text:
More CRA Idiocy
by Barry Ritholtz - December 11th, 2008, 11:05am
Howard Husock has an exercise in cognitive dissonance in today's NYT Op-Ed pages titled Housing Goals We Can't Afford, and it begins:
"The national wave of home foreclosures, many concentrated in lower-income and minority neighborhoods, has created a strong temptation to find the villains responsible."
What can you say about an Op-Ed whose very first sentence is a giant pile of steaming bullshit? That statement is demonstrably false. As the prior post on foreclosures shows, the concentration is mostly middle class and upper middle class white suburban neighborhoods.
California leads the nation in foreclosures. The state's foreclosure activity was up 51% from a year ago. These are not CRA communities, they are what were hoped to be surburban bedroom communities east of the major cities (San Diego and L.A.)
Next up is Florida; The state's foreclosure activity was still up 68 percent from November 2007. The enormous overbuilding of Condos, and not CRA, is to blame. These weren't inner city loans to minorities, as Dan Gross pointed out, they were "WCI Communities — builder of highly amenitized condos in Florida (no subprime purchasers welcome there)" WCI filed for bankruptcy in August. "Very few of the tens of thousands of now-surplus condominiums in Miami were conceived to be marketed to subprime borrowers, or minorities—unless you count rich Venezuelans and Colombians as minorities."
Let's put some context around what the CRA is and isn't.
In the 1960s and 70s, banks would redline neighborhoods. They would literally put a map on a wall, and with a red magic marker, draw a redline enveloping certain neighborhoods. If you lived within the redlined areas, regardless of your income, credit score, assets, debt servicing ability, if you were in the redlined area you could not qualify for a mortgage.
Although Redlining was made illegal by the Fair Housing Act of 1968, the practice still surreptitiously continued. The Community Reinvestment Act of 1977 was the next attempt to stop redlining. There were two main aspects of the CRA: First, it required banks to apply the same lending criteria in all communities. Credit Score, Loan-to-value, percentage of monthly take home, etc. had to be the same across different areas.
Second, the Community Reinvestment Act required banks to make good faith attempts to loan the money back to its own depositors. If you open up a branch in Harlem, you cannot suck up all the local business and residents' cash, and then turn around and only lend it out to Tribeca condo buyers. You must make a fair attempt to loan the money locally. Banks have no obligation to open branches in Harlem, but if they did, they are required to at least try to lend the locals back their own money.
Note that there are no quotas, minimums or mandates. This is a very soft rating system.
The rest of Husock's article is filled with the usual dissembling and half-truths. He mentions "in 1995 the Clinton administration added tough new regulations," but omits any mentions that the Bush administration substantially watering down the act in 2004.
The only testimony adduced from the banking industry in the Op-Ed was"a compliance officer for a New Jersey bank wrote in a letter last month to American Banker." That's your inside proof? Meanwhile, since Bear Stearns collapsed in March, there has been a veritable parade of bankers, mortgage originators, lenders, fund managers, and investment banks CEOs all testifying in Washington D.C. about the causes of the crisis. By some strange coincidence, not a single one blamed the CRA (Dick Fuld, CEO of Lehman Brothers was even asked about it). Not a one.
And of course, vast numbers of sub-prime mortgages were written by non-CRA banks. Indeed, none of the 300+ mortgage originators that imploded were depository banks covered by the CRA.
This is a an intellectually silly argument from other perspectives also. Why was there no credit/housing meltdown from 1977 to 2005? Why did 30 other countries, none of which have are covered by the CRA, have a remarkably similar housing boom and bust to the USA? Husock's arguments not only fail legally and factually, they also fail in terms of time and space . . .
Housing Goals We Can't Afford
NYT, December 10, 2008
Subprime Suspects
Daniel Gross
Slate, Tuesday, Oct. 7, 2008, at 2:08 PM ET
Category: Bailouts, Data Analysis, Legal, Politics, Psychology, Regulation
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
51 Responses to "More CRA Idiocy"
Barry Ritholtz says:
Rest of the hi foreclosure states:
After Florida comes Michigan, whose automobile industry is going down the tubes. Michigan has one of the highest unemployment rates in the country, and entered a recession long before the rest of the nation did (Ohio, another top 10 foreclosure state, has a similar issues as Michigan).
Nevada and Arizona rounded out the top 5, as enormous suburban overbuilding of McMansions and exurb communities at the height of the boom has left developers with an enormous supply of unsold homes. These are not CRA urban areas at all. The rest of the top 10 include Georgia, Illinois, Texas and Virginia.
Scott F says:
The good news is, we now have another hack author to dismiss as full of shit.
Throw him on the pile with Ben Stein, Amity Shlaes, Don Luskin, and the all the rest of the douchebags of the current crisis.
crack says:
But Barry, the NY Times is a communist rag. If it writes something bad about a government policy it must be true.
Mannwich says:
Truth and facts don't really matter to a whole subset of this country. They just "make their own reality". Debating anything with these people is generally a big waste of time.
Machiavelli999 says:
Mannwich is absolutely right. And to expound a little more on this. Falling back on ideology, whether it be far right or far left, is so much easier and calmer for your brain than actually examining data and facts.
This is a little bit OT, but the Austrian economic school of thought specifically admits to not using any empirical evidence or models to come to their conclusions. They claim that human behavior cannot be mathematically modeled, but that makes me even more skeptical that you can just "infer" the behavior of humans like the Austrians claim they can.
Douglas Watts says:
I thought the Civil War solved all that discrimination & stuff?
Winston Munn says:
Yes, debating these types is a mind-numbing experience. But as long as their disinformation is expressly labeled: Opinion-Editorial, then any debate with them should be in the same format.
The real problem I have is when this type "Op-Ed" is reported as pseudo-news – Fox comes immediately to mind with their incessant claims that "Some people say…."
That is not reporting but disguising opinion as news. "Some people say the CRA is at fault for the housing crisis." Yes, it is a factual statement. But it is not news. Nor does it attempt to verify the truthfulness of the claim.
Our society is in trouble. We have turned over our information system to masters of propaganda and spin doctors.
The sanctity of the internet is paramount in these times.
VoiceFromTheWilderness says:
Thanks BR for putting in a strong counter-argument, and just generally being a proponent of truth.
I agree though with others, there is a significant portion of this country for whom 'truth' is entirely subordinate to winning. They are, in my opinion, a significantly larger portion of the media than they are of the general public. At this point the thing to do, isn't to waste time 'arguing' with them, since they will say and do anything to win, rather it is to see clearly what they are doing, and who they are. To pay attention, and to recognize the goals they are trying to achieve — in this case diverting blame, and hence corraling bailout money, and votes.
Mannwich says:
@Voice: "I agree though with others, there is a significant portion of this country for whom 'truth' is entirely subordinate to winning."
That's the crux of it right there. Most of the "informed" know what reality is, they'd just rather ignore it if it means they get to "win".
VennData says:
Wait a minute Mr Big Picture… didn't Carter visit Spain while he was el Presidente? …and wasn't it Clinton who went to Oxford – that's in England, mortgage meltdown central – as a draft-dodging hippie? That waylays your entire "…why are there mortgage crises in other countries?" argument.
Bush had only left the country once prior to being elected Commander-in-Chief, Sarah Palin had nothing to do with anything foreign, and McCain was sitting in the Hanoi Hilton – while you were racing your Trans Am around Long Island – which would make him ineligible for a mortgage.
I rest my case.
Mark E Hoffer says:
with this: "Why was there no credit/housing meltdown from 1977 to 2005? Why did 30 other countries, none of which have a CRA, have a remarkably similar housing boom and bust? Husock's arguments not only fail legally and factually, they also fail in terms of time and space . . ."
as I've said before, you can conduct my Voir Dire, anytime..
that said, if you would (yes, and if you find the 25th Hour in the Day), would you piece together a string of Q:'s, like those above?
We need all the Critical Thinking Practice we can get..
CaptiousNut says:
So, then, the CRA is blameless?
The fact is, if you inflate the bottom end of the market….you inflate the whole darn thing via *trade-ups*.
There's a whole army of strawmen to debunk on this subject. Why single this one out, repeatedly?
Are we running for office or something here?
Patrick Neid says:
I have never wasted time with who got the loans. I just knew there was a bubble. I was always more curious who bought them and did that create the demand loop.
From yesterdays NYTimes comes this:
Fannie Mae and Freddie Mac engaged in "an orgy of junk mortgage development" that turned the two mortgage-finance giants into vast repositories of subprime and similarly risky loans, a former Fannie executive testified on Tuesday.
The mortgage development, which began in 2005 and lasted until at least last year, happened as senior executives at the two government-sponsored enterprises ignored repeated warnings from internal risk officers that they were delving too deeply into dangerous territory, according to internal documents released at a Congressional hearing in Washington. The two companies have been taken over by the government.
The former executive, Edward J. Pinto, who was chief credit officer at Fannie Mae, told the House Oversight and Government Reform Committee that the mortgage giants now guarantee or hold 10.5 million nonprime loans worth $1.6 trillion — one in three of all subprime loans, and nearly two in three of all so-called Alt-A loans, often called "liar loans."
Such loans now make up 34 percent of the total single-family mortgage portfolios at Fannie Mae and Freddie Mac, a level that will link them to eight million foreclosures, or one in six, in coming years, Mr. Pinto said. The nonprime loans "have turned the American dream of homeownership into the American nightmare of foreclosure," he said.
And from the day before: From Franklin Raines himself
"Fannie Mae did not cause the current crisis," Raines told the House Oversight and Government Reform Committee.
"By the time [Fannie] began its most significant investments in riskier loans in 2005, the roots of the present crisis had long taken hold," he said.
The panel, headed by Rep. Henry Waxman (D-Calif.), is trying to affix blame and causes for the collapse of Fannie and its sibling Freddie Mac, both of which were taken over by the government in a rescue earlier this year.
Raines and his counterparts at Freddie Mac testified yesterday that blame should start with regulators and members of Congress for pressuring the two entities to expand into riskier loan products with limited oversight.
Raines had been pushed out for alleged accounting rigging at Fannie.
He and his successor, Daniel Mudd, and former Freddie Mac CEOs Richard Syron and Leland Brendsel, told the committee they were always bogged down trying to meet their companies' "dual mandates as profit-making, shareholder-owned corporations that were also required to promote affordable housing."
Mudd told the panel that regulators never raised the red flag, despite warnings about troubles ahead.
"At the time the government declared conservatorship over the company, we were still maintaining capital in accord with the relevant regulatory standards, and we were still – along with Freddie Mac – the principal source of lending to the mortgage market," Mudd said.
AGG says:
Of course the NYT article is bullshit. They are, as our soon to be ex-presidente would say, catapulting the "properganda".
They know what they are doing. It's MENS REA.
Pat G. says:
Mark E Hoffer Says @ December 11th, 2008 at 12:16 pm
Hey Mark, saw your comment from yesterday. Yes, I believe T-Bills are a proxy for the USD. See, what's happening to the USD today? The only thing keeping it up are lower oil prices and foreigners belief that it is a safer haven than their currency. It's going to fall alot more before the dust settles. Also, I finished reading the info at the Trilateral Commission site. Found out about "Tall Paul's" involvement as the North American chairman and his frequent presentations to other nations gathered there very interesting.
Winston Munn says:
What gives me a sense of concern about CRA disinformation is the seeming organization of the smears, almost as if a disinformation committee had written out "talking points" and sent them out to a network of "repeaters".
I agree with Mannwich that "Most of the 'informed' know what reality is…", which only compounds the trepedation caused by the sense of organizational methodology.
ByteMe says:
The same people pushing the CRA smear are the same idiots claiming that privatization of services is "cheaper" and "better" and "more efficient" than government-offered services, that "socialist health care" is worse than for-profit health care and on and on. It's the fat cats protecting their turf and using some willing idiots to move the ball for them.
Sad that so many people buy into it. Hey, did you hear that Obama's birth certificate isn't real and that he's a Muslim from Kenya who consorts with a radical Christian preacher? Uh….
DeDude says:
What I don't get is that it has been proven again and again that even if you can manipulate the perception of reality, you cannot change reality, with a lie. Those weapons of mass destruction did not appear, just because you got everybody in the media to say they did. And the result of "reacting" to a fantasy rather than to reality has in this, and so many other situations, turned out to have disasterous concequences. Kudlow may be able to convince a lot of people that it is better for the economy to give money to the investor class than to the consumer class, but the collapse of the consumer class and the economy bites him as hard as anybody else (or is his stock portfolio not down 40%). Are they to dim to understand the GDP formula (a 2'nd grade math problem), and what it realy means that consumption is 70% of our GDP. Don't they understand that if we "fix" this problem by getting rid of CRA, the problem will come right back again, or are they just so hellbend on hurting the poor and minorities that they don't care about anything else. They would rather sink their own ship than see "them kind of people" get safely to shore.
Francois says:
"What gives me a sense of concern about CRA disinformation is the seeming organization of the smears, almost as if a disinformation committee had written out "talking points" and sent them out to a network of "repeaters"."
Bingo! If one takes the time to connect the CRA caused everything BS with the now infamous talking points memo about Bush's legacy, does it really comes as a surprise that there is, in fact, a "network of repeaters"?
The far-right has, is, and will do anything to deflect the blame from the basic tenets of their economic ideology, which has been THE fundamental failure that led to the situation we're in. hence, the all out attack on CRA, FDR, and the most laughable on them all "We have a market crisis because investors KNOW that SOCIALIST policies are coming with this Barrack HUSSEIN Obama." ( a joke pushed by Fix News in May 2007 onward)
They will keep on doing so, because outside of their ideology they have NOTHING to offer. Furthermore, if the public at large finally understand this, the Republicans know darn well they'd be forced to play the role of (dis)loyal opposition for a long time to come.
And it just so happen that in the current context where we need SOLUTIONS, (as opposed to mindless obstruction — witness California Republiscums right now for a sample of what's to come in DC) the way Republicans behave as opposition is a sucker game that would destroy them for a couple of generations.
The "sanctity of the Internet" is a good concept. It has become the only place where uncensored debate and fact-checking force the far-right to run without a chance to hide from their endless spin.
Keep up the heat Barry and give'em hell!
Tom K says:
Whitewashing Fannie Mae – Congress begins its self-absolution campaign.
Francois says:
Francois says:
"What gives me a sense of concern about CRA disinformation is the seeming organization of the smears, almost as if a disinformation committee had written out "talking points" and sent them out to a network of "repeaters"."
Bingo! If one takes the time to connect the CRA caused everything BS with the now infamous talking points memo about Bush's legacy, does it really comes as a surprise that there is, in fact, a "network of repeaters"?
The far-right has, is, and will do anything to deflect the blame from the basic tenets of their economic ideology, which has been THE fundamental failure that led to the situation we're in. hence, the all out attack on CRA, FDR, and the most laughable on them all "We have a market crisis because investors KNOW that SOCIALIST policies are coming with this Barrack HUSSEIN Obama." ( a joke pushed by Fix News in May 2007 onward)
They will keep on doing so, because outside of their ideology they have NOTHING to offer. Furthermore, if the public at large finally understand this, the Republicans know darn well they'd be forced to play the role of (dis)loyal opposition for a long time to come.
And it just so happen that in the current context where we need SOLUTIONS, (as opposed to mindless obstruction — witness California Republiscums right now for a sample of what's to come in DC) the way Republicans behave as opposition is a sucker game that would destroy them for a couple of generations.
The "sanctity of the Internet"…what a good description! It has become the only place where uncensored debate and fact-checking force the far-right to run without a chance to hide from their endless spin.
Keep up the heat Barry and give'em hell!
Mark E Hoffer says:
Pat G.
for sure the U$D is highly impaired, and, seemingly, to me, very overvalued.
and, re: those Trilateral catz, ya just can't make that stuff up..
these guys: http://www.cfr.org/ are a real barrel of monkeys, as well..
their pub. Foreign Affairs, needs to be on everyone reading list..
DeDude says:
It is pretty obvious that we made a big mistake when we privatized Freddy and Fannie (F&F) and turned them into entities that were concerned about things such as profit, bonuses to the CEO, and market share. When their competitors started taking away a chunk of their market share, by offering these reckless subprime products (and harvest the fat profits of those products), then the privately owned entities F&F naturally began to find ways of getting into that s**t also. Although they should be commended for the fact that the cost per % market share of bailing out F&F was a lot less than the bailouts of the other private companies any cost of bailouts are to much. The lesson learned is that if you have a perfectly well functioning public entity that serves society in a cost effective way and without the need of risk taking behaviour to satisfy gready CEO's and shareholders, then you should not privatize them. Lets hope that lesson remains clear in our heads after the private entities get back into the mortgage marked and foggy minds may suggest that we don't need F&F.
Francois says:
Hey Barry,
I'll be happy to share my thoughts with the group once WordPress stop to lose/refuse to post?/drop 80% of my posts since you migrated you blog on their platform.
Sorry to post this here, but I can't find any other way to let you know this problem.
Keep up the good work
ottovbvs says:
BR: You've published mountains of evidence contradicting this bs but at the end of the day this is all part of the ongoing effort by Heritage, Manhattan, AEI et al to shift the blame for the entire shambles onto CRA and anyone else or thing that was standing within a hundred miles of this calamity. Despite the obvious lunacy of the notion that all those luxury homes and condos in Florida, Nevada, and California were not being sold to low income families, you're not going to stop them peddling this garbage because after all that's what these organizations exist to do. That is their raison detre. Peddling rationales and storylines that bolster the worldview of conservatives. Truth and good govt have nothing to do with it. All you can do is keep pushing back against it and in this respect the net has proved a major tool. These days there is simply nowhere to hide from accurate information or from previous totally loopy statements you may have made. Keep up the good work, these people are a cancer on society.
ottovbvs says:
Tom K Says:
December 11th, 2008 at 2:18 pm
Whitewashing Fannie Mae – Congress begins its self-absolution campaign
The good old WSJ ed page. Home of Luskin, Laffer, Dow 36,000 Hassett, Bomb Bomb Damascus Stephens, Wesbury, Moore, Lereah and other such luminaries. Usually wrong but never in doubt.
MediaCocktail says:
Most of the foreclosures around here have been of the Spectacularly-Upper-Class variety. You wouldn't believe these garage sales!! It's like Black-Friday every Saturday morning.
rogerdaily says:
Barry – i can see the veins popping out of your forehead…it's so transparent that what is sooooo upsetting to you is that someone who's not a far left loony dared to express some insight in the liberal soon to be bankrupt rag known as the New York Times….tThe reason you are sooooo defensive about CRA is that it is one of those things which clearly shows that the seeds for this mess were sown long before Bush 43 took office … heaven forbid Bill Clinton and the Dems bear any responsibility…go take a valium and try reading some publications that aren't so clearly politically slanted.
Winston Munn says:
It is readily apparent that you are fluent in Genuine Frontier Gibberish and have an excellent understanding of claptrap and gobbledeegook.
BR wrote,
"Husock's arguments not only fail legally and factually, they also fail in terms of time and space . . ."
You forget, Barry, we are an empire now and when we act we create our own reality….you are moving through a new dimension of space and time…..that sign post up ahead….The roger zone,,,,
Whammer says:
I do have some questions around the other 30 countries. Clearly the housing crisis in those countries demonstrates that the CRA was not the problem. Nor, frankly, were Fannie or Freddie.
However, we've been blaming the ratings agencies and the "non-feasance" of the SEC and the OTS, among others, for a lot of the root causes also.
I can see how the low US interest rates and the loose money supply could influence other countries, although it was accompanied by a fairly significant devaluation in the dollar until fairly recently, so it seems as though some of that should have been tempered.
So I'm trying to get at the root cause of the housing market troubles in the other countries, where we can't really blame the US SEC or the OTS or other folks like that.
I can understand how, when our CDOs started collapsing that it has had worldwide implications. What I still don't quite get is how our housing mania got contagious.
Tom K says:
@ottovbvs – and you disagree with what part(s) of it?
Mannwich says:
@Whammer: "I can understand how, when our CDOs started collapsing that it has had worldwide implications. What I still don't quite get is how our housing mania got contagious."
Let me take a stab – the contagion spread because we have become a culture that is utterly obsessed with wealth, material goods, and celebrity (it's worshiped everywhere in our culture with our media plankton doing more harm than good) and people were/are trying all trying to get rich quickly without really "working" for it. We now have a "shadow economy" where actually "working" for a living trying make things of real value is for suckers. Too many people merely want to jump on the latest money-making gravy train before it derails and falls into the river.
Whammer says:
@Mannwich — I buy that explanation for inside the US. But I don't understand why the Spaniards and the Australians and the Irish and who the heck knows got into similar situations.
Were their mortgages being repackaged into CDOs? Were Moody's and S&P rating those?
DeDude says:
Whammer; unfortunately US culture is extremely exportable (Hollywood) and often accepted other places without much of any critical evaluation. In many european countries the housing market heated up very similar to how it happened in US. In the end most consumers can be convinced that the only thing that matters is the monthly payment, because that really is what matters most to them; and the don't wait or you will be priced out (of housing that always goes up) wasn't that hard to copy either.
Jono says:
Machiavelli999 you know that is utter nonsense and you have deliberately misinterpreted it.
The Austrian school DO check their premises and analysis with all kinds of technical data.
What they do, is build their theory on praxeology. That all human action is purposeful. All other schools of economics, at least on a macro level, tend to work backwards and use the data to conjur up some new theory, especially on a macro level. The monetarists and Keynesians engineer the statistics to suit their agenda (CPI, GDP) and use them to create some kind of framework that involves central banks performing buying securities and controlling the supply of money to set a cash rate and target the rate of CPI (as if that were the correct definition of inflation).
The Austrians are the only school of economics that applies the same theory of human behaviour to an individual micro-level (individuals, households and firms) as they do to the entire economy. They do a brilliant job at exposing all the fallacies and underlying assumptions used by Keynesian economists, which are just a re-hash of the old mercantilist fallacies.
No other school of economics will criticise the role of the Federal Reserve in creating this crisis, and thats why they all deserve a big fail on their report cards.
colion says:
Stop Covering Up And Kill The CRA
By INVESTOR'S BUSINESS DAILY | Posted Friday, November 28, 2008 4:20 PM PT
Regulation: The Community Reinvestment Act is to blame for the financial crisis, but it so powerfully serves Democrats' interests that they'll do anything to protect it — including revising history.
The CRA coerces banks into making loans based on political correctness, and little else, to people who can't afford them. Enforced like never before by the Clinton administration, the regulation destroyed credit standards across the mortgage industry, created the subprime market, and caused the housing bubble that has now burst and left us with the worst housing and banking crises since the Great Depression.
The CRA should be abolished, along with the government-sponsored enterprises that fueled the secondary market for subprimes — under pressure from Clinton, who ordered HUD to set quotas for "affirmative action" lending at Fannie Mae and Freddie Mac.
But powerful Democrats in Washington want to protect the act — along with Fannie and Freddie — and spin the subprime scandal as the result of too little regulation, not too much.
"Repealing or weakening the CRA would be a mistake," warns Senate Banking Committee Chairman Chris Dodd, D-Conn., who argues that the CRA should be strengthened.
Dodd, the top recipient of Fannie donations and himself a beneficiary of a sweetheart mortgage brokered by a subprime lender, recently invited one of Clinton's top enforcers of the CRA to testify.
"The notion that CRA has caused this problem is a pernicious thought," said former Comptroller of the Currency Gene Ludwig. "These are not truthful statements. The CRA has helped to create a better and sounder world for finance, not the opposite."
Dead wrong. But the mainstream media believe it, and have attacked those, including this paper, who dare to tell the truth about the crisis. Already the debacle has erased $13 trillion in wealth, while putting taxpayers on the hook for up to $8 trillion in bailouts.
"The latest salvo from conservatives began via a Sept. 15 editorial in Investor's Business Daily, titled 'The Real Culprits In This Meltdown,' " grumbled a column distributed by Scripps Howard News Service. "Its editorial blamed President Clinton for today's mess."
As we said, Clinton beefed up the CRA and used it to force banks to subsidize poor communities with close to $1 trillion in high-risk loans and other commitments that flouted underwriting rules.
Yet, somehow, these media-driven myths keep getting in the way of actual facts, such as:
Fact: The 1977 law was only lightly enforced until Clinton added teeth to it in 1994 and launched an anti-redlining campaign against banks, led by Ludwig, Housing Secretary Henry Cisneros (and later Andrew Cuomo) and Attorney General Janet Reno that lasted into this decade.
Minority homeownership rates, which had been flat, began a steep rise in 1995, and home prices soon followed, stoked by easier lending. Numerous bank officials complain that they still feel pressured by CRA regulators to make inner-city loans they know are at great risk of defaulting.
Myth: The CRA could not have led to financial Armageddon, because the overwhelming share of subprime mortgages came from lenders that were not banks and not regulated by the CRA.
Fact: Nearly 4 in 10 subprime loans between 2004 and 2007 were made by CRA-covered banks such as Washington Mutual and IndyMac. And that doesn't include loans made by subprime lenders owned by banks, which were in effect covered by the CRA.
Last year, when the bubble burst, bank subprime loans totaled $142 billion, dwarfing those made by lenders.
What's more, the biggest subprime lender, Countrywide, while not subject to the law, still came under federal pressure to make risky loans in minority communities.
Clinton created a separate department at HUD to police "fair lending" at Fannie and Freddie and also at lenders like Countrywide, which became Fannie's biggest client. In 1994, Countrywide became the nation's first mortgage lender to sign with HUD a "Declaration of Fair Lending Principles and Practices."
As a result, Countrywide made more loans to minorities than any other lender — and not surprisingly, was one of the first lenders swamped by loan defaults.
Other lenders felt the heat from Reno's Justice Department, which prosecuted them for failing to operate enough branches in black neighborhoods. Reno put the entire banking industry on notice about the CRA and her enforcement program.
Myth: The CRA did not force anyone to do subprime loans or take excessive risks.
Fact: Subprime loans were the vehicle banks used to satisfy CRA compliance, and Clinton and his regulators encouraged their use. Before Clinton took office, subprimes were virtually unheard of. By the time he left, they made up more than 9% of the market for mortgage originations. Today they're 20%.
"It's instructive to go back to the early stages of the subprime market, which has essentially emerged out of the CRA," ex-Fed chief Alan Greenspan said in recent testimony on the roots of the crisis.
Clinton pushed banks to grant mortgages to minorities with poor credit by using "flexible" underwriting standards — or risk being branded racist. Rules were weakened to the point where welfare and unemployment checks were accepted as qualifying income.
Myth: Greedy investment bankers, who securitized and sold subprime mortgages, drove us to the credit crisis, not government.
Fact: Clinton's regulatory policies led to the creation of this new risk on Wall Street. His CRA amendments created the subprime market, and only after he pressured Fannie and Freddie to socialize the risk and guarantee the profit from the subprime loans did Wall Street get involved in a big way.
The exotic securitizations that have gotten so much of the blame were a symptom, not the cause, of the crisis.
The architects of the crisis want to divert attention from their own culpability by blaming the markets rather than their own regulations mandating that banks make high-risk loans based on race.
In fact, regulations had almost everything to do with this mess. And instead of strengthening them to atone for the alleged "sins of capitalism," we should be abolishing them.
Two bills in the House would be a good place to start. HR 7264, which has nine co-sponsors, would repeal the CRA. And HR 7094, with 17 co-sponsors, would dissolve Fannie Mae and Freddie Mac.
During the last severe slump, President Reagan deregulated the economy, saying: "Government is not the solution to the problem; government is the problem." He's as right today as he was then.
wd78 says:
Barry, it's time to cut to the chase and address all of the facts without attempting to revise history or push your political agenda which diminishes your contributions. Here is a link to an article that lays things out chronologically:
Your critique of this article from an apolitical view would be of great interest.
BoboKnows says:
Barry, if you had bothered to research the demographics of the top California foreclosure cities listed in Dan Levy's Bloomberg article, you would have found that most of them are majority non-white, and in fact are probably prime CRA areas. Per the 2000 census, Stockton, Riverside, San Bernardino, Vallejo and Fairfield are all majority non-white. Merced, which tops the CA foreclosure list was only 52% white in 2000 and may well be majority non-white by now. Only Modesto (70%) and Bakersfield (62%) were predominantly white, but they are certainly not "suburban bedroom communities". Check a map.
Whammer says:
From the IBD blurb:
"The exotic securitizations that have gotten so much of the blame were a symptom, not the cause, of the crisis."
That is so obviously a crock of s–t that the rest of the piece must be viewed as nonsense.
The problem is not that buyers defaulted on loans. Foreclosures were a feature, not a bug, in the leadup to this crisis. Lenders didn't care who they loaned to, because house prices always went up. Loan to someone who can't pay — no problem — just foreclose and sell to a new buyer and generate more fees.
Once the entire stock of housing was overbuilt and prices started to drop, then the crap hit the fan and the "exotic securitizations" made the whole thing super-toxic. If those didn't exist, we'd ride this out fairly simply.
Remember that all the Ludlows and their ilk were saying that sub-prime couldn't possibly be a problem because it was a small part of the overall housing market? Why did that suddenly become wrong and CRA became the whipping boy? Because they are full of crap.
colion says:
whamer, you really have to get your facts straight and then review your Logic 101 notes on cause and effect. I'm sure that the world will look different to you after that.
Imelda Blahnik says:
Wow, the Investors Business Daily is a parody rag? Who knew?
Actually, colion, I don't think the IBD goes far enough. Rather than blame Clinton and the CRA, I think we need to pin the blame where it truly belongs: with Abraham Lincoln and the 13th Amendment.
If we never had Lincoln, if we never saw the passage of the 13th Amendment, blacks would still be slaves and we wouldn't have so many minorities getting mortgages.
Ultimately the CRA is a civil rights bill, so it's just a continuation of the process that began with the 13th Amendment and continued through the Civil Rights Act and the Voting Rights Act to the present, or at least until 2000.
Whammer says:
colion, why don't you educate me as to why the CRA forced banks to make 125% LTV loans. And no-doc loans. And why don't you educate me as to why the CRA forced Goldman, Lehman, et al to wildly lever their portfolios. And why don't you educate me as to why S&P and Moody's were forced by the CRA to rate the securitized loans as AAA?
Cause and effect, my ass.
scepticus says:
Here are my top 3 reasons why the UK/irish housing market saw the same action as the US:
1) yes, our morgages were securitised in the same way via CDOs. In some cases it was the same banks doing the lending in both US and UK: e.g HSBC, who for some reason were known as a cautious lender in the UK but my understanding is that they were a big part of the sunprime action in the US. Santander did alot of morgages in the UK via Abbey National, and of course did the same in Spain.
2) As mannwich pointed out, the cultural/media pressure was immense. Nightly property development shows, pressure to get on the ladder before it got too late, watching the Jones-next-door net worth rocket via their buy to let portfolio. Buy-to-let was the main driver in the UK, much of which I think was financed just by short term wholesale borrowing without even much securitsation (e.g. northernrock, bradford&bingley), with plenty of normal middle class families owning 3-4 proprties. In factthe people with several investment properties were seen as the sensible ones. The real 'idiots' just withdrew equity from their only property and spent it on pure consumption.
3) Same regulatory failure as in the US. Its embarassing how our administration just took their lead from the US, no questions asked, whether it was iraq, finance or mortgage lending. And it is true to say that this started with Blair, who in turn took his lead from Clinton initally, before W.
Blissex says:
«However, we've been blaming the ratings agencies and the "non-feasance" of the SEC and the OTS, among others, for a lot of the root causes also.
I can see how the low US interest rates and the loose money supply could influence other countries, although it was accompanied by a fairly significant devaluation in the dollar until fairly recently, so it seems as though some of that should have been tempered.
So I'm trying to get at the root cause of the housing market troubles in the other countries, where we can't really blame the US SEC or the OTS or other folks like that.
I can understand how, when our CDOs started collapsing that it has had worldwide implications. What I still don't quite get is how our housing mania got contagious.»
The ultimate root cause is political, the rise to power of the financial rentier class, that has happened thanks to the anti-labor, anti-business political movements of Reagan, Thatcher etc. This happened in a lot of countries and even got a name, the "Washington Consensus". This resulted in a huge transfer of resources and power from primary, secondary and tertiary industry to financial speculation, who bought politicians.
The economic ultimate causes are two: the essential abolition of the fractional reserve requirement, and the 0% yen carry trade, both of which started in 1995-1996. This created a colossal amount of essentially free money, which was used by financial speculators as zero-cost input in lending at a high price to the rest of the economy. A third political cause was the integration of the ex-second world (ex-communist) economies in the rest of the world economy, which greatly reduce the global bargaining power of the workers in first-world economies.
Everything else is a consequence, and a pretty immediate one too. Only fools would not borrow at 0% or not create credit if there is zero reserve requirement, and use that to buy assets.
Blissex says:
«the essential abolition of the fractional reserve requirement, and the 0% yen carry trade, both of which started in 1995-1996. [ ... ]the integration of the ex-second world (ex-communist) economies»
To add the obvious: in a world dominated by the politics of the "Washington Consensus" and globalized financial markets these factors are of course global (if free credit is available in the USA and in Japan, it does not stay confined to the USA and Japan) and would affect most countries at the same time.
Except of course those like Germany whose political and business elites do not subscribe entirely the the Washington Consensus and "beggar thy worker" policies.
Greg0658 says:
I really want to see the tv mini series "V" the Visitors come back to the tube.
I saw Lonesome Dove on last week. Couldn't help but watch, even tho I have the DVD collection.
Those were the days. Love that one on a shutin winter day.
"they say your a Man of Vision … ya … hell of a vision"
Mr. Mark says:
If you recall from the Republican candidate's campaign, a prominent theme was the bashing of the evil 'community organizer' who, it was implied, worked in nefarious ways toward uncertain ends. It seemed to resonate with the base, but I could not for the life of me figure out why it emerged as a campaign message.
Until I heard partisans impugning the Community Reinvestment Act. Suddenly it became clear. The CRA was the product of successful local community organizing to reform lending practices (behavior) and to ensure greater transparency concerning lending to allow for public scrutiny (regulation of a kind). Also at the local level, activists were able to convince community-based lenders to focus their practices on social improvement, and research shows that where activists were successful in organizing to apply pressure, both the character of lending – and the local government's own housing activities – produced gains in affordable housing (for example).
Thus the hostility to CRA and to community organizers more generally. Thanks, Barry, for bringing this to our attention. I too choked on the op-ed piece. With the recent campaign to put it into context, now I understand better why it's the bogeyman – and why progressive reforms in urban policy (duh – WHAT urban policy?) and housing in particular will be hard-won victories.
Steve Sailer says:
To understand the housing bubble, you need to study the crucial role of George W. Bush and his many attacks during 2002-2004 on down payments, as the chief obstacle to minorities achieving an equal share of the American Dream. This sent a loud signal to federal regulators to give a pass to zero down payment mortgages, which surged from less than 7% of all first time homebuyers in California (epicenter of the mortgage meltdown) in the Clinton Years to 41% in 2006. Bush was carrying out Karl Rove's plan to bring Hispanics into the GOP by using easy credit to make them conservative home owners.
For example, in Bush's July 17, 2002 address to the African Methodist Episcopalian church in Atlanta to promote Bush's October 15, 2002 White House Conference on Minority Homeownership, the President said:
"Now, we've got a problem here in America that we have to address. Too many American families, too many minorities do not own a home. There is a home ownership gap in America. The difference between Anglo America and African American and Hispanic home ownership is too big. (Applause.) And we've got to focus the attention on this nation to address this.
"And it starts with setting a goal. And so by the year 2010, we must increase minority home owners by at least 5.5 million. In order to close the homeownership gap, we've got to set a big goal for America, and focus our attention and resources on that goal. (Applause.) …
"And so here are some of the ways to address the issue. First, the single greatest barrier to first time homeownership is a high downpayment. It is really hard for many, many, low income families to make the high downpayment. And so that's why I propose and urge Congress to fully fund the American Dream Downpayment Fund. This will use money, taxpayers' money to help a qualified, low income buyer make a downpayment. And that's important.
"One of the barriers to homeownership is the inability to make a downpayment. And if one of the goals is to increase homeownership, it makes sense to help people pay that downpayment. We believe that the amount of money in our budget, fully approved by Congress, will help 40,000 families every year realize the dream of owning a home. (Applause.) Part of the success of Park Place is that the city of Atlanta already does this. And we want to make the plan more robust. We want to make it more full all across America."
Mortgage dollars for home purchases flowing to Hispanics increased 691% from 1999 to 2006 versus about 100% for whites.
A lot of people can't imagine that minorities can make much of an impact but when you look at data from the Federal Home Disclosure Act database, you're eyes should be opened.
By 2004-2007, minorities accounted for half of all subprime dollars, purchase and refinance. In 2006, minorities accounted for 34% of all kinds of mortgage dollars, subprime and prime. In 2006, the average mortgage of any kind taken out by a Hispanic was a few thousand dollars larger than the white average — that's because Hispanics are so concentrated in Housing Bubble states, especially California.
Contrary to what the host says, foreclosures tend to be concentrated in working class districts, typically heavily minority. For example, in Los Angeles County, the nation's largest, foreclosures have, so far, been minimal in wealthy white and Asian places like Santa Monica. They've been quite high in Non-Asian minority districts like Compton (which is now majority Hispanic), and overwhelmingly high in mixed ethnicity blue collar exurbs like forlorn Lake Los Angeles in the distant high desert.
Steve Sailer says:
You can read Bush's speech at
Steve Sailer says:
Today, 12/21, the New York Times finally catches up with what I've been pointing out for months. From the NYT:
White House Philosophy Stoked Mortgage Bonfire
By JO BECKER, SHERYL GAY STOLBERG and STEPHEN LABATON
"We can put light where there's darkness, and hope where there's despondency in this country. And part of it is working together as a nation to encourage folks to own their own home." — President Bush, Oct. 15, 2002
But the story of how we got here is partly one of Mr. Bush's own making, according to a review of his tenure that included interviews with dozens of current and former administration officials.
From his earliest days in office, Mr. Bush paired his belief that Americans do best when they own their own home with his conviction that markets do best when let alone.
He pushed hard to expand homeownership, especially among minorities, an initiative that dovetailed with his ambition to expand the Republican tent — and with the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards.
Mr. Bush did foresee the danger posed by Fannie Mae and Freddie Mac, the government-sponsored mortgage finance giants. The president spent years pushing a recalcitrant Congress to toughen regulation of the companies, but was unwilling to compromise when his former Treasury secretary wanted to cut a deal. And the regulator Mr. Bush chose to oversee them — an old prep school buddy — pronounced the companies sound even as they headed toward insolvency.
… "The Bush administration took a lot of pride that homeownership had reached historic highs," Mr. Snow said in an interview. "But what we forgot in the process was that it has to be done in the context of people being able to afford their house. We now realize there was a high cost."
… "We absolutely wanted to increase homeownership," Tony Fratto, his deputy press secretary, recalled him saying. "But we never wanted lenders to make bad decisions."
Darrin West could not believe it. The president of the United States was standing in his living room.
It was June 17, 2002, a day Mr. West recalls as "the highlight of my life." Mr. Bush, in Atlanta to unveil a plan to increase the number of minority homeowners by 5.5 million, was touring Park Place South, a development of starter homes in a neighborhood once marked by blight and crime.
Mr. West had patrolled there as a police officer, and now he was the proud owner of a $130,000 town house, bought with an adjustable-rate mortgage and a $20,000 government loan as his down payment — just the sort of creative public-private financing Mr. Bush was promoting.
"Part of economic security," Mr. Bush declared that day, "is owning your own home."
A lot has changed since then. Mr. West, beset by personal problems, left Atlanta. Unable to sell his home for what he owed, he said, he gave it back to the bank last year. Like other communities across America, Park Place South has been hit with a foreclosure crisis affecting at least 10 percent of its 232 homes, according to Masharn Wilson, a developer who led Mr. Bush's tour.
"I just don't think what he envisioned was actually carried out," she said.
Park Place South is, in microcosm, the story of a well-intentioned policy gone awry. Advocating homeownership is hardly novel; the Clinton administration did it, too. For Mr. Bush, it was part of his vision of an "ownership society," in which Americans would rely less on the government for health care, retirement and shelter. It was also good politics, a way to court black and Hispanic voters.
As I explained in detail back in October in "Karl Rove — Architect of the Minority Mortgage Meltdown."
But for much of Mr. Bush's tenure, government statistics show, incomes for most families remained relatively stagnant while housing prices skyrocketed. That put homeownership increasingly out of reach for first-time buyers like Mr. West.
So Mr. Bush had to, in his words, "use the mighty muscle of the federal government" to meet his goal. He proposed affordable housing tax incentives. He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.
Concerned that down payments were a barrier, Mr. Bush persuaded Congress to spend up to $200 million a year to help first-time buyers with down payments and closing costs.
And he pushed to allow first-time buyers to qualify for federally insured mortgages with no money down. Republican Congressional leaders and some housing advocates balked, arguing that homeowners with no stake in their investments would be more prone to walk away, as Mr. West did. Many economic experts, including some in the White House, now share that view.
The president also leaned on mortgage brokers and lenders to devise their own innovations. "Corporate America," he said, "has a responsibility to work to make America a compassionate place."
And corporate America, eyeing a lucrative market, delivered in ways Mr. Bush might not have expected, with a proliferation of too-good-to-be-true teaser rates and interest-only loans that were sold to investors in a loosely regulated environment.


text:
Daniel Tiger
- Filed Under
When it comes to the regular routine at our house, I do my best to keep TV time for my 4-year-old daughter, Lydia, to a minimum. There are so many more worthwhile things we could be doing; plus, I've never been one who enjoys the sound of the TV simply as background noise.
With that said, however, there are a few kid-friendly programs she is allowed to watch on occasion. One of which I am a particular fan of lately: "Daniel Tiger's Neighborhood."
For those of you not in the throes of the PBS Kids stage of life, you may not be familiar with "Daniel Tiger," but you have likely heard of a popular show from the ...

subset: commoncrawl


text:
3M Drug Delivery Systems Announces Availability of the Hollow Microstructured Transdermal System for Use in Preclinical Studies
3M Drug Delivery Systems Announces Availability of the
Hollow Microsturctured Transdermal System for Use in Preclinical Studies
ST. PAUL, MN – May 1, 2014 – 3M Drug Delivery Systems has announced availability of 3M hollow microstructured transdermal systems (hMTS) for pharmaceutical and biotech companies interested in conducting preclinical studies. 3M hollow microneedle technology offers a patient-friendly intradermal delivery solution for difficult to deliver biologics, and provides an updated design based on human factors testing and voice-of-the customer research.
"The progression of this technology has been so exciting, and now companies can take the nest step - preclinical trials," said Ingrid Blair, Vice President, Transdermal Business, 3M Drug Delivery Systems. "Whether partners work with 3M to conduct these trials using our resources, or they simply need a supply of single-use 3M hMTS delivery systems for their own preclinical studies, they now have options."
With patients' needs in mind, human factors refinements to the 3M hMTS include a textured grip and the capability for non-specific actuation. A cap protects the microneedle array. Upon removal of the cap, the patient simply adheres the single-use delivery system to the skin of his or her thigh or abdomen, and presses down to begin dosing. An audible click provides assurance that the system has been activated. Once applied to the skin and activated, the delivery system does not need to be held in place, leaving patients' hands-free. The status of the dose being delivered is visible as a blue indicator moves across the progress window. Wear time ranges from 15 second to 5 minutes depending on the volume and viscosity of the drug.
With the new design improvements, 3M hMTS may provide valuable differentiation for drug products intended for dexterity-challenged patients while offering the capability to deliver liquid formulations of 0.5 mL up to 2 mL over a range of viscosities.
"We are pleased to introduce this new device design based on human factors studies for our 3M hollow microstrucutred transdermal delivery system," concluded Ingrid Blair. "This is a significant milestone that moves us one step closer to commercialization."
For more information about 3M Drug Delivery Systems, visit www.3M.com/dds or contact 1-800-643-8086.
About 3M Drug Delivery Systems
3M Drug Delivery Systems partners with pharmaceutical and biotech companies to develop and manufacture pharmaceutical products using 3M's inhalation, transdermal or microneedle drug delivery technology. 3M offers a full range of feasibility, development and manufacturing capabilities to help bring products to market. Regulatory expertise, quality assurance, operations, marketed product support and other in-house resources are available for each step of the development and commercialization process. For more information, please visit www.3M.com/dds or call 1-800-643-8086.
About 3M
3M captures the spark of new ideas and transforms them into thousands of ingenious products. Our culture of creative collaboration inspires a never-ending stream of powerful technologies that make life better. 3M is the innovation company that never stops inventing. With $31 billion in sales, 3M employs 89,000 people worldwide and has operations in more than 70 countries. For more information, visit www.3M.com or follow @3MNews on Twitter.
3M is a trademark of 3M Company.
3M Contacts:
Michael Gugala
Karwoski & Courage
(612) 342-9604
Mary Kokkinen
3M Public Relations and Corporate Communications
(651) 733-8806
3M Drug Delivery Systems
3M Center, Bldg 275-3E-10
St. Paul, MN 55144


text: James "Gary" Atkins, 72, of Ft Collins died in his home on Christmas night following a battle with cancer. Survivors include his wife Lorene, daughter Lynda and son Jay. Burial will take place at Ft Logan National Cemetery in Denver and a memorial service will be announced later this spring. Please view a full obituary and sign the guestbook at www.VesseyFuneralService.com.


text:
The Blog
Surprisingly Normal
Amid an economic boom, Sabratha comes into its own.
5:20 PM, Apr 3, 2012 • By ANN MARLOWE
On Friday, March 30, about a hundred Libyans strolled around the famous Roman ruins, but no foreigners. This isn't a huge revenue loss to the town – even in the best of times, numbers of overseas visitors were small – but the local business community is trying to woo Libyan tourists. The tourist board is renovating the large four star Dar Tlil hotel on the beach to the west of Sabratha. It's the biggest beach hotel between Tripoli and Tunisia, with a projected room rate of around $56 a night geared to Libyan budgets. The work is very much in the do it yourself spirit of the revolution. One prominent local businessman used his own large tractor to grade the beach in preparation for opening to the public this summer.
The Dar Tlil is unlikely to host many women bathers, however. While perhaps one in ten women on the street in November wore a face veil, perhaps as many as three in ten seemed to be covering their faces now. Maybe this is because more women are going out now, including more conservative women. I saw two different groups of four niqab-wearing women walking into two of the new restaurants that have sprung up since the revolution. Is it progress if women feel free to go out to eat, and have the money to do so, but feel obliged to veil their faces?
In evaluating Libya's progress since the revolution, it's important not to forget that at independence in 1951 this was one of the poorest and least educated countries in the world. Many of the streets in the outskirts of town aren't paved, and people born before 1950 or so are likely to have had little or no formal education. Hassan al-Fathily's 72-year-old mother, Shala, is case in point. She never went to school, and married a farmer at 13. But the mother of nine and grandmother of 40 has composed dozens of poems in Libyan dialect celebrating the revolution, which she can reel off eloquently at the drop of a hat. (I was told they are very beautiful, but no one felt up to translating them.) Her six sons are all educated. One grandson, Mahmoud, a tall, powerfully built 18-year-old revolutionary fighter, is about to start university. It's his generation – a huge slice of Libya's population – that will determine what Libya looks like in the next decades. For the moment, it looks as though Sabratha is becoming more Sabrathan.
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text:
Michigan DNR changes fishing regulations for 2 types of fish
DNR changes catch regulations for muskellunge, northern pike
The Michigan Department of Natural Resources is changing regulations for catching two types of fish: muskellunge and northern pike.
The DNR says the changes were approved Thursday by its director at the Michigan Natural Resources Commission meeting in Ontonagon.
Under the revised policy, anglers may keep only one muskellunge per season instead of one per day starting in April.
For northern pike, existing limits on number and sizes for anglers would remain on most of Michigan's lakes.
There would be some changes for lakes with stunted pike populations.
In another change, the DNR says crossbows may now be used effective immediately for fishing on lakes where bow and arrow were previously allowed.
Read: Catch and cook program.
Read: Eagles make a come back in Mich.
Read: Michigan's 'Lone Wolverine'


text:
Focus Stock of the Week
Federated Investors Inc. (FII)
This week's Focus Stock of the Week is FEDERATED INVESTORS, INC. (FII: $31.05), which carries S&P Capital IQ's highest investment recommendation of 5-STARS, or Strong Buy. We expect FII will benefit from rising interest rates, if the Federal Reserve actually goes ahead with a rate increase. FII is one of the leading providers of money market funds, with $247 billion of assets under management (AUM) in money markets, at September 30, 2015...
Industry Profile
Asset Management & Custody Banks
We have a positive fundamental outlook for the asset management and custody banks sub-industry. Domestic assets under management are above their $13 billion 2007 pre-crisis peak, according to by the Investment Company Institute. Stock funds represented 51% of the over $14.8 trillion total net assets of mutual funds, while bond funds represented nearly 23%, hybrid funds 8% and the remaining 18% was in money market funds...


text:
When it rains, it pours: Funniest weather fails
Published On: Oct 06 2011 04:44:43 PM EDT Updated On: Oct 06 2011 05:34:42 PM EDT
Through rain, sleet or snow, these weather failures will have you running for cover!
The views expressed are not those of this company or its affiliated companies. Please note by clicking on "Post" you acknowledge that you have read the Terms Of Service and the comment you are posting is in compliance with such terms.blog comments powered by Disqus


text:
There a new twist on a pre-paid debit card-- suited especially for teenage use. While it gives teens some freedom in spending-- it also helps teach budgeting, and keeps parents in the loop.
A company called "Bill My Parents" issues prepaid Master Cards that are reloadable. But the card carries some unique features, especially suited for teenage use.
"We block the card at "bad" places. If there are places that teens shouldn't be attempting to use the card, the card is not going to work there," said Mike McCoy of billmyparents.com.
Every time a teen uses the card, parents get a text telling them how much has been spent and where it has been spent. The teen gets a regular update on how much he or she has spent, and how much money is left on the card. Teens who have used it say they learn quickly to make their money last. McCoy said, "The teen has to learn budgeting. The teen can watch how the card is being used and they can figure out, oh my goodness, I'm about to run out of money here, I really learn to start budgeting."
The spend smart card costs about $4 a month with some additional charges for ATM or other uses. The spend smart card will also work for shopping online, but it won't work if the teen is trying to buy liquor, use it for gambling or adult entertainment.


text:
Limestone; H. 10 in. (25.5 cm), W. 10 1/2 in. (26.6 cm)
Purchase, Fletcher Fund and The Guide Foundation Inc. Gift, 1966 (66.99.44)
Originally dedicated as a votive offering by a private person, this fragment of a stele shows the king Haremhab presenting papyrus umbels to deities who would have been facing him. The king wears the blue or khepresh crown with long streamers. This crown is often worn by kings when they are performing an action such as making an offering. The stele was found in the area of the royal workmen's village at Deir el-Medina at Thebes.
Haremhab was the last pharaoh of Dynasty 18 and was not a member of the royal family, which had included Thutmose III, Amenhotep III, Akhenaten, and Tutankhamun. He served as general under Tutankhamun and was perhaps related by marriage to the powerful noble family to which the queens Tiye and Nefertiti belonged. His private tomb, begun before he became pharaoh, was found at Saqqara. His royal tomb was made in the Valley of the Kings at Thebes.


text:
Stomp pads - I just don't get them them.
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Join Date: Apr 2011
Location: Golden, CO
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Originally Posted by
Want a good stomp pad story? I was so excited about my new Hovercraft I peeled the backing off the Burton stomp pad and stuck it behind the FRONT binding....lol. So I had to spend another 15 bucks and put in front of the REAR binding. And you know what? I love having both of them on there. Noticed I used both positions on the weekend. I would consider myself a intermediate rider (would call myself advanced if I was into tricks and the park). My knowledge of boards, bindings and technical gear is very basic though - probably due to the fact I was out of the game for a decade. I don't have a problem asking "stupid" questions (or posting things letting people know I make mistakes) on here as I am pretty sure that I could outride the vast majority of posters given my toth (time on the hill). I don't care about looking dumb, or what my board looks like, I just need answers so I don't buy the wrong gear and more days on the hill to improve my technique. So I give a big thumbs up to the stomp pads.
And yes. I have GAS (gear aquisition syndrome). I was broke for many years and now that I have found my passion, I say screw it and buy what I want and when I want it.
Haha, I did this very same thing three days ago to my cousin's board. He just bought equipment and wanted me to help him set it up. I don't use stomp pads and had some old ones laying around the house so I asked him if he wanted some on his... We got to the resort and he started giving me shit about sticking them in the wrong place. He can't bitch much I mean, they were free!
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Ten seconds of Tony.
What was that enormous growth on his chin?
Or was that another LARGE chinnnnnnn?
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The moment you meet talent you just know it. The energy that person exudes, the pure raw sense of coincidence that comes from a true sense of self can be felt from that persons presence as well as through their work. When I first came across the work of Germany based artist Magomed "MAGO" Dovjenko I felt that energy and I had to find more, which brings us to today. I have had the pleasure of knowing the artist for a few years now and have even had the honor of working with him as he has been one of the best kept secrets of the famed KDU artist collective. It was only right that we finally get a chance to sit down and chat a bit with the young creative and really allow him to effectively introduce himself to the world.
SLAMXHYPE | What is the favorite thing about where you live?
The big ass church, called "Kolner Dom", it's huge man.
SLAMXHYPE | One Place you desire to visit?
I love New York. I'm planning to go there to live and work, still looking at where exactly to go and who to work for there. A shame I didn't visit it yet, but never had the chance due some problems with the passport, I mean, I don't think the US will let me in after they find out I'm from Grozny Chechnya, ha.
SLAMXHYPE | Who are you listening to right now?
Pusha T and Kanye recently, looking out for that G.O.O.D Music Cruel Summer Album. Besides that, I think Meek Mill, Kendrick Lamar and Big Sean are dope.. Newcomers recently have been hitting hard. Oh, and ofcourse A$AP Rocky, his debut is going to be fire.
SLAMXHYPE | What are your vices?
I'm Impatient. I hate waiting for anything, I rather go and get it myself. Same with work.
SLAMXHYPE | What has been your greatest source of inspiration in your career?
Music has! The mood of my work depends on what music i'm listening to. That's why I do a lot of raw and sharp black/white illustrations, thats the rap energy. ha.
SLAMXHYPE | What drives you as a creative to keep pushing?
The passion and the love. Someday I want to see people on the streets wearing my Clothes, or things like time square Billboards. I just want it to be out there and EVERYWHERE. That's whats pushing me.
SLAMXHYPE | What is the next steps for you in your career?
Going to New York ( hopefully soon). I've been working the past year in a Post Production Studio/Agency and found out it's not as interesting for me as what I did before ,just doing my thing. So next step would be finding a dope Brand/Mag/Studio in NY and going there, at first. Besides that, I want to launch my own Clothing Line, MAGO.
SLAMXHYPE | What are 3 things you can't live without?
iPhone, my lovely Wacom Cintiq and Headphones/in-ears, can't stand being alone and not listening to musik when i'm outside.
SLAMXHYPE | Whom is your perfect client?
Kanye/Jay, man. I've been wanting to work on an Album cover of them for so long, maybe someday. Besides that, I think I'd do a pretty dope campaign for coca cola if they'd let me.
SLAMXHYPE | If you had 1 day to do anything in the world what would you do?
Fly like Goku in Dragonball!


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- Filed Under
Separate arson cases in Yorktown and Mahopac are proceeding in local courts, court officials said Tuesday.
Yorktown resident Curtis Delano Jr., 54, remained at the Westchester County jail Tuesday12/10, two weeks after police said he set fire to the home he shared with his elderly mother - a blaze that destroyed the Garden Lane home.
Delano's mother was outside when firefighters arrived, so police initially charged him with third-degree arson, a felony. Yorktown Lt. Kevin Soravilla said Tuesday that police declined to upgrade the charges after investigators determined Delano's mother ...


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by Shelby on
March 2, 2011
Today's song: "Why Can't I Be Like You" by The Cure
After living and going to class on campus, you may start to notice some well, weird stuff. The plaza is a free speech zone, so basically anyone can say anything he or she wants. It is also the place you will see college students running around with balled up socks and fancy Nerf guns for Humans vs. Zombies games, some random guy holding up a sign that says, "I cheated and I felt bad," or even Spiderman on occasion. Truth is, this campus can be a little special sometimes, but it's usually a good time.
What got me thinking about my past experiences with these strange occurrences anyway? Well the other day, my sister sent me a picture of the plaza, early in the morning when I'm usually just in bed (thankful I have no 8 a.m. classes). Now, I'll admit the picture is not the best quality, so let me explain. In Fort Collins every year, we get an influx of geese heading south. Well, they hang here. Apparently it's warm enough here compared to Canada if they migrated, (does anyone know where they went when it was -14 degrees?). And the point is, they poo. A lot. Everywhere. And it is a popular subject for student discussion whether on Facebook or in the Collegian's RamTalk. Anyway, on the stump there is a man dressed as a goose and the sign held by another says, "I poop too." I wasn't there but I can guess then congrats to him; he has read Everybody Poops.
This campus has some silly times mixed in with the hardship of making it to your 8 a.m. classes, or the dread of those classes you're running late for. But the point is, these people are giving everybody a chuckle as they hurriedly sip their coffee on their way to class. I assume it is fun to dress up like a goose and make someone's day or run through Moby dressed like Spiderman. So what will you do? Will you be the spectator laughing on the sidelines, or will you be the next Spiderman or goose?
It's college, and it's up to you.
Until next time.
Tags: scripting shelby, plaza, geese, free speech, campus life
by Shelby on
February 23, 2011
Today's Song: Kiss with a Fist by Florence and the Machine
Always think of campus as a freeway. Always stay to your right and merge with caution.
Girls in Packs. You know the type. The ones who refuse to walk alone and the ones who have to all walk next to each other so they create a disrupting line causing more accidents than driving in the wrong lane. What are the casualties? Bikes getting run off their paths. Getting shoved off into the mud. Stepping in an enormous pile of goose poo. Not fun. Better to just avoid the girl pack. If unavoidable, walk towards them with confidence and do not make any attempt to get out of the way. They're like bears, more afraid of you than you are of them.
Couples. Those smoochers and hand holders can clothes-line you in less time than it takes to blink.
People with cell phones. The same with driving, they're never paying attention to where they're going.
Clipboard people. Probably the most important to avoid if you're late to work or class, even if it is your favorite cause. Better to go around behind them, or merge into a group. They like to hang out in the plaza and next to Clark B. If someone asks, "Can I ask you a question?" Say not at the moment, but thanks, and move away.
Earbuds. Earphones. Whatever you care to call them, use them. Even if your iPod isn't even charged, they will keep the clipboard people at bay. Pretend conversations on your phone works too.
And other buildings with annoyingly small hallways. Even if you're a science major, you're bound to have a class at some point in Eddy. If you can, go early. If not, find unusual entryways and stairs because the main ones get clogged, easily. If you open the door for someone at the entrance to the stairs, you will may bestuck there awhile, and possibly late for class. Best way around this issue is to open the door for someone, and then slip through, passing the job on to the next person.
Always listen for that "click click" of those skateboards on sidewalks, and make sure you gesture wildly when they're close (just kidding). If walking, look both ways before crossing a bike path. And at crosswalks, especially the four-way crossing of Plum and Meridian, sometimes you just have to go for it.
Tags: scripting shelby, plaza, campus, bikes, longboards, music, eddy, eddy building
by MyCSU on
September 9, 2009
Hundreds of campus organizations set up booths on Lory Student Center Plaza on September 8 for the 2009 Involvement Expo. The event, hosted by SLiCE, featured groups from all facets of campus life. A walk through the plaza that day presented students with a flood of color and activity ranging from swing dancing to music performed by local bands.
As groups worked hard to draw in new members and become even stronger forces for change and learning, they all advertised a difference message. Despite this, one theme saturated the event as heavily as the hot September sun: being involved is part of a being a Ram.
MyCSU wants to you to be involved! Check out this video to see CSU's tradition of involvement in action. You may even find that something you've been looking for.
Tags: slice, campus involvement, plaza
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Mesh Tracking Tools
Object Based Reconstruction (static part):
- reconstructing 3d scene and solving focal length using objects known shape
(If I messed up this tutorial please say so and I will try to make something easier to understand)
To learn more about Mesh Tracking Tools please go to:
To install Mesh Tracking Tools You need to download .zip file from here:
Blender 2.63 version: allblue.pl/mtt.zip
Blender 2.62 version (not all features included!): allblue.pl/mtt262.zip
and extract it to Addons folder in Blender.
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This is the June 10, 2013 news archive. View today's Bengals rumors and news.
Cincinnati Bengals 'Pacman' Jones Charged With Assault
nytimes.com profootballtalk.com ESPN.com Updated Jun 10, 2013
Cincinnati Bengals defensive back Adam "Pacman" Jones was arrested on Monday on charges that he punched a woman last week in a late night confrontation in downtown Cincinnati, police said, in the football player's latest bout with legal troubles.Share Tweet
Arrested Pacman: I was 'protecting myself'ESPN.com cincinnati.com yahoo.com CNNSI.com profootballtalk.com Jun 10, 2013Cincinnati Bengals cornerback Adam "Pacman" Jones tweeted Monday that he has been arrested for an incident in which he was "protecting" himself.Share Tweet
NFL Play 60 Character Camp to be held in Cincinnatibengals.com Jun 10, 2013The NFL has partnered with Hall of Fame offensive tackle Anthony Muñoz and the Muñoz Agency for the second year to host NFL PLAY 60 Character Camps this summer. The two-day, non-contact football camps will be hosted in 12 NFL markets, including June 2…Share Tweet
Rear slap lands Chad Johnson in jailcincinnati.com Jun 10, 2013Former NFL star Chad Johnson was sentenced Monday to 30 days in jail for a probation violation in a domestic violence case by a judge who angrily rejected a no-jail plea deal after Johnson playfully slapped his attorney on the backside in court.Share Tweet
Tyrann Mathieu reminds Carson Palmer of Troy Polamaluprofootballtalk.com Jun 10, 2013When Carson Palmer was the quarterback for the Bengals, he used to face the Steelers twice every season. That meant he would see a lot of Steelers safety Troy Polamalu on film and then again on the field, the kind of exposure that leads a man to formula…Share Tweet
Wake-up: Tomlin emphasizing conditioningESPN.com Jun 10, 2013The Cincinnati Bengals, Pittsburgh Steelers and Baltimore Ravens will hold their mandatory minicamps this week, and I plan to make a stop at every one. Yes, three camps in three days. Along the way, I will see how the teams look (except for Pittsburgh, …Share Tweet
Pacman Jones ArrestedJun 10Ed Werder reacts to Bengals CB Adam "Pacman" Jones' arrest on one count of assault for striking a female patron outside of a bar.
Sports Columnists
Peter King: RGIII a lock to be ready for opener; Father's Day book guide; …Jun 10SALISBURY, N.C. -- A few NFL points after a few days on the road:
Bill Simmons on the remarkable career of Tim DuncanJun 10The Duncan Show has been many things over the past 16 years, but it has rarely, if ever, been boring.


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DIRT DIGGERS PLANT SALE: Two hundred plants were sold at the plant sale by noon Friday. From left, are Phyllis Thompson, Mary Davidson, Barbara Hawes, customers Gail Pope and her mother, Dorothy Pope, (rear) Renee Rose and Eva Way. TRISH YERGES photo
The Elgin Chamber of Commerce spearheaded the planting of about 100 flower barrels last Friday with the help of 25 green-thumbed volunteers from the community.
Maureen Smolkowski and Jessica Anderson from the chamber led the beautification project in association with members of the Dirt Diggers garden club, community volunteers, employees from U.S. Bank and Community Bank, students from Elgin High School's Future Business Leaders of America organization and the National Honor Society.
The plants were grown by the Elgin and Imbler chapters of the Future Farmers of America.
"We started with 800 plants for the barrels and planted all but 70 of them," said Renee Rose of the Dirt Diggers. "Elgin's FFA donated 400 of the plants and the other 400 plants we purchased from Imbler's FFA."
The project's scope was enlarged this year, thanks to an increase in planting barrels.
To prepare the new barrels for planting, EHS students Nick Smolkowski, Austin Eckstein, Brian Collins and Ty Bowen volunteered to drill drainage holes in them. The barrels were placed around town and filled with rich, black dirt.
Volunteers from both U.S. Bank and Community Bank helped plant flowers out as did other city volunteers, including Peggy Hayes, Cindy Chandler, Nancy Crawford and Steve Oliver of the Elgin Lions.
Money for the project was donated by the Women's Service Club.
"Also kids from Elgin's Future Business Leaders of America organization planted barrels around town," said Rose.
Among them were EHS freshmen Drew Durbin and Brenna Balylock, along with Colt Silver, an EHS junior representing the National Honor Society. They worked from 8 a.m. to 11 a.m. and planted 15 barrels with flowers.
The FBLA advisor suggested the project to the students as a way they could accrue required community service hours.
"It gets us involved with the community and gives us a sense of pride when we look at what we've done and say, 'Hey, I helped out with that,'" said Silver.
Amidst all the planting, the Dirt Diggers' plant sale was going strong.
"We started with 400 plants to sell and sold about half of them by 11 a.m.," said Rose.
The Dirt Diggers have about 17 members and welcome more.
Each spring they sell hearty, colorful flowers and vegetable plants for the garden and home.


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How We Were Ruined & What We Can Do
The Trillion Dollar Meltdown: Easy Money, High Rollers, and the Great Credit Crash
Financial Shock: A 360° Look at the Subprime Mortgage Implosion, and How to Avoid the Next Financial Crisis
The Reckoning
Charles Morris's informed and unusual book, The Trillion Dollar Meltdown, provides a decisive rebuttal to all such excuse-making and blame of "government." Morris makes it clear that it was an unquenchable thirst for easy profits that led commercial and investment banks in the US and around the world—as well as hedge funds, insurance companies, private equity firms, and other financial institutions—to take unjustifiable risks for their own gain, and in so doing jeopardize the future of the nation's credit system and now the economy itself. In fact, government-sponsored entities, Fannie Mae and Freddie Mac, did have a part in the crisis, but not because they were principally trying to help the poor buy homes. Rather, they were also trying to maximize their profits and justify large salaries and bonuses for their executives. They had been made into publicly traded companies in 1989.
It would be wrong to conclude, however, that the new investment vehicles and intricate strategies for "securitization" that developed in the last thirty years had no value. Beginning in the late 1970s, the practice of packaging mortgages together and marketing them as so-called "collateralized debt obligations" was initially designed with the sensible aim of spreading the risk of making loans, particularly residential mortgages, by selling them to many kinds of investors throughout the US and eventually around the world. If many parties share the risk, this lowers the cost of borrowing and enables more people to buy homes and businesses to invest more in research, plants, and equipment.
But over the last two decades, this innovative system was exploited to stunning excess. Charles Morris is one of the observers who, contrary to Rubin's claim that no one foresaw the current crisis, anticipated that the increasing gathering of mortgages into highly attractive investment devices had made the financial system dangerously vulnerable. A former banker himself, and author of several excellent books on finance over the past thirty years, Morris has described the intricacies of the American investment world as clearly as anyone. At the time of his latest book's publication at the start of 2008, it seemed far-fetched for him to say that the cost of the financial meltdown throughout the world was a trillion dollars. In fact, Morris may have underestimated the amount of financial damage. Estimates of losses by financial institutions now range between $1 trillion and $2 trillion.
Morris starts his account of the unwinding of the markets with the collapse of the housing market, as does Mark Zandi, a respected Wall Street economist, whose book Financial Shock is intelligent, useful, and a more recent if less detailed book on the crisis. But the crisis cannot be understood without looking back a couple of decades to the development and rapid spread of the investment technique on Wall Street of packaging loans, principally mortgages made by banks and savings and loan associations, into an investment vehicle in which pension funds, money managers, foreign governments, hedge funds, and others could invest. Securitizing …
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Embedded Systems MSc/Diploma
- Delivery: Full Time
- Programme type: Taught Programme
- Study location: Edinburgh
- Entry date: September
The aim of this advanced course is to provide a natural follow-up to typical undergraduate courses in electrical and electronic engineering, concentrating on the commercially important and rapidly expanding area of embedded digital systems for communication and control. It offers a range of options of immediate relevance to industry at large, and is excellent preparation for those wishing to engage in research. The topics covered include embedded system design, software engineering, data communications, signal and image processing and embedded control systems. The course concludes with a major project and dissertation.
Programme duration
One year (MSc), 9 months (Diploma).
Programme content
- Embedded Systems
- Digital Design
- Research Methods Critical Analysis and Project Planning
- Embedded Systems Design Project
- Project Phase 1
- Embedded Software
- MSc Project
- Software Engineering 1
- Digital Signal Processing
- Software Engineering 2
- Image Processing
- Advanced Digital Electronics
Entry requirements
A First or Second Class Honours Degree from a British or overseas university in an electrical/electronic engineering discipline or equivalent overseas qualifications.
English language requirements
If your first language is not English, or your first degree was not taught in English, we'll need to see evidence of your English language ability. The minimum requirement for English language is IELTS 6.5 or equivalent. We offer a range of English language courses to help you meet the English language requirement prior to starting your masters programme:
- 14 weeks English (for IELTS of 5.5 with no more than one skill at 4.5);
- 10 weeks English (for IELTS of 5.5 with minimum of 5.0 in all skills);
- 6 weeks English (for IELTS 5.5 with minimum of 5.5 in reading & writing and minimum of 5.0 in speaking & listening)
Tuition fees
|Scotland / Non-UK EU
|England/Northern Ireland/Wales
* If you are unsure which category you fall in to, you should complete a fee status enquiry form, which allows us to assess your fees.
Scholarships & bursaries
- Alumni Scholarship Scheme
Heriot-Watt Alumni
- Carnegie-Cameron Taught Postgraduate Bursaries
Applicants must be Scottish by birth, have at least one parent born in Scotland or have been continuously resident in Scotland for a period of three years for the purpose of secondary or tertiary education.
- Commonwealth Scholarship and Fellowship Plan
International (Commonwealth citizens)
- Department for International Development (DFID) Commonwealth Shared Scholarship Scheme
Commonwealth citizens
- East Lothian Educational Trust
Applicants must be a resident of the old county of East Lothian (ie excluding Musselburgh, Wallyford and Whitecraig.)
- Erasmus Mundus (EPS)
EU and non-EU
- Funds For Women Graduates (FFWG) grants
Women studying or researching for a postgraduate or PhD
- Institute of Engineering and Technology: Diamond Jubilee Scholarships (EPS)
- International Scholarships Programme (EPS)
Non UK/EU applicants
- Leverhulme Trade Charities Trust
Restricted to residents of the UK who are a son, daughter, spouse, widow or widower of a commercial traveller, chemist or grocer.
- Local Education Authority Awards
- Money for Books Scholarship
Home students only
- Music Scholarships
All students
- Part-time Fee Grant (SAAS)
See SAAS residence conditions.
- Petrofac/Royal Academy of Engineering Fellowships (EPS)
Full time PG applicants to an O&G related course
- Postgraduate Student Allowance Scheme (SAAS)
EU and UK applicants who meet the SAAS criteria on eligible courses
- Rapid Formations Entrepreneur Scholarship Programme
All students except exchange program students
- Remission of Fees (families of staff)
Spouses/civil partners and children of members of staff, also retired members of staff of the University
- Royal Caledonian Schools Trust
Applicants must be of Scots parentage (conditions apply - see below)
- SFC Key Skills Funded Places (EPS) (EPS)
Applicants resident in Scotland who accept an offer for an eligible programme
- Scotland's Saltire Scholarships
Citizens of Canada, the People's Republic of China, India or USA (2 awards for each country)
- Sports Scholarships
All students
- Staff Scholarships
Employees of Heriot-Watt University
- The Muirhead Trust
Scottish, female applicants for science and engineering courses
- The Sutherland Page Trust
Only students who were born in Scotland, or who have at least one parent born in Scotland, or, who were resident in Scotland for at least three continuous years prior to entry to a Scottish University need apply.
- West Lothian Educational Trust
Individuals must have originated in West Lothian or have lived there for the last 3 years.
- Xero Entrepreneur Scholarship
Students studying for a business-related degree


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Red And White Polka Dots
- Uploaded By Schmoop
- 2005-12-23 08:04:56
Don't look too close...I had some issues with my fondant stying together. I had to bring a cake to a family gathering and thought I would practice a little with fondant. It was a little too soft, hence the lack of smoothness.
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Meet gregmccann1
Travelfish contributions by gregmccann1
The first number represents the total number of published reviews by gregmccann1. The bracketed figure is submitted reviews -- reviews may not be published for editorial reasons or may be removed because the property concerned has been delisted from Travelfish or has closed.
Life according to gregmccann1
Past travels
Future travels
Virachey National Park, for the 5th consecutive year
The lowdown
Age: In the region of 30-39
Currently hanging out in: Taiwan
Boy or girl: Male
Webpage: savevirachey.wordpress.com/
Travelfisher since: 28th October, 2009
Travelfish member #: 40,510


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Envision San Diego explores issues that affect those living and working in San Diego County. Hosted by Joanne Faryon, the Project Envision team sheds light on local concerns through extensive research and personal storytelling. You learn what's happening and why it' happening. But we won't tell you what to think; we'll give you the facts and analysis that help you make informed choices.Visit Envision San Diego Website
Full Episodes | 12See All
A rundown of the major issues and candidates on San Diego's November 2012 ballot.
A special on the aging issues that affect San Diegans.
A look back ten years after the terrorist attacks.
We take a look at the 2010 Census and the demographic changes in the Southwest.
A look at why some young people aren't going to class and how one school is reaching out.
KPBS and the Watchdog Institute investigate the whooping cough epidemic.
California could legalize marijuana under Prop. 19.
An exploration of issues behind immigration, its costs and benefits.
Watch videos from your favorite PBS KIDS shows with the PBS KIDS Video app for your tablet or phone.
Downton Abbey Collection
Bring home the complete collection: DVDs, Blu-rays, books, gifts and more. Visit ShopPBS.
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There is no more iconic structure that symbolises our affection for our state and our affection for the city of Melbourne than the West Gate.
I have affection for any knucklehead with delusions of grandeur.
Just how much affection the boys of Canterbury High still hold for their most high-profile former student is less quantifiable.
Women who emphasise affection and closeness as their motive for sex.
Capitalising on residual affection for the three unlikely heroes from No Fixed Abode, Cricklewood.
Yet he is harshest of all to the wife he only ever calls Dingbat, a nickname without the saving grace of affection or respect.


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Welcome to the Smiley Body Shop, Inc. website. Please take a look around and see what's happening on the cutting edge of the auto repair industry.
We thank all our customers for their patronage and are honored to be of assistance; be it our free pick up and delivery service, our pre-wash and final clean up service or negotiating with an insurance company on your behalf. We take great pride in being there for our customers. Expert repair and customer service is our ultimate goal at Smiley Body Shop. Thanks again for stopping by our website. Please contact us with any questions or comments you might have.
ç Copyright 2009 Smiley Body Shop | All Rights Reserved | Designed by www.bwd.bz


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Request a FREE quote for your website project by completing our online form, or contact our invzion.com Design Team at (715) 870-2206. Need to meet a deadline? Let us know, and we can expedite your site design.
After we receive your quote request, we'll contact you for more details if necessary. We'll also be able to provide suggestions for your website, and let you know about popular options, current website trends, content management, e-commerce, lead collection, blogs, and more.