a password reminder feature built in to recent versions of Microsoft's Windows operating system.
It turns out the password clues for Windows 7 and 8 are stored in the OS registry in a scrambled format that can be easily converted into human-readable form. That information would undoubtedly be useful to hackers who intercept a cryptographic hash of a targeted computer, but are unable to crack it. Jonathan Claudius, the SpiderLabs vulnerability researcher who documented the new Windows behavior, has written a script that automates the attack and added it to Metasploit, an open-source toolkit popular among whitehat and blackhat hackers alike.
The clue is added to the OS registry when users configure a Windows account to provide a hint about the password needed to access it. When he first saw the long string of letters and numbers that stored the hint, he thought it had been encrypted. Upon further examination, he learned that an eight-line Ruby script quickly decoded the text chunks.
"Although this stuff looked a bit unreadable on the surface we can now see that it can clearly be decoded and could be used by tools that extract the information from the SAM," he wrote, referring to the "security accounts manager" section of the registry. "This seems like it would be very helpful for penetration testers by giving them more insight into what the user's password might be, so I decided to take it one step further."
The hints are available to anyone who has physical access to a targeted PC, as Microsoft makes clear during the configuration or modification of a Windows account. But until now, those hints provided no help to hackers who use a drive-by website exploit or other similar attack to extract only the underlying password hashes. And that's where techniques like these come in. By revealing the password hint the user selected when creating the account, it could provide valuable clues such as "My favorite color" or "My first car" that make all the difference.
Microsoft officials didn't immediately provide comment for this story.


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While frozen foods are easy to make and convenient to buy, the ingredients are often highly processed and filled with additives. Believe it or not, there are healthy frozen food items out there. To help you find them we compiled a list of healthy frozen foods based on information obtained from fooducate.com
The views expressed are not those of this site, this station or its affiliated companies. By posting your comments you agree to accept our terms of use.blog comments powered by Disqus


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MATLAB and Simulink resources for Arduino, LEGO, and Raspberry Pi
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Size refers to the number of nodes in a parse tree. Generally speaking, you can think of size as code length.
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New CVB targets trash, blighted property to boost tourism
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MISSISSIPPI GULF COAST — Members of the new Mississippi Gulf Coast Convention and Visitors Bureau are developing a vision and plan to increase tourism, starting in part by cleaning up South Mississippi. John McFarland, Tourism Partnership chairman, says a report presented by members of the Gulf Coast Regional Tourism Partnership showed the No. 1 negative […] [...]


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I'm sorry, but you are just wrong.
Michael benchmarks throughput fine and your kernel didn't perform any of these miracles you're talking about. We've seen his numbers, and they confirm what we know from theory: low latency doesn't increase throughput (in this context, FPS).
You can have a choppy game but still high throughput (since it is an average). For simple scenes, and low kernel contention, you might generate a hundred frames in less than a second but other times when there is more gpu kernel communication, or more kernel contention, you might only manage 20 fps. So, over long periods that can average out to high fps but extreme jitter.
Does that not make sense to you?


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Show off your awesome style at the pool or beach with the Migrate towel from Billabong. It features sublimated brand graphics and a sewn-on locker loop for a perfect display of flare.
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Special event items are produced by manufacturers only after the outcome of a game
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number, and/or designs. Some options may be limited by league rules.


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A good performance test for plant fertility and growing conditions is how good are your tomatoes. This outdoor soilless Biogarden gives excellent results.
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The primary differences are that there are no chemical fertilizers allowed as with hydrponics. And fish are not required as with aquaponics. By closing the loop on sustainable farming, Bioponica intends to teach the next generation of farmers and gardeners how to grow more efficiently and meanwhile providing a healthier organic product and a cleaner environment.
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Welcome to Smogon! Check out the Smogon Info Hub for everything you need to know about starting out in the community. Don't forget to introduce yourself in the Introduction Thread, too!
Welcome to Smogon Forums! Please take a minute to read the rules.
Registration Tower (Retrieve Teams only, do not post or update profiles)
Discussion in 'Registration Center' started by Deck Knight, Feb 13, 2011.
Page 29 of 35
Page 29 of 35


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File photo by Mark Zuckerman / NATS INSIDER
The Nats face the Braves tonight at Disney's Wide World of Sports.
Pretty good test for the Nationals tonight against a Braves lineup that should bear quite a lot of resemblance to the one we'll see at Nationals Park two weeks from today. That includes Tim Hudson, who gets the ball tonight in Lake Buena Vista and will get the ball again on Opening Day.
Yunesky Maya gets the start for the Nationals in this one. It's John Lannan's turn in the rotation, but he pitched this morning in a minor-league game (and apparently pitched quite well over six innings). This could be Maya's last shot at cracking the Opening Day rotation, though as we've pointed out throughout the spring, even a fantastic performance by Maya may not prevent him from opening the season at Syracuse.
The game is being televised by the Braves' crew and will be simulcast on MLB Network. I believe, however, it will be blacked out in the D.C. area. Fortunately, Charlie and Dave are back in town and will be calling the next four games on the radio, tonight on 106.7 FM.
UPDATE: OK, guess I was wrong. The MLB Network website said the game was subject to blackout in local areas, but it's on right now at my house.
NATIONALS at BRAVES
Where: Disney's Wide World of Sports, Lake Buena Vista
Gametime: 6:05 p.m.
TV: MLB Network
Radio: WJFK (106.7 FM)
Weather: Partly cloudy, 80 degrees, Wind 9 mph in from CF
SS Ian Desmond
CF Rick Ankiel
RF Jayson Werth
1B Adam LaRoche
- BinM - Mar 17, 2011 at 9:27 PM
Yeah, looks like ATL is breaking out the "A" team for this one. This will be a good test for Maya – Hope the defense plays well behind him.
- Arlington BigFish - Mar 17, 2011 at 9:47 PM
I realize this is probably an unanswerable question, but why would MLB black out a Nats game in the DC area? Are they afraid we'd watch the game on TV instead of buying a ticket at the stadium?
- Jim Webster - Mar 17, 2011 at 10:02 PM
At least through 6:01 pm it's on MLB Network on Verizon FIOS in Arlington. Fingers crossed it stays on.
- Rob Dibble's Ghost - Mar 17, 2011 at 10:03 PM
It's on via Cox in Fairfax. Hope it stays that way…
- Mark Zuckerman - Mar 17, 2011 at 10:03 PM
Yeah, looks like I was wrong. The MLB Network website said the game was "subject to blackout in local areas." But I've got the broadcast on at my house right now, so it appears everyone is in luck.
- Anonymous - Mar 17, 2011 at 10:26 PM
Braves baserunning looks alot like last years nats.
- JaneB - Mar 17, 2011 at 10:27 PM
The most fun double play I ever saw! Double run down!!!Met nstsJack too!
- Anonymous - Mar 17, 2011 at 11:09 PM
great work- derek lowe is starting opening day bud
- joemktg - Mar 17, 2011 at 11:26 PM
I've had it. We got to get Zuckerman back to Viera. Let's start a fund that buys him out of his agreement with CSN, and get his butt on a plane to ORL. I don't need Caps coverage: I want more Nats coverage.
- BinM - Mar 18, 2011 at 12:05 AM
Well, given his option situation, Maya might have just punched his own ticket back to Syracuse to start the 2011 season.
- Mark Zuckerman - Mar 18, 2011 at 12:33 AM
Hang in there, joemktg. I fly back down to Florida Sunday night and will be with the team through the end of camp.
- Theophilus - Mar 18, 2011 at 12:55 AM
Rodriguez showed less while striking out 2 of 3 batters than I thought was humanly possible. Between him and Coffey I am beginning to see two wasted bullpen slots.
- Mark L - Mar 18, 2011 at 1:57 AM
Mark, I second that emotion with joemtg, look forward to your return to Viera.Have a question, if you get a tan down there, will they let you replace your photo?
- sjm 308 - Mar 18, 2011 at 4:28 AM
Mark:I am just so happy that you have employment but it really has been different with you not actually being right there. Can't wait until you are back down getting us even more coverage. Question, once the season starts, is there any chance Comcast will pull you off for other assignments or will you be with the Nationals for the entire season?Thanks again for all you do.
- Anonymous - Mar 18, 2011 at 5:32 AM
@ sjm 308:Good question, and the silence is deafening. Or maybe he passed out in his green jammies? Glug, glug, glug. Kidding. ;~)
- Big Cat - Mar 18, 2011 at 10:11 AM
The second time thru the order for Maya turned into hammer time for the Braves.Theophilus…..why was Rodriguez so bad?
- NatsJack in Florida - Mar 18, 2011 at 10:29 AM
Big Cat… Actually, Rodriguez threw a perfect inning. 18 pitches, 6 to each hitter, 3 and 2 count on each hitter and got all three of them on the 6th pitch. I don't think I've ever seen that before.He did touch 98 on the gun twice but was mostly 93-94.And, JayneB…. I'm only MetsJack when attending Mets games not involving the Nats.
- NatsJack in Florida - Mar 18, 2011 at 11:24 AM
JayneB…. it was too early when I wrote my last entry. I see now that you said you "met" natsjack.I do have a MetsJack Mets shirt that I wear when supporting my friend.The conditions for chatting will be much better in Viera today so I look forward to seeing you then.
- 320R2S15 - Mar 18, 2011 at 12:02 PM
Why would the "classy" braves wear those cheap strap back hats?
- NatsJack in Florida - Mar 18, 2011 at 12:14 PM
320R2S15….. Think Disney…. these were one time things for St. Patricks Day. No special run of sized hats. Selling for $30.00 a pop at the game.
- Big Cat - Mar 18, 2011 at 12:59 PM
NatsJack…..I know you don't scout the minor league complex, but any word on how Tyler Moore is doing?
- NatsJack in Florida - Mar 18, 2011 at 1:14 PM
He actually got in the Braves game last nite which means he's showing them something in the minor league camp. I spoke to Taylor Jordan's Dad who said Taylor struck Moore out in a intra squad game and made him look pretty bad. I'll slide over there Sunday morning and see what I can see. He's destined for Harrisburg now due to Marrero's good showing.
- Anonymous - Mar 18, 2011 at 1:21 PM
NatsJack…i enjoy reading your posts. What are your impressions of Maya? I'm having a tough time getting a read on him. Does he have quality stuff and just needs to get in work to iron things out or does his stuff just grade out as average? I'm reading conflicting reports about his potential as a starter, which is a shame given the money the Nats spent to sign him.
- NatsJack in Florida - Mar 18, 2011 at 1:36 PM
Overall, Maya has looked excellent this spring. Yesterday, his location on his fastball was up in the zone the whole nite and he paid dearly for it. It wouldn't have been so bad but the walk prior the second home run really hurt. Solo home runs I can live with.Previous games, Maya had touched 92-93 but last nite he was back to his 88-90 stuff and only hit 92 once that I recall.He's destined for the rotation in Syracuse and, if he fares well, will be in DC sometime this summer.
- Theophilus - Mar 18, 2011 at 1:59 PM
Big C –Rodriguez didn't throw a single pitch in those Ks that was in the strike zone, and most — such as the fastball that nearly crowned Uggla and hit his bat for strike two — weren't close. By every right, both of those hitters should have walked. No detectable movement on the fastball, either. Sort of a Jorge Julio w/out any sense of the strike zone.That's what he did wrong.
- Theophilus - Mar 18, 2011 at 2:08 PM
Anon921 –Don't gripe about the $1.5 MM Maya will get this year. Gripe about the $1.35 MM promised to Coffey, who should be winging his way to Japan. Or compare it to the $2.1 MM paid to Gorzelany, who hasn't shown jack this Spring either.
- Theophilus - Mar 18, 2011 at 2:16 PM
When the Nats started Spring Training they had a holdover bullpen of Storen, Burnett, Clippard, Slaten, Ballester and Stamen that at the end of 2010 was among the league's best and probably needed only a replacement for Bautista. As a result of Rizzo's offseason shopping bulemia their Opening Day bullpen will have two candidates for Arsonist of the Year and no room for young arms who could actually help the team.
- NatsJack in Florida - Mar 18, 2011 at 2:24 PM
Theophilus….Rodriguez actually had 2 of his pitches in the strike zone and I believe they were by accident because he nor anyone else in the ball park had a clue where his pitches would end up. (My earlier post was in jest.)I agree on Coffey but you need to hold off on Gorzelany for about 4 weeks.
- Mark Zuckerman - Mar 18, 2011 at 2:32 PM
sjm 308 said…Mark:I am just so happy that you have employment but it really has been different with you not actually being right there. Can't wait until you are back down getting us even more coverage.Question, once the season starts, is there any chance Comcast will pull you off for other assignments or will you be with the Nationals for the entire season?Thanks again for all you do.I may be assisting with some Caps playoff coverage, but the Nats beat is my priority.


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Reader comments are listed below. Comments are currently closed and new comments are no longer being accepted.
What these charts tell me, not a banker, is that there is a great deal of predictability in banking and a great deal of inauthentic posturing among bankers. So either society hunts down and jails the inauthentic bankers, or it must make the whole shebang a utility paying drone salaries.
Sincerely, the greatest myth in this whole affair is that bank regulators knew what they were doing.
"The first myth is the easiest to bust"
This actually not a myth and not that simple...
It really looks like nobody ever thinks about the broader implications of their "solutions"...
- First, increasing regulatory capital actually provides limited cushion for losses, as banks thrive never to get below the regulatory limit... As a result, pretty much the only real cushion is the amount of equity above the requirement.
- Second, you want banks to increase capital, while at the same time having regulations that tell you which assets require what capital. And those regulations tell you that government securities and mortgages require a lot less capital than lending to businesses. Well... I guess that, increased capital will push the banks to invest even more in lowly risk-weighted assets to maximise ROE than lend to the "normal economy"...
- Third, new liquidity requirements also require banks to maintain higher liquidity. Fine, but the result of capital injection is that the new cash might end up as.....liquidity reserve. And not lending. Oh, and liquidity would be.....government securities, which, along with effects of low-risk weights, would push government bonds rates below their natural rate, then participating to the over indebtedness of various countries, leading to.....a crisis and losses on those "liquidity" portfolios. Capital originally raised is then dilapidated.
- And I'm not even talking about the difficulties of raising capital at depressed share price values in the middle of a crisis. It would involve balance sheet shifting/reduction in the short-term in order to comply with capital requirements at a time when profits are low.
The bigger story we are missing here is that after three plus years of TE telling us that there were no systemic problems with European banking, that bank regulation was too hard to understand and implement, that "heavy handed" regulation would send British banks to Singapore, that the problems with banks were caused by a few "greedy" employees TE is finally offering useful information on bank regulation.
Hallelujah brothers. You must feel better for it!
There are already well-established reasons for setting minimum capital requirements; I'm not sure why the Bank of England feels the need to resort to such spurious arguments.
The first 'mythbuster' is the easiest to bust: let's take it in the other direction and assume that the bank borrows an extra 50 billion euros and reduces equity to basically zero. If you truly believe that nothing's changed in this scenario, then there's no case for holding equity at all. The mistake here is in using accounting identities to make inferences about behaviour.
On the second point, rather than simply declaring that shareholders don't know what's good for them, he should try to understand why they act the way they do. Put it this way: why do bank shareholders expect management to leverage up on their behalf, when they're quite capable of choosing their own degree of leverage by borrowing to buy the shares? Tax treatment is one major reason; the implicit government backstop of TBTF is another. There's no great mystery about either of these forces; not coincidentally, both are transfers of wealth between banks and taxpayers.
As for the third point, the problem is that the myth itself is irrelevant. Pooh-poohing what the banks threaten to do (leave the country) doesn't mean that you've addressed what they will actually do (respond to a higher cost of capital by reducing lending).
It's a pretty straightforward argument that higher capital requirements are a private cost to banks, and will affect their behaviour accordingly. The regulators should be less concerned with relitigating this point, and more with persuading people that this is a good thing for society.
UK's central bank understates the problem that "many (bankers) do not understand fully the notion of risk-adjusted returns – witness their recent quest gone wrong of chasing returns without adequate understanding of risk."
The one dimensional, archaic accounting methodology of bookkeeping which underpins their financial views, attribute the same nominal value irrespective of the probability (risk) of equal value being realised. In fact, the rear-view "bean counters" view fails not only to factor in risk, it also does not anticipate the time and opportunity costs in terms of interest and required rates of return.
While pilloring and crucifying bankers, we have all too quietly left the biggest culprits off the hook - accountants, whose simplistic misinterpretation of complex products under state risk costs and overstate potential values, offsetting unlike financial instruments as easily as if they were sweets in Margaret Thatcher's corner shop.
Statistics,risk principles and actuarial techniques have been around for centuries - perhaps it is time that bankers were forced to comply with a higher level of mathematical honesty?
Describing the funding nature of "equity" by using the phrase "type of liability" or indeed referring to it as "equity liability" is confusing and technically inaccurate.
Equity is equity (e.g. funding from owners) and debt is debt (e.g. funding from borrowers). Both are types of funding, but the former is strictly not a liability and the latter most definitely is.
"A liability is a present obligation of the enterprise arising from past events, the settlement of which is expected to result in an outflow from the enterprise of resources embodying economic benefits."
— F.49(b), IASB's Framework for the Preparation and Presentation of Financial Statements.
May I suggest an alternative:
Equity and debt are simply two different types of funding that a bank can issue to finance its assets (loans, securities, etc.)
Great post.
One key point -
"...the existing business model is deeply unprofitable without steady transfers from the nonfinancial sector."
Bingo. TBTF banks are a lousy business model. Talib has said much the same, and at one point (as I recall) suggesting that they be turned into public utilities.
Something to consider.
Equity finance is penalised by 26% corporation tax (higher in the US), whereas debt finance is untaxed.
Any regulation which requires a higher equity to asset ratio is equivalent to raising a higher tax on capital investment - which is economically destructive.
Remove corporation tax, and Yves Smith's equivalence description is accurate (indeed, equity instead of debt might create value, since voting rights constitute a form of collateral that can bring down cost of finance).
But corporation tax must be eliminated first - otherwise capital requirements will reduce growth rates.
"But corporation tax must be eliminated first - otherwise capital requirements will reduce growth rates."
Some might suggest that not having adequate capital requirements since before 2008 has most definitely impacted economic growth rates, via the collapse of Lehman, Bear Stearns, WAMU, AIG...
It's not the equity requirements that matter in a crisis, but the reserve requirements.
Exactly! Which is why all businesses use as much debt as possible. In addition, the debt leverages the roe and gives investors better returns. Less debt will 1) increase taxes and 2) reduce roe and make investing in banks less attractive.
Of course, #2 might be a good idea.
"In addition, the debt leverages the roe and gives investors better returns."
The point of the article is that debt leverages ROE until it doesn't, at which point the state has to kick in and bail out the banks, using tax funds from non-financial entities, and ultimately hurting bank investors as well.
Actually, equity buffers matter a lot in a crisis.
If a bank has pre-crisis equity at 25% of assets, and the assets lose 15% of their value, then the equity loses three fifths of its value (or perhaps less if this loss has already been factored in). The bank continues investing & trading, banks continue lending to one another, etc.
If the bank has pre-crisis equity at 10% of assets and assets lose 15% of market value, then the bank has to hide behind the shirade of book value to remain legally solvent. Banks stop unsecured lending to one another because they lack mutual trust. Banks can't raise new equity finance, because everyone fears further write downs & equity losses. Banks have to cut their balance sheets brutally through cutting off overdraft facilities and constrained business & consumer lending - as they have to ration a smaller amount of credit. Businesses radically increase savings & cut back on investment because they suddenly need more working capital. Demand collapses further than it had to.
There's a hell of a difference in the crisis response depending on pre-crisis equity requirements for banks.
But, if we are to have higher capital requirements without artificially raising the cost of capital and constraining investment & productivity, we must eliminate corporation tax.
Well, obviously. That's why we have to enforce high equity requirements.
But if we are to enforce said requirements without increasing the cost of capital to businesses (and thereby reducing investment, productivity, GDP & wages), then we must eliminate corporation tax.
Doing so isn't as hard as you might think - it actually raises a very small proportion of GDP (10 year average is 1.5% of US GDP or 1.8% of UK GDP). A better replacement to corporation tax might be a highly progressive land tax or a higher top rate income tax (though I favour slashing military expenditure & cutting universal benefits).
In the long run, there is no opportunity cost to cutting corporation tax - combined with higher equity requirements, it would pay for itself.
Though note, it was Lehman Brothers & Bear Stearns that caused today's sovereign debt crisis in Greece (and the banking crises in Ireland & Spain).
They both sold credit default swaps to German/ French banks that gave credit to Greek banks (and Spanish & Irish banks). The low valuations on these default swaps is what fuelled massive capital flows - Stearns & Lehman distorted the whole market generating massive credit bubbles.
Then Lehman & Stearns duly went bust, bringing about a painful correction, shutting off refinance and triggering inevitable capital flight.
Banks must not hold liabilities with such enormous valuation risk as credit default swaps - at least not to a significant share of total equity. Entities loaded with CDSs should be highly transparent, loaded with equity, should not have government guaranteed depositors and banks should be prudent in limiting their exposure to such entities.
Rather than eliminating the corporate tax (a worthwhile subject in its own right, but politically fraught) couldn't the tax preference for debt be more narrowly addressed by making dividends deductible at the corporate level--or in the alternative disallowing the deduction for interest?
But I prefer the goal of simplicity - keep the tax system as understandable as possible, and minimise accountancy rent seeking/ barriers to entry/ arbitrariness.
A framework of complex deductions might somehow be designed to keep the marginal tax on equity finance of new real-capital-investments close to zero. Partially, with lots of holes. And in an ugly manner that allows for tons of rent seeking and insider advantage.
Far better to fight the politically contentious aspect of eliminating corporation tax. It's contentious because elimination is perceived as inequitable (it is widely assumed, rightly or wrongly, that corporation tax hits shareholders rather than employees & customers; and the average shareholder has above average income).
Yet, if corporation tax abolition were part of a general shift to a more progressive tax system (shift income tax rates or similar), we might achieve something close to a Pareto improvement (that is, the poor don't suffer tax rises or spending cuts; and higher income people, while paying more income tax, can expect higher investment, productivity & incomes).
That's true of every business. Debt can't leverage profits that don't exist. All banks don't go bankrupt every business cycle. Most survive without bailouts. And that suggests that management ability is the main problem, not just debt.
"That's true of every business."
With all due respect, that's not correct. Some business models are worse than others, and some are particularly bad.
For example, banks leveraged 33/1, using mortgage-backed CDOs as collateral for overnight loans to pay operating costs, and with SWAPs (insurance policies) on the side insuring mortgage-backed CDOs owned by other institutions -
Turned out to be a horrible business model, which darn near took the global economy down with it, and for which we are still paying the price.
You wrote "debt leverages ROE until it doesn't", to which I replied that is true of every business. All you're saying is that somethig works until it doesn't. But why does it work and why does it fail for some but not all?
Then I said essentially the same thing you are saying when I suggested that management ability made the difference and not leverage. Not all banks that were leveraged 30:1 (almost all banks) failed. Only a small portion needed rescuing, although the Fed and SEC forced everyone to take bailout money. Why?
Because not all banks used that particular business model.
Those who did were all in serious trouble. and headed toward bankruptcy, with the possible exception of JP Morgan.
What business model? Most were leveraged about 30:1. Why did a few fail but most didn't?
I described the business model four comments above.
For more detail, see "The Big Short" and "Too Big Too Fail", which explain the model in detail, who was (and wasn't) doing what, why that specific model collapsed, who got bailed out (and who didn't), and why.
"For example, banks leveraged 33/1, using mortgage-backed CDOs as collateral for overnight loans to pay operating costs, and with SWAPs (insurance policies) on the side insuring mortga'ge-backed CDOs owned by other institutions"
All investment banks used that model, so why did two fail (Lehman and Bear Sterns) and all the others didn't? And why did the model work for decades and then suddenly fail for those two?
First, they didn't all use the same business model. Some were more heavily invested in mortgage-backed CDOs than others, some were more heavily invested in CDO SWAPs than others, etc.
Second, of the 12 financial institutions whcih were bailed out by TARP (as I recall), all but two were in threat of failure: JP Morgan and Wells Fargo.
The rest would likely have gone under: Goldman, Citi, B of A, etc.
As far as timing, financial institutions (including insurance companies like AIG) hadn't used the model "for decades".
But rather, investment in mortgage-backed CDOs (and the provision of CDO SWAPS) during a huge housing bubble was a phenomenon primarily of 2003/4 to 2008.
And, the CDOs during those years had become increasingly complicated, and included both "real" and "virtual" CDOs. Most had no idea what they were really investing in.
And, rating agencies like Moody's had no clue either, providing AAA ratings to CDOs of mortgage junk with the assumption that a bad loan in Nevada was uncorrelated with a bad loan in Florida, for example. Wrong.
Fundy, you really need to read "Too Big to Fail". It's all there.
I think you're splitting hairs. The model you describe was used by all of the investment banks. The skill in management was different so some placed more emphasis on mortgages than others.
Golman may or may not have gone under. We don't know because they took the bailouts. But the Treasury Sec forced them all to take it. BTW, Citi and B of A weren't investment banks. They were and are commercial banks and did not follow the investment bank model.
Yes, the model had been around for decades. Fannie Mae was formed in the 30's to package mortgages into bonds and sell them. Some derivatives were new, but the basic model is very old. Derivatives, futures/options/swaps are over 500 years old.
Much of what I learned about derivatives came from a standard graduate text on finance, but another excellent book is "Slapped by the Invisible Hand" by Gorton.
I haven't read Too Big to Fail, but I watch Sorkin most mornings on CNBC. Keep in mind he is just a journalist, and journalists get most things wrong in economics. He gets a lot of things wrong on the show. Gorton is a real PhD economist. You have to take things from journalists with a grain of salt.
BTW, from what I understand investment banks are still following the same model you describe.
The failure of two investment banks was a typical case of malinvestment that occurs in every artificial boom blown up by the Fed and its money printing.
Actually, it wasn't just the investment banks.
AIG, WA Mu, B of A, JP Morgan, Morgan Stanley, Merrill Lynch, hundreds of local and regional banks, Country Wide, and a number of other financial institutions either collapsed, were sold cheaply to other institutions to forestall collapse, or were bailed out by the Fed.
Regarding Sorkin, it doesn't take a PhD economist to report that an institution bet too heavily on mortgage-backed securities, and lost.
Regarding futures, options and swaps being around 500 years -
The AAA-rated CDOs sliced eight different ways, mixing mortgages from Fresno with those of Tampa (thinking that the mix would stabilize the CDOs), the likes of which took down Bear Stearns, et al, weren't.
Our economics correspondents consider the fluctuations in the world economy and the policies intended to produce more booms than busts
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Chen faces Jays seeking sixth straight win
Lefty takes hill for first-place O's; Hutchison starts for Toronto
With a loss on Tuesday, the Blue Jays slipped to five games back of the Orioles in the American League East. With Wei-Yin Chen on the hill for Baltimore on Wednesday, it won't get any easier for Toronto.
After holding the Mariners to one run in 7 1/3 innings on Friday, Chen (12-3) picked up his fifth consecutive win. The left-hander's ERA is down to 3.76 this season after never posting a sub-4.00 ERA in his first two MLB seasons.
"I didn't really do anything different than any previous year, but I think the biggest reason I can be on such a good streak is my teammates," Chen said. "They really play well behind me and score runs for me. I think that's the reason. It's not me, it's my teammates."
The next two games won't make or break the season for the Blue Jays, but it's a critical stretch that could give the Orioles a commanding lead or thrust Toronto right back in to the race.
So when Drew Hutchison (7-9) takes the mound on Wednesday, it won't be a must-win game, but a win would help ensure Toronto is still within range to make a run at the division.
"It's a big one, we're chasing those guys," Blue Jays manager John Gibbons said. "It's August, a couple of months left, but any time you're playing the team you're chasing [it's important]. Then of course Detroit comes in and they're a good ballclub, then Seattle and they're right there. These next nine, 10 days are important to us."
Blue Jays: Lawrie makes quick exit in return
Brett Lawrie came off the disabled list on Tuesday and headed back to the sidelines in the fourth inning with lower back tightness.
Lawrie hadn't played since fracturing his right index finger on June 22. He replaced Steve Tolleson on the active roster after the utility man was placed on the paternity list. Lawrie started at third base and went 1-for-1 before leaving the game.
"Too long, it just felt like it was never going to end," Lawrie said of his time away. "But it actually went a little bit quicker than I anticipated. The first little bit was slow, just because I was trying to get the kinks out, the finger was sore."
Orioles: Markakis mashing lefties
Leadoff man Nick Markakis has always hit lefties well, but since 2010, he's been one of baseball's best.
Markakis is a career .290 hitter against southpaws, and he entered Tuesday with 261 hits off lefties since 2010, which was the third-highest total in that span.
He added two more hits off lefty Mark Buehrle on Tuesday. Markakis has batted .449 against Buehrle in his career, which is his highest mark against any pitcher (minimum 50 plate appearances).
Worth noting:
• Despite recording 14 hits on Tuesday, Baltimore still has the worst batting average (.223) and on-base percentage (.272) in the AL since the All-Star break.
• After homering three times in his first 48 games, O's catcher Caleb Joseph has homered in each of his last three games.
David Wilson is an associate reporter for MLB.com. This story was not subject to the approval of Major League Baseball or its clubs.


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text:
Tribeca Storage - Single Cubby
Hardworking to its core, our expertly crafted collection exhibits a modernist sensibility that forgoes ornamentation in favor of industrial-style functionality. It also offers modular flexibility, with pieces that stack together to create the perfect storage scenario for any space. Oversized locking casters ensure ease of movement, while tough metal brackets and a tip-resistant kit keep vertical arrangements standing tall.
- Handcrafted of kiln-dried spruce with fine veneers
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- Cubby attaches to Single or Double Drawer Base, or other component, using sturdy metal brackets
- Includes a tip-resistant kit
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Tribeca Storage - Single Cubby
- Overall: 20"W x 15"D x 15"H
- Interior: 18½"W x 15"D x 13½"H
- Weight: 5 lbs.
Tribeca Storage - Single Cubby


text:
Relax, guys. Flash is run within separate process, called "plugin-container". Yes, it does tend to grow to 1/3 of firefox cache and does have memleaks.
Flash is curtainly crap, but try to say that to designers who pay Adobe 1.5$k yearly.
Relax, guys. Flash is run within separate process, called "plugin-container". Yes, it does tend to grow to 1/3 of firefox cache and does have memleaks.
Flash is curtainly crap, but try to say that to designers who pay Adobe 1.5$k yearly.
Flash is everywhere. Flash can do so many things and is so huge, it's nearly the size of a web browser by itself.
Part of that is because it actually does things that modern W3C standards are only now catching up with after escaping being smothered in the crib by Microsoft, Adobe, the MPEG-LA patent troll, and Apple. The rest of it is because it has to lug around a lot of complicated code that is designed to provide anti-user malicious features that some sites want to use, such as digital restrictions management.
Flash is on the FSF's High Priority list because it represents a very large threat, even to people who have otherwise escaped all other proprietary/malicious/anti-user software. There are many sites that don't work at all or at least for their primary purpose without Flash installed. Flash is the number 1 most attacked single piece of software not counting Microsoft Windows in total, and it's made even more dangerous because it is cross platform and most of the security problems it is packed full of cross over to all platforms Flash runs on.
Personally I just find a way to block Flash applets and replace them with a button that I must click to load the applet with. Flashblock for Mozilla browsers does this.
A lot of sites are using invisible Flash applets now instead of "web bugs" (1x1 images that set cookies), because cookies only let a site store a few KB of data, must have an expiration date, and browsers have easy ways to get rid of them or control what sites can even set one. By using Flash, they can set 100 KB of data for each SUBDOMAIN (so they can keep going once the first allotment fills up), that data never expires, and browsers typically provide no good way to manage Flash "Local Shared Objects", though BetterPrivacy for Mozilla browsers is pretty good about dealing with that problem.
Really, we should all be wanting Flash to die sooner rather than later. It does a lot of things, and very few of them are things the user is likely to want. This problem is typical of proprietary software, though Flash is more aggressive about its anti-features than most.
Better than remove it, never install it in the first place.
LSO are known problem, but not all sites use it. Yes BetterPrivacy is unevitable with Flash.
But dont kill 1x1 tracking pixels. A LOT of websites use this technology, from provider (for example ivwbox in Germany) to confirm that you are unique visitor. Nothing more, nothing less. Without this, the website owner will gain no profit from ads. To many webmins rely on it to get one way confirmation. This has nothing to do with privacy, just IP and so long you are on site.


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I don't have Hobbit's fancy cover-posting skills, so I'll just open the discussion with: Welcome to the SFFWorld April 2011 SF discussion on Cat's Cradle by Kurt Vonnegut, Jr. I look forward to hearing what everyone has to say. Discuss!
Cat's Cradle I read this book in the early 70's. Loved it. The concept of the "granfalloon" has stayed with me ever since--at least as I interpreted it when I was very, very young. Granfalloons are the meaningless connections and groups ("We're all Hoosiers here!") that humans invariably invent. Religions, patriotic groups, alumni clubs... granfalloons all. In Vonnegut's words (sing this to a calypso beat), "If you want to see granfalloon, take the skin off a toy balloon." Time to read it again... then I can join--better yet lead--a study/discussion group on Cat's Cradle, and those of us who are proper initiates can have potluck dinners, state hypotheses, reach conclusions, and perhaps lobby for the worthy goal of declaring November 11 (Vonnegut's birthday) International Granfalloon Day. --WB
I just finished this. A few thoughts: I enjoyed reading it but I didn't love it - it's too bleak and cold (fittingly) to inspire much more in me. Was this meant to be a receptacle for Vonnegut's epithets on the futility of the human condition? The story seemed to move from one Bokonian rhyme to the next very quickly; each miniature chapter contained a chunk of story and invariably a message from these writings. I couldn't quite decide if Vonnegut was making fun of religious dogma or using it to construct a message (like The Fosterites in Heinlein's SIASL) - probably both. I have read two other books by Vonnegut: Slaughterhouse 5 and God Bless You, Mr Rosewater - Cat's Cradle was much closer in tone to the former, being disjointed and almost superficial in description (there is no sense of place). I do enjoy this sort of easy string of events though that Vonnegut is able to put together and it reminds me a lot of the way Stanislaw Lem writes. The characters are basic but all fulfil a purpose, the backdrops are thin but only revealed as necessary and the science is plausible but fantastical.
I read Cat's Cradle early last summer. It was the third book by Vonnegut I have read with The Slaughterhouse Five and Breakfast of Champions being the others. I don't quite think Cat's Cradle reaches the level of The Slaughterhouse Five which to me was absolutely brilliant, but Cat's Cradle is both an entertaining and poignant read. I really loved the idea of Bokononism and how the narrator (John/Jonah) tied everything that happened throughout the book to the various teachings of Bokononism. I thought it was very telling that the destruction that comes in this book did not come from evil or maliciousness, but from reckless indifference and reckless self action. For the most part the characters responsible were people you could like. The creator of Ice-Nine in fact had that kind of thirst for knowledge that we very much admire, though his thirst was ultimately very focused on the learning without concern for implications. This book had many very comical moments, something Vonnegut always manages in his work and yet the central themes strike you in a very real way. All in all I would say another very good work from Vonnegut.
I thought this, and also how the humour also extended very much to the dramatic denouement Spoiler where the deadly frozen body is accidentally catapulted out of the ruins of the palace into the sea! This is a book that seems to be making light of the end of the world - does Douglas Adams take his cue from Vonnegut for the Hitchhikers' Guide to the Galaxy?
I'm not going to reread it now but wanted to chime in. I read several of his novels in high school (quite a while ago). They were perfect for where I was at that time and Cats Cradle was, IMO, the best of the bunch. As I said it was a long time ago but it still ranks on any top books read list I would make.
In the years immediately after WWII (I believe it was then), Hannah Arendt coined the phrase "The Banality of Evil" to describe how easily a seemingly civilized human or human society can slip into cruelty beyond his/her/their own consciences and beliefs. The scientist in Cat's Cradle (sorry, I've forgotten his name) who, on a dare, invents "Ice Nine" -- which has the capacity to end all life on earth -- then allows it to escape the laboratory, is Vonnegut's symbol of how each of us, via our careers and everyday living, can greatly add to the load of grief and horror carried by the world. No, my next jet trip to Hawaii will not be equivalent to the invention and distribution of a life-destroying substance like Ice Nine -- but when considered in concert with all of the other non-ecological activities of humankind, it might be enough to destroy the earth as we know it. A wonderfully comic novel, and an eloquent indictment of the banality of evil. Vonnegut's genius was to teach us to laugh at ourselves... and maybe, just maybe, improve ourselves.
Cat's Cradle is one of my all time favorite books. One thing that must be noted about Cat's Cradle, even if it is somewhat superficial, is that with its short chapters and eccentric story elements it possesses an oddly addictive quality. You're never discouraged to read on, and I often find myself getting sucked into chapter after chapter from simply having read the first line of each. In relation to Vonnegut's other big works, such as The Sirens of Titan, Slaughterhouse-Five, Mother Night, etc., it stands somewhat alone in this regard. I'm surprised it's not more popular than it is. It sucks you in in a very non-cheesy, non-gimmicky sort of way. The story itself is grand and beautiful and sad and hilarious, in some ways a lot like The Sirens of Titan. And even with its eccentric tone and style, the science fiction elements manage to be more tangible and real than most any other science fiction books I've read. For anyone who's ever studied atom-related science in high school, the image of bowling balls stacked in rows elicits a remarkable realistic and believable quality to how the concept of freezing matter with Ice-Nine is purported to work. To be honest, most of the metaphors and explanations given in science classes tend to be far more silly and far less vivid than the elements found in Cat's Cradle. Even Arthur C. Clarke's hardest science fiction comes off a tinge cartoonish in comparison. Another thing to note about the story: the religion of Bokonon, so openly founded on the principle of willing self-delusion. The book opens with: "Live by the foma* that make you brave and kind and healthy and happy." * Harmless untruths What could better describe the nature of religion relative to its role in society? What could be more innocuous and intimate than two people pressing the soles of their feet together? What could be more hilarious than an establishment that feels threatened by people pressing the soles of their feet together? Damn, I love Vonnegut X)
Cat' Cradle. I didn't read it again this month, but when I did read this book (was I in grad school? I know I got it for "half-price" which was $0.75 and worth every precious penny of a book that's nearly torn the cover off and is in very bad condition, but it's a native copy, one of the old paperbacks from way back) I really liked it. I've read a lot of Vonnegutia and still have five or six books to go (thankfully!). Cat's Cradle is short, sweet, and packs a punch. One thing I like about Kurt is that while he's not religious, per se, I never get the feeling he's spitting on those who happen to be religious. While Cat's Cradle is satire, it doesn't feel mean-spirited, at times it seems wistful tinged with envy, how he wishes he could make that leap of faith but is somehow unable.... Maybe that's what I'm trying to say, and I have to say I'm sympatico with the ideals expressed here. Your views and my views do not have to be "aligned" and one of us does not have to prove the other wrong. We can coexist. Kurt seems more hostile to Ice-nine and what we've come to call the global military-industrial complex than anything to do with religion. Science just seems to be the means to which the institution is hoisted by it's own petard. Truth is, (perhaps) religion is helpful in getting us "through" this life. Once you're dead, you can relax and enjoy your avocation. Or at least you'll know what you have to do next. And I dig all the terms, the touching feet thing, and the book in general. I keep trying to find my way "out" of the science as it is explained. Obviously Ice-nine is a crystal, it has a melting point, and if we could melt things, we could have enough to live on, albeit in an extremely water-tight world. A ten, a favorite. I have to speculate that ice-nine is an allegory for nuclear weapons. What else leaves Earth such an absolute prison? --Brian. Does anyone know when Cat's Cradle came out versus Ballard's The Crystal World?
I couldn't manage to fit this in time for the April discussion, but I'm glad I still got to it. Here's what I posted on Goodreads, as I'm too lazy to write another review for here: [9/10] an impressive achievement. I came to the story with a fresh mind, having intentionally avoided discussions and spoilers and with little previous experience of Vonnegut opus (I think I have only read The Sirens of Titan long before this, and thought it was OK in a Golden Age of SF way) I find it incredible how modern and connected to 2011 issues the story feels. For most of the first half of the book I wondered why this is considered SF, as it dealt mostly with social commentary and character sketches. It became clear later on, once ice-nine gets a part in the story. I must say I find Vonnegut style of short sketches very appealing - I don't know why but I imagine him like a George Carlin type of entertainer : apparently a cynic, but one who cares deeply for his fellow humans and so he screams at them his tough love and denunciations [sp], and he offers laughs to keep from crying. He democratically attacks all "grandfalloonas" from politics, nationalism, religion, atheism, communism, military thinking, authoritarianism - I could go on with all the "-ism"s on the books. But I also see Vonnegut as the ultimate humanist - by creating his wacky religion he appeals at us to be human, to be kind and express ourselves through love (or "boko-maru" according to the prophet Bokonon) Is this the solution? I'm trying not to spoil the ending, but what I got out of the book is a wake up call and another eye-opener, if we really needed one, to the path we are engaged on due to the stupidity and complacency of humans as a race. One aspect of the book that I want to make note here is the quotable value of the text: I started with a line here and there, with a Bokonianism definition, and by the end of the book I wanted to write down whole chapters. Here are some examples: "Hello, fellow anthropoids and lily pads and paddlewheels!" --------------- "Peculiar travel suggestions are dancing lessons from God." --------------- "The highest possible form of treason," said Minton, "is to say that Americans aren't loved wherever they go, whatever they do." --------------- "Pay no attention to Caesar. Caesar doesn't have the slightest idea what's really going on." -------------- "A pissant is somebody who thinks he's so damn smart, he never can keep his mouth shut. No matter what anybody says, he's got to argue with it. You say you like something, and, by God, he'll tell you why you're wrong to like it. A pissant does his best to make you feel like a boob all the time. No matter what you say, he knows better." [note: this is the best definition of an internet troll that I have come across] best moment in the book for me was a discourse by the American Ambassador on the subject of honoring the dead soldiers of past wars: "Perhaps, when we remember wars, we should take off our clothes and paint ourselves blue and go on all fours all day long and grunt like pigs. That would surely be more appropriate than noble oratory and shows of flags and well-oiled guns." it would also be interesting to compare similarities and differences between Bokonon and other SF authors tampering with the concept of profets and establishing new religions, from Heinlein's Stranger in A Strange Land to Frank Herbert's Muad'Dib or Orson Scott Card's Ender.


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Dye pack turns Stover Creek neon green
Staff Writer
A sea-dye packet caused confusion and alarm Wednesday, Dec. 28, 2011, as it turned the normally pristine waters of Stover Creek in Chester a brilliant shade of fluorescent green.
Such packets are used in many applications, the most common being their use by individuals or groups in distress at sea to alert search and rescue parties to their location.
Found west of Meadowbrook Loop hanging from a tree along the creek, the dye packet had not completely emptied its contents when responders from Plumas County Sheriff's Office and Chester Fire Rescue found it and took it down.
The dye, an almost rusty orange color until it reacted with the water of the creek, stained the hands of Deputy Juan Cervantes as he brought the packet out of the brush and placed it in an evidence bag.
Prior to finding the packet, calls were made to Collins Pine Co. to ensure that the mill was not conducting any dye tests, and a representative of the mill was on hand to help find the cause of the mysterious color change. The mill was not conducting any sort of dye tests that day, and the representative was as baffled as the responders until they found the dye packet.
Cervantes speculated that the sea-dye packet was likely a prank, and that after investigation it was determined that the dye was a substance called uranine. He added that the substance was nontoxic and would dissipate over time.
Nearly all the dye near Meadowbrook Loop had dissipated or moved downstream shortly after 1 p.m., although some traces could still be seen in pockets of water less disturbed by the current.


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Social Charity Spy: Charities' online response to the Nepal Earthquake
1 May 2015
The Disasters Emergency Committee, ActionAid and Save the Children have been making full use of social...
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Big Society Capital promised a lot, but what does it actually deliver? Gordon Hunter queries.
David Cameron officially launched Big Society Capital at the London Stock Exchange on 4 April 2012.
It's the culmination of six years of hot air leaked originally from the "Commission on Unclaimed Assets". At first we were told that the cobwebbed vaults held £2bn worth of dormant funds (bank accounts, insurance policies, pension funds). The Commission, in its July 2007 report, claimed £250m.
What we've actually got is £600m (one-third of it equity from the banks, the Merlin Agreement - abracadabra… Pooooof!).
The Lincolnshire Community Foundation urged the Commission to allocate its £250m to area pots, in permanent endowment, giving the interest to small charities. That way, Lincolnshire would have held £4m and generated about £200,000 every year in grants. Instead, Big Society Capital has emerged - yet another layer of staffing and offices, lending (not giving) wholesale to another layer of lenders (community development finance institutions like Triodos, Charity Bank and Big Issue Invest) who in turn lend to charities.
Obviously the money goes to big, mainstream charities, often with capital projects, delivering public services at lower cost. It doesn't go to the thousands of small, volunteer-led groups that form the safety net of civil society and that we, as a Foundation, are dedicated to nurturing.
What would some 16th century benefactor make of it? He's left £10,000 in his will to buy clogs for Lincolnshire workers. By the 20th century, the Trust is "frustrated": there's no-one to give the money to, there are no trustees still alive, the money sits, frozen, on the bank's bottom line.
Instead of unlocking that cash and making general grants, the money goes to Big Society Capital where, let's say, 20 per cent contributes to core costs. £8,000 is lent to a social financier. Fifty per cent (a figure derived from actual examples) goes to marketing the financier's product (say, a social investment bond) and another 20 per cent towards core costs. Finally £2,400 gets lent to MegaCharity Inc. Interest rates along the chain are 4 per cent to 6 per cent.
I'm not sure it's philanthropy as originally intended.
And the commercial banks own 40 per cent of Big Society Capital!
As Professor Paul Palmer, associate dean at the Cass Business School, said: "I don't remember the Good Samaritan saying 'I'll give you £100, but I want it back with 15 per cent interest in three years'."
This piece had previously incorrectly stated that banks were providing a commercial repayable loan to Big Society Capital. They are not. They are investing permanent equity.
Gordon Hunter
Lincolnshire Community Foundation
24 Apr 2012
Whoops: my achilles heal (the decimal point) is playing me up again!
Thanks for the correction, Gareth. It's definitely £600 (six hundred) million [£200 million plus interest to be repaid to the Merlin banks].
Incidentally does anyone else find these verification codes very difficult to read - or am I lacking in humanity?
Gareth Zahir-Bill
Investment Manager
23 Apr 2012
First quick comment, hoping you can re-edit this piece, BSC have a bit more than the £60m under management that paragraph three states.
Thank goodness they don't have any more than £600m (providing £2bn would have been pointless), getting the right dealflow for the institutions that BSC will provide capital to is going to be a pretty tall order. BSC is there to hopefully help prove that social finance intermediaries can be financially sustainable in the medium term, not provide cheap or free capital. There is scant evidence to prove that there are a mass of intermediaries that can be financiallly sustainable, lets hope the BSC team can start to provide this evidence.
James Murphy
Projects Manager
23 Apr 2012
Response to [Gareth Zahir-Bill]
Hey Gareth,
Forgive me, because I am genuinely interested in your comment and its lineage. I'm game for a spirited and frank exchange of views if you are?
Are you suggesting that BSC intentionally does not have the capacity to meet the necessary requirement? You will note that I did not use the word "demand" because that would be just silly of me wouldn't it?...kinda like describing the ocean as an "unsecured, transient, essencial asset"....to a fish.
Alternatively, are you suggesting that scope creep is to blame for the current incarnation of the BSC? (shudders)
May I humbly offer a prediction, read you the the "Tea Leaves" of BSC if you will.
It's scope will diminish year on year in line with it's failure to deliver progressive change. Why? Because trying to effect the privatisation of social necessity is a little like placing toddlers in a sweet shop and telling them,
"make sure you only take one sweet children. We dont want to spoil our dinner now do we!"
Once your back is turned they will be cramming down the Strawberry Creams and hiding the Turkish Delight down the back of the sofa. Eventually there will be a short but rowdy conversation with "Merv" on the big white telephone.
3 years....max. If im wrong I promise I'll buy you a 20% of a pint :)
1 May 2015
The Disasters Emergency Committee, ActionAid and Save the Children have been making full use of social...
17 Apr 2015
This week we highlight the Anne Frank Trust UK's use of social video to commemorate the 70th anniversary...
10 Apr 2015
This week we highlight how Marie Curie is using social media to keep supporters up to date with Sir Ranulph...
30 Apr 2015
Dorothy Dalton says that over the past five years, charities have put much greater effort into developing...
24 Apr 2015
Our weekly round-up of outlandish and interesting information collected from the corners of the charity...
21 Apr 2015
Instead of setting up new charities, founders should think about donor-advised funds or Community Foundations...
7 Jul 2015
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Charity Finance Yearbook 2015 - OUT NOW
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Charity Finance (with optional website)
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text:
A Chinese Instacart clone raises $100 million
Dmall takes grocery orders online and employs workers who buy the items in supermarkets and delivery them quickly to consumers.
More keyword data is obscured in analytical reports.
Trying to figure what persuades an online shopper to buy can seem like looking into a murky river and straining to see the pebbles and sand along the bed. Unfortunately for some retailers and their search marketers, the water is becoming more clouded.
The change involves Google and an ongoing push to enable consumers to partially hide their Internet search efforts. It's important to say what this is not: One of those revisions that Google regularly makes to the mathematical formulas that govern search results, and which can cause migraines among e-retailers who fear being lost at sea among the seemingly infinite search possibilities. No Panda here, no "Fresh," to name two recent updates to the Google search algorithm that many e-retailers know well, and which were designed to reward web sites that offer the newest and most relevant content.
Instead, this change is about providing consumers with, in Google's own words, "a more secure and private search experience." Google secure search encrypts inquiries for consumers signed into their Google accounts, meaning that search terms and results are generally hidden from anyone but that consumer and Google. In describing the program last fall, Evelyn Kao, a Google project manager, said it could protect consumers using, say, unsecured Wi-Fi inside cafes. More generally, Kao wrote, the steady move toward more personalized searches—that is, serving up results informed by a consumers' search history—also makes such protection more important.
The program has since expanded. For instance, searches conducted via Google Chrome and Firefox now default to secure search. And that's making life more difficult for those engaged in search engine optimization, says Adam Dorfman, partner at SIM Partners, a digital marketing services provider. That's because the encrypted searches are also obscured in the analytical reports that marketers and retailers rely upon to see which search keywords and phrase lead online shoppers to buy. "A larger percentage of keyword referrals are coming back as 'not provided'," he says. "It makes monitoring keywords much harder."
For instance, a shoe e-retailer might do some SEO around the keyword phrase "Nike running shoes." The e-retailer would want to know as much as possible about the performance of the phrase in order to do better SEO, such as whether to use the phrase in an infographic, or make it into a link that would draw the positive attention of Google's search engine crawlers. "It's harder to adjust optimization tactics," Dorfman says. He says that, based on his observations, up to 25% of site traffic to particular web sites could be coming via secured searches; for its part, Google has said that secured search should affect no more than 10% of searches.
None of this necessarily means a big muddy flood for retailers anxious about their SEO efforts. Dorfman says the larger ones likely will feel the most impact—but that they have the luxury of employing, either in-house or via agencies, sophisticated search marketing experts who will be able to detect patterns through the new murk. "For most mom-and-pops, they will probably be annoyed by this, but it won't affect major SEO decisions," he says. Still, with Google certainly hoping that more consumers will sign into Google accounts while on the Internet, secure search is something to keep in mind.
Lamoda, an online fashion retailer backed by Germany's Rocket Internet, began selling in the Ukraine ...
The potential for wearable fashion is endless and exciting. But brands promoting these web-connected wearables ...
A specialist in helping online retailers upgrade their e-commerce software, has a surprising word of ...
AliExpress, the Alibaba service that lets consumers around the world buy from Chinese retailers, is ...
If there's something you've bought offline that you weren't able to buy online, we're probably thinking about that.