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Stock Market & Financial Investment News
News Breaks
July 24, 2014
Celgene raises FY14 adjusted EPS view to $3.60-$3.65 from $3.50-$3.60
Consensus is $3.67. Raises FY14 revenue view to $7.6B from $7.5B, consensus $7.54B. Sees Revlimid net product sales $4.95B from preview $4.9B-$5B range. Sees Abraxane net product sales $850M-$900M.
News For CELG From The Last 14 Days
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July 17, 2015
Stocks end week higher as Google, Greece bring out the buyers
Stocks ended the week higher and the major averages are back at record highs after Iran agreed to a nuclear deal, Greece's parliament paved the way for the country to receive another bailout by agreeing to new austerity measures and Google (GOOG) gave investors hope that earnings from tech's other heavyweights will be similarly better than expected. MACRO NEWS: In the U.S., retail sales unexpectedly fell 0.3% in June, versus the consensus forecast for growth of 0.3%. The producer prices index showed prices rose 0.4% in June, versus expectations for an increase of 0.2%. The consumer price index rose a seasonally adjusted 0.3% in June from a month earlier, matching the consensus forecast. Compared with last year, consumer prices rose 0.1%, marking the first annual increase since December. Housing starts rose 9.8% to a 1.17M rate in June and building permits rose 7.4% to a 1.34M pace, both of which topped expectations. The NAHB homebuilder sentiment index for July came in at 60, a point better than forecast. The University of Michigan's consumer sentiment reading dropped to 93.3 in the preliminary July figure, which was below the 96.0 reading that was expected. During testimony before Congress, Federal Reserve Chair Janet Yellen stayed on message, stating that the central bank is on track to raise record-low interest rates this year, so long as the labor market and the economy keep improving... In China, exports rose 2.1% from a year earlier during June and imports dropped 6.7%, leaving a trade surplus of $45.8B for the month, the nation's customs administration reported. The nation's GDP was reported to have grown 7% in the second quarter from a year earlier, beating the consensus expectation for growth of 6.8%... In Europe, Greek lawmakers passed the country's austerity agreement and Euro-area finance ministers reportedly agreed in principle to extend a bridge loan to Greece. The loan should help keep Greece afloat while its Prime Minister negotiates the details of the country's latest bailout... Iran reached a deal on restrictions and inspections intended to prevent it from developing nuclear weapons in exchange for the lifting of economic sanctions by six world powers. The agreement still faces a political fight in the U.S. before taking effect, but President Barack Obama has vowed to veto any congressional effort to block its implementation. COMPANY NEWS: Class A shares of Google (GOOG, GOOGL) surged at the end of the week after the search giant reported better than expected revenues and earnings in the second quarter. Research firms all over Wall Street raised their price targets on the stock in the wake of the report... Netflix (NFLX) rallied to a split-adjusted all-time high after the streaming service operator reported stronger than expected second quarter results, including higher than expected Q2 subscriber metrics, prompting a large number of research firms to raise their price targets on the stock... Many of the nation's largest banks reported on their results in the second quarter this week. JPMorgan (JPM), Bank of America (BAC) and Citigroup (C) all posted quarterly profits, excluding certain items, that beat the average estimates of analysts. Wells Fargo (WFC) reported earnings in-line with consensus estimates and revenue somewhat below expectations, while Goldman Sachs (GS) reported headline earnings that appeared to fall far short of the consensus forecast. However, that was due to Goldman's nearly $1.5B in provisions for litigation and regulatory matters. Excluding those provisions, the bank's earnings were ahead of consensus... On the M&A front, Receptos (RCPT) advanced after Celgene (CELG) announced a deal to buy the smaller drugmaker for $232 per share in cash, or a total of about $7.2B net of cash acquired. A number of research firms applauded the deal, especially noting the price Celgene agreed to pay, but cautioned that a rival bidder may still emerge for Receptos. Marathon Petroleum (MPC) gained after MPLX (MPLX), the company's fee-based master limited partnership, agreed to acquire MarkWest Energy (MWE) in a cash and stock deal that implies a total enterprise value for MarkWest of approximately $20B, including the assumption of debt of approximately $4.2B. Micron (MU) rose after The Wall Street Journal reported that China's state-owned Tsinghua Unigroup had offered to acquire the memory chip maker for $23B, or $21 per share... Shares of Twitter (TWTR) spiked Tuesday morning after a questionable takeover report was published on a website that mimicked, but had a different web address, than Bloomberg News. A Bloomberg spokesman said soon afterward that the Twitter takeover story being attributed to the news service was a fake, while a Twitter spokesperson also denied the report of an alleged deal... Macy's (M) jumped after Starboard CEO Jeffrey Smith called the stock his "best idea" for 2015, adding that the shares could be worth $125 each if the company takes steps to maximize the value of its real estate holdings. Amazon (AMZN) announced it sold more units on its first "Prime Day" than the biggest Black Friday ever and had more new members try its Prime service worldwide than any single day in company history. The e-commerce giant noted that its worldwide order growth increased 266% over the same day last year and 18% more than Black Friday 2014, adding that it will "definitely be" doing another Prime Day in the future. A number of semiconductor equipment stocks, including Applied Materials (AMAT) and Lam Research (LRCX), dropped after Intel (INTC) cut its capital expenditures guidance while reporting on its quarterly results. INDEXES: For the week, the Dow gained about 1.05% to close at 18,086.45, the Nasdaq advanced about 3.37% to close at 5,210.14, and the S&P 500 rose about 1.67% to close at 2,126.64.
July 16, 2015
Celgene management to meet with Deutsche Bank
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July 15, 2015
Celgene looks like a buy, Barron's says
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Celgene-Receptos deal includes $230M, $400M termination fees
In a regulatory filing, Celgene (CELG) reported that its merger agreement with Receptos (RCPT) contains certain termination rights. Upon termination of the agreement by Receptos or Celgene upon specified conditions, a termination fee of $230M may be payable by Receptos to Celgene. The agreement also provides that Celgene will be required to pay Receptos a reverse termination fee of $400M and extend Receptos a loan in the amount of $350M in the event that HSR approval is not obtained under certain circumstances.
On The Fly: Top stock stories for Wednesday
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On The Fly: Top stock stories at midday
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Active equity options trading on open
Active equity options trading on open: AAPL FB BAC RCPT MU YUM NFLX CELG
On The Fly: Pre-market Movers
UP AFTER EARNINGS: Bank of America (BAC), up 2.9%... CSX (CSX), up 2.6%. ALSO HIGHER: Hertz (HTZ), up 3.9% after being upgraded to Buy from Hold at Deutsche Bank. NOTABLE: Receptos (RCPT), up 10.5% following deal to be acquired by Celgene (CELG)... Celgene is up 7.9% after announcing acquisition of Receptos... UP AFTER RECEPTOS/CELGENE DEAL: ZIOPHARM Oncology (ZIOP), up 1.7%... Arena Pharmaceuticals (ARNA), up 6.5%. DOWN AFTER EARNINGS: Delta Air Lines (DAL), down 2.4%. ALSO LOWER: Mead Johnson (MJN), down 4.8% after reducing fiscal 2015 EPS guidance... Columbia Pipeline Partners (CPPL), down 5.6% after 4.64M share Block Trade priced at $24.15... SINA (SINA), down 2.7% after being downgraded to Hold from Buy at Deutsche Bank... MacroGenics (MGNX), down 2.8% after 3.25M share Secondary priced at $37.00.
Celgene price target raised to $191 from $163 at BMO Capital
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Celgene acquisition positive, says JMP Securities
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Analysts break down impact of $7.2B Receptos buyout
After Celgene (CELG) announced last night that the company has agreed to acquire Receptos (RCPT) for $232 per share in cash, or a total of about $7.2B net of cash acquired, research firms have chimed in with their opinions on how the proposed deal may impact others in the biotech space. Receptos key asset is Ozanimod, which is being studied in Phase III trials for relapsing multiple sclerosis and ulcerative colitis. DERIVATIVE CALLS: Piper Jaffray analyst Edward Tenthoff told investors that he views Celgene's deal for Receptos as good for Arena Pharmaceuticals (ARNA). The analyst notes that Arena's APD334 is already showing dose-dependent decreases in circulating lymphocyte counts and that the company will initiate Phase II studies in ulcerative colitis and Crohn's disease this year. Tenthoff reiterates an Overweight rating and $7.50 price target on Arena, which has a market capitalization around $1B and closed yesterday up 8c to $4.47. In its own note to investors this morning, Nomura said Celgene's deal could put downward pressure on Biogen's (BIIB) long-term multiple sclerosis estimates. Nomura's M. Ian Somaiya contended that one-year Phase II efficacy data for Ozanimod looked as good as Novartis�s (NVS) Gilenya and Biogen's Tecfidera�s Phase III at year 2. Somaiya also wondered if rival Gilead (GILD) could be "looking for something bigger" than Receptos for its own deal, telling investors that the firm views Incyte (INCY) as Gilead's most likely takeout target. Incyte's shares closed up $4.46 at $117.46 yesterday, giving the company a market cap of about $20B. RIVAL BID?: Wedbush analyst Liana Moussatos believes another bidder may seek to acquire Receptos, noting that she previously estimated Receptos could be valued at $348 per share, or about $10.9B, in a buyout. Moussatos noted that Celgene said it expects annual peak sales for Ozanimod to reach about $4B-$6B for RMS and UC, making its acquisition price of $7.2BN only a bit more than about 1X peak sales without accounting for other possible indications or the rest of its pipeline. Moussatos told investors she sees "plenty" of potential upside to justify a rival bidder stepping in and reiterated the firm's Outperform rating on Receptos shares. PRICE ACTION: In pre-market trading, Receptos rose 10% to $228.61 while Gilead gained 1.4% to about $119 per share.
Celgene price target raised to $150 from $135 at RBC Capital
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Receptos acquisition a 'great deal' for Celgene, says UBS
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Celgene acquisition of Receptos will be viewed favorably, says Baird
Baird believes Celgene's (CELG) acquisition of Receptos (RCPT) will be viewed favorably by the Street, as the firm sees the price as attractive enough to move the needle for Celgene in the long term. Baird reiterated its Outperform rating and raised its price target to $162 from $139 on Celgene shares.
Receptos volatility flat into Celgene acquiring for $7.2B
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Celgene may face rival bidder for Receptos, says Wedbush
Wedbush analyst Liana Moussatos believes another bidder may seek to acquire Receptos (RCPT), which has agreed to a $232 per share takeover deal with Celgene (CELG), noting that she previously estimated Receptos could be valued at $348 per share, or about $10.9B, in a buyout. Moussatos noted that Celgene said it expects annual peak sales for Receptos' Ozanimod to reach about $4B-$6B for RMS and UC, making its acquisition price of $7.2BN only a bit more than about 1X peak sales without accounting for other possible indications or the rest of its pipeline. Moussatos, who told investors she sees "plenty" of potential upside to justify a rival bidder stepping in, reiterated the firm's Outperform rating and $348 acquisition value on Receptos shares.
Celgene volatility low into acquiring Receptos for about $7.2B
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Celgene price target raised to $175 from $160 at Deutsche Bank
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Piper views Receptos buyout as good for Arena
Piper Jaffray analyst Edward Tenthoff views Celgene's (CELG) acquisition of Receptos (RCPT) as good for Arena Pharmaceuticals (ARNA). Tenthoff views Arena as a "derivative call" on the deal with the company's APD334 already showing dose-dependent decreases in circulating lymphocyte counts. Arena will also initiate Phase II studies in ulcerative colitis and Crohn's disease this year, the analyst points out. Receptos' ozanimod is being studied in Phase III trials for relapsing multiple sclerosis and ulcerative colitis. Tenthoff reiterates an Overweight rating on Arena with a $7.50 price target. The company has a market capitalization around $1B and closed yesterday up 8c to $4.47
Receptos deal 'another good move' for Celgene, says Piper Jaffray
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Another good reason not to bomb Iran
It's tempting to think of all Iranians in terms of the mob that stormed the U.S. Embassy in Tehran in 1979 or the intemperate remarks of President Mahmoud Ahmadinejad about Israel and the Holocaust. But certain recent events in Iran provide insight into what its people are really like and why we shouldn't be hasty about dropping bombs on them.
An Associated Press story by Ali Akbar Dareini reports that Iran's Culture Ministry, tasked with vetting the content of books before they're printed in Iran, made the mistake of allowing the production of 5,000 copies, translated into Persian, of "Memories of My Melancholy Whores," by Colombian Nobel laureate Gabriel Garcia Marquez. They sold like, well, hotcakes.
I retrieved my own copy of the book from a shelf close by and gave the slight volume a quick rereading. It's a steamy tale about an elderly, cultured journalist who's never had sex without paying for it and who decides on the occasion of his 90th birthday to spend the night with a 14-year-old virgin. The book is for grown-ups, of course, but it's not pornography; it's serious writing by a great literary master.
Still, it's not hard to see why Islamic fundamentalists might object, based on the claim that the book promotes prostitution. But when the government forbade a second printing, interest surged, and "My Melancholy Whores" began to sell on the black market for double its list price.
Why? Ahmad Abbasi, 28, says it all: "I don't know what the book is about. But when the government bans a book, there is something interesting in it. So, I'm buying the book out of curiosity."
Clearly, Abbasi doesn't sound like an Islamic nutcase who's likely to become a suicide bomber for Allah. In fact, he sounds more like the Americans described in the same edition of my local paper that carried the story about Iran.
'When the government bans a book, there is something interesting in it.'
As it turns out, governmental bodies in America ban books, as well. According to another Associated Press story, by John Raby, the Kanawha County Board of Education recently banned "Beach Music" and "The Prince of Tides," two novels by Pat Conroy, from classes at Nitro High School in Charleston, W.Va. The episode is only one of hundreds of book-banning attempts at schools and libraries monitored by the American Library Association every year.
In West Virginia, the students objected to the banning and Conroy came down on their side with an eloquent and emphatic e-mail in which he makes this point about the ironic effect of most attempts at censorship: "... every kid in that county will read them, every single one of them." This is a concept that Ahmad Abbasi would understand completely.
When we think of Iran, we think of its government, particularly the high-profile Ahmadinejad, but its people are largely mysterious to us. More than half of the population was born since the Islamic revolution in 1979, and many Iranians are intensely interested in the West. The Internet flourishes. In "The Shia Revival," scholar Vali Nasr points out that Persian is the third-most-popular language on the Internet and Iranians maintain more than 80,000 blogs. He notes that during the last decade philosopher Immanuel Kant has been translated into Persian more often than into any other language. And Kant sells almost as well in Iran as Marquez.
A small black-and-white photo accompanies the news story about book banning in Iran. It portrays the interior of a Tehran bookstore. Three sides of a broad aisle are lined by seven shelves, floor to ceiling, of neatly arranged books. The bookstore owner is searching the shelves for a book for a female customer. Except, perhaps, for the woman's head scarf, this picture might have been taken anywhere in America.
Perhaps the Iranians aren't as different from us as the hawks would have us believe. In fact, given Iran's democratic tradition, which dates back nearly 100 years before the Islamic revolution, perhaps these aren't people we should even be thinking about bombing, at all, unless we can come up with better reasons than we have so far.
John M. Crisp teaches English Department at Del Mar College. E-mail: firstname.lastname@example.com. Scripps Howard News Service.
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Aug 9th, 2006
An errant 7 train, marked as express, but in reality running local, meant that I walked out of the subway station a few minutes before 7 and saw the crowd on its feet and cheering. I cursed out loud and started running, knocking into some random lollygagger with no sense of urgency. I can't pretend to Really Understand Mike Piazza's impact on the Mets. Unlike 1/3 of the crowd at Shea tonight (including TBF) I don't own a #31 t-shirt; to do so would be (in my opinion) fronting of the worst kind. I became a semi-fan in the last year he was on the team, I can't claim much.… [more]
Aug 8th, 2006
TBF and I rolled into town over three hours late, so there's just time to catch up on the news, the gossip, and upload a couple of pictures before getting to sleep early, so I can get to work early, so I can try to get to the f'in game in time to see the starting lineups announced. I am VERY excited to see the returns of Mr. Piazza and Mr. Cameron, but I also hope we kick their asses. We managed to keep up with Friday's game via gamecast, Saturday's game via the out of town scoreboard at Safeco, and Sunday we watched the game later that night – well, we fastforwarded through it – after being out all day and all evening.… [more]
Aug 3rd, 2006
I thought by now I was used to the continuum of suspense, the rollercoaster, the ups and downs. Tonight, however, I don't know if I'm just tired or if it was really that bad, but my mumbling in the kitchen about my lack of confidence that the Mets would pull this one out in the 9th earned me a mini-lecture from TBF, something about "you don't have a lot of confidence in your players, now do you". At that moment, my answer would have been a resounding "no". I wish d.wright would pull out of his slump. And Cliff – well, you know, Cliff.… [more]
Aug 3rd, 2006
This article from mets.com yesterday got me to sit down and think about this quandry, which has been rolling around in my head for a while. I remember the Milwaukee series when Jose Valentin changed from the guy whose at-bats you'd watched behind split fingers, into the superhero, Grand Slam-slugging guy we have today. I remember sending a text message to TBF: "where is jose valentin and what have they done with him" "its someone else wearing a jose valentin suit" was his response. And, to our continued amazement, it wasn't a fluke. He kept producing. And producing. And his defense wasn't half-bad either – he wasn't going to win a Gold Glove any time soon, but he was no Kaz Matsui, either.… [more]
Aug 2nd, 2006
Yes, Gothamist's sports coverage is puerile at best. But this has got to be the most dumb-ass article I have seen, since the one that complained that Patti Smith hogged the Bowery Ballroom every New Year's Eve, depriving indieflavorbandofthemonth from that venue, and couldn't she just die already? TIEN MAO, YOU LIVE IN MY NEIGHBORHOOD, WATCH YOURSELF. [kidding.] [well, sort of.] —–… [more]
Aug 1st, 2006
No sooner do I publish my sacred Mets iPod playlist then do I have to revise it, removing "X" by Xzibit, since #22, Mr. Nady, is no longer with us. I quite liked X (and not just because he looked like Joaquin Phoenix), but as the season went on, I was more and more uncomfortable when he was out there – not quite Victor Diaz-level uncomfortable (I swear I had grey hair last summer brought on entirely by Victor Diaz' presence in RF), but I was never 100% sure he was going to be able to generate the rubber arms and Roadrunner-like legs that an outfielder seems to need as part of his arsenal (except Carlos Beltran, who, while he will dive when the situation warrants, carries himself with elegance).… [more]
Jul 31st, 2006
*ring ring* "We just traded Xavier Nady for relief help." I look at the clock. 3:26pm. "Wow, Omar has half an hour." "They said they knew about it last night, but kept it quiet so they didn't get ripped off in the trade." "Shouldn't you be impressed that I know that the trade deadline is 4pm?" *pause* "Wait a minute – how DID you know that?" My head is spinning right now. Is it always this bad? —–… [more]
Jul 31st, 2006
Sanchez separated shoulder in car accident TBF is inconsolable. The title of this post was the subject line of the email that sent me this piece of information. So this brings me to something I have been thinking about: acts of God (accidents), acts of stupidity (like sports players who engage in extreme sports during the season), and acts of bravery (think: the Beltran-Cameron Collision of '05). Everything can be rolling along fine and then disaster strikes. This is something you cannot plan for. As a former manager of mine used to say, "Unfortunately, this work is being done by humans." It's the inexplicable force, brought by the human factor, that makes the sport and the performance of it such a joy, but it's also the same thing that can make it an almost-tragedy (and realize that I am exaggerating in the case of Duaner for effect here, but also, it's not like he was a trivial force in the bullpen).… [more]
Jul 28th, 2006
Mets Grrl is one of the annoying people who will unashamedly judge you based on what's in your record collection (and what's not). I will be checking our your iPod playlist or your cd collection before asking any other questions. (Before you say anything, how many of you don't talk to certain people because of the sports teams they like [and don't]? So don't start.)t So when I first started going to Mets games, I found the whole concept of walk-on music to be FASCINATING. If you have read some of my posts about games, you may have noticed how I pay more attention to this than, well, most sane people.… [more]
Jul 28th, 2006
This will take me from Canal St. (work) to Willets Point: Meet the Mets (organ version) City Of Blinding Lights – U2 Bring Em Out – T.I. Eminence Front – The Who Start Me Up – The Rolling Stones Subway Train – The New York Dolls Brass Monkey – The Beastie Boys Staying Alive – Bee Gees X – Xzibit London Calling – The Clash Enter Sandman – Metallica Taking Care of Business – BTO Meet the Mets – Yo La Tengo (live on WFMU) … [more]


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Product DescriptionThis lightweight graphic tee is made from super-soft 100% cotton jersey fabric for long-wearing comfort. The rib-knit crew collar ensures a snug fit, while built-in UPF 15 sun protection helps shields your skin against harmful UV rays. Features a large screenprint graphic across the center front. Modern Classic fit. Imported.
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Show your wood
View Single Post
Platinum Member
Join Date: Apr 2006
Location: Boise, Idaho
Posts: 7,236
Re: Show your wood
Originally Posted by
Oh well, i'm really sorry. But the thing is that the people on this forum have seen enough my Vaudou kit ( i can see the sarcasm in all the reply ). I don't know if i'm right or not but there's like 90% of people here that dosen't like custom kit, they live only for DW, Gretsch, Tama, Pearl, Mapex.. etc. I know i can't express myself with the right words because of my bad english, but i understand very well, and many people here are not very happy for me about my new purchase. If i has buy a beautiful vintage blue sparkle gretsch kit, a lot of people on this forum will reply and say to me that my kit is just amazing and probably tell to me that i did a really great buying.
Like every Custom drum brand, i just wanted to show my Vaudou drum to more and more people here. But now i know that is a waste of time, and there a really minor percentage of people who enjoy the fact that Vaudou Drum is a good drum company.
I'm a good guy in life, i don't like to piss off people but it seems like few people here just dosen't like people from Canada maybe, or Canadian Drum Brand. And this is really sad.
Like the people here like to say '' Just my 2 cent "
I think your English is fine, but you might want to read my original posts. I said your drums are beautiful and I even think you should start a thread for people who have Canadian drums. I own custom drums so I understand what you are trying to accomplish and I believe in it.
It's just that this thread is for a very certain type of drum: Natural, uncolored wood. It has nothing to do with the manufacturer and people are welcome to put up pictures of CB 700, DW, Vaudou or any other kind of drums, as long as they are natural wood finish.
Ironwood kit
Tiki kit
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Sadly, in my 22nd season at this magazine, I'm still missing from The Forbes 400. It's just a matter of a few zeroes. Not all that much, really–just zeroes. Now, were I to add a few to make the nine-zero-plus cutoff, the first thing I'd do is buy a jet–or, more likely, two. I'd buy a big one, like a Gulfstream G650, a Dassault Falcon 7X or the big Bombardier Bombardier Global Express Express, which Bill Gates has. Maybe for $50 million I could snatch a slightly used one.
The idea would be to travel to Davos or the FORBES Global CEO Conference–this year in Bali, next year in Bangkok–in maximum comfort with minimal jet lag. But I'd also buy a jet I could fly myself, something like a Cessna CJ4 or Embraer Embraer Phenom 300. With such an exquisite machine I could hop from Silicon Valley to Aspen on a whim.
As I say, it's just zeroes, and I seem to be missing a few. I'm working on that. But the truth is, I could grow old before those extra zeroes materialize. The clock is ticking. In the meantime, I'm not going to deny myself a bit of transportation fun. And boy, have I found a fun machine.
It's a bicycle.
Well, except that it has a battery and a motor that turn your efforts into Superman's. Other than that, it's just a bicycle. It's called the Specialized Turbo and sells for $5,900.
Here's where jealous Internet trolls will carp that $5,900 is way too much for a bike, that the Turbo is, therefore, a rich person's toy, blah, blah. Well, tough. If you're reading this magazine, you can probably afford a $5,900 bike. If you can't, then keep reading FORBES, banish the negativity from your brain, absorb the lessons in capitalistic tradecraft and you'll soon learn.
The Turbo is a battery-assisted bike unlike any other. The majority of "others" consist of a brick-shaped battery slapped onto the back of the bike. They're ugly and wildly out of balance. The Turbo uses cellphone-battery technology in a 2-foot-long cylindrical package that snaps onto the bike frame's downtube (i.e., the tube that slopes from the handlebar stem to the pedals). The 250-watt motor sits in the rear wheel hub, next to the disc brakes. Thus, the weights of the battery and motor are balanced on the frame.
The Turbo comes in candy-apple red with black trim. It looks fast even on its twin motorcycle-type kickstand. The bike needs a twin kickstand, because it weighs 48.5 pounds. The bike's one drawback is that it's a bit of a pain to haul up and down stairs, or even to put in the back of your SUV.
Those small hassles disappear with the first pedal stroke. Press the "on" button on the downtube and start pedaling. That's all there is to it. You'll take off like a rocket. Without much effort you'll be going 15mph, and 20mph to 25mph is easy to maintain on a flat road for anyone of average fitness. At 28mph the motor will stop giving you assistance. This limit was put on it for legal reasons, not for any technology limits.
Life really changes when you pedal up hills. Here you'll blow away the best cyclists in the world. Let me give you an example. Close to where I live in Silicon Valley, behind the Stanford University campus, is a hill called Old La Honda Road. It's 3 miles long and ascends 1,295 feet at an average gradient of 8.1%. Around some of the hairpin turns the slope is 15% or more. All serious cyclists in Silicon Valley have climbed it, and everyone knows his or her best time. The best time ever recorded on Strava, the GPS-enabled fitness website, is 14:42. This year's Tour de France winner–and the best climber in the world–Chris Froome, has never climbed Old La Honda. But if he did, he could do it in about 13 minutes.
I did it in 11:42 on the Turbo. I felt like Superman. Even lacking those last few zeroes, I felt like Superman. Ride the Turbo, and you will, too. Check it out at specialized.com.


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VAT in the Dominican Republic
VAT in Dominican Republic is known as Tax on the Transfer of Industrialized Goods and Services (in Spanish: Impuesto a la Transferencia de Bienes Industrializados y Servicios "VAT"). As its name suggests, this tax is applicable on the transfer of industrialized goods, whether domestic or imported, imports and the rendering or leasing of certain services, as long as these are perceived /occur within the country.
Individuals and corporations engaging in any of the referred economic activities are deemed taxpayers under the scope of the VAT law, unless expressly exempted. The aforementioned rule is to be applied regardless of the taxpayer possessing a permanent establishment in the country or lacking registration before the Dominican tax authorities.
What supplies are liable to VAT?
The rate of Value Added Tax (VAT) applied to a product, material or service in the Dominican Republic is of 18%, as established on Law No. 253-12 and it is applicable to all provisions of goods and services. VAT is assessed and collected on the value of goods or services that have been provided every time there is a transaction, either sale or purchase. On this point, Articles 335 and 341 of the Dominican Tax Code, supported by the Law No. 11-92, and modified by the Law No. 147-00 of December 2000, provides the following:
Article 335 - ESTABLISHMENT OF TAX. A tax is applied to:
Article 341 - RATE. This tax is of a rate of 18% on the taxable base.
For the purpose of the VAT, taxpayers are:
What is the standard rate of VAT?
After the tax reform (Law 253-12), a VAT rate of 18% will apply from the start of tax period 2013 and 2014, and 16% upon the start of 2015.
Are there any reduced rates, zero rates, or exemptions?
Exports are zero-rated. Exporters shall have the right to deduct tax charged on rented goods destined for exportation activities. Should there be a credit balance remaining in favor of the exporter, it shall be returned by the General Agency for Income Tax, in the manner established in the Regulations.
The Dominican Tax Code establishes a list of products generally exempted from VAT, such as agricultural goods, livestock, certain types of food, fuel, educational materials and medicines. Services such as educational services, cultural services, healthcare, electricity and financial services, among others, are also exempted from VAT.
The following goods are also exempted from VAT:
The following services are VAT exempt:
On the other hand, as per the amendments provided by the Law 253-12, Some previously exempted goods are now deemed taxable of the Value Added Tax. Yogurts, Butters, Toasted Coffee, Soy Oil, Peanut Oil, Sunflower Oil, Coconut Oil, Corn Oil, Margarine, Sugar, Cocoa and Chocolates are currently deemed taxable with an ITBIS of 8% upon the start of 2013, and of 11% upon the start of 2014, and finally of 16% upon the start of 2016.
In addition, the construction industry, under the All-Costs model may apply a 16% of VAT on the 10% of the invoiced amount.
What are the other local indirect taxes beside VAT?
Selective Consumption tax (ISC as per its abbreviation in Spanish) is an excise tax, which is defined in the Dominican legislation as a selective tax on the consumption of goods and services. This tax shall apply to the transfer of certain goods produced nationally at the level of the manufacturer, their importation and the rendering or leasing of the services described in the Dominican Tax Code.
Excise taxes are levied on the acquisition, consumption or import of certain goods and services, as listed by the Dominican Tax Code. Two main types of excise taxes coexist in the Dominican Republic, namely: i) The Selective Consumption Tax (in Spanish: Impuesto Selectivo al Consumo "ISC") and, ii) the Selective Ad-Valorem Tax (in Spanish: Impuesto Selectivo Ad-Valorem "Ad-Valorem").
Some products levied with the ISC are listed below:
In general, the taxes referred to above also apply to tobacco products such as cigarettes or cigars, gasoline, alcoholic beverages, telecommunication services, the usage of checks, as well as insurance premiums. Except for telecommunication services, excise taxes shall be accounted towards determining the taxable base of ITBIS.
Who is required to register for Dominican VAT?
In general, individuals, corporations, look-through entities or any economic unit doing business in the Dominican Republic, whether domestic or foreign, regardless of its legal capacity or place of domicile, are considered taxpayers subject to VAT, to the extent they engage in the following activities: i) transfer industrialized goods; ii) import goods; iii) render taxed services; or, iv) perform a commercial activity deemed taxable under the scope of the VAT´s regulation and general rulings.
VAT Taxpayers must file a tax return of their taxed activities, in the manner and under the conditions established in the Regulations. This tax return shall be filed in the course of the first twenty (20) days of each month, even when there is no tax to be paid.
Are there penalties for not filing VAT taxes?
Yes. Not filing VAT taxes is considered as a misdemeanor subject to a fine of RD$27,790.00 (approx. US$ 677.00).
Is voluntary VAT registration possible for an overseas company?
Dominican tax law does not provide a taxable turnover or threshold in connection with the registration of a taxpayer for the purposes of fulfilling its ITBIS liabilities. Therefore, any taxpayer subject thereto, shall file its correspondent ITBIS return on a monthly basis, following the start of the operational or business activities, whether a foreign or domestic taxpayer. However, Dominican Tax authorities have implemented a new simplified procedure in favor of small to medium-size businesses, based in sales or income, whereby the monthly ITBIS liabilities, as well as the amount of returns to be filed, are considerably reduced.
Are there any simplifications that could avoid the need for an overseas company to register for VAT?
Foreign entities operating overseas are obliged to register, therefore, no simplifications exists that could avoid the need for an overseas company to register for VAT. However, foreign entities that do not have a Permanent Establishment in the Dominican Republic are not obliged to register in the DGII for VAT purposes. The aforementioned is also applicable to providers abroad or clients residing overseas.
Does an overseas company need to appoint a fiscal representative?
Dominican Tax Law requires all companies and taxpayers, whether foreign or domestic, to appoint a legal representative or register a contact person with the tax authorities. Any liability or tax issue arising may be effectively complied with by means of a legal representative or an agent.
What are the exchange rate rules in your country?
The Dominican Republic has a free currency exchange market. A foreign company is not required to obtain government approval to invest or to conduct its business in the country. The Dominican Central Bank, upon requirement of a foreign company, through a relatively simple administrative procedure, issues a Certificate of Foreign Investment Registration. The latter constitutes the sole requirement for a foreign individual or company to freely buy foreign currency in commercial banks for the purpose of repatriating dividends or profits earned locally.
Is VAT grouping possible?
Dominican tax law does not allow the filing of consolidated VAT returns. However, the tax authorities may either disregard the presence of an individual or several legal entities and treat them as an economic unit for certain transactions, when used to secure a tax advantage or as a sham.
Can an overseas company be included in a VAT group?
No, an overseas company cannot be included in a VAT group.
How frequently are VAT returns submitted?
Each VAT return is to be submitted along with the payment on a monthly basis; having as deadline the 20th day of the month following that in which the tax liability arose. The filing of the ITBIS return is mandatory by law, whether or not a liability is due by the taxpayer.
Are there any other returns that need to be submitted?
The documentation or form required to file VAT depends on the type of presented information:
Please be advised that other forms are required for the filing of the ISC, when applicable.
If a business receives a purchase invoice in foreign currency, which exchange rate should be used for VAT/GST reporting purposes? (e.g. central bank's exchange rate applicable on the date of the invoice)
The exchange rate should be that of the invoicing date. The applicable exchange rate shall be the rate provided by the Central Bank.
Can businesses recover VAT if they are not registered
Only locally registered taxpayers are allowed to recover VAT in the Dominican Republic, whether as a credit or a refund. Recovery is not allowed in any form in respect of a tax liability paid in connection with the ISC or the Ad-Valorem.
The taxpayer shall have the right to deduct from the gross tax the VAT amounts that, by reason of this tax, have been advanced within the same period:
Documentation necessary for VAT Recovery (or "deductions")
An indispensable requirement for the allowance of the relevant VAT deductions is that the VAT charged on local purchases and/or imports must be supported by the documents required by law and in the Regulation for its application. These documents may be the Invoices, with their credit validation (NCF), and customs returns.
Does your country apply reciprocity rules for reclaims submitted by non-established businesses?
Are there any items that businesses cannot recover VAT on?
Some exceptions exist in respect of the right to recover or deduct input VAT. VAT incurred by real estate developers, producers of exempted goods and services, registered exporters and for the purposes of renovating industrial machinery may be: i) both, offset and registered as costs of the referred business, ii) carried forward or iii) reimbursed, as applicable. The referred fiscal treatment is subject to the taxpayer complying with a set of special regulations in connection therewith.
On the other hand, some industries may not recover VAT, and shall register such expenses as part of the cost of the service or product. These industries include the electricity industry and the security industry.
Deductions whose applicability is not clear
When it cannot be determined if imports or local acquisitions of the taxpayer have been used wholly for taxed or tax exempt operations, the deduction of the VAT charged on these acquisitions shall be made on a pro rata basis i.e. the proportion deductible should correspond to the amount of the taxed operations over the total of the operations for the period at issue.
Deductions exceeding gross tax
When the total taxes deductible by the taxpayer are greater than the gross tax, the resulting difference shall be transferred, as a deduction, to following monthly periods; this situation does not exempt the taxpayer from the obligation of filing a tax return in accordance with that established in the Regulations. Exporters that reflect credits for taxes paid on their supply purchases have the right to request reimbursement of the same within a time period of 6 months.
Can businesses recover input VAT on certain employee expenses?
VAT recovery on employee expenses is possible, as long as the invoice is made under the name of the legal entity. Employee expenses paid on their behalf by the company are commonly known as "Fringe Benefits". The concept of fringe benefits subject to tax means any good, service or benefit furnished by an employer to an individual for his/her work in a relationship of dependency in addition to any monetary compensation, but only if said good or benefit, service or benefit contains and individualized personal element, in the terms determined in the Regulations.
The following is a non-limited enumeration of the goods, services and benefits, among others, which are considered as fringe benefits. VAT incurred on these expenses is not generally recoverable:
How are exports of goods and services treated?
Exports of goods are VAT exempt, and therefore remain taxed at a rate of zero. Exporters shall have the right to deduct the value of the tax that may have been charged on rented goods destined for exportation activities. Should there be a balance remaining in favor of the exporter, it shall be returned by the General Agency for Income Tax, in the manner established in the Regulations.
How are goods dealt with on importation?
In the case of the importation of goods, taxes shall be paid together with the corresponding custom taxes, in the manner and under the conditions established in the Regulations.
How are services which are brought in from abroad treated for VAT purposes?
Services provided from the Dominican Republic to foreign companies that do not reside in the Dominican Republic are exempt of VAT.
Any transfer of goods or provision of service in the Dominican Republic implicating expenses or costs must be supported by a Tax Verification Number ("NCF"), regulated by the Dominican Tax Authorities.
According to Decree No. 254-06, NCFs are fiscal documents validating the exchange of goods or service delivery, complying with the minimum requirements provided in the Regulation concerning its printing, issuance, and delivery.
The NCFs consist of an alphanumeric authorized by the Dominican Tax Authorities. This number code has a total of 19 numeric positions. Through this number, the person receiving the NCF can check its validity, confirming whether it has been authorized by the Tax Administration, and if the NCF was actually issued by the relevant issuer.
What do businesses have to show on a tax invoice?
The tax invoice must contain the following data:
Can businesses issue invoices electronically?
Yes, invoices may be issued electronically. Please be advised that these will also be subject to meeting the same conditions, outlined above.
Is it possible to operate self-billing?
No. However, a recipient may act as a tax withholding agent when ordered by law or the Dominican tax authorities.
Can a business issue VAT invoices denominated in a foreign currency?
Yes. A business can issue VAT/GST invoices denominated in foreign currency. However, it is suggested to include on the invoice the appropriate conversion to local currency.
Is there a relief from VAT for the sale of a business as a going concern?
Currently, there is no VAT relief on the sale of a business. However, please be advised that the sales of real estate and intangible assets of the company are not subject to VAT.
Are there any options to tax transactions?
There are no options to tax transactions.
How are transactions between head office and branch treated?
There are no distinctions or special VAT rules in the Dominican Tax Legislation for transactions shared between two local related entities or branches and their head offices. Therefore, goods and services generally deemed subject to VAT in the Dominican Republic are also subject to VAT when they form part of commercial transactions made between two related parties.
As a matter of fact, Transfer Pricing Rulings are set forth in the Dominican jurisdiction, providing no special tax relief on transactions between related parties.
Are businesses able to claim relief for bad debts?
No. A Bad debt is a deductible expense only for the Corporate Income Tax purposes. Losses arising from bad credit, in justifiable amounts, or in amounts separated to create a reserve fund for bad accounts are considered to be a deductible expense only for the Corporate Income Tax. However, there is no VAT tax relief for bad debts.
Is there a general anti-avoidance provision under VAT law?
VAT anti-avoidance in the Dominican Republic is defined as the voluntarily or involuntarily filing of a false or misleading statement, which produces illegitimate decreased tax revenues. As punishment for anti-avoidance actions, the DGII can impose on taxpayers a penalty of twice the taxed amount, including surcharges (late fees) and interests.
Fines are usually imposed if a taxpayer uses or attempts to use deceptive means to avoid the paying its tax debts. Failure to pay the amount of tax due to the Dominican tax authorities before an applicable deadline is subject to surcharges at a 10% rate on the first month or a fraction of it as of the applicable deadline; and of 4% for each subsequent month or fraction of a month. Jointly, 1.73% of the tax due shall be paid monthly by way of legal interest. These penalties, as described, are not deductible from the income tax.
What is the penalty and interest regime like?
Failure to pay the amount of tax due to the Dominican tax authorities before an applicable deadline is subject to surcharges at a 10% rate for the first month or a fraction of it as of the applicable deadline; and of 4% for each subsequent month or fraction of a month. Jointly, 1.73% of the tax due shall be paid monthly by way of legal interest.
What penalties can be imposed as a result of the incompliance of the Taxpayer's formal duties?
The failure to comply with formal duties are defined as any act or omission that prevents or hinders the determination of the tax liability, as well as maintaining control and supervision of taxes, by the Tax Administration.
Persistent failure to comply with formal duties include:
Failures to comply with the provided formal duties may result in the payment of 5 to 30 minimum salaries. Other sanctions may be applicable such as suspension of concessions, privileges, among others.
Tax audits
How often do tax audits take place?
In case of large taxpayers, these will usually take place once a year or after a transaction judged important for fiscal purposes by the tax authorities. In any other cases, the chances for being tax audited will normally rely on the amount of tax deficiencies found by the tax authorities.
Are there audits done electronically in your country (e-audit)? If so, what system is in use?
Yes, E-Audits exceed by far field tax audits. The Dominican tax authorities have developed special tax software, such as the Crossed Information System, among others.
Advance rulings and decisions from the tax authority
Are rulings and decisions issued by the tax authorities publicly available in your country?
Tax Rulings are publicly available. Nevertheless, decisions addressed to a particular taxpayer are protected under the secrecy provisions of the Dominican Tax Code.
In your country, are there unique specific indirect tax rules (regimes) that differ from standard indirect tax rules in other jurisdictions?
Are there indirect tax incentives available in your country (e.g. reduced rates, tax holidays)?
Yes, several incentives laws have been enacted which grant total or partial tax exemptions on certain business activities (i.e. tourism, free-trade zones, energy, etc.).
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KPMG International Cooperative ("KPMG International"), a Swiss entity. Member firms of the KPMG network of independent firms are affiliated with KPMG International. KPMG International provides no client services. No member firm has any authority to obligate or bind KPMG International or any other member firm vis-à-vis third parties, nor does KPMG International have any such authority to obligate or bind any member firm. All rights reserved.


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"Drones!" Now that I have your attention…
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A few weeks ago, I had the opportunity to join a terrific group of panelists at the Google Ideas Summit Beyond Software: The Future of Conflict . It was a fascinating discussion on the issues that governments, businesses and private citizens are wrestling with in real time around the use of new technologies in […]
Dean Stavridis with his basset hound, Lilly.
Dean James Stavridis is the 12th leader of The Fletcher School since its founding in 1933. A retired Admiral in the U.S. Navy, he led the NATO Alliance in global operations from 2009 to 2013 as Supreme Allied Commander.
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Garden District
- Time to Spend: 2 hours to Half Day
|Overall Rating:
|About these ratings
Take a walking tour of the Garden District (located a little less than 3 miles southwest of the French Quarter) for a peek at some of the city's most beautiful homes. Like its name suggests, this historic residential neighborhood is laden with trees, ivy, and yes, gardens."It's a great place to wander around the streets and appreciate the architecture," one TripAdvisor reviewer said. Some visitors even preferred the Garden District over Bourbon Street, citing the peaceful atmosphere and well-preserved properties as a much needed break from the city's crowded tourist spots.
If you need to refuel after meandering the neighborhood's leafy streets, head to the intersection of Prytania Street and Washington Avenue. This area features shops, cafes and the famous Lafayette Cemetery No. 1. Directly across from the cemetery is where you'll find Commander's Palace Restaurant — one of the city's most well-regarded eateries (and also one of the busiest).
Streching from St. Charles Avenue to Magazine Street and from Jackson Avenue to Louisiana Avenue, the Garden District is easily accessible via the St. Charles Avenue streetcar, Magazine Street bus or via carriage. You can take a guided stroll; Historic New Orleans Tours and Free Tours by Foot are both well-regarded by recent travelers.
Nearby Things To Do
The National World War II Museum (National D-Day Museum)1.1 miles away
Blaine Kern's Mardi Gras World1.2 miles away
Louisiana Children's Museum1.3 miles away
Nearby Hotels
Renaissance New Orleans Arts Hotel1.5 miles away
Le Pavillon Hotel1.5 miles away
Hyatt Regency New Orleans1.5 miles away


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Below is the poem entitled The Walking Stick which was written by poet
Shah. Please feel free to comment on this poem. However, please remember, PoetrySoup is a place of encouragement and growth.
Read Poems by
Viraj Shah
"Louis!",she calls out.
Yes,ironically I am the namesake.
A signboard-Please don't hurt me.I'm blind.
"Are you lost in thought again?
You and your stupid world!"
My stupid world.
I see her bite her tongue in my mind.
A smile on my lips.
"I am so happy today!
Won't you ask why?"
"Need I?"
Such conversations are a mark of years of friendship.
Unbreakable.Apparently so.
"I am in love!
Oh how beautiful the world looks
The hues, colours.They have deepened.
I wish I could lend you my eyes,
Just so you could see this for me
I wish I could explain everything."
I attempt to seem excited.
But it hurts.
Is the pain 'cause she talks about colours, in mockery of my blindness?
Or is it 'cause she will be gone?
Anyway, pain doesn't come with a tag does it?
I wish it did.
I guess love is blind 'cause even she couldn't see-Reality.
No!It can't be as horrible as cecity.
I guess the lover is blind.
Do I?No,can't be,she's only.
I perceive it is how you long for something,
When you see it being taken away.
I should tell her what she means to me.
I never have.No I shouldn't.
I hate this darkness.I hate this world.
Is it monotony or monochrome?
That which incurs upon the world,
A blind man's curse; my curse.
Monotony I infer,
Cause I never have seen other colours.
Or is it because I never have seen other colours.
That I am anguished in my void.
That, has to be it.
Cause sameness,it's part of my life.
A measured comfort.Measured in my steps,in my touch.
Change;I hate.
I should go for my evening walk,get some stale fresh air,like every day.
My stick isn't where it's supposed to be.
Did I smell her perfume today or was it his?
Where is my cane?
How long has she kept this from me?
Ah!There it is.
No,this can't be.A crack!
Couldn't she have told me before? Maybe I never took her hints.
But I loved this stick. She gifted it to me.It was perfect.
I know every curve on it,Every dent.It fits in my hand perfectly.
I guess I should move on,she is happy.
I can't do with this stick.
No I can't do without it.
Can't someone fix it?
Damn You God.Damn you life.
I guess even atheists look towards Almighty
When they really are desperate.
Am I dreaming?
Is it a nightmare?
After all it is hard to tell when it's dark all the time.
Who kept that there?
Her bag.She must have left it when she came.
She forgets it so often.
A smile on my lips.
-©Viraj Shah,Po3ngineer


text:
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I am so grateful it was upheld. It is a good thing for all Americans, even those who oppose it -- no doubt it will save some of their lives!
Loved the movie & the book. Nothing to admire about the man. But then, he was a better human being than George W. Bush or Dick Cheney ...
As others have pointed out, the right-wing in the US functions very much like the Nazus and the Soviet & Chinese communists: repeat lies over and over until people believe thaey could be true. This is the primary function of FOX NEWS. I don't understand how people can take pride in their ignorance .... I don't always agree with the Democrats and I can find fault with Obama, but if you care about your country you will ALWAYS vote against the Republicans as long as they are controlled by right-wing disease.
We all pay tribute to the fallen officer, but there has been such a lack of media attention to battered woman Charlene Mitchell and her family. Let's hope that this won't be the only attention she receives as she endures the physical and psychological effects of this horrific assault.
You lack all knowledge of history as it was but mask it with rhetoric that makes you look intelligent which you are decidedly not. That is the mark of the right-wing: use vocabulary to mask fact and information.
This is a terrible tragedy. While my heart goes out to the family of the fallen officer who is a true hero, I am grieved that there is so little attention directed to this poor battered woman who was nearly killed in this event and her little daughter. We must make room for some focus on Charlene Mitchell and her recovery and the trauma of her little girl.
I'm sorry but I can't come up with a single example of European Socialist policies that he promotes or has promoted. He did favor single payer healthcare, but then so did Nixon. I'm still waiting for a good example here
I'm sorry but I can't come up with a single example of European Socialist policies that he promotes or has promoted. He did favor single payer healthcare, but then so did Nixon. I'm still waiting for a good example here
uhhh ... there is a link there ... you could also use Google ... I know that involves relying on another source but FOX but .... well, I'm just sayin' ....
There's many links. Here's one:
He would actually have to favor and promote socialist policies, like those that Bernie Sanders promotes. I have never heard him suggest or promote anything remotely socialist
The claim persists primarily because there is a propaganda organ on television called FOX NEWS that is not really even remotely about news but functions the way PRAVDA & IZVESTIA did in the old Soviet Union. People who rely on FOX for their news have been found to be far less knowledgeable about the news than any other group. They also tend to have doubts about scientifically established data about evolution and global climate change. There is a large audience of sheep for this stuff and it gets fed to them daily. The fact that most of them cannot define socialism nor give a single accurate example of what about Obama is socialist matters little. It is all spin. It is all ignorance. It is all a threat to freedom and democracy.
Is there any article that appears on MassLive that doesn't have somebody posting a negative comment on a board complaining about something? C'mon people, give it a rest ...
I am grateful to live in a progressive forward-thinking state that has historically been on the very cusp of promoting liberty and tolerance. I know a number of people in North Carolina who are quite ashamed of this amendment and it will take a tol on the economic growth of the state in the years to come.
Ted is right on! The problem is that many news shows are either editorializing like MSNBC or completely fictitious, like FOX NEWS. The advent of FOX propaganda has forced CNN to go so far towards covering all sides that they are willing to let people on the show who don't believe in evolution or global climate change. I remember George "duh-bo-u" Bush saying that people deserve to hear both sides, but thats not true at all. To study the Holocaust does not require wasting you time listening to Holocaust-deniers. FOX NEWS is a cancer in America that is destroying journalism on every end of the political spectrum. But Americans -- often first in dumb -- watch it by the millions. Excuse me while I throw up in my mouth ...
The food is generally consistently very good here at Spoleto, but the service remains consistently sub-standard. It is the nicest restaurant in East Longmeadow by far, but the attitude of the staff towards patrons is often indifferent at best.
how does anyone even respond to you? all of your posts are the same right-wing Rush/FOX drivel. 90% of the country is to the left of your views and most of them are not "libs". We all know that we are told that these books were being used to spread "extremist dogma." What exactly is that? Listen to the last Republican Presidential debate -- now that is extremist dogma ....
to say we should not apologize when we have clearly done something wrong, inadvertant or not, is the height of immaturity ... speaking of immaturity, how about that Rick Santorum?
The United States has a fine tradition of winning the hearts and minds ... NOT. Here we are trying to instruct a nation on freedom & democracy and . . . we are burning books! And not only that, people's holy books in a culture where these books have a meaning that we in the west abandoned to hundreds of years ago. Not very clever.
Of course under the circumstances the POTUS should apologize, Republican or Democrat. It is not all about politics. It is about doing the right thing.
Santorum is a fool who could never be President. Most Americans would never vote for him in the general election and Republicans are nuts just letting this guy get this far.
The fact is that Rick Santorum should apologize for being a candidate for President of the United States. We are most embarrassed . . .
Thanks to Bill Maher, George Soros & Warren Buffet -- rich men who are not crazy!


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Mr. Chairman, Members of the Committee.
With me today is General Peter Pace, the Chairman of the Joint Chiefs of Staff. We appreciate the opportunity to meet with you in support of the President's budget request for the Department of Defense.
Yesterday, I met with quite a different gathering -- the graduating class of the Virginia Military Institute. Many of those young men and women are putting on our nation's uniform, and will see service overseas in the months and years ahead. They will join nearly 200,000 other talented young people who are slated to join the U.S. military this year -- young men and women who could be doing something different, something easier, not to mention safer, and for better pay -- but who have chosen instead to raise their hands and step forward to defend their country.
The U.S. military that many of those graduates are entering today is profoundly different than the force that existed when they applied to college five years ago. And while our Armed Forces are in the process of transforming, it might be useful to highlight some of the most substantive and significant shifts that have taken place.
Global Posture
First, consider changes to our global posture.
When I returned to this post in 2001, the U.S. military, though smaller, was arranged and operated much the same as it was when I was Secretary of Defense some 30 years before. In addition, U.S. forces were located around the globe in roughly the same places they were some 50 years ago -- when Soviet armored divisions were poised to cross the Fulda Gap and South Korea was an impoverished nation devastated by war.
In a major overhaul of our country's global posture, thousands of U.S. troops and their families are returning to home bases in the United States -- the first of 170,000 service members and dependents who will be affected over the next decade. Heavy Army units that had previously been garrisoned in fixed positions to defend against particular adversaries -- some of whom no longer exist -- are being relocated and reconfigured to be able to move rapidly wherever needed.
We have also undertaken a major revision of the military's force posture here at home, with the largest round of domestic base closings and adjustments in our history -- reforms that will save American taxpayers billions of dollars in future decades.
U.S. Army
Consider the dramatic changes to the U.S. Army.
Just three years ago, the Army consisted of 48 deployable combat brigades organized within divisions -- their basic "building block" since World War I. In the past, sending one brigade overseas would require stripping out key headquarters and support elements from the rest of its parent division, essentially ending or reducing that division's ability to respond to other contingencies.
Under the leadership of Secretary Fran Harvey and General Pete Schoomaker, the service is well along in reorganizing into a more expeditionary force of 70 "modular" Brigade Combat Teams across the Army's Active Component and National Guard. These more agile, lethal, and more autonomous units can deploy and fight quickly -- but with enough of their own firepower, armor, logistics, and administrative assets to protect and sustain themselves over time.
Furthermore, as a result of reorganizing and rebalancing skills and positions across the force, tens of thousands of soldiers have been shifted from the "Institutional Army" -- the "tail," which trains, supports, and administers the force -- to the "Operational Army" that portion of the service organized, trained, and equipped to deploy and fight.
The effect of these significant initiatives -- combined with investments in new weapons and technologies like the Future Combat Systems -- is that a relatively modest increase in the overall size of the Army is leading to a truly significant increase in the deployable "boots on the ground," or "the teeth" -- the combat power on call for our nation's defense.
Consider that five years ago, the Army Reserve and National Guard were configured as a strategic reserve, to be called on once in a generation, in the event of a major conflict on the scale of World War II. They were chronically undermanned, under equipped, and under funded. For example, of the 34 Army National Guard combat brigades on paper, only 15 were called "enhanced," and supposedly ready for deployment. But even those brigades, year after year, were partially hollow and under equipped, and had to be augmented with people and equipment from other units before being ready to deploy.
Looking forward, instead of having only 15 so-called "enhanced" combat brigades, the Army Guard -- aided by $21 billion in new funding that will replenish equipment and accelerate modernization -- will have 28 Brigade Combat Teams that will be fully manned and fully equipped, like their Active Duty counterparts.
Today, the Army National Guard and the Army Reserve is becoming an "operational reserve," capable of taking on a range of missions at home and abroad. We have seen this in Iraq, in Afghanistan, and in the Guard's impressive response to Hurricane Katrina.
Border Security
We will see it again with the President's initiative to increase the supporting role the Guard is already playing to secure our nation's borders. The Department of Homeland security is in the lead role, but Guard units may provide assistance such as mobile communications, transportation and logistics training, and construction. Military forces will NOT be involved in the apprehension or detention of illegal immigrants. The up to 6,000 Guardsmen and women proposed for this effort represent less than two percent of the total National Guard force of some 400,000, and for the most part they will be deployed during their active duty for training. As such this will not adversely effect America's ability to conduct the War on Terror or respond to other domestic emergencies.
Weapons Systems
Weapons systems such as the Crusader artillery system and the Comanche helicopter, conceived during and designed for the Cold War, have either been cancelled or reduced. In other cases, we have made new and innovative use of older platforms, such as the SSGN -- a 20-year old Trident nuclear ballistic missile submarine that has been converted to carry Navy SEALs and capable of launching conventional cruise missiles.
Managing The Force
Some 20,000 positions that previously had been performed by uniformed military personnel are today being performed by civilians, thereby freeing up 20,000 U.S. servicemen and women for truly military tasks and assignments. And, thousands of additional positions are slated to be converted from military billets to civilian billets over the next five fiscal years.
About ten thousand civilian employees are for the first time being managed under the new National Security Personnel System that allows for greater flexibility in hiring, promotion, and assignment.
Ballistic Missile Defense
When President Bush took office, the United States had no defense against long-range strategic nuclear ballistic missiles. Today we have in place the beginnings of a rudimentary capability against limited threats that will endure and increase over time.
New Organizations
In light of the new global threats, the Department has set up new organizations, commands, and leadership positions, including:
A few years ago, three out of every four ships in the U.S. Navy were not deployable at any given time because of long maintenance and training cycles -- the product of a peacetime culture and mindset.
By applying advanced research and development, innovative maintenance and training, and a variety of cost savings initiatives, Navy leadership has changed the way our fleet operates and deploys.
Today, the percentage of the fleet routinely at sea has increased by more than 50 percent. The Navy then was able to deploy only three Carrier Strike Groups and surge two within 30 days. Today it can surge six, with the ability to surge one additional Carrier Strike Group within 90 days.
Special Operations
A word about special operations forces.
In the past, these forces were largely limited to augmenting conventional operations and training foreign militaries.
Today, the Special Operations Command, or SOCOM, is also a supported command, and has recently added a Marine Corps element.
Since 2002, SOCOM has grown by six thousands troops and its budget has nearly doubled. They have come a long way from the time when, as General Pete Schoomaker once put it, the special operations forces were like a sports car that was never driven for fear of denting the fender.
Leadership Approaches
In the past, certain positions were reserved for those from certain services who had followed a certain career path. Given the new challenges our forces face, we now have, for the first time:
In addition, the President picked a former Special Forces officer out of retirement to become Army Chief of Staff.
Not only are these flag and general officers doing a fine job at fulfilling the traditional duties of these positions, they have brought a fresh joint perspective and approach to the Commands they now lead.
War Planning
We have overhauled the way we plan for contingencies and the way we deploy forces. In the past, an enormous amount of effort and many months went into assembling detailed contingency plans that would then sit on the shelf while the world and the conditions in it continued to evolve and change. And the Department's deployment process was governed by an inflexible Cold War process that was designed for total peace or total war -- a "lever-on, lever off" system -- and nothing in between.
A case in point. As General Franks and his team at Central Command went to work to provide the President with a proposal for liberating Iraq, he felt that a modified approach was needed. His plan and deployment process were designed to do several things:
And there were other factors to consider:
The plan General Franks and his CENTCOM team developed, with consultation and input from the Department's senior leadership -- including the Joint Chiefs of Staff on numerous occasions -- was designed to:
The Department has worked aggressively to overhaul the planning process for the Combatant Commands so that contingency plans are being kept up to date to reflect more current assessments.
Resistance To Change
The military has undertaken the historical changes I've mentioned while fighting wars in Iraq and Afghanistan, and across the globe in the long struggle against violent extremism.
All of the many changes -- to personnel, to the way the military plans and fights, to structure and organization, and to training and doctrine -- have involved challenging assumptions and habits. At various points along the way proposed changes have understandably met some resistance within the department, the military, the press, the government, the Congress, and the industrial complex.
Change is difficult in any large organization, particularly one like the U.S. military that has been so successful over the years at doing what it does best -- which has been to fight other large Armies, Navies and Air Forces in battles along the lines of the First Gulf War. But increasingly the challenge today is more than only large armies -- it is irregular or asymmetric threats. There is truth to the saying that "if you do something, some people are not going to like it." And they will be heard from, let there be no doubt.
The Long War
But if there was any doubt about the necessity or urgency of these changes when President Bush first took office in January 2001, it should have been dispelled 9 months later when -- despite the expenditure of more than two trillion dollars on defense and intelligence over the previous decade -- it took only 19 men, armed with box cutters, some carrying tourist visas, to kill nearly 3,000 of our fellow citizens and bring our nation to a virtual standstill.
And today, that enemy, though under constant pressure and on the defensive, still conspires to bring its cult of murder and suicide to our cities -- and to those of our allies as well.
This "long war" -- this struggle against violent extremists -- is a central security issue of our time. The campaigns in Iraq, Afghanistan and other theaters in the Global War on Terror have added new impetus and urgency to the efforts to transform underway in this Department.
Our enemies challenge free societies through non-traditional, asymmetric means, using terror as their weapon of choice. Their goal is to break America's resolve -- the will of our free people -- through the aggressive use of propaganda and carefully plotted attacks to garner headlines and instill fear.
They are willing to employ every means -- every lie, every atrocity and every available technology -- to achieve their aims. They have become experts at manipulating the global media to both inspire and intimidate.
Shifting Our Emphasis
The unprecedented and complex tasks before us in what could be a decades-long campaign against violent extremism has prompted a series of shifts in the military's approach to its traditional missions, tactics, techniques, and procedures.
One of the most important shifts underway is the role and importance of intelligence. The U.S. military has long excelled at engaging targets once they have been identified. We have begun a major effort to ascertain where the enemy is going next, rather than where the enemy was -- to be much better able to "find" and "fix," as well as what we have always been able to do -- namely to "finish." This means significantly upgrading and refocusing U.S. intelligence capabilities -- both human and technological -- and more effectively linking intelligence to operations in real time in the field. This is an enormous challenge for the dedicated men and women in the U.S. intelligence community. And it will take some time to achieve.
The U.S. military is the largest consumer of intelligence. In the past, that term usually referred to tactical battlefield information, such as the size, location, and disposition of enemy forces, and the like. In the 21st Century, however, intelligence information can no longer be put into neat little categories. A single piece of information can simultaneously be of tactical intelligence value to the local military commander on the ground, but also of potential strategic intelligence value to our government.
A word on the Department of Defense's role in the overall intelligence community: since September 11, and indeed since President Bush first took office, thoughtful people across this government have been trying to find the right formulas, the right structures, and the right arrangements so that we can provide the very best intelligence to protect the American people.
Everything we are doing to upgrade and adjust the intelligence capabilities within the Department of Defense has been worked out and coordinated with the other appropriate agencies of the government -- the Director of National Intelligence, the CIA, the State Department, the FBI, and on down the line. It is a constructive and open process, and indeed a continuous process -- despite some of the breathless fictitious accounts of bureaucratic rivalry and intrigue that are repeatedly published in the press.
In addition, not just the military, but our government, needs to shift from reacting to crises -- as has been the case for much of our country's history -- to preventive action to keep problems from becoming crises, and crises from becoming conflicts. We are also shifting from the natural American impulse to try to do everything ourselves to helping partners and allies develop their capacity to better control their territory and to better defend themselves and us against these new challenges. This is particularly important in a Global War on Terror where many of our nation's most dangerous enemies function within the borders of countries that we are not at war with.
These new priorities have prompted the military to undertake some non-traditional missions in non-traditional places. For example, a joint task force headquartered in Djibouti conducts civil affairs, training, and security operations with Ethiopia, Eritrea, Kenya, Uganda, and Yemen. The weapons in this unconventional conflict are schools, clinics, and shovels. As one serviceman said, "We're fighting a war down there and [we] haven't fired a shot."
This shifts are so important because of the nature of the conflict we are in. The enemy would like to define this war as a conflict between Islam and the West -- but it is not. It is, in fact, a struggle within the Muslim world -- between the overwhelming majority of Muslims and that small number of violent extremists. The vast majority of Muslims do not share the violent ideology of al-Qaeda. They have children and families they care about. They hope for a better future for themselves and for their countries. They do not want the extremists to win. And many are courageously opposing them at every opportunity.
We see this dynamic at work in Iraq, soon to be governed for the first time by a permanent government of national unity, elected under their new Iraqi constitution. Iraq has entered a hopeful new phase in what has been a long and difficult journey -- from being ruled by one of the most brutal tyrannies of the 20th Century, to having a representative government and a free political system.
Secretary Rice and I met with Prime Minister-designate Maliki and Iraq's other newly elected leaders last month. They seem to be serious people who recognize that they have a window of opportunity to make headway on the serious challenges their nation faces.
The security situation in Iraq remains a serious challenge. But every day, every week, and every month, Iraqi forces grow in size, confidence, and capability, and are taking over more and more responsibility for larger swaths of their own country. U.S. military and Coalition forces continue to play an important role, but their mission has shifted fundamentally over the past year -- from conducting military operations to assisting Iraqi forces as they take the fight to the criminals and the terrorists who threaten their sovereign nation.
More than a quarter million trained and equipped Iraqi Security Forces are now in the fight on behalf of the Iraqi people.
The size and disposition of U.S. forces in Iraq are continuously being assessed by General Casey and his commanders on the ground. Decisions about Coalition troop levels will be based on their recommendations, as has been the case since the earliest planning phase of Operation Iraqi Freedom.
Since being liberated three years ago, Iraq has been governed by a series of temporary arrangements -- a governing council under the Coalition Provisional Authority, an appointed sovereign government, and then an elected interim government. Though these were necessary arrangements, they were nonetheless temporary, and thus, understandably, engendered a certain amount of uncertainty about the future. The establishment of a new permanent government, under a Constitution the Iraqis wrote, and which was overwhelmingly ratified by the Iraqi people, is a significant step forward -- it is truly historic.
Iraq is today the central front in the War on Terror. Our enemies know this, even if some commentators in the West seem not to. Osama Bin Laden, referring to the United States, recently said: "Their defeat in Iraq will mean defeat in all their wars." Ayman al-Zawahiri, his deputy, said: "The arena of jihad in Iraq is now the most important arena of jihad in this age." And let there be no doubt, while the priorities of the extremists are focused on Iraq, their ambitions do not end there, especially if the free world were to lose its will just as the Iraqi people have begun to chart a hopeful new course.
Supplemental Request
These developments make it all the more important that the Congress approve the President's full Supplemental Request for operations in the Global War on Terror.
In addition to paying for ongoing deployments and operations by U.S. forces in the Afghanistan and Iraq theaters, this supplemental request includes funds to:
Delay in passing this Supplemental puts the military services critical accounts -- in particular operations, maintenance, and training accounts -- at risk as the services are forced to try to reprogram funds from other parts of their budgets. The Army and Marine Corps are already being forced to defer contract obligations and supply requisitions due to impending budget shortfalls.
In addition, cuts and delays in providing funds for Iraqi Security Forces will undermine what has been truly significant progress in turning over greater responsibility and territory to Iraq's Army and Police forces. Keep in mind that these kinds of cuts most certainly will increase the burden on the U.S. taxpayer. After all, it costs more than ten times as much to recruit, train, and deploy an American service member versus an Iraqi soldier, and more than twice as much to sustain a U.S. soldier in theater. Any slowdown in training and equipping the Iraqi Security Forces has the added harmful effect of postponing the day that our men and women in uniform can return home.
Finally, the addition by Congress of non-requested, non-emergency related items in the supplemental legislation will have the effect of forcing trade-offs concerning support for our troops in the field.
At $439.3 billion, the President's Department of Defense budget request for Fiscal Year 2007 represents a 7 percent increase from what was enacted last year. This is a great deal of money, though at about 3 and a half percent of GDP, it represents a considerably smaller fraction of America's gross domestic product then when I came to Congress during the Kennedy Administration.
I understand that on the House side some significant reductions have been made in the President's budget submission. It is important that the President's defense request be fully funded.
Mental Health
Before closing, I would like to draw your attention to an issue that has been the source of some coverage and commentary in recent days -- much of it inaccurate -- and that is the Department's programs for screening and treating mental illness amongst service members. For starters, no military in history has done more to identify, evaluate, prevent, and treat mental and other health needs and concerns of its troops and their families. We have screened more than 1 million service members before, during, and after deployments.
The Department has put in place a number of programs and processes to address this issue. They include:
The conclusion in the draft GAO report that only 22 percent of returning service personnel identified as at risk for Post-Traumatic Stress Disorder are referred for mental health support is misleading. The 22 percent figure does not account for numerous other service members who were identified and referred to their primary care physician or other professional counseling. This is exactly what we designed the surveys to do -- help us identify issues and provide the proper level of care for our people.
Mr. Chairman, I started out this testimony by talking about one group of young people who are donning our nation's uniform for the first time.
I will end by referring to another group of young people I recently encountered who have been serving and sacrificing for our country now for a good many months and years.
Two weeks ago I stopped by the USO station at Atlanta's Hartsfield Airport to visit with several dozen Army soldiers -- Active, Reserve and National Guard. They were about to return to Iraq after their mid-tour break. I shook hands and I was able to personally thank them for their superb and courageous service to our country. And then the troops slung their duffle bags on their shoulders and quietly filed down the escalator en route to the charter flight that would take them back to Iraq. As they entered the main airport area below, various travelers in the waiting area started to take notice, and they began to stand up and clap -- first in ones and twos, until just about everyone in that airport was applauding. Quite a different reception than that which many U.S. soldiers received just over a generation ago.
I am told this type of scene is being replayed often in airports all across the nation.
This is a reflection not only of the high regard in which our troops are held, but of the fundamental decency and strength of the people of the nation they serve. It reflects the appreciation and support for their service that has been manifested in this Committee and by the Congress.
I thank you for your support. In this complex and difficult struggle the troops have done everything asked of them -- and done so with courage. We owe it to them -- and to the country they have sworn to protect -- to provide the resources and the capabilities that will not only win today's wars, but also best to assure peace in the decades ahead.
Thank you.


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King of the Hill
Season 6
Soldier of Misfortune
When Dale is ridiculed by the Arlen Gun Club for accidentally misfiring a weapon, his friends must come up with a plan to help restore Dale's self-esteem.
The Father, the Son and J.C.
Hank and Cotton have a falling out that might only be resolved through the negotiating skills of Jimmy Carter.
Joust Like a Woman
Hank tries to win the Renaissance Faire propane account by getting Peggy to work at the Faire. But, when Peggy is sentenced to the stocks for protesting the treatment of female employees, Hank must joust to defend his wife's honor.


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Emirates has confirmed that Engine Alliance's GP7200 powerplants will be fitted to the additional 32 Airbus A380 aircraft it ordered in June.
The Dubai-based carrier's chairman, Sheikh Ahmed bin Saeed Al-Maktoum, and Engine Alliance president Mary Ellen Jones signed the $4.8 billion contract during a ceremony at Farnborough on Monday. The deal also includes a fleet management agreement for maintenance, repair and overhaul of the engines.
"GP7200 engines are powering the 11 A380 aircraft currently operating in our fleet and the results have been very positive," said Al-Maktoum. "The engine's fuel efficiency, reliability and low noise output were decisive factors in our selection of the product for our additional 32 A380s."
The latest deal means that all 90 of the A380s ordered by Emirates will be powered by GP7200 engines.
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American Academy of Dermatology
National Alopecia Areata Foundation
Derm Web
Health Canada
Alopecia areata. American Academy of Dermatology website. Available at:
http://www.aad.org/dermatology-a-to-z/diseases-and-treatments/a---d/alopecia-areata. Accessed August 18, 2014.
Alopecia areata. EBSCO DynaMed website. Available at:
http://www.ebscohost.com/dynamed. Updated July 1, 2014. Accessed August 18, 2014.
Alopecia areata. National Institute of Arthritis and Musculoskeletal and Skin Diseases website. Available at:
http://www.niams.nih.gov/Health%5FInfo/Alopecia%5FAreata/default.asp. Updated January 2012. Accessed August 18, 2014.
Mitchell AJ, Douglass MC. Topical photochemotherapy for alopecia areata.
J Am Acad Dermatol.
Price VH. Treatment of hair loss.
N Engl J Med.
Rawnsley JD. Hair restoration.
Facial Plast Surg Clin North Am. 2008;16:289-297.
Taylor CR, Hawk JL. PUVA treatment of alopecia areata partialis, totalis and universalis: audit of 10 years' experience at St John's Institute of Dermatology.
Br J Dermatol.
Types of hair loss. American Hair Loss Association website. Available at:
http://americanhairloss.org/types%5Fof%5Fhair%5Floss/introduction.asp. Accessed August 18, 2014.
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Heading into Dover, Carl and the No.99 team will make their 10th Cup start. In his previous starts, Edwards has one win, five top-five, and six top-10 finishes! Edwards has led 285 laps at the one-mile Delaware track. He has only led more laps at two other tracks on the NASCAR circuit , Texas (499) and Atlanta (299)! Check out all of Carl's statistics and thoughts on racing at Dover International Speedway!
Sunday, May 31, 2009
Autism Speaks 400, presented by Heluva Good! Sour Cream Dips & Cheese
Dover International Speedway
1:30pm ET on Fox