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A More Realistic View of Capitalism
View related content: Free Enterprise
Click here to view this Outlook as an Adobe Acrobat PDF.
No. 1, January 2010
A BBC poll conducted in twenty-seven countries found last month that only one in four Americans thinks that capitalism works well–and that this is the highest proportion of any country in the world. Only in America and in Pakistan, of all places, do more than 20 percent of the respond-ents think that capitalism works well; the average across the twenty-seven countries polled was only 11 percent. And 23 percent of those polled "feel that capitalism is fatally flawed, and a new economic system is needed." Majorities want their governments "to be more active in owning or directly controlling their country's major industries in 15 of the 27 countries." But "the most common view is that free-market capitalism has problems that can be addressed through regulation and reform–a view held by an average of 51 percent of more than 29,000 people polled."[1]
This is a measure of the intellectual toll taken by the financial crisis. But it is good news, in a way. As opinion researchers have long known, terms such as "capitalism" are dimly understood by most people (even by intellec-tuals), so the best way to interpret these results is as a repudiation of the status quo, which most people (inaccurately) call "capitalism" or "the free market."
In this light, the real problem lies not in the fact that so many people would like to see an entirely new system–a reasonable demand, once we understand what caused the crisis–but rather in the fact that a majority thinks that the remedy for the inadequacies of the status quo is "regulation and reform." The status quo can best be characterized as hyperregulated capitalism, and it was the regulatory elements, not the capitalist elements, that caused the financial crisis.
In short, people are right to be dissatisfied with prevailing economic arrangements. But they have been persuaded by their intellectual leaders–including, unfortunately, most defenders of "capitalism"–to think that the status quo is capitalism, rather than a system in which the most fundamental feature of capitalism–competition–has been seriously undermined by a thick layer of regulation laid over capitalism during the last 150 years. There is no better example of how misleading it is to blame "capitalism" for the resulting problems than in the case of the financial crisis, which was in fact a regulatory failure par excellence.
What Did Not Cause the Crisis
There are currently three points of consensus about what caused the crisis, one of which is indisputable, one of which is dubious, and one of which is incorrect. The incorrect and the dubious need to be cleared out of the way if we are to understand what really went wrong. So here are the three points of consensus, arranged from wrong, to probably wrong, to right:
Claim One: Financial Deregulation Caused the Crisis. This piece of the conventional wisdom is false. The indefatigable Peter J. Wallison has pointed out in an AEI Financial Services Outlook that the two aspects of financial deregulation that have been blamed for the crisis are mythical, not factual.[2]
First, the Gramm-Leach-Bliley Act of 1999,[3] which amended the Glass-Steagall Act of 1933,[4] did not erase the distinction between commercial banks, which take deposits and make loans and investments, and (the somewhat confusingly labeled) investment banks, which underwrite and trade securities. The 1999 act merely allowed both commercial and investment banks to be subsidiaries of a common holding company, but they remained subject to the same restrictions on the nature of their activities as before. These restrictions were loose in the case of investment banks but tight for commercial banks–and as we shall see, the crisis took place within the commercial banks. It is therefore crucial to recognize that, contrary to the claim many prominent economists and commentators have made, the 1999 act did not "repeal" Glass-Steagall, whose heavy regulatory framework on the activities of commercial banks remained on the books, as potent as ever.
The second part of the "deregulation" myth concerns credit default swaps, which truly were, and remain, unregulated. But as Wallison has shown in yet another AEI Financial Services Outlook,[5] subsequently expanded into an article in Critical Review,[6] credit default swaps did not mysteriously "interconnect" banks and increase systemic risk.
In essence, a credit default swap is a loss-protection insurance contract. This risk is swapped (for a fee) by the lender to a "counterparty"; the amount of the risk remains the same but has merely been transferred from the lender to the counterparty. This transfer no more increases overall risk levels than does a car insurance policy, which transfers risk from the driver to the insurance company. A credit default policy is often traded from one counterparty to another, so on a flow chart that followed the policy from hand to hand, all the counterparties might appear to be "interconnected." But this interconnection is historical only: past counterparties do not remain on the hook when they pass a policy to a new counterparty. There remain only two meaningfully connected parties–the ultimate insurer and the insured. Not surprisingly, then, Wallison demonstrates there is no evidence that credit default swaps contributed to the crisis.
Claim Two: Executive Compensation Systems at the Banks Caused the Crisis. This part of the conventional wisdom is doubtful at best. It is true that many publicly held American corporations, including banks, pay performance bonuses that may encourage excessive risk taking. The reason for this is a topic that cries out for exploration, as does any instance of manifestly irrational behavior by large numbers of businesses. An explanation that we find credible builds on the historical research of Amar Bhidé, who points out that starting in the 1930s, regulations issued by the Securities and Exchange Commission (SEC) made the close supervision of corporations by "insiders" who financed these companies–the dominant practice before the SEC regulations–impossible.[7] Since the 1930s, therefore, equity investors in most corporations have, by definition, been "outsiders" who have had to use publicly reported information to infer what is going on inside. In making these inferences, they rely on short-term, legally mandated heuristics for long-term performance, such as quarterly earnings reports. This gears publicly held corporations toward short-term gain, even at the price of long-term risk.
It is one thing, however, to say that corporate America's compensation systems are flawed, whether because of securities regulations or for some other reason. It is quite another thing to say that this flaw caused the financial crisis.
To date, there have been only two studies of the matter, the first of which found that the banks whose executives held the most stock in the bank lost the most money in the crisis–indicating that the executives did not engage in deliberate risk taking motivated by a quest for higher bonuses, as they would have been risking their own money.[8] A more recent study, however, by Ing-Haw Cheng, Harrison Hong, and Jose Scheinkman finds a positive correlation between risk taking and large bonus packages,[9] although this study has been criticized on the grounds that most of the risk taking found by the authors was among insurance companies, not banks.[10]
These two studies are important, regardless of their conflicting findings, because their authors recognize that different banks operated differently. But at the aggregate level, there is decisive evidence against the thesis that incentives to take risks caused the financial crisis. The evidence is this: 93 percent of all the mortgage-backed securities held by American banks either were issued by Fannie Mae or Freddie Mac, and were thus implicitly guaranteed by the U.S. Congress (as the American taxpayer soon found out), or were issued by investment banks and rated AAA by one of the three rating agencies: Moody's, Standard and Poor's, or Fitch.[11]
Never mind that these three private corporations had had a legally protected oligopoly since 1975, thanks to another SEC regulation.[12] Never mind, in short, that, protected from market competition, these companies' AAA ratings may have been so sloppy or so deliberately skewed that they understated the risk associated with mortgage-backed bonds. That aside, the oligopoly's ratings produced a concrete result: as is true of all bonds, AAA-rated bonds paid less than lower-rated (AA, A, BBB, etc.), supposedly riskier bonds. Bond investors always trade risk against returns. A high rating connotes safety and therefore always pays lower returns than lower-rated bonds pay–and there is no higher rating than AAA. If bankers were being lured by their banks' compensation systems into acquiring risky but lucrative assets–on the basis of which the bankers would have gotten bigger bonuses–then they should never have bought AAA bonds. Instead, they should always have bought higher-paying AA-, A-, or BBB-rated bonds, but they did so only 7 percent of the time.
Claim Three: The Fed's Low Interest Rates from 2001 to 2005 Financed the Housing Bubble That Led to the Crisis. This is the only element of the conventional wisdom that seems to rest on solid ground.13 But when it is cut loose from the other two elements of the conventional wisdom, it generates a puzzle: why did the bursting of the housing bubble cause a financial crisis, that is, a banking crisis?
This might not seem so puzzling at first: commercial banks made many of the mortgage loans that were financed by the Federal Reserve's low interest rates. But the financial crisis was not caused by mortgage defaults directly: it was caused by a sharp drop, in September 2008, in the market price of mortgage-backed bonds, in anticipation of their declining value as the bubble deflated. The first victims of the falling price of mortgage-backed bonds were Fannie and Freddie; in quick succession came the investment bank Lehman Brothers; and finally came the commercial banks–because they held so many mortgage-backed bonds, not mortgages. The question, then, is why the commercial banks held so many mortgage-backed bonds. If deregulation or the quest for high earnings, hence high compensation, did not cause the banks to buy these bonds, what did?
Regulatory Roots of the Financial Crisis
To answer this question, we have to turn in a direction that has been overlooked by the conventional wisdom: an obscure regulation called the recourse rule. The recourse rule was enacted by the Federal Reserve, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, and the Office of Thrift Supervision in 2001.[14] It was an amendment to the international Basel Accords governing banks' capital holdings, and all over the world, these regulations appear to have contributed significantly both to the housing boom and to the financial crisis.
A bank's capital reserve represents funds that are not borrowed–funds that, therefore, need not eventually be paid back to someone, such as a bank's depositors. Thus, an important source of a bank's capital reserve is funds from selling shares of stock in a bank. These funds can be costly to acquire, as one expert has pointed out:
For corporations (including banks) not eligible for Subchapter S earnings pass-through treatment, the after-tax cost of equity capital, say 12 to 15 percent, is substantially greater than the after-tax cost of debt, which is generally in the 3 to 5 percent range.[15]
By reducing their capital holdings, banks can, at least in principle, increase their profitability.
But under the recourse rule, "well-capitalized" American commercial banks were required to spend 80 percent more capital on commercial loans, 80 percent more capital on corporate bonds, and 60 percent more capital on individual mortgages than they had to spend on asset-backed securities, including mortgage-backed bonds, as long as these bonds were rated AA or AAA or were issued by a government-sponsored enterprise (GSE), such as Fannie or Freddie. Specifically, $2 in capital was required for every $100 in mortgage-backed bonds, compared to $5 for the same amount in mortgage loans and $10 for the same amount in commercial loans.
One can readily see that the recourse rule was designed to steer banks' funds into "safe" assets, such as AAA mortgage-backed bonds. The fact that 93 percent of the banks' mortgage-backed securities were either AAA rated or were issued by a GSE shows that this is exactly what the rule accomplished.[16] Unfortunately, these bonds turned out not to be so safe. Without the recourse rule, however, there is no reason for portfolios of American banks to have been so heavily concentrated in mortgage-backed bonds.
No other category of investors except investment banks (which packaged mortgages into mortgage-backed securities, and thus were caught with huge inventories of both), no matter how highly leveraged–not hedge funds, not bond funds, not pension funds, not insurance companies–was as decimated as commercial banks by huge holdings of mortgage-backed bonds. But that is because the recourse rule covered commercial banks, not hedge funds or anyone else. If not for the recourse rule's privileging of mortgage-backed bonds, the burst housing bubble almost certainly would not have caused a banking crisis. The banking crisis, in turn, froze lending and caused the Great Recession.
Indeed, the recourse rule may have been a significant factor in pumping up the housing bubble itself. In 2001, $2.2 trillion in mortgages were originated; the figure leapt to $2.9 trillion in 2002, when the recourse rule took effect, and to $3.9 trillion in 2003 before declining to $2.9 trillion in 2004, $3.1 trillion in 2005, and $3 trillion in 2006, after which the bubble began to deflate.[17] Was there a connection between the recourse rule and the housing bubble?
Each mortgage-backed bond promised, to the bond holders, principal and interest payments drawn from thousands of mortgages. The more mortgage-backed bonds were bought, the more mortgages had to be written. The artificial demand for mortgage-backed bonds created by the recourse rule may therefore explain why, as the decade wore on and the pool of credit-worthy borrowers who made traditional down payments dried up, banks and mortgage specialists lowered their lending standards and made the terms of their mortgages more generous. The resulting mortgages would soon be sold to Fannie, Freddie, or an investment bank for securitization into bonds. (Between the middle of 2001 and the beginning of 2002, mortgage securitization jumped from about $20 billion to $50 billion per quarter, peaking at nearly $150 billion per quarter in 2006.)[18]
The recourse rule did not apply outside the United States, but the first set of Basel accords on bank capital, adopted in 1988,[19] included provisions for even more profitable forms of "capital arbitrage" through off-balance-sheet entities such as structured investment vehicles (SIVs), which were used extensively in Europe. Moreover, in 2006, a second set of bank-capital accords, "Basel II," began to be implemented outside the United States. Basel II took essentially the same approach as the recourse rule, encouraging foreign banks to acquire mortgage-backed securities, just as in the United States.[20]
Here, then, we may have the genesis of the global financial crisis. If so, it turns out to have been caused by the very device–regulation–to which most people now, as they did throughout the twentieth century, look for the "reform" of capitalism. But is it really capitalism when it is so heavily regulated?
Regulation as a Source of Systemic Risk
It is true that capitalists–bankers–who took advantage of the recourse rule turned out to be making a grievous mistake. But not all capitalists made this mistake, and that is where the story gets interesting.
Recall the findings of Cheng, Hong, and Scheinkman, who detected more risk taking among ¬individual banks that paid high bonuses. We contrasted this finding against the aggregate behavior of (commercial) banks, which chose the less-lucrative, less-risky GSE-issued or AAA-rated mortgage-backed bonds favored by the recourse rule 93 percent of the time. The aggregate finding suggests that executive compensation practices did not cause the crisis and that the recourse rule did. But the findings by Cheng et al. remind us that aggregate figures obscure differences in behavior among individual business firms. Indeed, there is a word for "differences in behavior among individual business firms": competition.
Consider the contrast between Citigroup and one of its main competitors, JP Morgan Chase. Citi jumped into mortgage-backed bonds with both feet, putting them on its balance sheet through the recourse rule but also buying them off-balance-sheet through SIVs, of which Citi created seven of the sixteen in the United States (there were forty-one in Europe). Citi even established a separate unit to securitize its own mortgages. Meanwhile, JP Morgan lost billions of dollars in potential revenue for years in order to avoid mortgage securitization.[21] JP Morgan's Jamie Dimon was among those who recognized the danger; Citigroup's Chuck Prince apparently recognized the danger but calculated the odds of disaster as lower than the profits to be made from taking advantage of Basel I (which sanctioned SIVs) and the recourse rule.
What explains this diverse behavior is that the ¬individual bankers in question had different perceptions of the magnitude of the risk. In unregulated markets, that kind of diversity of viewpoints is precisely what makes capitalism work. One capitalist thinks that profit can be made, and loss avoided, by pursuing strategy A; another, by pursuing strategy B. The heterogeneous strategies of different capitalists compete with each other, and the better ideas produce more profits than losses.
That, from an analytical perspective, is competition. From the same perspective, competition is at the core of any rigorous definition of "capitalism." Competition is what gives capitalism its only conceivable economic advantages, as compared either to regulation or to the "whole new economic system" that many people have tried to envision ever since capitalism–with its inequalities, its waste, and its many other inadequacies–burst into public consciousness during the Industrial Revolution. To ask why we need competition, then, is to ask why we need capitalism.
Our answer is as follows. In a complex world like ours, nobody really knows what will succeed until it is tried. Competition, which pits entrepreneurs' divergent ideas against each other, is the only way to test these ideas through anything but the highly unreliable process of verbal debate (in which the debaters' competing ideas cannot be simultaneously tested against each other in the real world, instead of in the imaginations of their audience).
Competition among capitalists sorts out which of their ideas actually please real-world consumers and which of them are displeasing–however appealing the ideas might have seemed on the drawing board. And competition among capitalists also sorts out which ideas for how to avoid loss are good ones and which ideas for avoiding loss are bad. Thus, competition has the net effect of spreading society's bets among different, fallible ideas about where profit–and loss–might be located and of testing them against reality. For this reason, herd behavior among capitalists is a genuine threat to its "competitive advantage." If capitalists stop acting heterogeneously–if they compete through imitation, rather than innovation–the risk of systemic failure increases, unless all of the capitalists happen to be placing their chips on the right idea.
Capitalism will probably always be prone to asset bubbles and other manifestations of homogeneous behavior, but only because it is part of human nature for people to go along with the crowd. This is a risk that can be mitigated but not eliminated. But capitalism has a unique feature, competition, that does mitigate it by both encouraging and taking advantage of heterogeneous behavior, that is, innovation.
Homogeneity, on the other hand, is the ineradicable curse of socialism, in which the community as a whole, through its elected (or self-appointed) representatives, decides on the allocation of resources. One plan is imposed on all, as thoroughly as if everyone spontaneously decided to join a herd.[22] And we maintain that homogeneity is also the problem with regulation. Regulations, by their very nature, align the behavior of those being regulated with the ideas of those doing the regulating. Regulations are like mandatory instructions for herd behavior, automatically increasing systemic risk.
The recourse rule, Basel I, and Basel II loaded the dice in favor of the regulators' ideas about prudent banking. These regulations imposed a new profitability gradient over all bankers' risk/return calculations, conferring 80 percent capital relief on banks that bought GSE-issued or highly rated mortgage-backed bonds rather than commercial loans or corporate bonds, and 60 percent relief for banks that traded their individual mortgages for those "safe" mortgage-backed bonds. Only bankers with the most extreme perceptions of the downside, such as JP Morgan's Jamie Dimon, escaped unharmed.
Bank-capital regulations inadvertently made the banking system more vulnerable to the regulators' errors. But this is what all regulations do. Whether by forbidding one activity or encouraging a different one, the whole point of regulation is, after all, to change the behavior of those being regulated. And the direction of change is, obviously, the one the regulators think is wise.
Perhaps, then, we do need a new economic system: capitalism. The Basel rules, the recourse rule, the oligopoly-conferring regulations of the SEC–these regulations cover a tiny fraction of the millions of pages of the Federal Register and its state, local, and international counterparts. And each of the hundreds of thousands of regulations filling those pages chips away at the heterogeneous competitive behavior that constitutes the best reason for capitalism. If one is looking for the cause of a systemic failure in our highly regulated economy, it makes more sense, at least initially, to look to the laws that govern the whole system, rather than reflexively blaming what has now become "capitalism" in name only.
How Conservatives Get Capitalism Wrong
If our argument has been correct, then the Great Recession was a regulatory failure, not a failure of capitalism. But it is also an occasion for a rethinking of capitalism–by both its conservative defenders and its liberal critics.
Let us start with conservatives, many of whom make the mistake of extolling the brilliance, wisdom, or heroism of capitalists. They forget that for every Jamie Dimon, there is a Chuck Prince. Capitalists are as fallible as anyone else. Collectively, they possess no superior powers; their lucky guesses, no matter how well informed, are still guesses. Everyone can see this in the wake of the crisis. Paeans to capitalist genius will no longer do.
Seventy-three percent of the successful entrepreneurs recently surveyed by the Ewing Marion Kauffman Foundation said luck was an important factor in their success.[23] These successful capitalists' own assessments happen to track the standard liberal view. The main point made by John Rawls–the great philosopher whom conservatives love to loathe but hate to read–was that good luck, including even the good luck to develop a strong work ethic, confers no moral claim. Winners of the genetic lottery, Rawls said, are not thereby entitled to be rewarded. Liberals are right to notice that good luck explains many capitalists' success, and that bad luck–accidents of birth–condemn millions to lives of misery. Conservatives who close their eyes to the accidental element in wealth and poverty make themselves appear both heartless and clueless.
In addition to their unfortunate romanticizing of capitalists, conservatives have erred by adopting the economists' standard explanation for the success of capitalism: self-interest. Self-interest is supposed to ¬provide the "magic of the market," but we can safely assume that Chuck Prince was every bit as self-interested as Jamie Dimon. Both of them had equally strong incentives to save their banks, but that did not help Citigroup. Armen Alchian, an economist at the University of California, Los Angeles, showed in 1950 that capitalism would succeed even if capitalists were not motivated by self-interest. And the fact is that many successful -capitalists, such as the founders of Google and Whole Foods, were not motivated by self-interest.[24]
Unfortunately, economists have only grown more obsessed with self-interest–that is, "incentives"–since 1950. This has led many conservatives to embrace the idea that "greed is good"–a woeful misreading of Adam Smith. Smith's parable of the baker, to whose benevolence we do not appeal when we buy our bread, is actually a lesson in unintended consequences, not in the wonders of greed. Even if the baker intends merely to make money, he can do so only by providing his customers with bread. In his case, greed is indeed good. But that does not mean that greed is always good and benevolence bad, nor that all bakers are in it solely for the money. Nor does it mean that greed accounts for the success of capitalism.
How Liberals Get Capitalism Wrong
Liberals are right to see through the usual conservative defenses of capitalism, but they are wrong on the big picture. They fail to notice that there is more to capitalism than luck and greed: there is competition–the saving grace of the whole system; the device that turns good luck to social advantage; and, when undisturbed, the source of capitalism's systemic strength.
Competition is the engine that turns the talents of the lucky to the service of all. A baker who offers moldy or bland bread can be driven from the field by a competitor offering a better product. That is the message of Adam Smith. The successful baker, no matter how greedy his motive for baking bread, must unintentionally mimic the very actions an altruistic Rawlsian philosopher would prescribe. The reason is the competitive nature of the capitalist system; the motives of individual capitalists are irrelevant. Competition puts capitalists' different motives, like their different ideas, to the acid test of consumer satisfaction. This tends to give consumers what they want–or at least what they think they want–and it diversifies a capitalist society's investment portfolio. Capitalism thus mitigates both human greed and human fallibility. This is an amazing achievement, but there is nothing magical about it.
Now consider again the alternatives liberals tend to favor–either the regulation of capitalism or its replacement by something more democratic, like an idealized socialism. Since regulators' or citizens' ideas would then be imposed on the whole economy at once, they could not be put to the competitive test–any more than the conflicting arguments of debaters, the conflicting promises of politicians, or the conflicting forecasts of budget analysts can be tested. If the citizens' or the regulators' ideas happen to be good ones, we all gain; if they happen to be bad, we all lose.
The whole system crashed when the financial regulators' ideas about prudent banking backfired, but such failures are inevitable unless modern societies are so ¬simple that the solutions to social and economic problems will be self-evident to a generalist voter, or even a specialist regulator. That modern societies really are that simple is, in truth, the hidden assumption of modern politics. This is why political conflicts get so ugly: neither side can understand why their adversaries oppose what "self-evidently" should be done, so both sides ascribe evil motives to each other. But the financial crisis has exposed this simplistic view of the world for what it is. In the wake of the crisis, nobody can plausibly deny anymore that modern societies are bafflingly complex. The solutions to social and economic problems are thereby unlikely to be self-evident. The theories that seem so obviously true to voters or regulators may turn out to be disastrously false–unless regulators or citizens are infallible.
That surely would be magical. But there is no more magic to politics than there is to markets. The question raised by the ongoing intellectual contest between socialism and capitalism, and the ongoing practical battle between regulation and competition, is how best to guard against human frailties: By putting all our eggs in one politically decided basket? Or by spreading our bets through the only practical means available: competition?
Jeffrey Friedman is the editor of the journal Critical Review and of Causes of the Financial Crisis (University of Pennsylvania Press, forthcoming in 2010). Wladimir Kraus is coauthoring, with Friedman, Engineering the Perfect Storm: How Reasonable Regulations Caused the Financial Crisis (University of Pennsylvania Press, forthcoming in 2011).
Click here to view this Outlook as an Adobe Acrobat PDF.
1. BBC World Service Poll, "Wide Dissatisfaction with Capitalism–Twenty Years after Fall of Berlin Wall," November 9, 2009, World PublicOpinion.org, available at www.worldpublicopinion.org/pipa/articles/btglobalizationtradera/644.php (accessed January 8, 2010).
2. Peter J. Wallison, "Deregulation and the Financial Crisis: Another Urban Myth," AEI Financial Services Outlook (October 2009), available at www.aei.org/outlook/100089.
3. Gramm-Leach-Bliley Act of 1999, Public Law 106-102, U.S. Statutes at Large 113 (1999): 1338.
4. Banking Act of 1933, Public Law 73-89, U.S. Statutes at Large 48 (1933): 162.
5. Peter J. Wallison, "Cause and Effect: Government Policies and the Financial Crisis," AEI Financial Services Outlook (November 2008), available at www.aei.org/outlook/29015.
6. Peter J. Wallison, "Credit-Default Swaps Are Not to Blame," Critical Review 21, no. 2-3 (2009): 377-88, available at www.aei.org/article/101074.
7. Amar Bhidé, "An Accident Waiting to Happen," Critical Review 21, no. 2-3 (2009): 211-48.
8. Rüdiger Fahlenbrach and René M. Stulz, "Bank CEO Incentives and the Credit Crisis" (manuscript, Ohio State University, July 2009).
9. Ing-Haw Cheng, Harrison Hong, and Jose Scheinkman, "Yesterday's Heroes: Compensation and Creative Risk-Taking" (second draft, manuscript, Princeton University, October 2009).
10. Steven N. Kaplan, "Should Banker Pay Be Regulated?" The Economists' Voice, December 2009.
11. Viral V. Acharya and Matthew Richardson, "Causes of the Financial Crisis," Critical Review 21, no. 2-3 (2009): 195-210, table 1.
12. See Lawrence J. White, "The Credit-Rating Agencies and the Subprime Debacle," Critical Review 21, no. 2-3 (2009): 389-99.
13. John B. Taylor, "Economic Policy and the Financial Crisis: An Empirical Analysis of What Went Wrong," Critical Review 21, no. 2-3 (2009): 341-64.
14. Department of the Treasury, Federal Reserve System, Federal Deposit Insurance Corporation, "Risk-Based Capital Guidelines; Capital Adequacy Guidelines; Capital Maintenance: Capital Treatment of Recourse, Direct Credit Substitutes and Residual Interests in Asset Securitizations; Final Rules," Federal Register 66, no. 59614 (November 29, 2001).
15. Bert Ely, "Bad Rules Produce Bad Outcomes: Underlying Public-Policy Causes of the U.S. Financial Crisis," Cato Journal 29, no. 1 (Winter 2009): 93-114.
16. We have been unable to find aggregate figures for commercial banks' holdings of AA-rated mortgage-backed bonds. Whatever the number turns out to be, it should be added to the 93 percent of these bonds that were either GSE-guaranteed or were privately issued and rated AAA–driving up the proportion of mortgage-backed securities that gained "capital relief" under the recourse rule even closer to 100 percent.
17. Viral V. Acharya and Matthew Richardson, eds., Restoring Financial Stability: How to Repair a Failed System (New York: Wiley, 2009), chapter 1, table 1.
18. Viral V. Acharya and Matthew Richardson, "Causes of the Financial Crisis," figure 1.
19. Basel Commission on Banking Supervision, "Basel Capital Accord, International Convergence of Capital Measurement and Capital Standards," July 1988, available at www.bis.org/publ/ bcbsc111.pdf (accessed January 8, 2010).
20. Basel Committee on Banking Supervision, Bank for International Settlements, "Overview of the Amendment to the Capital Accord to Incorporate Market Risks," January 1996, available at www.bis.org/publ/bcbs23.htm (accessed January 8, 2010).
21. Gillian Tett, "Leveraging Lunacy," in Fool's Gold (New York: Free Press, 2009), 129-142.
22. This Hayekian point has been best developed in Don C. Lavoie, Rivalry and Central Planning: The Socialist Calculation Debate Reconsidered (Cambridge: Cambridge University Press, 1985).
23. Ewing Marion Kauffman Foundation, "Experience, Management and Luck Are Keys to Entrepreneurial Success, Say Company Founders," news release, November 17, 2009.
24. Armen Alchian, "Uncertainty, Evolution, and Economic Theory," The Journal of Political Economy 58, no. 3 (June 1950): 211-21.
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text:
"I mean, dude, you just got owned. The guy just made you his 'companion.'"
Wednesday, March 25, 2009
Eugene Robinson's Elaborate Basketball Metaphor
Keith Olbermann and Eugene Robinson discuss the Ed Henry AIG question on Countdown. They really put Henry in his place comparing Barack to Kobe Bryant doing a "reverse 360 windmill tomahawk jam in your face."
aig bonuses,
Eric Cantor More Interested in Britney Spears than Barack Obama
Well, they are two of the biggest celebrities in the world. FYI, this is just a taste of what Eric Cantor was watching while Barack Obama held his primetime news conference last night.
britney spears,
eric cantor
God May or May Not Want Michael Steele to Run for President
In an interview with CNN, Michael Steele talks about how he has never considered running for president. Only God can make that decision. His answer to whether fellow Republicans have ever approached him about running is even more revealing:
"I think they kind of look at me and scratch their head and go 'Ok, what is this?'"
michael steele
Barney Frank Defends the Whole 'Homophobe' Thing
Appearing on CNN, Congressmen Frank does not back down from calling Justice Scalia a "homophobe."
"There was just no question about his view that homosexuals are bad people and shouldn't be treated equally."
barney frank,
prop 8
Trailer: Where the Wild Things Are
Here's the teaser for Spike Jonze's Where the Wild Things Are. I'm digging the Arcade Fire.
"I didn't want to wake you up. But I really wanted to show you something."
Obama's Most Dominate News Conference Moment
"It took me a couple of days because I like to know what I'm talking about before I speak." Moving on.
aig bonuses,
Eric Cantor Has Big Plans
Rep. Eric Cantor, responding the Obama's comments last night about his opposition having no plans, claims to have plans in the works on the budget, stimulus and health care. Can't wait to see what he comes up with...
eric cantor,
health care,
Iran to Give the Death Penalty to Bloggers?
In a country where "fasad" or "undermining the stability of the state" is punishable by death, it's entirely possible. Al Jazeera reports.
al jazeera,
Franz Kafka International Airport
Prague's Franz Kafka Airport has been ranked last in customer satisfaction.
Prague's Franz Kafka International Named World's Most Alienating Airport
"I asked the ticket person what gate my flight was at and they said the airline I was flying didn't exist.
And everyone keeps calling me 'S.'"
Prague's Franz Kafka International Named World's Most Alienating Airport
Condi on Leno
Watch her fly in the face of Cheney by saying that we "owe [the Obama Administration] our loyalty and our silence."
late night,
CNN Reacts to Obama's News Conference
Conservative Bill Bennett has given up on the idea that the press takes it easy on Obama.
"There is a conservative strand of thinking that says the press is in love with Barack Obama. Not tonight."
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Inquest to resolve Kelly 'suicide riddle'
German court acquits suspected terrorist A court in Germany has acquitted a Moroccan man accused of assisting three of the 11 September suicide hijackers in the United States.
Port Authority Security Firm Staffed by Convicted Criminals, Say Prosecutors
Coast Guard Officers Arrested for Alleged Cocaine Conspiracy Officials Confiscate Cocaine At BWI, Observe Alleged Conspiracy To Deliver
GOP slams Bush Immigration policies at retreat
Border-Crossing Students Outrage Parents Mexican teenagers have been crossing the border to attend school in America for years as the schools they attend collect more tax dollars for enrolling them.
Iran 'has secret atomic bomb project'
Microsoft is hard at work solving the problems of moneyed illiterates who hate to cook. Those who can't quite manage to interpret the microwaving instructions printed on a cup of dehydrated soup no longer need to worry: the Microsoft Kitchen is alive with RFID (radio frequency identification) transponders that tell the microwave oven how long and at what intensity to nuke your soup powder or Macaroni & Whey Dinner for perfect results every time.
Study Says Blood Donors May Be Passing Mad Cow
pOLICE STATE NEWS
Soviet-Style Legislation Proposed for the UK
EU plots travel surveillance system
Memories of WWII internment camps revived after Sept. 11
Peruvian police investigate possible infant sacrifice to earth god A decapitated baby boy found on a hilltop near Lake Titicaca may have been the victim of a centuries-old human sacrifice ritual meant to appease a pre-Columbian earth god, police said Wednesday.
Necrophiliac killer was obsessed with porn snuff sites
Flashback: Is Your Television Watching You?
Flashback: Your TV is watching you Advertisers want to use new technology to monitor your every click -- and prevent you from tuning out their ads. And don't even think of trying to escape.
Tenet Addresses Growing Intelligence Concerns
'Israel knew Iraq had no nuclear weapons'
Bush's Jet Aborts Landing Given the security that surrounds the president's comings and goings, it was a highly unusual event, especially on a clear day.
Creepy Father says Wife died in 9/11 to Collect Sept 11th Money
PHOTO BAN ON PARENTS GOES AHEAD IN SCHOOLS Aberdeenshire councillors went ahead yesterday and banned parents from taking photographs of children during school activities unless all of them gave their consent - despite experts saying the move would be a vast over-reaction.
Video Purports to Show Al Qaeda Planning for Terror Attack
nEW WORLD ORDER
The Bush administration's new budget includes a $1.2 billion, 30-year loan to renovate the aging United Nations headquarters and build a new annex


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Canstar Community News - ONLINE EDITION
Pick-up pizza and pasta that's worth it
Pizza 21st Century
612-A Academy Rd.
Rear surface parking, street parking, wheelchair accessible but no tables for eat-in dining
Open daily at 4 p.m.
On my way to visit my mother in East Kildonan, I used to notice a little pizza joint that I always meant to try. Mom said the pizza was wonderful but, unfortunately, by the time I was ready, it had closed its doors.
My big brother then discovered that the owners had re-opened on Academy Road. Interestingly, I had spied a new place on Academy that boasted freshly made pasta and pizza.
Could the place I spotted be one and the same?
Sure enough, big brother confirmed that it was.
With the NHL having started up again, I am often looking for quick supper ideas to eat while watching the game, especially as so many games begin at 6 p.m. So I placed an order for pick-up and headed out the door a half-hour later to explore Pizza 21st Century at Academy and Centennial.
I came home with two steaming hot pies but my husband was detained at the office so I let my daughter dig in and quizzed her on what she thought.
She tried pieces of both the meatlover madness and Mediterranean pizzas and said her personal favourite was the latter. She appreciated that the crust was nice and crispy (I learned that there is no oil used in the baking) and that the sauce had an intense tomato flavour, but was light enough that it didn't overpower the distinctive toppings.
In her mind, the best pizzas are constructed with the toppings on top of the cheese layer with just another sprinkling of cheese over all. She thought Pizza 21st Century really understood this concept and loved the topping-to-cheese ratio. She added that just about every kind of meat was represented in each and every bite of the meatlover.
I was pleased to meet Vlado and his wife Duubravka, who proudly told me they are from Croatia. When you look at a map of the Mediterranean, it's no wonder Vlado knows his stuff, as his former country is one of Italy's closest neighbours (geographically speaking, at least). On my last visit I came home with a variety of his fresh pastas that I am going to cook up this evening.
Next time we'll order one of the store's premium pizzas — either the supreme with fresh arugula or the margarita, featuring fresh mozzarella di buffalo cheese.
Mmm, when do the Jets next play an early game?
Kathryne Grisim's foodmusings.ca blog was named best local blog in Uptown Magazine's Best of Winnipeg readers' poll.
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Article Archive
'Iron Man 3′: What to Expect
We haven't seen it, but why wait? It's always fun to speculate.
Disney's Secret Plan To Destroy Comics And This Article
What is the Mouse hiding? What isn't it hiding? If you read only one gift shop-related article this year, this one should be in the running!
A Brief Preview of Star Wars Episode VII by Paul Allor and Gannon Beck
Episode VII, and the Comic Booking of America
The day George Lucas sold Star Wars marked the day when "comic book culture" went mainstream.
Save the Date: Edgar Wright's 'ANT-MAN' Hits Theaters on 11.06.2015, Plus the Official Plot of 'THOR: THE DARK WORLD'
Do as the Ant-Man and not as the Grasshopper-Man. Start preparations today.
TRAILER: 'The Lone Ranger'
Hi ho the one guy who was a twin and the pirate!
Joss Whedon to Co-Write and Maybe Direct ABC's 'S.H.I.E.L.D.' TV Pilot
Galaga Guy, get ready for your closeup!
BREAKING: Joss Whedon Will Return to Write and Direct 'Marvel's The Avengers 2′
It's not up on Fandango yet.


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U.S. School Buses Run Up High Fuel Bills August 31, 2005 School buses are rolling on the first day of school in Oxford County, Maine, but the district has banned field trips and told drivers they may not idle their engines. Even with these fuel-saving measures, school officials are reeling from the high cost of diesel in Maine and around the nation. Charlotte Albright of the Maine Public Broadcasting Network reports. Listen Loading… Download Playlist
Economy Gas Prices Rise Sharply; Bush to Tap Reserves August 31, 2005 The Bush administration will open the nation's strategic petroleum reserve and suspend some air-quality regulations in an effort to control soaring gasoline prices driven by Hurricane Katrina. The price of a gallon of unleaded gas shot up to more than $3 per gallon in many areas. Listen Loading… Download Playlist
Your Money Retirement: Those Who Save Ahead August 31, 2005 Robert Siegel talks with Dallas Salisbury, president and CEO of the Employee Benefit Research Institute, about retirement planning in the United States. Salisbury talks about who is saving, who is not, and how much people are actually putting away. Listen Loading… Download Playlist
Your Money Retirement: Timing Is Everything August 31, 2005 With the oldest baby-boomers nearing retirement age, NPR explores some of the questions that surround retirement, beginning with how to pay for it. NPR's Scott Horsley begins our series with a profile of the Baker family of Orange County, Calif. John Baker is about to turn 65. His wife, Christine, is 61; they are both are looking forward to a time when they can take it easy. Listen Loading… Download Playlist
Katrina & Beyond The Marketplace Report: Opening Up the Reserves August 31, 2005 Alex Chadwick talks to Bob Moon of Marketplace, reporting from New York City, about Wednesday's announcement the U.S. federal government will open up the nation's Strategic Petroleum Reserve to at least one U.S. oil refiner suffering shortages from Hurricane Katrina. Listen Loading… Download Playlist
U.S. Port Fourchon Seeks to Shake Off Hurricane August 31, 2005 Many oil refineries remain engulfed in water along Louisiana's coast. Ted M. Falgout, executive director of Louisiana's Port Fourchon, assesses the condition of the facility and the state of the waterways leading to the port. Listen Loading… Download Playlist
Economy Gas Futures Soar in Katrina's Wake August 31, 2005 As fears of lasting storm damage to Gulf Coast refineries send the price of gasoline futures soaring, prices at the pump creep higher, too. Oil companies continue to assess damage. Listen Loading… Download Playlist
Katrina & Beyond Katrina's Insurance Cost May Surpass Andrew's August 31, 2005 Katrina's cost to insurers is estimated at $15 billion, but the total may rise to match or pass the $21 billion price tag attributed to Hurricane Andrew. Robert Hartwig of the Insurance Information Institute tells Renee Montagne how the costs are assessed. Listen Loading… Download Playlist
Economy Gulf Coast Oil Industry Assesses Damages August 30, 2005 Oil and gas fields in the Gulf of Mexico and nearby refineries are an important source of fuel for U.S. energy needs. Energy companies are trying to determine how much damage Hurricane Katrina has done to their pipelines, drilling platforms and refineries. Listen Loading… Download Playlist
The Color of Money Splitting the Dinner Check August 30, 2005 Day to Day personal finance contributor Michelle Singletary talks with Alex Chadwick about how to deal with the dinner check at a restaurant without being rude, or spending too much. Singletary writes the syndicated column "The Color of Money" for The Washington Post. Listen Loading… Download Playlist
The Marketplace Report: Struggling Major Airlines August 30, 2005 The one-two punch of Hurricane Katrina and soaring oil prices is giving the beleaguered U.S. airline industry a crippling blow. And with the approach a traditionally slow travel season at the end of summer, a few major carriers are flirting with bankruptcy. Alex Chadwick discusses the future of some struggling airlines with Bob Moon of Marketplace. Listen Loading… Download Playlist
Russell Simmons. Frederick M. Brown/Getty Images hide caption itoggle caption Frederick M. Brown/Getty Images Music Articles Hip-Hop Entrepreneur Russell Simmons August 30, 2005 Called the "godfather of hip-hop," Russell Simmons has been credited with bringing rap to the mainstream. In the early 1980s, he helped found Def Jam Records, launching pad of legendary hip-hop acts like Run-D.M.C., the Beastie Boys and LL Cool J. (This interview originally aired Nov. 27, 2001.) Listen Loading… Download Playlist
Economy Gauging Katrina's Effect on Oil Prices August 30, 2005 Oil prices rise as traders await reports of damage to production facilities in the Gulf of Mexico. At least eight refineries in the path of Hurricane Katrina shut down or reduced operations. Energy consultant David Purcell, of Pickering Energy Partners, talks about how the damage from Hurricane Katrina is affecting oil production and prices. Listen Loading… Download Playlist
Wal-Mart Targets Affordable Fashion August 30, 2005 Wall Street Journal fashion reporter Teri Agins talks about Wal-Mart's move to offer hipper and hotter clothing. Wal-Mart is trying to combine low prices with high-fashion. Listen Loading… Download Playlist
Law KPMG Admits Creating Fraudulent Tax Shelters August 30, 2005 Accounting firm KPMG appears to have escaped criminal prosecution for marketing what it admits were fraudulent tax shelters. The government has agreed to set those charges aside. But the company will have to pay $456 million in fines, and eight former executives still face charges. Listen Loading… Download Playlist


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Senate Democrats miffed about someone having fun, or something
posted at 7:58 pm on January 14, 2014 by Ed Morrissey
Because they've solved everything else, right?
Senate Democrats were not amused to see Julia Louis-Dreyfus puffing away on an electronic cigarette during the Golden Globe Awards.
ADVERTISEMENTThe lawmakers said the Louis-Dreyfus, who plays a fictional vice president on HBO's "Veep," helped glamorize smoking on the broadcast, and are pressing NBC Universal to ensure that the "e-cigarettes" are not featured again.
"The Golden Globes celebrates entertainers who are an influence on young fans," the Democrats wrote. "We ask the Hollywood Foreign Press Association and NBC Universal to take actions to ensure that future broadcasts of the Golden Globes do not intentionally feature images of e-cigarettes. Such action would help to avoid the glamorization of smoking and protect the health of young fans."
The letter was signed by Sens. Dick Durbin (Ill.), Richard Blumenthal (Conn.), Sherrod Brown (Ohio) and Edward Markey (Mass.), and sent to NBC Universal CEO Stephen Burke and Hollywood Foreign Press Association president Theo Kingma.
Julia Louis-Dreyfus is an influence on young fans? On an HBO show about politics? How about objecting to the nudity on Girls, or the violence and nudity on Game of Thrones?
Or how about paying attention to their own jobs instead — say, for instance, the disaster they foisted on America with ObamaCare? "Young fans" will be paying for that the rest of their lives.
Recently in the Green Room:
Note from Hot Air management: This section is for comments from Hot Air's community of registered readers. Please don't assume that Hot Air management agrees with or otherwise endorses any particular comment just because we let it stand. A reminder: Anyone who fails to comply with our terms of use may lose their posting privilege.


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JEFFERSON CITY — Missouri State Highway Patrol troopers and the Capitol Police are heightening security at the state Capitol after cross-hair stickers were placed on the nameplates of five Democratic senators and one Republican representative.
Although the motive remains unknown, the senators were debating a workplace discrimination bill and a bill to limit executive power in health care reform on the Senate floor at the time the stickers were placed by their offices.
The Highway Patrol continues to investigate Tuesday's incident. Senators said the troopers collected the crosshair stickers to try to lift prints. This is the second time that stickers were placed on the nameplates. No witnesses have been identified.
State Rep. Chris Kelly, D-Columbia, said he didn't notice a change in mood at the Capitol. He said the situation was "annoying."
"These are punks, and we have punks all the time," Kelly said.
Rep. Mary Still, D-Columbia, said the stickers shouldn't be treated as a prank. Still said the stickers were not discussed on the House floor, but she heard people talking about it in the hallways.
"I would be concerned if it was on my door," she said.
Sen. Kiki Curls, D-Jackson County, one of the senators targeted with the stickers, said, "It's the boldness in that act that they would come back into the Capitol and place another one. That is disturbing."
Sen. Robin Wright-Jones, D-St. Louis City, said she doesn't feel any different walking into the Capitol after Tuesday's events.
"As being a progressive female, African-American female and being African-American, I am consistently assaulted in one shape, form or fashion about my existence," Wright-Jones said.
Wright-Jones also said it is not uncommon for senators to hear protests and receive backlash from thousands of people with opposing views. However, senators are in agreement that security should be heightened at the Capitol.
"I think the Capitol has done a good job in responding," Wright-Jones said. "I certainly would like to see more security measures like we have in our city halls, courts, as well as our jails. We need metal detectors, bags looked at — it doesn't make sense to access this building without having that done."
The Missouri Capitol did have metal detectors in front of the doors in response to the 9/11 terrorist attacks, but they fell victim to budget cuts and were removed in 2004.
Sens. Curls, Wright-Jones, Jolie Justus, Maria Chappell-Nadal and Victor Callahan, all Democrats, and Rep. Scott Dieckhaus, a Republican, were the targets of the vandalism.
Wright-Jones said the act sends a message: "It says progressive agendas, it says change in education, it says Democrats, it says black females 'cause half of us were black females — so there was a message there for sure, but stand up, be a man, be a woman and come talk to us about your issues as opposed to leaving stickers."
Sarah Duffey is a reporter with Missouri Digital News.
Karen Miller contributed to this report.


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Comic ballet
From Wikipedia, the free encyclopedia
This article does not cite any references or sources. (December 2009) |
Comic ballet is a subcategory of narrative ballet, and denotes a dramatic work of a light or comic nature.
Comic ballets include:
- Cinderella
- Coppélia
- Don Quixote
- La Fille Mal Gardée
- Pineapple Poll
- Pirates of Penzance - The Ballet!
This ballet-related article is a stub. You can help Wikipedia by expanding it. |


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Undergraduate Course Details | |
Number | SMS 271 |
Title | Programming in Recreation |
Credits | 3.0 |
The course will provide a comprehensive approach to recreation programming including its principles, theories, and methodologies. An emphasis will be placed on elements of program planning and organization, leadership, and supervision. Students will apply techniques in professional settings. Three lecture hours per week. SMS major elective. Required for the Recreation Management Concentration/Minor. Open to all students.


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Talk to a Ski Holiday Expert on 020 3384 3300
IfYouSki.com is a specialist ski chalet and hotel agency run by skiers for skiers. We use our expertise of resorts and accommodation to find the ideal match for each client's holiday requirements.
We offer chalets, hotels and self-catered apartments from a wide variety of ski tour operators, but no longer feature Chalet Jean Blanc in Courchevel 1850 so please use the search function to look for an alternative holiday or call us for advice on 020 3384 3300.
Make Enquiry
Following a week of very warm sunshine, clouds moved into France on Thursday, bringing the possibility of some light rain showers later in the day. The lower slopes have really taken a hit this week and as a result expect some very worn conditions or even closed resort runs. So head high for the best skiing and the most reliable snow conditions. Resorts such as Val Thorens (110/225cm) and Tignes (76/180cm) provide two of the best options at present owing to their high altitude slopes. Some good skiing is also available at present in the Paradiski area, with both Les Arcs (45/200cm) and La Plagne (10/180cm) reporting good conditions on the upper pistes in particular. The lowest slopes are suffering but the link remains open and both resorts are set to keep their lifts turning until April 26th. Sadly some fairly heavy rain is forecast over the coming days, providing a wet final weekend for many resorts. The higher slopes (above 2,500m) could see up to 30cm of fresh snow in places over the weekend so head high for the chance of some powder.
The mild air is set to remain over the Alps on Thursday before a weather front arrives during Friday, slightly lowering the freezing level. This is set to sadly bring some heavy rain to slopes below around 2,500m – although expect some local variations. By Saturday colder air should drop the snow level to around 2,000m but the precipitation is set to be lighter. On the upper slopes some good powder is very possible with up to 50cm of new snow expected at altitude during the course of the weekend. Rain is expected in the Pyrenees this weekend, providing a damp end to the ski season. Some powder is possible on the very highest slopes, but lower down more snow loss is expected. Glorious sunny weather is forecast in Bulgaria until Saturday, before the temperature drops significantly overnight in to Sunday, accompanied by some light snowfall. Expect warm and mostly sunny springtime weather in Scandinavia over the weekend and into next week. More clouds are expected in Sweden, with a little light snow possible although there is a good chance of some nice sunny breaks too. The clouds are set to clear from Scotland during Friday to leave a sunny and warm weekend –perfect for setting up spring snow conditions. This weather pattern is forecast to continue well into next week.


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Allison MacFarlane
2012 ~ The Year That Was In Nuclear Energy
On a global scale the nuclear industry had its share of pluses and minuses in 2012. Japan's Fukushima crisis continues to dominate any list of the top ten nuclear energy issues for the year. (See more below on Japan's mighty mission at Fukushima.) In the United States, while the first new nuclear reactor licenses in three decades were issued to four reactors, the regulatory agency that approved them had a management meltdown.[read more]
Yucca Mountain is Dead. Long Live Yucca Mountain!
Last October, during the Republican primaries, I made a prediction regarding the future of Yucca Mountain - namely, don't bet on it. Not, of course, because it's particularly deficient on a technical level (it's not perfect, but you can judge the science that went into it for yourself.) But rather, the battle for Yucca mountain left its...[read more]
Worth Noting – Allison Macfarlane Sworn in as Chairman of the Nuclear Regulatory Commission
The Nuclear Regulatory Commission issued a brief press release late in the afternoon of June 9, 2012 titled ALLISON M. MACFARLANE BECOMES 15TH NRC CHAIRMAN. Here is the text of that press release: Dr. Allison M. Macfarlane, designated by President Obama as chairman of the Nuclear Regulatory Commission, was sworn in today as the...[read more]
My Questions for MacFarlane
The nomination of Allison MacFarlane has drawn a considerably mixed reaction among the nuclear community. Given that MacFarlane's hearing is scheduled for today, here are some questions that can inform the discussion both of whether MacFarlane is a good candidate to lead the NRC and what her leadership might entail.[read more]
We need clearer criteria for serving on the NRC
New York Times/Getty Images
There have been a significant number of questions raised about Allison Macfarlane's nomination to the NRC commission with the stated intent to make her chair of the same as soon as she is sworn in as a commissioner. I'd take a different approach.[read more]
A closer look at Jazcko's replacement
Dr. MacFarlaneEarlier this week, embattled NRC Chairman Gregory Jaczko announced he would be stepping down from his position contingent upon the confirmation of his replacement. Wasting no time, the Obama administration announced their nominee today, a mere three days after Jaczko's announcement. Their candidate? Dr. Allison...[read more]
Scott Edward Anderson is a consultant, blogger, and media commentator who blogs at The Green Skeptic. More »
Christine Hertzog is a consultant, author, and a professional explainer focused on Smart Grid. More »
Elias Hinckley is a strategic advisor on energy finance and energy policy to investors, energy companies and governments More »
Gary Hunt Gary is an Executive-in-Residence at Deloitte Investments with extensive experience in the energy & utility industries. More »
Jesse Jenkins is a graduate student and researcher at MIT with expertise in energy technology, policy, and innovation. More »
Kelly Klima is a Research Scientist at the Department of Engineering and Public Policy of Carnegie Mellon University. More »
Jim Pierobon helps trade associations/NGOs, government agencies and companies communicate about cleaner energy solutions. More »
Geoffrey Styles is Managing Director of GSW Strategy Group, LLC and an award-winning blogger. More »
The Energy Collective
- Rod Adams
- Scott Edward Anderson
- Charles Barton
- Barry Brook
- Steven Cohen
- Dick DeBlasio
- Senator Pete Domenici
- Simon Donner
- Big Gav
- Michael Giberson
- Kirsty Gogan
- James Greenberger
- Lou Grinzo
- Tyler Hamilton
- Christine Hertzog
- David Hone
- Gary Hunt
- Jesse Jenkins
- Sonita Lontoh
- Rebecca Lutzy
- Jesse Parent
- Jim Pierobon
- Vicky Portwain
- Willem Post
- Tom Raftery
- Joseph Romm
- Robert Stavins
- Robert Stowe
- Geoffrey Styles
- Alex Trembath
- Gernot Wagner
- Dan Yurman


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Hey everyone! Welcome back to Weekend Reading, and what a week it has been. Lance Armstrong finally admitted to the doping and drug use that everyone already knew about (though I suppose it was satisfying to hear him admit it after years of denial), and Deadspin exposed one of the most inspirational sports stories of the year as a complete hoax. It's almost as if some greater force looked down from the cosmos and said, "And lo, two great men shall be brought low by lies! The seas shall part and fiery frogs shall rain from the sky!"
Alas, there were no fire frogs, but the two stories did bear some similarities insofar as they were both almost entirely inconsequential. Armstrong admitted to nothing in Thursday's interview that we weren't already aware of, and Te'o's offense, even if it was a deliberate fabrication, is on par with lying to your friends about a fictional summer camp romance. NBD, as teenagers say.
Our interest in both stories revolves more around our persistent enjoyment of watching the deserved suffer. With Armstrong it's less about a moot confession than our desire to see that veneer of self-righteous assholery finally crack. We want to see him finally be affected in some way, by everything that's happened to him. Similarly, the best part of the Te'o story isn't his suffering (it's still very possible that he was just a naïve victim of an Internet dating scheme), but mocking the scores of brand name reporters and publications that bought the story without question. After years of fluffing their favorite athletes with glowing, cliché-laden profiles, they finally got burned. How sweet it was.
Anyway, without further incitement of witch burnings, here is your Weekend Reading!
One of the most unbelievable stories of the college football season, a player on the field in spite of the death of his beloved girlfriend, turned out to be a total fabrication. Timothy Burke and Jack Dickey, Deadspin.
"Manti Te'o did lose his grandmother this past fall. Annette Santiago died on Sept. 11, 2012, at the age of 72, according to Social Security Administration records in Nexis. But there is no SSA record there of the death of Lennay Marie Kekua, that day or any other. Her passing, recounted so many times in the national media, produces no obituary or funeral announcement in Nexis, and no mention in the Stanford student newspaper. Nor is there any report of a severe auto accident involving a Lennay Kekua. Background checks turn up nothing. The Stanford registrar's office has no record that a Lennay Kekua ever enrolled. There is no record of her birth in the news. Outside of a few Twitter and Instagram accounts, there's no online evidence that Lennay Kekua ever existed."
Tourists have shunned Colombia for decades, fearing violence, drugs, and kidnappings. But now it may be one of the last great unexplored adventure destinations on Earth. Stephanie Pearson, Outside.
"When most people think of Colombia today, they still think cocaine, kidnappings, and guerrillas. In 2011, Colombia produced 760,000 pounds of cocaine. Farmers can sell a paste made from coca leaves, which is later processed into cocaine, for roughly $63,500 per pound. Cacao, the source of chocolate and one of the best alternative crops to grow, sells for 75 cents per pound. This is the very simple reason why, as Becerra told me, 'as long as there's a demand for drugs, there will be violence in Colombia.' Much of the violence involves armed factions—guerrillas, like the FARC and the National Liberation Army, paramilitaries, and even the Colombian military—terrorizing local farmers for their land. Since 1985, more than 3.5 million Colombians, about 10 percent of the population, have been internally displaced. That statistic surpasses Sudan."
Even without probes dotting the surface of Mars and other planets, deep space travel for human beings has always felt like a fantasy. But we may be closer than we ever dared imagine. Tim Folger, National Geographic.
"These days it's easier to outline why we'll never go. Stars are too far away; we don't have the money. The reasons why we might go anyway are less obvious—but they're getting stronger. Astronomers have detected planets around many nearby stars; soon they're bound to find one that's Earthlike and in the sweet spot for life, and in that instant they'll create a compelling destination. Our technology too is far more capable than it was in the 1960s; atom bombs aren't cutting-edge anymore. In his office that morning, Les Johnson handed me what looked like a woven swatch of cobwebs. It was actually a carbon-fiber fabric sample for a giant spaceship sail—one that might carry a probe beyond Pluto on rays of sunlight or laser beams. 'Be very careful with it,' Johnson said. 'This is a material that might help us get there.'"
While head injuries are the biggest concern for football safety hawks, they aren't the only danger to players on the field. Jason Taylor, star outside linebacker for the Miami Dolphins, learned this through a life of pain. Dan Le Batard, The Miami Herald.
"The trainer rushed to Taylor's house. Taylor thought he was overreacting. The trainer told him they were immediately going to the hospital. A test kit came out. Taylor's blood pressure was so high that the doctors thought the test kit was faulty. Another test. Same crazy numbers. Doctors demanded immediate surgery. Taylor said absolutely not, that he wanted to call his wife and his agent and the famed Dr. James Andrews for a second opinion. Andrews also recommended surgery, and fast. Taylor said, fine, he'd fly out in owner Daniel Snyder's private jet in the morning. Andrews said that was fine but that he'd have to cut off Taylor's leg upon arrival. Taylor thought he was joking. Andrews wasn't. Compartment syndrome. Muscle bleeds into the cavity, causing nerve damage. Two more hours, and Taylor would have had one fewer leg. Fans later sent him supportive notes about their own compartment syndrome, many of them in wheelchairs."
Friends or foes? Fliers or fighters? Two friends spend their lives pursuing hang gliding history. A.G. Sulzberger, The New Times.
"They called themselves friends. But, as those who had spent the previous few days with them would attest, rivals better fit the jaunty, 'sure you're up for this?' competitiveness of the daring prodigies. In the sky, where they snacked on protein bars and water and relieved themselves freely over the world below, they were as evenly matched as two hang glider pilots could be. As they flew past the old world-record distance—close enough to hear each other yahooing in celebration—the question turned first to how much farther they could possibly go. But as the sun retreated and they began their inevitable, decisive descent, another, more pointed question began to nag at the two men: who would go the farthest?"
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Other projects made by LissaS:
See All Projects by LissaS »Offer some kudos...
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Ask a question...
Add your comment...
Here are some details about my project: | |
Category | Sewing |
Type | Accessory |
Sizing | Girls |
Style | Funky, Retro / Vintage, Cute, Romantic, Casual, Classic |
What was your source for this sewing project?
Online Photo or Website
Name of website or photo
Buttercup Bag
What materials did you use? 2 fat quarters fabric, interfacing, fabric scraps and jewel charm for flower, glue gun


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And then when the story DOES finally come together it's old news and you don't hear any more about it! I wish someone would start a segment of old news closure. For example, what was the Obama Administration's answer to the States wishing to succeed from the Union after the election?
We dont know where we are but were making great progress!


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COLUMBIA — The latest step in northern Columbia's road to development opened Monday, and it includes four lanes, a raised median and pedways on either side.
The Missouri Department of Transportation held the ribbon cutting for the $13.9 million Range Line Street project on Monday. The widening of 2.3 miles of Range Line, also known as Highway 763, between Big Bear Boulevard and Route VV from two to four lanes will improve access to the northern part of the city, easing traffic congestion and better positioning the area for commercial development.
Held in the bitter cold, the ceremony came just weeks after the opening of the Providence Road extension, another project that officials say will bring similar benefits to north Columbia.
"Between this project and the Providence extension, we've had a major impact on accessibility for people on the north side of Columbia," Mayor Darwin Hindman said at the ceremony.
In addition to the wider road, median and pedways; the project also includes a roundabout at Route VV and Prathersville Road, sidewalks on both sides, four new signal lights and the replacement of gravel driveways with cement.
Originally, construction was going to happen in two phases, but the city put up $2.2 million in advance to ensure both the northern and southern sections of the strip would be widened at the same time, Roger Schwartze, district engineer for the Missouri Department of Transportation, said at the ribbon cutting. The city wanted the entire project completed simultaneously because the two-lane highway was inadequate for all the development in the area, Public Works Director John Glascock said.
MoDOT will reimburse the city for $1.2 million of the up-front payment. The city also spent $938,000 to replace and relocate utility lines.
Lehman Construction of California, Mo., was the contractor. The project's original completion date was Aug. 1. Lehman was given an extension because utilities on both sides of the road needed to be replaced, said Charles Sullivan, a resident engineer with MoDOT who oversaw the project.
Traffic counts over the past 12 years show a pattern of an increasingly busy Highway 763 south of Big Bear Boulevard. Between 2003 and 2006, there was an 8.8 percent increase, with the number of average daily trips rising from 23,002 to 25,026. The most recent count, taken during construction, showed traffic on the highway had dipped to 17,902 trips per day.
The project originally was projected to cost $19.7 million, but landowners helped keep the cost down by donating rights-of-way, and Glascock said the city worked with engineers to design the road with a narrower footprint. Range Line's shoulders, for example, are seven feet wide. By contrast, the shoulders on Grindstone Parkway are 10 feet wide.
Both Range Line Street and Providence Road are within the jurisdiction of Second Ward Councilman Jason Thornhill. He said both projects should provide better access for emergency and public safety officials and generally are safer roadways.
"The road is what is needed to entice commercial development for people who live in that area, but given the economic time that's not likely to happen anytime soon," Thornhill said.
One site ripe for development is the 40-acre tract at Range Line Street and Blue Ridge Road. Rampart Development of Columbia bought the land a few years ago and had it rezoned to accommodate commercial development. The land has been cleared, and significant dirt work has been done.
"We see the Range Line and Providence corridor as the main entry way to the north side of Columbia, and we bet on that fact," David Atkins of Rampart said.
Atkins said the company's investment has yet to pay off. Although buyers are interested in the site, the recession has delayed progress.
"It has been the state of the economy," Atkins said. "I'm hesitant to blame anything on the recession. However, the banking and real estate crisis are real, and they're really affecting developments such as this one."
Atkins said the property will be an attractive area for buyers once the economy recovers and credit becomes more liquid.
"It really is a matter of time; we've got the traffic and roof count," Atkins said, referring to the number of houses in the area. "It's definitely the right site. It's just going to take a few more years."
Despite improved access, many businesses along the road have not seen a dramatic increase in customers. Owners and employees said one reason could be that the four lanes opened so recently that commuters who have become accustomed to alternate routes since construction began in April 2008 have not switched back to using Range Line.
"A lot of people take alternate routes, and some people still don't know it's opened yet," said Kenny Falls, manager at the Moser's Discount Food, a grocery store just north of the intersection of Smiley Lane and Range Line Street. "It hasn't increased business. You'd think it would have, but it's just improved access so far."
Damon Turley, owner of the 5th Down bar and grill, said he's seen a slight increase in business since roadworks' completion. He thinks patronage might increase even more once residents of northern Columbia, who were taking alternate routes to avoid the construction, get used to using the route that runs past his store.
"I think it has started to pick up, but I think it will continue to improve once they get used to going this way," Turley said.
Employees of the Casey's General Store, at the intersection of Big Bear Boulevard and Range Line, said they are seeing the effects. General manager Chanette Hill said she has seen more business since the portion of Range Line in front of the store reopened a few months ago. She thinks the extension of Providence Road also is helping.
"The traffic isn't so congested. When it was really congested people would try to find other routes, " Hill said. "Business has gotten busier, and traffic isn't so heavy."
Some who drive Range Line regularly are pleased with the new highway. Mike Halliburton, who moved just north of the roundabout six months ago, attended the ribbon cutting on Monday.
"This road is one of the reasons I moved out here. That and cheaper rent," he said. "I think they did a great job. I'm really impressed."
Sherri Kawley, a general assistant at Vanderveen Dental Center, said the wider highway and new turn lanes make her commute home much easier.
"It's been awesome for me to get home, it cuts off about 8 minutes," Kawley said. "I zip into the turn lane, and I'm done."


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Representing Household & Institutional Brands Since 1914
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Cleaning Products Fundamentals Seminar
May 4, 2015 | Chicago, IL
Immediately preceding the CSPA 2015 Mid-Year Meeting, CSPA's Cleaning Products Division will conduct its latest Fundamentals Seminar on Monday, May 4, 2015 at the Chicago Marriott Downtown Magnificent Mile. The seminar will cover the fundamentals of formulating cleaning products. Specifically, topics will include surfactant types, detergent builders household and industrial formulations and green cleaning.
Product Care Training Seminar
May 4, 2015 | Chicago, IL
The Product Care training seminars are an opportunity for CSPA members to show how they can foster best practices through Product Care to maximize the safety and sustainability of their products and services. In addition, CSPA members who have committed to, or are interested in, becoming Product Care Stewards can learn firsthand how this voluntary stewardship initiative can assist their company's efforts to promote the production, distribution and benefits of safe and effective formulated products.
2015 Mid-Year Meeting
May 5-8, 2015 | Chicago, IL
"Driving Change Thru Creative Disruption"
Disruptors are creating new formulations and introducing new products. Is revolutionary change in a seasoned industry only for new players? How can established companies stimulate creative thinking to drive change? How can you disrupt your organization to stay in the game? View Event Information
ASPA 2015 Spring Meeting
June 16&17, 2015 | Pittsburgh, PA
This year's meeting will take place at the Renaissance Pittsburgh Hotel, kicking-off on Tuesday, June 16th with the ASPA Board Meeting in the morning, a half-day of presentations that afternoon, followed by a ballgame at PNC Park. The program schedule is split between two days, starting with lunch on Tuesday, June 16th and concluding at noon on Wednesday, June 17th.


text: No recent wiki edits to this page. OriginGrace is Maxie Shiffman's secretary. She keeps his debt collectors away by fibbing for him on the phone. Unfortunately for Shiffman, she quits after he fails to pay her for weeks while unsuccessfully chasing Spider-Man.CreationGrace was created by Kurt Busiek and Paul Lee.


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Pastor Scotts BlogHello and welcome to New Beginnings. If you are looking at us for the first time, we are honored to tell you about the most exciting church in Cobb County. What makes us exciting? We offer "A Real God for Real People". That means that we are not here to judge you on how you dress, how you live, or how you believe. We believe that our purpose is to love real people right where they are and introduce them to a God who also loves them.
Our worship services are upbeat and casual with a taste of traditional thrown in. Our messages are Biblical and applicable to the real lives that people live today. Our name, New Beginnings, has proven very appropriate to many people as they have come to find a new start with God by worshiping here.
We invite you to come and check us out and let us get to know you. Come as you are in every way. We promise that you will be made to feel welcome.


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NCF Nation
Print without images
Sunday, September 23, 2012
ACC helmet stickers: Week 4
By Andrea Adelson
Time to give out a few helmet stickers for a job well done.
EJ Manuel
, QB, Florida State.
Manuel had the best game of his career in a
49-37 win
over No. 10 Clemson. Manuel had 482 yards of total offense -- 380 yards passing and 102 yards passing --Āto become the first FSU quarterback to throw for 300 and rush for 100 since former Heisman winner Charlie Ward did it against Maryland in 1992, throwing for 395 yards and rushing for 111. He led the team flawlessly when it trailed headed into the second half, kept his cool, and made no bad decisions. It was the third 300-yard passing game of his career, and he most certainly boosted his Heisman buzz after this performance.
Mike James
, RB, Miami.
What a day for James, who scored a career-high four touchdowns to key a
42-36 overtime victory over Georgia Tech
. James had the game-winning 25-yard run in the extra period for his third rushing touchdown of the afternoon. His 10-yard touchdown reception with 27 seconds remaining in regulation sent the game into overtime.ĀJames also set new career highs with 89 yards rushingĀand 15 carries.
North Carolina defense.
The Tar Heels did a fantastic job in shutting down East Carolina in a
27-6 win
, and a big reason was because of its reinvigorated pass rush. North CarolinaĀrecorded seven sacks after tallying six combined in the opening three games of the season. The seven sacks ties the top mark in the ACC this season after NC State posted seven against South Alabama.
Kevin Reddick
deserves special mention for his performance, as heĀfinished with nine tackles, a sack and a forced fumble.
Shadrach Thornton
, RB, NC State.Ā
Thornton started the
52-14 win
over The Citadel and finished with 145 yards on 21 carries with two touchdowns. He is the first NC State running back to go for more than 100 yards this season, the first freshman to gain at least 100 yards in a game since Andre Brown had 248 against Southern Miss in 2005, and the first freshman to go over 100Āyards in his very first collegiate game since Joe McIntosh had 131 yards against Richmond in 1981.
Josh Harris
Deandre Martin
, RBs, Wake Forest.
ĀHarris and Martin each rushed for more than 100 yards in a
49-37 win
over Army.ĀHarris finished with 129 yards on 12 carries and two touchdowns while Martin posted 115 yards on 13 carries and two touchdowns.ĀThey are the first Wake Forest tandem to rush for more than 100 yards in a game since Chris Barclay (210) and Micah Andrews (142) each ran for more than 100 yards against East Carolina on Sept. 17, 2005.


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Spectral focusing: High spectral resolution spectroscopy with broad-bandwidth laser pulses


text:
- Races
- Bahrain GP
- Malaysian GP
- Australian GP
- San Marino GP
- European GP
- Spanish GP
- Monaco GP
- British GP
- Canadian GP
- United States GP
- French GP
- German GP
- Hungarian GP
- Turkish GP
- Italian GP
- Chinese GP
- Japanese GP
- Brazilian GP
Things start to get serious
After a day doing homework on Friday the F1 teams started to get serious on Saturday morning with tyre choices made and set-ups decided upon. And while Michael Schumacher continued to top the timesheets with a best lap of 1m23.787s, Fernando Alonso was on a much faster lap when he had to back off because of traffic and so his best lap was a second attempt and that was only three-tenths behind the Ferrari. Alonso's fastest lap had been four-tenths up in the first sector alone. With the track getting quicker all the time, the afternoon qualifying is eagerly awaited with Schumacher and Alonso looking like they are the men to beat but others still perhaps waiting to show their hands.
In the morning session Giancarlo Fisichella was third fastest ahead of Felipe Massa, Kimi Raikkonen and Ralf Schumacher. Jenson Button was a second slower than the fastest time in seventh ahead of Jacques Villeneuve's BMW, Christian Klien's Red Bull and the Toro Rosso of Tonio Liuzzi. Rubens Barrichello was 11th fastest with Mark Webber next, Williams preferring not to go for times just yet. Nico Rosberg blotted his copybook, however, when he went off and hit the wall and damaged his car. Jarno Trulli was also well off the pace for no apparent reason while Juan Pablo Montoya did just one lap and failed to set a time with his McLaren.
Copyright 1988-2014, Inside F1, Inc.


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C. Kobulnicky, D. Zaritsky (UC Santa Cruz)
We measure oxygen and nitrogen abundances for 14
star-forming emission line galaxies (ELGs) at 0.11 If you would like more information about this abstract, please
follow the link to http://xxx.lanl.gov/abs/astro-ph/9808081.
This link was provided by the
author. When you follow it, you will leave the Web site for this
meeting; to return, you should use the Back comand on your


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European fall cheese appetizers & snacks recipes with 400 or fewer calories
All recipes » Appetizers & snacks » European » Cheese » Fall » 400 or fewer calories
Fondue - Gouda/Gruyere & BaconA really tasty (albeit decandent) fondue. I've done this for a cocktail party & for an X-mas appetizer. It always goes over well (though if only a… |
Michael Chen
Feb 2008 Beginner |
1 vote
4485 views
Cheddar Cheese TartletsAfter i came out of Culinary Arts College all those years ago we threw a party and i made this simple but tasty App. They went so fast that i just… |
Chef Michael H Fitzpatrick
Sep 2012 Professional |
1 vote
1076 views


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11th December 2012 | Patrick Thorne
Jackson opened top-to-bottom this weekend. Copyright: Jackson Hole Mountain Resort
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Welcome to the IDE/Theories thread, iteration the 27th! This is where all your Homestuck theories and predictions whether reasonable or ridiculous are posted discussed. Participation is free as always so come on in, step on up to the mic and make your mad posts, bros.
Here are some of the things that the previous 26 threads have more or less established:
(HINT: you should probably read this list before posting!)
Notes on the reliability of in comic information sources:
My thanks to unbeliever536 and the previous IDE thread starters for the above info (to which I made minor edits).
Also, "IDE" is just "Idea" capitalized minus the "A." People thought it was funny so it stuck. I still think it's funny so it stays
Now that that's done with add your theories! Now!


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Exact analytic flux distributions for two-dimensional solar concentrators |
Applied Optics, Vol. 52, Issue 19, pp. 4596-4600 (2013)
Enhanced HTML Acrobat PDF (524 KB)
A new approach for representing and evaluating the flux density distribution on the absorbers of two-dimensional imaging solar concentrators is presented. The formalism accommodates any realistic solar radiance and concentrator optical error distribution. The solutions obviate the need for raytracing, and are physically transparent. Examples illustrating the method's versatility are presented for parabolic trough mirrors with both planar and tubular absorbers, Fresnel reflectors with tubular absorbers, and V-trough mirrors with planar absorbers.
© 2013 Optical Society of America
OCIS Codes
(220.1770) Optical design and fabrication : Concentrators
(350.6050) Other areas of optics : Solar energy
ToC Category:
Solar Energy
Original Manuscript: April 11, 2013
Manuscript Accepted: May 23, 2013
Published: June 26, 2013
Naum Fraidenraich, Manoel Henrique de Oliveira Pedrosa Filho, Olga C. Vilela, and Jeffrey M. Gordon, "Exact analytic flux distributions for two-dimensional solar concentrators," Appl. Opt. 52, 4596-4600 (2013)
Sort: Year | Journal | Reset
- F. Alberti, M. Cozzini, and L. Crema, "Two-zone coating strategy for CSP parabolic trough applications," in Proceedings of 18th Solar PACES2012 Conference, Marrakech, Morocco (2012), p. 40102.
- K. W. Glenn and C. K. Ho, "Impact of aperture size, receiver diameter, and loop length on parabolic trough performance with consideration of heat loss, pumping parasitics, and optics for a typical meteorological year," in Proceedings of 18th Solar PACES2012 Conference, Marrakech, Morocco (2012), p. 25131.
- F. von Reeken, G. Weinrebe, and M. Balz, "Extended Rabl method to assess the optical quality of parablic trough collectors," in Proceedings of 18th Solar PACES2012 Conference, Marrakech, Morocco (2012), p. 41133.
- H. Price, E. Lüpfert, D. Kearney, E. Zarza, G. Cohen, R. Gee, and R. Mahoney, "Advances in parabolic trough solar power technology," J. Sol. Energy Eng. 124, 109–125 (2002). [CrossRef]
- P. D. Jose, "The flux distribution through the focal spot of a solar furnace," Sol. Energy 1, 19–22 (1957). [CrossRef]
- A. W. Simon, "Calculation of the concentration of energy at points outside the focal spot of a parabolic condenser," Sol. Energy 2, 22–24 (1958). [CrossRef]
- K. E. Hassan and M. F. El-Refaie, "Theoretical performance of cylindrical parabolic solar concentrators," Sol. Energy 15, 219–244 (1973). [CrossRef]
- D. L. Evans, "On the performance of cylindrical parabolic solar concentrators with flat absorbers," Sol. Energy 19, 379–385 (1977). [CrossRef]
- R. O. Nicolás and J. C. Durán, "Generalization of the two-dimensional optical analysis of cylindrical concentrators," Sol. Energy 25, 21–31 (1980). [CrossRef]
- S. M. Jeter, "Calculation of the concentrated flux density distribution in parabolic trough collectors by a semifinite formulation," Sol. Energy 37, 335–345 (1986). [CrossRef]
- A. Rabl, Active Solar Collectors and Their Applications (Oxford University, 1985).
- R. Winston, J. C. Miñano, and P. Benítez, Nonimaging Optics (Elsevier, 2005).
- A. Rabl and P. Bendt, "Effect of circumsolar radiation on performance of focusing collectors," J. Sol. Energy Eng. 104, 237–250 (1982). [CrossRef]
- N. Fraidenaich, "Analytic solutions for the optical properties of V-trough concentrators," Appl. Opt. 31, 131–139 (1992). [CrossRef]
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JAMESTOWN — In partnership with California State Parks and the California State Railroad Museum Foundation, Tuolumne County's Rotary and Kiwanis clubs will host the second annual "Spotlight on Railtown" fundraiser on Saturday evening, July 20 at Railtown 1897 State Historic Park (SHP) in Jamestown.
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The goal of this special fundraising event is to support the continuing operation of Railtown 1897 SHP.
The festivities will begin at 6, with local wines and delicious appetizers served in and around the park's signature facility, the Historic Jamestown Roundhouse and Shops.
As guests tour the facility, they will enjoy live music, turntable demonstrations, historic railcar rides, Sierra No. 3 "Movie Star Locomotive" in operation and a silent auction.
For a relaxing grand finale to the evening, guests will enjoy a memorable ride aboard Railtown 1897s excursion train, with silent auction results announced as the train arrives back at the depot.
"Spotlight on Railtown" is presented by the Sonora Rotary Club, '49er Rotary Club, Twain Harte Rotary Club, and Kiwanis Club of Sonora, and sponsored by the Black Oak Casino, Chicken Ranch Casino & Bingo, H&R Block of Sonora, California State Parks and the California State Railroad Museum Foundation.
Featured wines will include Chatom Vineyards from Calaveras County, Gianelli Vineyards from Jamestown, Indigeny Reserve and Mt. Brow Winery both from Sonora, and Twisted Oak Winery and Zucca Mountain Vineyards both from Murphys.
Tickets for "Spotlight on Railtown" are $50 per person and all proceeds directly benefit the historic park. Advance tickets are available online at railtown1897.org or by calling 209-984-3953.


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H&R Block Posts Smaller Loss Than Analysts Estimated
Dec. 6 (Bloomberg) -- H&R Block Inc., the biggest U.S. tax preparer, reported a fiscal second-quarter loss that was smaller than analysts estimated as expenses declined.
The net loss was $101 million, or 37 cents a share, compared with $123 million, or 41 cents, a year earlier, the Kansas City, Missouri-based company said today in a statement. Excluding some items, the net loss was 37 cents, compared with the 41-cent loss estimated by six analysts surveyed by Bloomberg.
Expenses fell 9.9 percent to $302.3 million from the year-earlier period, and the company said it's on pace to generate as much as $100 million of pretax earnings from cost cutting plans in fiscal 2013. H&R Block said in October it may drop its designation as a savings and loan after the Federal Reserve proposed rules requiring such firms to keep additional capital, according to a statement at the time.
The second-quarter results "reflect savings from our cost reduction initiatives and a strong tax season in Australia," Chief Executive Officer Bill Cobb, 56, said in the statement.
To contact the reporter on this story: Laura Marcinek in New York at email@example.com
To contact the editor responsible for this story: Rick Green at email@example.com