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Unlock Claro Motorola RAZR D1
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Colin Kaepernick has thrown just nine touchdowns so far this season. / Kelley L Cox, USA TODAY Sports
Jerry Rice is biased on the topic, but he pins the struggles of Colin Kaepernick and the San Francisco 49ers' passing game on a short-handed group at his old position.
"When you've got receivers that's not getting off the bump-and-run and making big plays, all of the sudden, they're going to be able to stack that box and try to stop Frank Gore," Rice, the NFL's all-time leading receiver and a Hall of Famer, told USA TODAY Sports this week.
"Now, they're going into New Orleans, which is a hostile environment, and the Saints are playing well with Drew Brees spreading the ball around. Defensive-wise, it's like, who are you going to try to take out of the ballgame? He's throwing the ball to running backs, tight ends, receivers, just spreading the ball around and they're executing on all cylinders right now."
Kaepernick hasn't had that luxury with top receiver Michael Crabtree (Achilles) sidelined all season. It only got tougher last week when tight end Vernon Davis suffered a concussion in a 10-9 loss to Carolina, which held Kaepernick to 11-of-22 passing for 91 yards with an interception.
Anquan Boldin, who can't run anymore at age 33, has just 28 catches for 366 yards and one touchdown since his big day in Week 1. Mario Manningham, who had three catches for 30 yards in his return from a knee injury, has too many holes to be reliable.
"Crabtree is that missing component that can stretch the field and catch the ball underneath and has the speed to break tackles and make big plays," Rice said.
Gore alluded to the same problem in an interview with USA TODAY Sports last week, saying getting back Crabtree - who returned to practice last week - will "be big. You watch our film now, you see everybody playing the run. Everybody."
It's not like the 49ers have been wholly ineffective offensively. They averaged 34.8 points in their five-game winning streak before last week's loss. But it would have been hard to imagine after Kaepernick lit it up in Week 1 they'd rank dead last in passing by mid-November.
When the 49ers offense has been bad, it's been really bad, scoring 19 points total in three defeats.
Follow Tom Pelissero on Twitter@TomPelissero
Copyright 2015 USATODAY.com
Read the original story: Jerry Rice: Colin Kaepernick's struggles are on short-handed WR core

subset: commoncrawl


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We took a bunch of hot chicks to the beach including Remy LaCroix and Jessie Volt, and grabbed some of the biggest-dicked studs we could find, a couple tubs of lube, and had an ass-fucking fest you won't soon forget. While waves crash against the shore, balls smack against asses,...View
Welcome to the second installment of Mr. Pete's highly rated, super-popular POV series, in which beautiful girls do unspeakable things and look right in the camera the entire time. What could be better? Chanel Preston does a mini-gang-bang with three black guys and Pete himself! ...View
The amazing, true story (okay, maybe not true) about the Russo twins, two incredibly hot little blonde nymphs from Russia who beg, borrow and steal their way to Hollywood, only to get caught up with playboys, producers and porn! Will Tati's stowaway plan work? Will Taylor break a...View


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Thomas had to write a 5 paragraph persuasive essay on ANY topic that he wanted, and this is what he chose to write about (he's 11yo and in 6th grade - yes, this is the one that is being bullied in middle school - punched in the face on the bus):
Aspies (people living with Asperger Syndrome) are pretty cool. Although we may appear strange, act different, or talk too much, we are not really that different from you. There have been some pretty famous Aspies in history such as Mozart, Sir Isaac Newton, Albert Einstein, and Thomas Edison, to name a few.
The way that I, and other Aspies, see the world is that there is no middle ground (gray area), just foreground and background (black and white). I also look around me and see a bunch of neurotypicals (also known as nypicals) and think most of them are the ones with the differences. One really big difference between nypicals and Aspies such as myself is that you use and understand sarcasm, but I just look at you funny because I don�t understand the tone or inflection of your voice.
I think how you (nypicals) see the world is that you just look around and know how to make friends easily. I also think that when you look at me, or others like me, you probably think, �Why is that kid acting so weird?� Another thing about most nypicals that I�ve met is that you (nypicals) tend to whisper about me behind my back, thinking that I don�t know. Aspies don�t do that because we don�t really have a filter and say exactly what we are thinking with no anticipation of the reactions of others.
Aspies are cool because we brought music, understanding of the planets, physics, and light to the world. Because of how we think (mostly outside the box and looking at the future), we are often the owners or upper management in businesses. Some people even think that Steve Jobs and Bill Gates should be added to the list of famous, influential Aspies!
I hope that I have managed to persuade you to look at me for who I am as a person and not for how I act. I also hope that you will keep this in mind when you meet someone who seems a bit different than you - chances are you may have just met another Aspie.
------research associate in the field of child development, married to an engineer
I am woman, I am invincible, I...am...TIRED!!
Good job. Need a like button here.
January 2009 to January 2010 81 yards out and 71yards in January 2010 to the present 106.7 yards out and 146.5 yards in. January 2011 to the present: 47 yards out and 69 yards in.
Larisa, I have to say I'm very impressed with your young man. He seems very comfortable with his Asperger's Syndrome. As you know, my son is a bit older, and will be graduating this year and an aspie. His comfort level with his AS comes and goes depending on who his friends are. Last year was his first year in public school and he gained a lot of new friends, but they were all seniors. This year they've been gone and he hasn't been as comfortable with his aspie aspects with those he hangs out with. His group isn't as comfortable with letting him be himself. It's sad as it's his last year in HS and he isn't enjoying it very much. All this is to say that things do go in cycles. You've given your little man a great foundation and acceptance and it's who he'll be for the rest of his life. Glad he can embrace it now.
------Visit my blog at http://sewingsaga.blogspot.com
If it's worth sewing, it's worth sewing well;
and if it's worth sewing well, it's worth FITTING FIRST! - TSL
Oh, my. This child has a better understanding of himself than a lot of adults I know. Good for him.
Larisa -- amazing kid you have there.
Would you mind if I share this with my 10 year old grandson with Aspergers and his mom and dad? I think it would mean a lot to him to hear it from another Aspie.
"sewing very slowly to fill an empty closet"
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Super essay, I've learnt from it.
Thank you so much for sharing that wonderful essay.
------Bernina 880, Creative Sensation Pro, Bernina350SE,
I have to tell you that I got tears in my eyes reading it. How can you not be touched by his words when you know the incredible pain that nypicals have caused him. A good self image is important and I think he's got a handle on his! I might ask the teacher to do a week long class on the way people are different because of the way they are born and how they are different because they are modeling unhealthy behavior and how some are different because they CHOOSE to be.
I now know why you fight so hard for your Aspie, he's sounds like an incredible young man!
Thank you all...this is a fantabulous day in our house.....Thomas had only hoped to reach 100 people after hearing dad and mom had posted it to FaceBook...I didn't tell him I posted it here as well....the essay is now being posted to other blogs (with permission) that are written by parents of other "Spectrum Kids" so it is pretty much going global.
He thought the comments were pretty cool and has said that anyone who wants to share it can because he thinks the more people know, the more they will understand....his little sister said it's a great night because Thomas is so happy....she's his biggest cheerleader outside of his dad and me...and she's also the first to go toe-to-toe with the kids that pick on him (not exactly a good thing when she's only in 2nd grade and he's in 6th, but that's just how she is)....
SO yes, please feel free to share.....and thank you all for your feedback
He wanted me to say thank you to those that I could....his day at the Technology Student Association regional competition did NOT go well.
His promotional design didn't place at all, though one of the reviewers said he really liked it (and when we saw the feedback sheets, there was a question because they said he didn't have any citations for where he found the images when ALL the citations were there). His CO2 powered dragster came in 27th place (out of 29 or 30 entries....partly due to time trials, partly due to his lack of artistic talent - he didn't clearly label some dimensions and there were some design changes from the original sketch). And finally....the debate....the project that was NOT his, but that he stepped up in order to help a classmate.....said classmate only showed up for 1 afternoon during the week before the competition, and rarely showed up for the other work days....I dropped some information off for him with the advisor (and even let this kid know that there was info there for him)....he never showed up on Friday....when I asked if he picked up the stuff, his response was that he "had a bad day"....I was not a nice person....I told him he needed to learn to suck it up because T stepped up to help him and he had done NOTHING....and that whenever he gets a job, if he just decided not to show up and honor his commitment/obligation because of a "bad day" then he needs to be prepared to find a new job....and yes, I made sure at least one of his parents heard me.....
The debate ended with them coming in 6th......lazy slug....grrr
However, I had waited until they were done with the scoring and thanked the judges for taking the time to listen to the team....they said that Thomas was well-spoken, knew the topic, and made good eye contact.....then, and only then, did I tell them he had Asperger's....turns out one of the judges had been doing a lot of reading and research.....we agreed that I would read Temple Grandin's books and he would read John Elder Robison's books......they said that they were very impressed with him....yay....and when I saw the feedback forms from them....nearly everything was marked satisfactory for Thomas....not so for the other child...
HOWEVER....Thomas was heartbroken to have entered 3 competitions and not even made it to 3rd in any of them....until I reminded him that this was a dinky little competition and that his essay for English class had already gone global....that got him to smile.....
We gave him all of the printouts with everyone's comments and everything and that made him feel loads better.....so thanks for the part you all played in making his day turn around
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text: Obama hits GOP 'ideological crusade' in shutdown Share this story email Share this story «Previous 3 of 5 Photos Next » Read the story « » Budget Battle The Ohio Clock outside the Senate Chamber on Capitol Hill shows the time of 12:01 a.m. on Tuesday, Oct. 1, 2013 in Washington. Congress was unable to reach a midnight deadline to keep the government funded, triggering the first government shutdown in more than 17 years. (AP Photo/Evan Vucci)


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i now have 5 kids, i gave birth on the 16th of April 2011, my wife had our first child together 3 years ago. my 8 year old son is freaking out because now we have 6 females in the house and he is so not looking forward to when they reach puberty. nor am i
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Sneaky Explorer The City Rated 3.7088 Stars You just became a member of the Junior Explorer Club. There's a secret hidden in the city! Adventure - Point 'n Click The Final Happy Hour Rated 4.3371 Stars Have yourself a deadly nightcap in this latest installment of Reincarnation. Adventure - Point 'n Click Reincarnation: ATOE Rated 4.3899 Stars Evil is an acquired taste. Adventure - Point 'n Click Reincarnation: ADDO Rated 4.4158 Stars Coming back to life has its down sides. Adventure - Point 'n Click


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As Randy Buehler wrote in January of 2003, the double strike ability is a player-created mechanic that debuted in Legions. A creature with double strike deals first-strike combat damage as well as regular combat damage, which could create some interesting combos with cards that have effects triggered by combat damage. Mirrodin brings us the equipment card Fireshrieker, which bestows double strike on a creature. What are some cards that would benefit from triggering on combat damage twice? Turns out there are quite a few. Can you think of more?
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November 28, 2015
MACON, Ga. (AP) -- Leaders in Georgia's agriculture industry are urging farmers to get ready for a pending tax break.
Agriculture Commissioner Gary Black will appear Wednesday at the Georgia Farm Bureau in Macon to urge growers to apply for a break exempting them from paying sales tax on the materials needed to grow their goods. That tax break starts Jan. 1 and is part of a package of tax changes that state lawmakers approved this year.
Before the law passed, Georgia gave farmers inconsistent sales tax breaks on the goods needed to grow crops.
Black will be joined at the news conference by Georgia Farm Bureau President Zippy Duval and Rep. Tom McCall, the chairman of the Agriculture and Consumer Affairs Committee.
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By On the occasion of our 20th anniversary
Why Do Mexis Like Wrought-Iron Fences?
By Gustavo Arellano
By R. Scott Moxley
By Alfonso Delgado
Women For: OC are Stitching and Bitching
By Courtney Hamilton
Santa Ana River Ready for Its Renaissance
By Joel Beers
By Peter Maguire
Can Tech Ruin the Kim Pham Murder Trial?
By Charles Lam
Best Hookah Bar
1948 N. Tustin Ave., Orange
(714) 282-1818
So you really like some tea and lamb tongue with your flavored smoke, eh? Then ChaiKhooneh is the place for you. It isn't your typical hookah lounge. That's mostly because of owner AliReza Mirzai's passion for Persian culture. Stepping inside ChaiKhooneh means immersing yourself in traditional Persian foods and teas, a family-owned spirit, and a haze of fine hookah smoke packed tightly inside of its cluttered walls. The atmosphere is made all the more enticing thanks to the sounds of Persian music swirling through the rugs and trinkets proudly on display inside this local gem.
Best Bartender
Rick from O'Malley's
140 Main St., Seal Beach
(562) 430-0631
Finally. A bartender you don't have to flag down when your glass is empty. In fact, you probably won't even see the bottom of your glass by the time you've got another cocktail waiting. Thank you, Rick; with you, the thirsty find solace. Charming and attentive, Rick has been working the bar scene since long before he was of legal drinking age (relax, he started out as an O'Malley's busboy), and serving parched customers has become second nature, not to mention a finely honed skill. Perhaps it's his sharp, sarcastic wit or that curiously styled mustache, but Rick shakes that mixer like nobody else.
Reader's Choice: Stephen at Avalon, Costa Mesa
Best Happy Hour
Mai Tai Bar
97 Aquarium Way, Long Beach
(562) 435-1200
Most happy hours are enjoyed only by those who have the option to sit in a bar on a Tuesday at 4 p.m. By the time we working folks schlep into our favorite saloons after a long day, happy hour is long over and done with. Why should this time of mirth not be available to the rest of us? Why should those working late hours be deprived of the happiest hour of the day? This is America, fer chrissakes! The Mai Tai Bar knows our pain. With its tropical-resort feel, this second-floor bar is far from a skeezy dive. Not only does it have an absolutely breathtaking open-air patio overlooking Rainbow Harbor, but it also hosts the Late Night Happy Hour, which goes from 8 p.m. to 11p.m.—you know, when people are actually out. The best deals are their $4 specialty drinks, the list of which includes their famous Mai Tai—go figure, it's also the best in town. If you're not up for such a sweet treat, there are also $3 well drinks and pints of beer for $2.50 (domestic) or $3 (imported). The best part? Mai Tai's Late Night Happy Hour happens every day. Yes, every day. And that should make you pretty damn happy.
Reader's Choice: Slidebar Cafe
Best Dive Bar
Paul's Cocktails
207 W. Chapman Ave., Orange
(714) 639-2480
Paul's can be many things, depending on when you go. It stays chill during the day, with just the locals and regulars watching sports and shooting pool, shooting the shit with some of the best bartenders around, drinking cocktails and Pabsts in cans. Nights are laid-back, too, but only during winter break. If you like your bars sleepy and casual, then go at these times. If you like things more lively, then keep reading. You see, Paul's is right near Chapman University, which means every Thursday, Friday and Saturday night belongs to the twentysomething crowd, and it gets absolutely packed starting around 11 p.m. This can be fun—as long as you order two drinks at a time (it can take a while to work your way back up to the bar). Plus, it has the best smoking patio in Orange County, a huge open space with ventilation fans and several places to sit. How rare to enjoy a cigarette with a cold beer these days.
Best Venue for Live Music
The Prospector
2400 E. Seventh St., Long Beach
(562) 438-3839
Long Beach doesn't have as many live-band hotspots as one would expect from a city its size. Alex's Bar has some good shows, primarily of the punk variety, and Que Sera has hosted some interesting acts. But in the past couple of years, the Prospector has become one of the most unexpectedly successful venues in town. Why unexpected? Well, frankly, the design of the bar makes it almost impossible to maneuver when it gets crowded (as it usually is during a show), the sound is no great shakes, and unless you're one of the maybe 25 people who can reasonably fit onto the main floor, you won't be seeing much of the band you came to see. But thanks to the diligence of its bookers and staff, the Prospector has managed to attract a hip roster of LA, OC and out-of-town up-and-comers to its stage, shortcomings be damned.
Reader's Choice: House of Blues, Anaheim
Best Dance Club
Club Vegas
1901 Newport Blvd., Costa Mesa
(949) 548-9500
With its sweeping layout and immense dance floors, Club Vegas is the place to go to break it down on Thursdays, Fridays and Saturdays. Just don't take it too seriously: This place isn't exactly known for its tactful patrons. Think of all the over-the-top elements of the real Vegas, and you've got Club Vegas. The guys have gelled, spiky hair, and the girls wear teeny-tiny skirts and shoes that hurt—but hey, everyone's there for a good time and to hook up, if they can. Depending on your musical tastes, choose between a massive Top 40 room and a smaller-but-still-substantial house/techno room. Once you've opened a tab, a numbered disc allows you to access your account from any of the bars throughout the club, so you don't have to keep fighting the crowd at the same spot to get a cocktail. Go-go dancers do their thing once the floor gets crowded, which is generally around 11 p.m. The vibe is upscale, but not in an intimidating way, since club-goers are generally of the frat/sorority type. The dress code is strictly enforced, and the VIP lounge is awesome if you can afford to shell out the bucks— yet another way Club Vegas brings the spectacle of Sin City's glitzy outrageousness to Costa Mesa.
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WOOD RIVER JCT. ŌĆō Monday, June 20 was not only the last day of spring, it was the last day of school for the students of Chariho Middle School.
As the buses drove off the school grounds filled with students for the last time until September, a large group of teachers and staff gave them a final farewell.
In what has become known as the annual ŌĆ£Final WaveŌĆØ event at the middle school, the teachers and staff members line the road leading out of the school to wave at the students passing by. The students, in turn, yelled to the teachers from the bus windows and waved to them goodbye as well.
The bus drivers honked their horns wildly as they passed the crowd. The energy was high and so were the spirits of an entire school community now looking forward to a relaxing summer.
According to teacher assistant Kathy Anderson, ŌĆ£the appreciation from the students yelling out the bus windows, bus drivers beeping their horns, and the smiles and laughter from the teachers and staff knowing they have played an important role through the year, and made such a difference, makes the end of the school year complete.ŌĆØView more articles in:


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Governor Phil Bryant visits with teens before his Healthy Teens of a Better Mississippi community town hall meeting at the downtown train Depot on Wednesday.
- Filed Under
Gov. Phil Bryant visited Hattiesburg on Wednesday to call community groups, educators and business leaders to action to stop teen pregnancy in Mississippi.
Bryant spoke to those constituencies during a Community Town Hall Meeting at the Train Depot, sponsored by Southeast Mississippi Rural Health Initiative, Inc. and the City of Hattiesburg.
"Times are difficult for children and especially today for teenagers," Bryant told the group of about 100 people. "And it is only being made more difficult if they become a parent." ...


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Early Saturday morning, December 4th, Michaela and I headed out to Wake Forest to take part in a special HolidayMarket. There would be crafts and foods for sale. I had packed up all of my dolls, brooches, ornaments and farm charms to sell. Oh, and some gift tags that I'd made at the last minute! Michaela snapped this picture of the… Read more →
Cottage Industry
The Little Goat Girl
She lives down the lane and helps care for the goats. Only she's not holding a goat yet! I've not made a goat before. How does one fashion a goat from clay? Keeping trying, I say! She's a tomboy for sure, and has the tiniest little…scrape? Scar? At the corner of her mouth. Maybe from flying down the lane on… Read more →
The Sunday Evening Post
So, where were we? I think we left off where I was crazy-busy and did not even have time to leave a proper post as I was preparing for the farmer's market. The farmer's market. There we are. I had a ton of fun on Saturday morning with my mom. Yes indeed. It was a slow day for shopping as… Read more →
All Pinned Up
Where have I been? I probably wonder about that more than anyone else. The days fly! There is more to do than I can do! And yet I manage to somehow like this busy life that I have. I've been working on a board/stand on which to hang all of my brooch-pins for the farmer's market. It's coming along, if… Read more →
Something To Look Forward To
This past Saturday was the second Saturday that I have set up with my mom at a local farmer's market. What that means for me is that I type 8 hours on Friday, which tends to be a long day. As you know, housework, errands, mouths to feed, and child-related responsibilities don't disappear just because I work! So I usually end… Read more →
Lovely Wonder
I've been working on brooch pins, but there's so much else going on, they have been slightly on the back burner. This one, Whatsoever is Lovely, is in the shop. "Wonder,' reminding me ever so much of Alice in Wonderland, is a keeper (not that I don't want to keep them all). She's in my jewelry box. They are both… Read more →
Broken Dishes, Intact Dreams
What are we if we don't have dreams? One of my dreams is my mosaic art: to have a lively mosaic business in the midst of my perennial garden. I want a little rustic workshop to house my workbench and tools. It needs to have a wood stove in it to keep me warm in winter, and of course for effect! I want… Read more →
Making Felt Sets Again
I had taken them down for awhile, but I have put my felt pages back up. We'll see how this goes for me. I have requested at work to go from a 5-day to a 4-day week. I really need more time at home. I hope this will work out for me. Anyway, the felt pages advertise the felt sets… Read more →
My Costume
I realized this morning that I misspoke miswrote yesterday about the time period represented at this craft show tomorrow. It is mid- to late-1800s. Just so you know. I had said colonial. I realize I'll be somewhat rebellious in my choice of costume by wearing flip-flops and short sleeves, but I'll pretend I'm out on my own farm and have traded… Read more →
Go Ahead Gourd-Head
At least that's what my mother used to say to us kids. Anyway, I have some gourds to do something with! We had quite a harvest year before last, and then a few more last year. They are all dry and ready to craft with. I just love the colors in them. The one with a lot of white is… Read more →


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The virtue of price discrimination
I was reading Clay Shirky's latest post about the new pricing model that will supposedly save newspapers, and it struck me how little talk there is about the real fundamental issue at work here: price discrimination.
The same product or service is worth different amounts to different customers. You maximize revenue by figuring out how to charge the right amount to each customer without complicating (and therefore adding friction to) the buying experience.
My previous business was building social games on the Facebook platform that monetized with virtual currency. One of the reasons this has been one of the fastest growing sectors in history is because of this brilliant pricing model that allows for very efficient price discrimination (I didn't develop it, I just recognized and emulated it). You let people play your game for free but something about the game play is restricted: limited number of turns per day, a certain class of accessories that cannot be purchased, levels or regions of gameplay that are off limits, etc. Then you allow people to purchase units which get them access to the restricted game play. The more they purchase, the more they get the restricted game play.
90-95% of your players will never pay, but then a good chunk of customers will spend a little and a very small fraction of a percent will spend incredible amounts of money: hundreds to thousands of dollars per month. You get a standard exponential decay when you graph the distribution of revenue, and these "whales" (high rollers) make up for all the non-paying users. Even when you include all the non-paying users, the revenue per user of virtual currency games is typically 10x per user greater than games that are entirely free but monetize through ads.
If the game is designed well you get almost a perfectly efficient discrimination — people pay exactly what the game is worth to them. Arcade games and casinos both have this same property as well.
Online advertising revenue models do a good job of discriminating as well but they typically undercharge the most valued customers. Your pageviews (and typically clicks on advertisements) are fairly proportional to the amount you use the product. However, the users who are receiving 100x or 1000x more value from the product are not generating proportionally more revenue for the business.
For physical products, price discrimination is crude. Typically there are 2-3 version of products; it's the good, better, best approach. I've been been surprised how often online software — which sheds the constraints of physical goods — holds on to this approach. 37signals, often commended for being a pioneer with their products, still has a good, better, best packages.
I've always been impressed with WordPress in this regard. The vast majority of their customers use their free open source software, but if you don't want to mess with hosting or configuring software you can sign up for wordpress.com. From that point the features are a la carte. I bet most customers pay $5 – $20 per year. But if you want all the goodies: video posting, custom domain, customizing CSS, a pretty theme, no ads, and lots of extra storage space — soon you're paying $500 per year.
This is is a powerful revenue lever for iPhone/iPad and and the Kindle as well. I'm sure there are iPhone users who have spent many thousands of dollars on applications after purchasing their phone.
Reading Clay's post, it sounds like newspapers are finally figuring out how to price discriminate. I bet a lot of businesses (and ultimately customers!) could benefit from revisiting their approach to pricing.
6 Responses to "The virtue of price discrimination"
Alex Epstein Says:
January 8th, 2012 at 10:01 pm
Hi Keith, what do you take to be price discrimination here? I think of price discrimination as selling the exact same product to different users for different prices based on their different abilities and/or willingness to pay. E.g., a pharmaceutical company that sells a product for $100 in the US and $1 in Africa, still profiting from both since its marginal cost is <$1. This kind of price discrimination can be an attempt to get around the marginal nature of most prices, which lead to most of us paying vastly less for things than they are worth to us. See Eric Dennis's discussion here: http://centerforindustrialprogress.com/2011/12/08/whats-in-a-price/
It seems like what you're talking about here is upselling–offering different packages with greater options. Am I missing something?
Keith Schacht Says:
January 8th, 2012 at 10:33 pm
Alex, I would define it as selling *essentially* the same product to different people for different prices based on their willingness to pay.
In the world of digital products, every instance of a product can be unique so the idea of two customers having the "exact same product" is fuzzy. The perspective by which I consider products to be the same is an operational one — if it required a single product development effort, is the same code base running on servers, shares a unified customer support team — things like that.
A business has an idea about a market need. They undertake considerable effort to develop this product and then they have to figure out how to sell it to customers (e.g. 37signals making Basecamp). Versioning the product, locking features, etc are all techniques to help you sell this same product to different people for different prices.
Ricardo Says:
January 9th, 2012 at 10:11 pm
I think Alex is correct
PeterisP Says:
January 10th, 2012 at 3:47 am
For digital services with zero marginal cost, any version other than the maximum one is a way of price discrimination.
If you have developed the full version, then the "entry level" one is not another product, it's most often just some features disabled to target a different price point – i.e., price discrimination, not upselling.
A person buying an used Honda instead of a Ferrari is buying a different product.
A person buying an virtual 'used Honda' instead of a virtual 'Ferrari' is buying the same product mangled to a different price point.
Justin Roff-Marsh Says:
January 11th, 2012 at 11:24 am
I've generally referred to this as dynamic pricing. I'm not totally comfortable with 'price discrimination'.
This is easy when you're dealing with discrete transactions. It become more complex when customers purchase frequently or when market segments are not insulated from one another.
Generally speaking, however, this is a huge opportunity for many businesses. Market segmentation, in conjunction with dynamic pricing enables management to take a 'portfolio management' approach — as opposed to considering the 'profitability' discrete transactions or customers (which is always harmful).
George Says:
January 28th, 2012 at 8:54 am
One area that could perhaps use some price descrimination is cell phones. The world's richest man is likely to be carrying the same iPhone the average Joe does.


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Serena Robb, a Court Appointed Special Advocates center, confers with Christopher Heins, caseworker for the Larimer County Department of Human Services, left, and Cassandra Mann, Guardian Ad Litem lawyer outside Courtroom 2A at the Larimer County Justice Center on Oct. 11. The trio met to discuss their mutual case.
The courtroom of Magistrate Carolyn Pannell is filled with tears of sadness or tears of joy, shouts of anger or sighs of relief.
The lives of Larimer County's children often hang in the balance - where they will live, who will care for them and how long they'll remain in the custody of Larimer County's Department of Human Services. They're difficult waters to navigate, and the fear is often that children will get lost in a sea of instability.
To help children find their way and have a voice, Pannell often appoints Court Appointed Special Advocates, or CASA, volunteers at the advice of interested ...


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WASHINGTON, DC (KSDK) - A group of retired female service members joined Missouri Senator Claire McCaskill on Capitol Hill to discuss new ways to combat sexual assaults in the military.
At Thursday's event, Senator McCaskill said the solution should start at the top.
"We believe that the only way to hold command accountable is to make them responsible; not to completely remove their responsibility," she said. "We believe that's a recipe for disaster."
The senator is one of several lawmakers to introduce reform legislation regarding sexual assaults in the military.
The reforms are still being debated in Congress.


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For many years ZEUS Scientific has built the foundation of success on research and development of innovative products. The company is committed to maintaining this position in the diagnostic market. Our commitment to strengthening our product portfolio and working closely with and listening to our customers has led and will lead us to providing unique and innovative solutions.
ZEUS Scientific will maintain its position as a leader in the autoimmune and infectious disease diagnostic testing market. However, the company is looking to expand its scope by investigating different disease areas where innovative tests and/or new technologies would make an impact on patient care. ZEUS Scientific is also investigating technologies in the molecular diagnostic field as another avenue to bring new solutions to the market.


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Remember the "level playing field" theory of the Web? How in cyberspace size didn't matter because even the most picayune start-up could conceal its lack of heft by developing a sleek Web site? Well, big, it seems, is no longer so beautiful. Now that vast infusions of capital are blowing up many dot-coms to unimaginable proportions, some newcomers to the scene are trying to distinguish themselves by taking the opposite approach: good things, they're announcing, come in small packages.
Exhibit A: DrsFosterSmith.com, a pet-product E-tailer based in Rhinelander, Wis. The site's name implies that it's a specialty store on the Web. And to be fair, two true-blue veterinarians did start the business 17 years ago. But this is no modest enterprise -- it's an online superstore run by an $80-million catalog company. The good doctors' strategy is to marry the best aspects of being big (thousands of products; a 24-hour call center; quick, cheap shipping) with the homegrown benefits of being small (customer intimacy, superior service). And the site assures customers that cofounders Race Foster and Marty Smith, along with three other vets, "personally select or approve every product."
According to Foster, the positioning provides the company with an edge over large, venture-backed competitors like Pets.com and Petopia.com. "We deliberately wanted to be real people -- we felt that was our marketing advantage," he says.
Exhibit B: HomeTownStores.com, based in Quincy, Mass. Bob Curry, who owns two Ace Hardware franchises, founded the company with his son and another young entrepreneur. Though he pals around with Web scions like Garage.com founder Guy Kawasaki, Curry has taken pains to brand his business as having the gestalt of a corner store.
Yet no corner store shares Curry's ambitions. His site, which started out selling tools and hardware, now offers 58,000 products, ranging from blankets to chocolates, and has many of the amenities of huge Web sites. Yet its folksy motto is "We run a darn good store, and we're glad you're here." "In my hardware stores we give away free popcorn," says Curry. "We can't do that on the Web, but we can bring that philosophy here." To that end, Curry has invested thousands of dollars in technology that allows virtual salesclerks to greet browsing customers. "I don't want this to seem like a megamall but like a bunch of village stores," he says.
Why the mania to miniaturize? "If a business shows a proclivity to have a relationship, people will feel magnetized to it," says Jay Conrad Levinson, author of the Guerrilla Marketing books. "There are smart ways to warm up what is otherwise a cold, impersonal relationship."


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The Fort Collins City Council had not made a decision on proposed standards for the Eastside and Westside neighborhoods Tuesday by press time.
Because of a lengthy discussion about a proposed fracking ban in Fort Collins, the council did not take up the matter until 10 p.m.
At issue is the size of new houses and additions in the historic neighborhoods near downtown. Proposed regulations would tighten the size of homes and limit their height to ensure a neighboring house to the north has solar access.
Another issue that arose Tuesday was whether Councilmembers Ben Manvel and Gerry Horak, who live in the neighborhoods, have a conflict of interest and should not participate in the decision.
See Coloradoan.com for updates.


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Using artrosilium is now becoming a popular trend in Europe. Artrosilium is an amazing organic gel that has been proven incredibly effective at relieving the pain caused by arthritis. The said gel can also reverse the said disease's crippling symptoms. Organic silica, which after oxygen is the most abundant element on earth, is the main ingredient of the said ground-breaking, natural and organic cure to arthritis.
Two powerful and superiorly effective plants is contained within artrosilium. The first is called the Queen of the Meadow also known as meadow sweet. This plant is a form of vegetal aspirin that relieves pain without the side effects of normal aspirin. The said ingredient also acts as a natural anti-inflammatory therefore relieving inflammation caused by arthritis.
Another ingredient in making artrosilium is the blackcurrant. For many centuries now, this plant is known to be the most effective treatment for arthritis. Its effect is particularly concentrated to alleviate pain in the knees.
By adding the said plants to organic silica, artrosilium was invented. There is now an easy to apply gel to treat arthritis.
However, artrosilium doesn't only come in the form of gel. There is also an elixir which people takes in daily to boost their energy level and gives them a renewed sense of youthful vitality.
Taking one spoon full of artrosilium elixir daily before breakfast stops the ageing process. Because, it is rich in anti-oxidants that protect the cells from the wear and tear caused by time which then causes ageing, it is considered to be the best weapon against getting old.
Artrosilium however is not just for treating arthritis or a defense against ageing. It is also used to treat other conditions such as eczema, psoriaris, verrucas, various skin irritations, haemorrhoids and even prostate problems.
The popular Dutch Ice Skater in the 1950s named Lucia Verwey, who was considered to be one of the world's greatest skater attested to the effectiveness of artrosilium.
Verwey said because of her profession her arthritis pain was severe. She had been browsing several resources to find a cure. However, she found none until she stumbled upon artrosilium in a magazine feature.
The article explained that artrosilium was a natural remedy that could relieve arthritis and has helped a lot of people already over the years. However, she was not entirely convinced as to its effectiveness. It was only when she saw that the product was sold with a money back guarantee that she decided to try it herself. She began to notice changes when she started applying the gel. Going upstairs used to be painful but when she began using the product the pain gradually disappeared. Until the end of her career, Verwey used the product to relieve the pain caused by her profession.
Here is some related info you may be interested in:
Arthritis Natural Remedies
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Janet Downs: If you look to Sweden to see how free schools work, you might "think twice", says OECD guru
Autonomy is a slippery concept, said Andreas Schleicher*giving evidence to the Education Select Committee. It means different things in different countries. The United States, for example, is held up as an autonomous system, he said, but if you ask school heads they give a different story – they feel they have little freedom. And although free schools work well in countries ... read more and comment →
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jGuru Forums
Posted By:
Posted On:
Friday, August 30, 2002 02:39 AM
Hi all, I have doubts about web applications and static variables.
Supposed Problem Description:
I define a static class variable and I use this class within multiple web application running simultaneously in the same Application Server.
I beleive that the static variable is unique per classloader, so, if the classloader is unique per AppServer, then all the web applications are sharing the static variable.
Is this true?
Thanks in advance for the attention, DG
Re: Web Applications, static variables and classloaders
Posted By:
Posted On:
Friday, August 30, 2002 07:27 AM
Usually, I guess, the appserver creates one classloader for each application (.ear) and one child-classloader for each web-app (.war) within the application. The application classloaders are children of the system classloader.
When a classloader tries to load a class, it doesn't ask from its children, only from its parent classloader, so keep this in mind if/when you run into problems.
There are a couple of articles around the web about the J2EE classloader hierarchies of some appservers.


text: Weather.com Tracking Hurricane Sandy — When Will It Affect Southeastern Massachusetts? By BJ Ragone October 26, 2012 They are calling this particular hurricane a 'Frankenstorm'. Hurricane Sandy is expected to meet up with some cold air, and could even dump snow in some areas. Read More|Comment Category: Southcoast News Tags: hurricane, hurricane sandy, new england, southcoast, storm, weather Send to a friend! Share on Facebook Share on Twitter Pin it! Reddit This! Share on Tumblr!


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Castor oil gets thinner up to about 300 degrees and then starts to get thicker at the higher temperature where other oils are starting to loose their lubricating properties. Castor is able to lubricate well up to the temperature just before it turns to ash. The goo or brown varnish from castor is still a good lubricant at extremely high temperatures.
Castor will still make good power in oil ratios at 5:1 when properly tuned
Most of the synthetics I have tested will not make good power at ratios richer than about 30:1 when optimally tuned.
The high ignition temperature of the synthetics seems to hinders the initiation of the combustion process when used richer than about 30:1. The castor oil's lower ignition temperature does not seem to hinder the combustion process or the power. Some of the small model airplane fuels contain as much as 20% castor. 20% oil is a 5:1 ratio.
You will never hurt a two stroke engine by using a lot of oil in the fuel when properly tuned.


text: Expert growers from Florida's Costa Farms reveal the scoop on beautiful houseplants. Each of their picks is guaranteed to flourish even for beginners. Pages5 of 5 View Slideshow Moth Orchids Succulents Anthuriums Peace Lilies Pages5 of 5 View Slideshow Related Links Houseplants 101 Essential Southern Plants The South's Top Pass-Along Plants


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Home > Products
Free CDA to MP3 Converter
CDA files are not audio files, because they do not contain sampled sound at all. CDA files are just a way that Windows uses to let you access an Audio CD index. This is why if you copy a .CDA file to our hard drive and try to play it with an audio player, nothing happens. So you should need the CDA to MP3 Converter to extract audio tracks from an Audio CD.
The Any Audio Converter is also an advanced CDA to MP3 Converter, which reads audio tracks from your CDs and allows you to save them to your computer in a variety of digital formats including WMA, MP3, Ogg, Wav, or FLAC audio files, helping you convert CDA files from a CD to MP3 format effectively.
Just simply download and have a try. Here is also tutorial about how to convert CDA to MP3 format.
What is CDA or CD Audio Track?
A CD Audio Track or .cda file is a small (44 byte) virtual file generated by Microsoft Windows for each audio track on a standard "Red Book" CD-DA format audio CD as defined by the Table Of Contents.
The .cda files do not contain the actual PCM sound wave data, but instead tell where on the disc each track starts and stops. If the file is "copied" from the CD-ROM to the computer, it becomes useless, since it is only a shortcut to part of the disc. However, some audio editing and CD creation programs will, from the user's perspective, load .cda files as though they are actual audio data files. Although when you copy it is useless, you can click on the file when you're in the disc file area and it will play in WMP (Windows Media Player).
To work with music tracks on your CD you need first to convert them to WAV, MP3 or another file format that computers understand. That's what a CD ripper does and that's why you must use a ripper before you can work with your music files on a computer.
What about DVDs?
The DVD format was developed in the computer age so DVDs contain regular files just like those on your hard disk. That means they can simply be copied from the DVD to your computer.
Why we need a DVD ripper?
The reason people use a DVD ripper is usually to remove copyright protection so that the movies or files on the DVD can be played on their computer. DVD rippers also commonly allow users to compress the data or change its format so the DVD files take up less room on their computer.
In other words CD and DVD ripping programs do rather different things:
CD rippers convert the raw digital data on music CDs into files a computer can read. They don't have to worry about copyright protection as most music CDs are not copy protected.
DVD rippers are designed primarily to copy files from DVD and strip out copyright protection in the process.
The CDA to MP3 Converter Any Audio Converter is completely free of charge to rip your .cda files to mp3 format. 100% Free and Legal.
How to Convert CDA to MP3 with CDA to MP3 Converter?
1. Add CD. Run the CDA to MP3 Converter, put your audio CD into your computer's CD drive. Click button and select disc, then click button to load CDA files from your audio CD to the CDA converter.
2. Add CDA Files. Check the cda files you would like to convert to MP3 and then confirm.
3. Set Output Format.
Click and choose MP3 Audio(*.mp3) from drop-down list according to your device.
4. Choose Destination.
Click and select a folder for saving the output files in the dialog that opens.
5. Start Converting.
Click button to start converting all CDA files to MP3.
6. Find Output File.
Click button and find the output MP3 file.
1. If you would like to import the output mp3 file to your apple products, such as iPad, iPhone, iPod, the free Syncios iOS Transfer would help you. All without iTunes.
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How To


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Learn More
Billing Policies
Receiving Multiple Bills
At University of Minnesota Medical Center, where the Neurology clinic is located, specialty clinics such as the Neurology clinic are owned by Fairview, but staffed and managed by UMPhysicians. In this case, you will get two bills, one for facilities, nursing and equipment from Fairview, and one for the professional services provided by your doctor and medical team from UMPhysicians. In certain cases, anesthesia services will be billed separately. View our list of clinics and how they bill.
We now offer eStatements – allowing you to view your billing statement online through our secure bill pay portal; www.umphyscians.org/billpay. EStatements are an electronic version of the paper statement. You can view your eStatement online, and print it or save it to their computer. In addition to being environmentally friendly, eStatements offer you convenient access to billing statements, efficient, safe and secure payment processing and online payment history for up to 12-months.
Click here www.umphyscians.org/billpay. to enroll for eStatements
UMPhysicians employs a staff of highly trained financial counselors that provide assistance to patients with questions about cost and coverage, or have insufficient or no insurance coverage (self pay) to pay for their care. Our counselors are available to help answer questions. To reach them, please call 612-626-0959.
For more financial and billing information please see About Your Visit http://www.umphysicians.org/for-patients/about-your-visit/index.htm


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Plymouth Town Meeting moved quickly through more than 30 warrant articles last night.. The article to create a small meals tax in order to help pay for the 400th anniversary celebration was hotly debated. And, even though the Select Board was unanimous in its opposition to the tax, it passed by a slim margin. Town Meeting member Charles Bleitzer is a manager at East Bay Grill. He told town meeting that enough is enough: "From the restaurant's point of view, it's another tax on our customers. They already pay to park. It's not the right time to have increased taxes in Plymouth." Resident Mike Hanlon petitioned this article that was threatened with an appeal in the event it passed:"I think if the opponents actually file their petition to repeal it, that's whenthe hard works going to start." Town Moderator Steven Triffletti says another article caused a great deal of discussion: "The most notable would be the purchase of a parcel of land on Plymouth Long Beach for $850,000, in order to provide the town with access to both sides of Long Beach." Town meeting member Ginny Davis voted no stating that only those with 4-wheel drive vehicles can go out to Long Beach. "I feel it benefits only a minority. It's a benefit for 4-wheel drivers." Environmental Manager David Gould said: "It's one of those properties, I think, decades from now, people will realize the foresight that the town had tonight and will appreciate what we've done." Town meeting completed all the articles in one night.
Plymouth: Town Meeting wraps up business in one night
Posted in: Local News– Posted on October 25, 2011
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Lamborghini Aventador J: The Fastest Way To Eat Bugs And Ferraris
This is the Lamborghini Aventador J (not Unica). It's a very, very open variation of the Aventador. The J (the appended letter is taken from the "Appendix J" FIA motorsport rules that describes the various classes of cars) uses the the 12-cylinder version Lamborghini Aventador flagship as its base. What makes it truly… »


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Frank Peterson, city manager of Springfield for more than six years, has been named a finalist for the same job in Port Huron.
The 32-year-old is among three candidates being considered for Port Huron's next city manager after Bruce Brown announced he would be leaving the position. A total of 29 people applied and the top eight candidates were selected. It was later narrowed down to three after the Port Huron City Council reviewed the applications in a closed session July 11.
George Korthauer, Cheboygan's interim city manager and Scott Pietrzak, Pleasant Ridge's assistant city manager, ...


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|Calcineurin-dependent galactomannan release in Aspergillus fumigatus.
MedLine Citation:
|PMID: 21107627 Owner: NLM Status: In-Data-Review
|The galactomannan assay to diagnose invasive aspergillosis is recommended and clinically utilized, yet the mechanism of galactomannan release from Aspergillus fumigatus is unknown. We used an A. fumigatus strain lacking calcineurin A (cnaA), already shown to be critically important for pathogenicity, to evaluate galactomannan kinetics. During the logarithmic growth phase when glucose was consumed, β-D-galactofuranoside (galf)-antigens were released in the culture. However, after glucose became limited, GM release further increased in the supernatants of the wild type strain while there was no further increase of GM release in the ΔcnaA strain. β-Galactofuranosidase activity was also decreased in the ΔcnaA mutant, and the amount of galf-antigen in the cell wall fraction of the ΔcnaA mutant was approximately ten-fold higher. This suggests the possibility that the antigen is unable to be released due to a cell wall abnormality. This and previous work suggest a dynamic calcineurin-dependent cell wall during periods of growth, with galactomannan release from the cell wall possibly calcineurin-dependent and reflected in the decreased GM release and greatly increased cell wall fraction of galf in the ΔcnaA mutant.
|M A S H Mennink-Kersten; D Ruegebrink; P E Verweij; W J Steinbach
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Publication Detail:
|Type: Journal Article Date: 2010-11-24
Journal Detail:
|Title: European journal of clinical microbiology & infectious diseases : official publication of the European Society of Clinical Microbiology Volume: 30 ISSN: 1435-4373 ISO Abbreviation: Eur. J. Clin. Microbiol. Infect. Dis. Publication Date: 2011 Apr
Date Detail:
|Created Date: 2011-03-10 Completed Date: - Revised Date: -
Medline Journal Info:
|Nlm Unique ID: 8804297 Medline TA: Eur J Clin Microbiol Infect Dis Country: Germany
Other Details:
|Languages: eng Pagination: 551-3 Citation Subset: IM
|Department of Medical Microbiology, Radboud University Nijmegen Medical Center, Nijmegen, The Netherlands.
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Modern Market Alchemy Explained: Converting Junk Debt Into Supersafe Treasurys Out Of Thin Air
When it comes to the actual functioning of capital markets, there is always much confusion within the made for TV punditry for one simple reason: the number of people who truly understand collateral transformation courtesy of the shadow banking system, which until recently was a massive $23 trillion off the books repository of everything the banks did not want you to know about, can be counted on one hand. That certainly would explain the existence of such media trolls as "conscientious" NYT columnists, and various three letter "modern" theories explaining how money would work in a world if only all practical reality was removed.
And while we have previously explained extensively how it is that what actually happens behind the scenes is so very different from what most believe is market reality, especially with our three+ years series on shadow banking, confusion is still rampant. Which is why we hope an extract from Fed Governor Jeremy Stein's speech titled "Overheating in Credit Markets: Origins, Measurement, and Policy Responses", will finally make it sufficiently clear that when it comes to shadow banking collateral transformations, modern day alchemy does in fact work, and one can transmogrify junk bonds into Treasurys with the wave of a magic (yield) wand.
From Stein - extracted from full speech:
The maturity of securities in banks' available-for-sale portfolios is near the upper end of its historical range. This finding is noteworthy on two counts. First, the added interest rate exposure may itself be a meaningful source of risk for the banking sector and should be monitored carefully--especially since existing capital regulation does not explicitly address interest rate risk. And, second, in the spirit of tips of icebergs, the possibility that banks may be reaching for yield in this manner suggests that the same pressure to boost income could be affecting behavior in other, less readily observable parts of their businesses.
The final stop on the tour is something called collateral transformation. This activity has been around in some form for quite a while and does not currently appear to be of a scale that would raise serious concerns--though the available data on it are sketchy at this point. Nevertheless, it deserves to be highlighted because it is exactly the kind of activity where new regulation could create the potential for rapid growth and where we therefore need to be especially watchful.
Collateral transformation is best explained with an example. Imagine an insurance company that wants to engage in a derivatives transaction. To do so, it is required to post collateral with a clearinghouse, and, because the clearinghouse has high standards, the collateral must be "pristine"--that is, it has to be in the form of Treasury securities. However, the insurance company doesn't have any unencumbered Treasury securities available--all it has in unencumbered form are some junk bonds. Here is where the collateral swap comes in. The insurance company might approach a broker-dealer and engage in what is effectively a two-way repo transaction, whereby it gives the dealer its junk bonds as collateral, borrows the Treasury securities, and agrees to unwind the transaction at some point in the future. Now the insurance company can go ahead and pledge the borrowed Treasury securities as collateral for its derivatives trade.
Of course, the dealer may not have the spare Treasury securities on hand, and so, to obtain them, it may have to engage in the mirror-image transaction with a third party that does--say, a pension fund. Thus, the dealer would, in a second leg, use the junk bonds as collateral to borrow Treasury securities from the pension fund. And why would the pension fund see this transaction as beneficial? Tying back to the theme of reaching for yield, perhaps it is looking to goose its reported returns with the securities-lending income without changing the holdings it reports on its balance sheet.
There are two points worth noting about these transactions. First, they reproduce some of the same unwind risks that would exist had the clearinghouse lowered its own collateral standards in the first place. To see this point, observe that if the junk bonds fall in value, the insurance company will face a margin call on its collateral swap with the dealer. It will therefore have to scale back this swap, which in turn will force it to partially unwind its derivatives trade--just as would happen if it had posted the junk bonds directly to the clearinghouse. Second, the transaction creates additional counterparty exposures--the exposures between the insurance company and the dealer, and between the dealer and the pension fund.
As I said, we don't have evidence to suggest that the volume of such transactions is currently large. But with a variety of new regulatory and institutional initiatives on the horizon that will likely increase the demand for pristine collateral--from the Basel III Liquidity Coverage Ratio, to centralized clearing, to heightened margin requirements for noncleared swaps--there appears to be the potential for rapid growth in this area. Some evidence suggestive of this growth potential is shown in exhibit 8, which is based on responses by a range of dealer firms to the Federal Reserve's Senior Credit Officer Opinion Survey on Dealer Financing Terms. As can be seen, while only a modest fraction of those surveyed reported that they were currently engaged in collateral transformation transactions, a much larger share reported that they had been involved in discussions of prospective transactions with their clients.
Mr. Stein may not have evidence... but we do. Below, direct from the NY Fed, is the total amount of collateral pledged any given month with the NY Fed, courtesy of Tri-Party repo custodian JP Morgan of course:
To summarize: the volume of "such transactions" is currently very large and rising rapidly.
Keep in mind the above is merely the base collateral: one can think of it as SM 0 (or Shadow Money 0). What must be done next is apply a specific "collateral chain" (as explained previously) to get the full level of explicit recycled collateral. The most recent estimate of the average shadow bank collateral chain from Manmohan Singh was 2.5x as of 2011. It is a certainty that this is now back to its 2007 levels of about 3x in net collateral rehypothecation. Which means that just the repo market alone allows market players to create some $6 trillion in credit money out of the Tri-Party repo alone. Add the nearly $2 trillion in hedge fund capital which is then transformed via broker-dealers in the same way, and one gets a whopping $12 trillion in buying power created by, using Stein's extreme example, using worthless collateral and converting it into pristine Treasurys, while promising pennies in front of a steamroller to all the counterparties in the collateral chain.
But wait, there's more.
Because as Matt King explained all too well back in September 2008, when the above alchemy happens, yields are created, trillions in counterparty risk is generated, collateral is transformed and can be used for fingible purchasing purposes and... nothing.
By nothing we mean there is no balance sheet entry!
Thanks to the magic of FAS 140 banks can literally transform worthless garbage into supersafe Treasurys, then use that newly transformed collateral via further repo as cash to fund simple stock purchases, and at the end of the day nobody knows where the exposure came from, who the counterparty is, and what the ultimate liability is!
And that is why in the current market, the Fed has no choice but to keep the music going, because while an unwind of traditional liabilities will result in a maximum collapse of some $13 trillion in conventional financial liabilities, it is the $15-20 trillion in shadow banking exposure which nobody knows about except for the banks themselves (we hope), and which allows banks and hedge funds to literally create purchasing power out of thin air, that once the house of out of control deleveraging cards starts falling, it is truly game over.
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B, B, But...
S&P said they were AAA -- good as gold
Stop it, my head all ready hurts. I am bittersweet about what will happen when the system finally breaks, but I am ready for that to occur.
Well good thing this kind of stuff does not happen with paper gold!!
Basel III is a smokescreen....they have already been relaxing the requirements and its not even 5-6 years from being put into effect. Much like any other regulation, if you are not in the circle, rules will not be changed for you. The banks are definitely in bed with the regulators.
So how did Basel II work out?
Bravo Mr. Durden. Thank you for shedding light on this. Fucking incredible.
Yes, thank you Tyler(s). I'll be making another donation to ZH as soon as I have a job/income. Shit like this is un. fucking. believable.
Jim Rogers on CNBS
'It's All Artificial' ...'This Is Insane!'
Jim Rogers: Why You Should Short US Bonds Now
Jim Rogers: How I'm 'Catching Money' in Japan
It's all kinda an exercise in absurdity.
At the END OF THE DAY, this shit only flies because the FED IS the counterparty!
They showed that when these credit instruments are threating to find real value that they will print them to at least nominal value.
That nominal value might buy a carton of eggs, whatever, but the Fed will liquify the transaction chain to prevent the mad scramble for the exits that the math and computers force.
Because just imagine if that pension fund were to get stuck with that shit collateral. The buck might break on a MMF like Reserve Primary and then everyone and his mother goes to redeem and all hell breaks the fuck loose.
The Fed is there to ensure that if the buck breaks, that Reserve gets paid whatever the difference is to par.
It's a controlled deflation, not a collapse. It's leaking air like a tire does, trying to come down easy. Instead of blowing and scattering stuff all over the walls. The problem is that absent real structural reform, the crooks who abused the previous system are now abusing this one. And the Fed has not the inclination to stop them. They keep hoping that if they facilitate, that there is some magic point at which this thing will go back to how it was.
Basel III considers all Government paper to be AAA and it has 0% RWA
A new Plaza Accord type arrangement will be made soon. It will be done to MANAGE what are the new currency wars (see last paragraph below).
All you need to read to understand the absolute, verifiable Ponzi of a foundation that modern finance and all that it impacts (e.g. real economy) truly is:
* The Federal Reserve Bank of Chicago, describing, by their own words, the ruse of Modern Money Mechanics (quote from page 6, last paragraph):
"What they [banks] do when they make loans is to accept promissory notes in exchange for credits to the borrowers' transaction accounts. Loans (assets) and deposits (liabilities) BOTH (capitalization is mine) rise by [the amount of the "loan"]."*
Ask yourself two questions: If you loan money to a friend, unless and until that loan is repaid, do you find that you have less or more money? Can you then demonstrate with verifiable proof (in technical compliance with the law) that you have MORE assets than prior to making that loan, while that loan is still outstanding?
If you answered "less money" and "no," you are not in The Big Club.
[Modern Money Mechanics was a booklet that was produced & distributed by the Public Information Center of the Federal Reserve Bank of Chicago]
And all these denials by Japan, the ECB and by the U.S. Treasury Secretaries, about how "we aren't intentionally devaluing our fiat currency" (Draghi today -- Currency war follows financial crisis--, Taro Aso of Japan yesterday)....don't be too surprised to find another Plaza Accord type event happening soon.
At what point of saddling the us tax payer with 20 trillion+ in debt
and every nonperforming asset the fed's banks created, become unAmerican?
As long as the Proxy LameStream Media spews forth "green shoots, unicorns & rainbows" headlines, as long as the governmental and quasi-governmental agencies keep torturing inflation/employment/GDP data to produce a massively "bullish" outcome, as long as the EBT/SNAP swipe works, as long as the bloated army of federal, state & local government unionized workers get their private sector taxpayer extracted paycheck on time, as long as Medicare/Social Security/Medicaid/The Zillion Other entitlement programs keep paying out, as long as the U.S. Government is able to spend $1.46 for every $1 of revenue it takes in so long as the average hourly wage doesn't require 1/2 a day's work (for those employed) to buy a fast food meal --
-- as long as these things continue, it probably won't completely break down (although I can contemplate massively bearish outcomes that don't require any of these things to end).
The assumption of the Basel committees is that an international body can rate debt, and that sovereign debt is the most credit worthy.
They probably sit around now and talk about their mistresses and their golf game.
This has always been part of the plan from the Fed. And as in every aspect of this plan, success depends not been many variations (downward) in the prices of financial instruments or in home values??. We know what would happen if these falls occur.
Those bankers must feel like I do, when I turn in my depreciating fiat dollars for solid OZ's of PM's!!!!
It's glorious! Almost feels like it shouldn't be legal;) uh oh
tried transmogrify on the command line, shit I`am not the Unix hack I used to be, I just keep diminishing myself,
shit I`m off to space, control Strg out of reach, with the
00.1K bandwith I`am worth now : shit I`m down rated , glad space keeps
me afloat unlike in the movies...calling major tom
Now I`m save, still got to pee into the telephone booth before on line pickup, how the hell I got out of the matrix
into this filthy receiver ? Get me out of there !
Disclaimer : stuck in coding while fully rejecting logic if it refers to human affairs...
Curious whether me or my junker misunderstood Tyler`s transmogrify ?
I've got your modern market alchemy.
I've got it hanging between my legs.
OT: Iran decrypts video material from captured US drone.
stifle it Edith!
"pristine Treasuries"
That's a laugh. Garbage in, garbage out.
They should just label them as "kosher"... Probably a lot easier to understand that way & much more aligned with reality...
Only as "pristine" as a shiney new drone armed with hellfire missiles, can guarantee!!!
What exactly is backing Treasuries? I think I missed it last time.
The full faith & credit that the chosen Sith overlords will tax your great great great grandchildren into the deepest parts of the stinkin' dungeon & turn you all into lepers...
But as one CNBC talking head observed last week, nothing backs gold!
Now back to banging my head on a wall.
Gold is backed by LEAD...
The Fed is de facto printing Treasuries. The only thing backing them is the illusion they will be repaid.
What exactly is backing Treasuries?
The most powerful military empire of human history.
The faith and stupidity of a lot of faithful and stupid people.
Hell, no. The Saudis don't take dollars for oil because of any "faith," I assure you.
I think they were referring to the "dollaraires."
I thought the bigger laugh is
"Imagine an insurance company that wants to engage in a derivatives transaction. To do so, it is required to post collateral with a clearinghouse..."
Ahem, how many derivatives are run through a clearinghouse?
$1.96 trillion worth per the "Total Tri-Party Repo Collateral" graph. Or are you talking about something else?
"The distinguishing feature of a tri-party repo is that a custodian bank or international clearing organization, the tri-party agent, acts as an intermediary between the two parties to the repo."
racketeering is not a crime if the goverment does it. who is going to bring the case? the government?
Criminal, the only word for it. Government should be careful who they sue. If they think S&P weren't working in the government interests they are completely wrong. Their complicity allowed inflated housing, employment, money velocity and GDP numbers...if S&P starts doing its job as a consequence of this lawsuit, watch out below.
Three Card Monte
stocks flat by close. shitty economy #s now to be blamed on this weekend's big NE storm(global warming-bitchez)
And isn't this the problem with the entire economy?
There is no such thing as risk or collateral except for the non-elite citizenry.
Thanks to the magic of FAS 140 banks can literally transform worthless garbage into supersafe Treasurys,...
But at what kind of ratio/haircut?
$1mm nominal in worthless garbage can be converted into how much (generally) in repo-able Treasuries when all is said and done?
In a fractional reserve world, why would you presume there is a haircut?
Macho FTMFW!!!
OK to take a 2:1 haircut on the conversion, or whatever it may be, when you can lever it back out to the debt slaves 1:10 at prime or better. Easy to make up the conversion costs by the time the repo is repoed.
It is good to be a bank.
i Junk bonds < It's all in the pretty packaging. I'm going to start a new insurance company and start a derivatives division.
Think I'll name it, " Smoke & Mirrors llc."
100 yr bonds, trillion dollar coins, tri-party repo fun, and everyone says the Japanese are fucked up..
This shit can go on forever, well i guess until they start advertising patriotic war bond buying...
Speaking of junk. Watch the stock market get all the way back to flat today from US 11:30 pm and close of Europe. Anyone willing to bet against me?
Today is a POMO day-go find another sucker to bet-$1.25 billion waiting for 3PM ramp
Isn't every day?
let me be clear ... I'm not playing the market on the long side. I'm just pointing out the pattern of deceit being played.
so, this is just a slightly more convoluted version of the Fed's MBS purchases?
if by that you mean the Fed has puchased problem agency MBS securitized assets issued by Fraudy and Funny (Frreddie and Fannie) who went bankrupt (sorry, placed in conservatorship) from the Chinese government, plus US, European and Japanese banks, with the intention of selling them back at some unspecified date (irredeemable repo) then, maybe.
you might view the housing stock behind the securitized mortgages as more secure than Government bonds, since you actually end up owning land and buildings with people in them (call it a land grab without war), the Fed's actions could be viewed as defending the sovereignty of the USA.
Obviously not convoluted enough, if a Fed Head can detail it.
"And that is why in the current market, the Fed has no choice but to keep the music going, because while an unwind of traditional liabilities will result in a maximum collapse of some $13 trillion in conventional financial liabilities, it is the $15-20 trillion in shadow banking exposure which nobody knows about except for the banks themselves (we hope), and which allows banks and hedge funds to literally create purchasing power out of thin air, that once the house of out of control deleveraging cards starts falling, it is truly game over."
It'll be game over for the dirty bastards that created this mess. Those with gold, silver, firearms, land, and other valuable non-perishable commodities will be OK and hopefully come together to ensure it never happens again.
Keep the music going until a drunk partier bumps into the DJ table.
You don't think the dirty bastards have all that shit sequestered?
I recall an episode of the old TV series M*A*S*H where Hawkeye and Trapper were trying to put together some kind of deal for themselves but it was a multi-hop kind of affair. Every agreement was predicated on some other deal happening. As you might imaging, the first half of the show was setting up the chain of (rehypothecated!) deals. The back half was watching it all fall apart in the same order as something broke in the chain of promises.
Like that, but with the world economy.
Agreed with what Mercury asked, above- At what ratio? 1:1? IF so, this is a guaranteed failure. It is predicated on nothing going wrong in the chain of rehypothecation. The minute something goes the slightest bit pear-shaped, the whole thing goes down.
Do You Believe in Magic?
King Midas received his gift of alchemy - turning whatever he touched into gold - from the god Dionysis.
Alchemy is the preserve of the gods.
@"..of the gods." and man in the form of men/plural!
it is not that big a jump, addition or subtraction, to turn
base metal into precious metal?
[KR403] Keiser Report: The Birth of a Scandal
Posted on February 7, 2013 by stacyherbert
.." a currency war is basically a firing squad lined up in a circle" m.k.
..around a barrel of fish containing the populations the generals
of the currency war represent. no one of importance gets hurt, just
the fish in the barrel.
After reading this excellent article, I'm beginning to wonder if it was such a good idea to give away our durable goods manufacturing base so we could focus on manufacturing debt strategies and other associated financial innovation?</sarcasm off>
It does not take more than a high school education to understand that this "sophisticated financial management strategy" does not produce any value -- it is a pure risk-averting maneuver. The world is not a healthier, better place because some ethically-distorted MBA figured out how to obscure the product of their work temporarily.
There is a prickly, salty, uncomfortable corner of hell awaiting the financial elite who work so relentlessly to cover-up what they've done.
The reason why I am still a believer in a religion that provides justice for political & financial scumbags. I pray the market crashes so cowardly scumbags commit suicide and spend eternity burning most of the time with ice cream sometime. You need the ying and yang to feel the true pain. I want to be the ice cream angel!
Ya know, I read all of your posts in Nixon's voice.
Au contraire, all they have to do, according to "Christianity", is to say that "Jesus, forgive me of my sins, I beieve in you", and poof, off to heaven they go. No, we need justice, here and now. The more painful and long lasting, the better. Extended water-boarding comes to mind, along with some fingernails, maybe some scalp, and some hot oil.
Too big to fail gets smaller and smaller whilst the outcome of the fiat currency regime is clearer and clearer.
Thanks again for such insightful work and for outing this stuff.
See the South Park Episode.
Best Of Margaritaville - South Park S13E03
"...aaaand it's gone!"
Also the episode that predicts John Cozine's defense/attitude, "The money in your account. It didn't do too well, it's gone."
i'm a bit surprised that the `south park's creators'... matt and trey, haven't done a partial episode about 'The Fight Club', ie. Zerohedge?
they're [SP] so avant`garde about america's immolating society... characterized only by an ever evolving hermetic iconoclast-- mostly an exercise in mental hygiene masturbation... culminating a abstract comedy ejaculation of uncontrollable, yet profoundly ironic laughter.
alas-- viewed by, and for, a sardonically addicted surreal audience... known only as the 'neo-chimerical satirist x minus yz, generation'?
simply said... a hedonistic orgy of contradictions, regarding our own idiosyncratic commonality!
so if your listening 'south park'... please give ZH a moar, shout?!
thankyou Tyler
what, no funny song / video link?
(Ohhh) won't you tell me...where have all the credit spreads gone?
Two separate parties have claim to the same piece of quality collateral (assuming you still consider Treasuries in this category) . And that's just in the first round. Imagine how easily this could be repeated many times over to increase the apparent size of quality collateral in the system multiple times over. Imagine how many parties may think they have claim to the same ounce of gold.
And the ultimate question is, why do we have to imagine it? Considering these are all major public companies committing this fraud, why aren't they required to tell us about it?
I know it's a simplistic point of view, but I don't really think it's meaningful to call any virtualized asset "collateral."
The whole point of the virtualization is that there is no "there" there. That's what makes virtualization appealing in the first place.
Ah, well. Computer folks are probably the only people with an intuitive understanding of what's been done. That's why so few people can grasp the scope of the "problem."
exactly...the turn rate (number of times the SAME collateral is pledged) for "prime quality" repo of treasuries must be around 8-12 times. Note that "only 11 trillion of treasuries are in "public" hands.
this includes 1 trillion for each of the chinese and japanese, plus 1.7 million in fed hands.
i maintain that the 1.7 million in fed hands is a book entry and should be cancelled..
there is 5.6 trillion of us debt in foreign hands (whether this includes us subsidiaries operating overseas god only knows - and we trust god right? :>) )
the custodian banks (JPM, BoNY, SSgA and NT) operate bond bond repo/lending programs (where they keep 40-60% of the profit) for bonds they hold and these banks are the facilitators of hypothecation and rehypothecation. they are the oil that keeps the leverage in the system operating and are responsible for creating a lot of jiggery pokery and potential instabiity.
I just realized the number of steps of rehypothecation in any part of the system is in fact that first math problem shown at the start of Good Will Hunting.
How many rehypothecations are there between any 2 given banks with 1 additional counter-party between them? (3 step walks)
Wow. That's hilarious.
the number of "turns" of repo rehypo..re repo..re rehypo..repo^2, rehypo"n will net off in the total trades reported through the tri-party repo custodian banks..
repo is different from a "real" sale of a treasury security from one person to another. there is settlement risk for non-delivery (which happens regularly in us treasuries..these are called prosaically enough, "fails" and occcur when someone cant settle correctly. wrong ISINs, bank account details, prices, counterparties, delivery instructions etc etc all constitute fails ..and the smart guys use fails for cheap funding (even negative funding these days).
the repo trade is slightly different. everyone claims the same bond is theirs and n-one else's.
the analagy is..in repo,, the same car is used for security for 10 loans..whereas in physical, the same car is passed around between a string of buyers and sellers.
these nuances are otherwise known as "it doesn't matter" until you there is a default of a counterparty AND NOT THE CAR.
Thank you muchly for the clarification :D
Bottom line these things always fall apart when to many people call in asking for the actual assets. That is the only way to force this whole thing to a head. That or a well placed computer virus wiping out all the records would cause a rush for claims on assets raising all sorts of hell in the process.
So... you're saying they'll use a solar storm as an excuse to dump all of the evidence?
Only charlatans insist that economics is about equations. What it's really all about is history.
Read more at http://www.nakedcapitalism.com/2013/02/reader-ebook-bonus-capitalism-unmasked.html#LC3mVhQdQtX8Jdvc.99
Say it with a picture that speaks a thousand words; like Raphael did, as you do also :
It doesn't matter, the whole works is guaranteed to always pay the biggest bonus possible.
'Pristine collateral == Treasury Securities' - LMFAO. Ok, now maybe I can finish Stein's article.
Finished the article - wow, I can't see anything possibly going wrong with daisy-chaining multi-tiered asset swaps all resting on an underlying foundation of low quality, junk debt as collateral. How could this possibly cause a problem? These guys are fucking geniuses, no wonder they make the big bucks.
In view of linked article on Shadow Banks...
Vox article
"Relative to mid-2007, the primary indices that measure aggregate borrowing cost (e.g., BBB index) are well over 2.5 times in the US and 4 times in the Eurozone. This is after adjusting for the central bank rate cuts, which have lowered the total cost of borrowing for similar corporates (e.g., in the US, from about 6% in 2006 to about 4% at present). Figure 3 shows that for the past three decades, the cost of borrowing for financials has been below that for non-financials; however this has changed post-Lehman. Since much of the real economy resorts to banks to borrow (aside from the large industrials), the higher borrowing cost for banks is then passed on the real economy"
There is this from bloomberg Jan-28-13. All must be clear
"Banks are poised to overtake industrial companies as the safest borrowers in the $5.1 trillion U.S. corporate bond market for the first time since the start of the financial crisis, according to data compiled by Bloomberg. Investors demand an extra 154 basis points in yield over benchmarks to buy bonds of JPMorgan, Wells Fargo & Co. and other lenders, compared with 138 basis points for companies from Alcoa Inc. (AA) to Ford Motor Co., Bank of America Merrill Lynch index data show."
and, then there was Lehman-- let go in all the chaos. why?
C'mon Mr. Hanky?
Simply delicious?! The 'Township of London', shall be granted a sacrificial slain calf of unimaginable wealth, and esoteric symbolism!
Barclays plc gets Lehman's trading/brokerage unit [all properties] for pennies on the dollar, whilst selling off their iShares/ ETF Unit of Barclay Global Investor to BLK c/o, 'Larry the 'Rat Fink'-- but what comes next is a super-duper delicious trick-or-treat? Rothschild LLc and Partners, purchase the banking side of Lehman Brothers for ~ $10bn, and taking said carrion private... generously parsing off a minute slice to Nomura Holding for asian... small`ish digestion?,... a u$ury penance, shall we say?
There you have it... from 'America with Love', on the taxpayers dime!!!
Good luck getting the ADHD fucking X-Factor and Honey BooBoo watching voting retards of this fucking nation to understand that shit.
We're fucked, just call every Obama phone and ask what they think. Stupid fucking Cramer following sheep.
Exceptionally arrogant speech setting up a straw man with no context. The ole "here's a dumb perception in the market that I will righteously cut down and add to my credibility" trick right off the bat. Written and delivered by a real cocksucker, I'm sure.
The "primitive" view he's describing is actually pretty straight forward demand for money. But because it's immeasurable to these wonks and has little to do with sucking some regulator's dick in Washington, he won't consider and call it "primitive." then go into convoluted listing off all of the different factors on the supply of credit. So he says the three reasons things "overheat" are "financial innovation" (which I think this website has clearly identified as level and pervasiveness of fraud), changes in regulation (which we know are written by and influenced by market participants), and economic environment. Which in the end of the day was the "primitive view" states above. Because as the Austrian taught, the supply of money and credit is influence by the demand to hold to money. So the demand for money necessarily plays into the supply of credit.
Then he goes off on credit spreads as primitive as if the rate of interest signals nothing to the marketplace. He claims this by pointing out PIK and other non-price items inherent to bonds as explanatory. But BECAUSE they are different products, they're not equivalent rates. The PIKs are non-sequitur.
I can't read anymore. This whole speech is a baffling with bullshit exercise with arrogant chart-gazers. I'll go with the most reliable data set: these assholes are 0 for forever in seeing any of this unfold in real time.
Mmmm...endogenous credit-money.
So, I go take my father in law's 1982 piece of junk Chevy and pledge it as collateral for some treasuries using the inflation adjusted original sticker price, then I use the treasuries to take out a $50 loan, then I take the $50k to a Mercedes dealer and drive out with a brand new Benz?
The Mercedes is bought and paid for so I get to keep that. The loan is backed by the treasuries, so the bank gets those. So the guy who sold me the treasuries gets stuck with the 1982 Chevy worth $500?
MY GOD, WHAT BRILLIANCE!!! You can use worthless junk to buy expensive stuff. WHY DOESN'T EVERYONE DO THIS!!!!
Fuck the fuckers with a bigger fucking stick.
You clearly have an excellent grasp of modern finance. I recommend you seek employment at an investment bank, although the last line of your post suggests the possibility that you may have certain ethical standards that will disqualify you.
The grand finale is when the Mercedes (Treasurys) gets wrecked and the insurance you thought you'd bought from a reputable insurance agent (insert any crook's name here) can't pay up because they are in fact insolvent (the U.S. government).
Not a problem. You tow in the wreck, get another $50,000.00 on the new collateral you've presented, and it's off to the dealer again. Hell, you could do it forever with the Fed and Treasury back-stopping you. Isn't just a beautiful setup? What the fuck could go wrong?
it is so massively corrupt that it's difficult to imagine anything bringing it down, the scheme seems to withstand war, every sort of disaster and so long as only the sheeple suffer nothing can harm the global banking mafia. i continue to stack, not because i can see the end of this global ponzi greed, but because i want to live apart, in a universe free of TPTB.
Good article. I knew leverage was moving up the markets but now I have a understanding of how it works.
The whole damn system resembles Gresham's Law on steroids these days. Not only is it bad money but policy and ethics forcing out good.
i fuckin love this website. i fuckin love fightclub fuck yeah!
the movie is so applicable to what is happening in the world today. especially the end when, well, you know what happens- WHERE IS MY MIND?!?! keep fighting the good fight fellas cheers
Complete fiscal insanity is the new reality. When all of it unwinds and the rules of market reality can no longer be constrained, people will go insane......and that's what's really crazy.
You can't make this shit up.......unless you're a banker.
Fuck you, Ben.
Complete fiscal insanity is the new reality.
Denying reality is one definition of insanity, Check
Doing the same thing over and over yet expecting a different result is another, Check
By any definition this action is "insane"
Doing the same thing over and over yet expecting a different result is another, Check
Unless we're talking about recursion with fractals. As it happens with chaotic fractal behaviour & HFT algos, that is the situation NANEX is exposing.
".. creates additional counterparty exposure..." , not a problem. The Fed creates additional digital money, the Treasury back-stops the whole thing, the profits (if any) are privatized, losses are "socialized, the taxpayers get fucked, and the entire issue swept under the rug. Problem solved. Isn't Capitalism great? (sarcasm on)
I am a bit queasy about the Fed telling the banks how to cheat. That is, I think this speech was about as patriotic as a director of Central Intelligence raving about lapses in their cyber security. Tyler's table suggests there is less than $2T in this risk merry-go-round. I am wondering whether following Jeremy's description of the ruse, more would take place. Keep that spreadsheet Tyler - we may wish to see where this goes.
Gold = a whistleblower with inside knowledge
he misses the best part. since the entire swap is opaque no one knows how many times the same treasuries are being used as collateral for what or what derivatives are tied to each lending. given normal risk assessment the same treasuries could be "safely"(because they are so pristine,lol) swapped out 30 times.
This type of highly leveraged positioning is always subject to something out of the blue.Meaning that on any type of bell curve,volatility curve etc.,most of the risk calculations don't include what's called "an act of randomness".In plain terms it is someone taking a monkey wrench and tossing into an expensive piece of machinery,then walking off the job in order to totally destroy.Right now if you look at how low volatility is falling it is telling you that it has a significant meaning to it.The volatility index falling to its lowest levels can be measured in a different form by using the ADX.The longer in time the ADX stays low,the larger the size of the move to come.
Are theses repos treated like swaps, with a set rate of future exchange? Assuming there are 3 parties involved in said transaction, unless the "broker dealer" handles the "risk" of treasury notes as collateral, exchange for $cash >into stock market , it would be pretty tough to set a future maturity/exchange rate on these deals.
If the swap deal turns to shit, the insurance company makes out, and the B/D makes out, and we get FUCKED! B/D has treasuries as collateral. Insurance company used SHIT as collateral in the first place!