text:
Clubs within the Club
Columbian Business Network
Columbia Club members represent all types of businesses, services and manufacturers in the Midwest. The Columbian Business Network capitalizes on its diverse member population to create the most powerful networking group in the city. CBN provides an assorted representation of businesses and services within each of its smaller groups. Learn More
Harrison Society
The Harrison Society is the Club's premier group for young professionals. The Society is designed to promote Club events and activities, particularly geared towards younger Columbians. Though the Society focuses on members in their 20's and 30's, all Columbians are welcome to attend Harrison Society events. Learn More
Columbian Book Club
The Columbian Book Club is a group of members who are passionate about reading and enjoying the company of fellow Columbians. The group meets monthly in the Crystal Terrace to discuss selected literature. Learn More
Columbian Veterans Association
The Columbian Veterans Association was established to honor veterans who devoted their service to our nation. The CVA is organized for Columbians who have served or are serving in the military, to gather periodically to honor our fellow servicemen, support veterans and their families, and share stories of their military experiences. Learn More
Columbia Club Divine Dames
Divine Dames is a group of women who have formed a chapter of the National Red Hat Society. They meet monthly, mostly at the Club, with a variety of members hosting to determine the topic for discussion or activity.
Columbian Wine Society
The Columbian Wine Society is a special club for wine enthusiasts. An annual $250 fee gets members exclusive access to private wine tastings, personal invitations to special events, significant discounts at special beverage related events, advanced registration and preferred seating privileges, and a private locker at the Club to store wine (limited locker availability). Learn More
Columbian Golf League
Beginner and advanced golfers of the Club gather each week during the season at a local golf course to test their abilities and have some fun. League members have the option to invite guests along to introduce them to the Columbia Club and some of their fellow members.


text:
Macro Sensors Contact:
Eileen Otto
Phone: 856-662-8000
Media Contact:
Jean Carl
Phone: 610-565-2288
Company Information:
Macro Sensors
7300 US Route 130 North, Bldg. 22
Pennsauken, NJ 08110-1334
Phone: 856-662-8000
Fax: 856-317-1005
EAZY-CAL™ Signal Conditioner for LVDT Position Sensors
Offers Fingertip Calibration and Compact Design
Pennsauken, NJ, June 8, 2010…
Macro Sensors announces the release of EAZY-CAL™, the most user-friendly LVDT signal conditioner currently on the market. Employing a virtually effortless fingertip calibration routine, the EAZY-CAL signal conditioner (http://www.macrosensors.com/MME-1000.html) saves time and money by eliminating the repetitive null and span potentiometer adjustments associated with conventional analog based signal conditioners. Using two easily accessible front panel push buttons, calibrations are accomplished digitally in mere seconds. An intuitive, sequencing four LED status indicator guides the operator through the calibration process, and provides foolproof feedback to insure calibration integrity. Full calibration instructions, along with a connection diagram are conveniently outlined on the side panel for quick reference.
Operating on a nominal +24V DC power input, the EAZY-CAL signal conditioner provides a low noise 0 to +10 V DC output, over an operating temperature range of +32 °F to +160 °F (0 °C to +70 °C). Supporting most manufacturers' LVDT position sensors with plug and play compatibility, the EAZY-CAL can be remotely located by up to 100+ feet to facilitate LVDT operation in extreme environments. Other features include Master/Slave synchronization capabilities (up to 10), and a high impact / flame retardant plastic housing for harsh factory and industrial environments. Compact and lightweight (2.3 oz.), the EAZY-CAL™ measures just 2.77" x 3.35" x 0.7", making them ideal for space restrictive applications.
For detailed specifications and other information on the EAZY-CAL™ LVDT Signal Conditioner, go to http://www.macrosensors.com/MME-1000.html or contact Macro Sensors at firstname.lastname@example.com
About Macro Sensors
Macro Sensors manufactures an extensive line of linear and rotary sensors for position measurement and feedback in a variety of industrial applications including factory automation, motion control systems, metal fabricating, automotive assembly as well as power plants, gas/steam turbines. Incorporated in 1994, the Company offers more than 200 years of cumulative design and manufacturing experience by its key staff in serving its OEM and end-user international customer base. For more information on our products, visit our web site at www.macrosensors.com. On June 1, 2005, Macro Sensors was acquired by AST, manufacturer of state-of-the-art Micro-Electro- Mechanical- Structures (MEMS) based pressure sensors, transducers, and transmitters. Common applications of AST sensor products are in industrial OEM, hydraulic systems, fuel cells, medical gases, HVAC/R, refrigeration, oil & gas exploration/production, and off-road vehicles. For more information on AST products and technology, visit the AST website at http://www.astsensors.com.

subset: commoncrawl


text:
More New and Used
from Private Sellers
Note: Supplemental materials are not guaranteed with Rental or Used book purchases.
Children with Disabilities
ISBN13:by Batshaw
Questions About This Book?
Why should I rent this book?
Renting is easy, fast, and cheap! Renting from eCampus.com can save you hundreds of dollars compared to the cost of new or used books each semester. At the end of the semester, simply ship the book back to us with a free UPS shipping label! No need to worry about selling it back.
How do rental returns work?
Returning books is as easy as possible. As your rental due date approaches, we will email you several courtesy reminders. When you are ready to return, you can print a free UPS shipping label from our website at any time. Then, just return the book to your UPS driver or any staffed UPS location. You can even use the same box we shipped it in!
What version or edition is this?
This is the 7th edition with a publication date of 7/1/2012.
What is included with this book?
- The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any CDs, lab manuals, study guides, etc.
- The Used copy of this book is not guaranteed to include any supplemental materials. Typically, only the book itself is included.
- The Rental copy of this book is not guaranteed to include any supplemental materials. You may receive a brand new copy, but typically, only the book itself.
- The eBook copy of this book is not guaranteed to include any supplemental materials. Typically only the book itself is included.
Comprehensive, authoritative information from the most respected experts: For 30 years, that¿s what Children with Disabilities has given the thousands of students, faculty, and professionals who rely on it. Now this trusted text is in a NEW seventh edition, thoroughly updated with the very latest research, new instructor materials, and the critical issues professionals need to know as they prepare to work with children and families. Incorporating 5 years of significant research and progress in multiple disciplines, this highly anticipated new edition is the textbook of choice for courses on disability. The internationally respected editors bring together a who¿s who of contributors¿a mix of seasoned experts and fresh voices¿for a definitive compendium of information about developmental, clinical, family, education, and intervention issues. WHAT¿S NEW ¿ All-new chapters on diagnosis, neuropsychological assessment, ¿new¿ disabilities faced by survivors of previously fatal disorders, and complementary and alternative medicine ¿ New multimedia instructor materials online, including high-quality downloadable medical illustrations, customizable PowerPoint slides for each chapter, extended case studies, sample syllabi, and class activities ¿ 30+ new contributors from diverse fields ¿ Expanded chapters on autism and ADHD ¿ New developments in neuroscience, genetics, and imaging ¿ Greater focus on interdisciplinary collaboration ¿ Considerations from drafts of the DSM-5 ¿ Thoroughly updated content in every chapter Children with Disabilities retains and strengthens the student-friendly features of previous editions: concise and accessible chapters, a helpful glossary, chapter overviews, case studies that bring key concepts to life, extensive cross-referencing to make information easy to find, and resource lists for every topic. With the complete package of new multimedia instructor materials, instructors will use this textbook effectively in their courses and prepare students for years of successful practice.


text:
Re: Ruling Against Health Care Law Evens Scorecard at 2-to-2
From: firstname.lastname@example.com [mailto:email@example.com] On Behalf Of Bruce Geerdes
Sent: Monday, January 31, 2011 3:48 PM
To: DADL (off topic)
Subject: Re: [DADL-OT] Ruling Against Health Care Law Evens Scorecard at 2-to-2
On Mon, Jan 31, 2011 at 4:37 PM, Karl <firstname.lastname@example.com> wrote:
(yes I know the article says what I said, but the other ruling against Obama was narrow to just the mandate, and this one went far beyond. That to me shakes up the 2-2 count…)
Oh yeah, I noticed the page title too, I just went with it.
Someone at the NY Times wants to make it seem like less of a set-back. :)
-- -- dadl-ot mailing list http://mail.thehood.us/mailman/listinfo/dadl-ot_thehood.us http://news.gmane.org/gmane.music.dadl.ot


text:
Relive the glory and splendor of Capitola's Grand Hotel through the images and stories of this wonderful resort that entertained guests at the beginning of the 20th century until its untimely destruction by fire in 1929.
There will only be 100 copies printed of this limited collector's edition 11" x13" coffee table book, so order now!
Founded in 1999 and based in Los Gatos, Calif., cyberManor specializes in the design, installation, and integration of Internet connected home electronic solutions that enhance the entertainment, communications, comfort and safety of their client's homes in the San Francisco Bay area.
Comment posted.
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Microsoft Ultimate Install 2008 Published May 31, 2009
The Grand Hotel Capitola Published September 09, 2008
Coach Rusty Published November 21, 2007


text:
This Examiner was present (June 11, 2007) during this dissertation, a "transmission" from Mary (of Magdela) relating her experience of coming to know one, Martin, who was in in prison with John the Baptist in the days before the beheading by Harod. Jesus was crucified in 30 A.D. Four years earlier, John, known as "the Baptist" had been preaching up and down the Jordan River for some time about the coming Messiah; and after the baptism of Jesus, John had made bold to publicly chide Harod about his illegal and cunning relationship with the wife of another man. This resulted in John's imprisonment for "more than a hear and a half."
Near the village of Adam, John tarried for several weeks, and it was here that he made the memorable attack upon Herod Antipas for unlawfully taking the wife of another man. By June of this year (A.D. 2 6) John was back at the Bethany ford of the Jordan, where he had begun his preaching of the coming kingdom more than a year previously. In the weeks following the baptism of Jesus the character of John's preaching gradually changed into a proclamation of mercy for the common people, while he denounced with renewed vehemence the corrupt political and religious rulers.
Herod Antipas, in whose territory John had been preaching, became alarmed lest he and his disciples should start a rebellion. Herod also resented John's public criticisms of his domestic affairs. In view of all this, Herod decided to put John in prison. Accordingly, very early in the morning of June 12, before the multitude arrived to hear the preaching and witness the baptizing, the agents of Herod placed John under arrest. As weeks passed and he was not released, his disciples scattered over all Palestine, many of them going into Galilee to join the followers of Jesus. [Urantia Book Paper 135]
Mary's words below not only shed much light on this mysterious John, but also gives us strength on how to stay positive in the midst of drudgery -- even in the most deplorable of conditions, as was John's.
[June 11, 2007 Woods Cross Transcripts] I am MARY. I am once again overjoyed to be back with this branch of our family tree. Last week's lesson got me to do further research on what freedom really means and I was reminded of a friend named Martin, who served time in jail with John the Baptist. Upon seeing John, Martin thought he was simply another fanatic. He even taunted John from time to time saying, "Where is your Master now?" John, for the most part, paid no attention to this ignorant man.
As it happened they both ended up working side by side in the kitchen. Martin always had some rebellious remark to make to John and John never got mad. Martin really tried to make him this way, but John always kept his composure. While there were hundreds of men waiting for relief from this hell, Martin noticed John always busied himself with what could be considered acts of kindness. This really irritated Martin. No one could be fulfilled in such a place, let alone find any kind of joy.
As the men worked side by side preparing food, Martin decided to ask John the secret to his serenity. That began the wonderful friendship which was to help Martin endure his almost two years in prison. Said John to Martin, "I cry, I have anger, I also have my duties as a Kingdom believer. If my Master is not here, it is because the Father has said it is not to be. Jesus makes no move unless it is willed by the Father. I am determined to carry out my mission duties no matter where I am placed. I will continue to do my very best. Just because I am not getting my way does not call for me to act out like a child and forget all that I have been trained to do."
Many people said John languished away in prison while waiting for the Master. There was no languishing. John worked up until the day of his death. Of course he had fear of the unknown, but his daily prayers and meditation kept him from going to a place of negativity. Martin learned about the Master in prison along with several other men. This was the light of hope to many who lived this darkness. John taught enough spirit light to individuals so that they may pass it on to others.
In time, Martin was one of John's strongest supporters. He also helped a great many who were in the seemingly hopeless conditions. I met Martin a few years after John had died. He had plenty of stories to tell about John. John had his fanatical side and yet, later on found abundant humor in his seriousness. As far as prisoners go, he was fairly balanced. Martin was overjoyed to be released finally from prison so that he may meet the Master and begin serving Him.
We never know whose lives we may affect. We must always try to be a positive affect. Somebody somewhere will always remember what you said or your attitude or your example of how you handled difficult situations. To say that John languished in prison is indeed false. He flourished and helped others to do the same.


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Moderators: RokuShawnS, RokuKen, RokuRyan, RokuJamesL
Once you get the remote response, we may need to do a software update on the Roku remote control.
First, you need to park the Roku player at the main menu. Make sure that the headphones
are unplugged from the Roku remote.
Then, from the remote, you need to hit the following buttons in a rapid successive manner:
- Home x5
- Fast forward
- Play
- Rewind
- Play
- Fast forward
You should then be taken to the Secret screen. From that page, select "WiFi remote menu"
then go to "Remote OTA update" and select "Latest".
Return to Roku Streaming Player General Discussion
Users browsing this forum: dizzbuster and 17 guests


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Here you'll find info on a whole range of issues. Sometimes you can sort out a problem on your own. But if you have a worry you can't cope with, don't bottle it up. It can really help if you talk to someone in your family, a carer, one of your friends or maybe a teacher, or you can contact ChildLine at any time.
I'd like to find out about
my cousin is on drugs in America. Im extremly worried. What can do to stop him???
Get support from other young people on the ChildLine message boards. Read what others have written or post a message yourself.
ChildLine is a service provided by NSPCC Weston House, 42 Curtain Road, London EC2A 3NH. Registered charity numbers 216401 and SC037717.
We want to make sure everyone can access the information provided on this site
We've put together a few tips and help for you. Please send us a message if you can't find what you're looking for. Or you have a suggestion of something we could include.
Using the keyboard instead of the mouse.As well as using the tab key to navigate through the screen, the ChildLine website has special access keys:
Alt+S = skip navigationAlt+1 = homeAlt+0 = accessibility information.
Is the text size too large or too small?You can change your text settings through your browser options:
In Internet Explorer, go to View > Text size and select your desired text size setting (eg, larger, smaller).
In Firefox, go to View > Text size and increase/decrease using Ctrl and + or -
If you have a scroll wheel on your mouse, you can hold down Ctrl and scroll back or forth to increase or decrease the font size in both IE and Firefox.
Changing your computer screen settingsTo change the size of the image shown on your screen on a PC running Windows 95 and upwards, go to Start > Settings > Control Panel > Display > Settings and change the desktop area by using the sliding bar.
On an Apple Mac, you can use the Monitor & Sound Control Panel to change the resolution.
Having difficulty with your keyboard or mouse?You can fine-tune your mouse and keyboard settings under Start > Settings > Control Panel > Accessibility in Windows 95/98/NT/2000 and XP.
Skipping navigation for talking browsers and screen readersFor speech browsers, you can press Alt and S followed by Enter to skip navigation on our pages.
The site is W3C level A compliant.
Click on the links below to find out more about each issue. If you can't find an the issue that you are looking for, click into one of the categories, such as Abuse and safety or Crime and the law, to see more issues under these headings. Try the site search if you still can't find what you want.
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I purchased this beautiful dress at Bonnie Bridal Boutique in Brea, California. This dress has never been worn other than to try it on for alterations. This strapless gown has a sweetheart bodice covered with an intricately beaded and embroidered overlay. The skirt and train have layers and layers of organza creating texturized floral motifs. I will be happy to email more pictures if you are interested.
- Alterations: The only alterations done were bra cups added, an 11 point bustle and 1 foot was added to the train.
- Preservation Method: This dress has never been worn and it is in a garment bag in my closet.
- Terms of Sale: All Sales Final
- Original Owner: Yes
- Has Original Receipt: Yes
- Location: Claremont, CA
- Will Ship to: Pickup Only
- Payment Methods Accepted: Other
Please read our BUYER'S GUIDE before purchasing a dress online.


text:
Hay fever sufferers may find some relief with a surprising alternative medicine technique, a new study suggests, though the therapy's appeal in the "real world" is yet to be seen.
The study, of 422 people with grass and pollen allergies, found that those randomly assigned to a dozen acupuncture sessions fared better than patients who did not receive the procedure.
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On average, they reported greater symptom improvements and were able to use less antihistamine medication over eight weeks. The advantage, however, was gone after another eight weeks, according to findings reported in the Feb. 19 issue of the Annals of Internal Medicine.
Still, that doesn't necessarily mean that acupuncture's benefits fade, said lead researcher Dr. Benno Brinkhaus, of Charite-University Medical Center in Berlin.
Hay fever symptoms were much better in all three study groups by week 16, and Brinkhaus said that's probably because pollen season was dying down at that point.
The study was well done and "positive," because acupuncture seemed helpful, said Dr. Harold Nelson, an allergist at National Jewish Health, a Denver hospital that specializes in respiratory diseases.
But Nelson doubted whether the time, inconvenience and expense of acupuncture sessions would seem worthwhile to many hay fever sufferers — especially because there are simpler ways to manage the condition.
"I don't know how many people will want to wait in an acupuncturist's office, then sit with 16 needles in them for 20 minutes, and do that 12 times, when they could use a nasal spray," Nelson said.


text:
Contact Us
Shawn "DragonD"
Terran Hawkins
Glenn Thiltgen
Fredo "Dazl" Molina
Barbara "Babs" Morgan
DUE TO SPAM-replace the 'at' with '@'.
Email the Unlimited Crew
staff 'at' dcuo-unlimited.com
Owner & Editor and Chief
Alfredo "Apple" De La Fuente
apple 'at' dcuo-unlimited.com
Website Staff
Contributing Editors
Mark " Terran Hawkins" Nichols
Shawn "DragonD" Battershall
Fredo "Dazl" Molina
Barbara "Babs" Morgan
20 Responses to Contact Us
To dcuo
I am a BIG fan of yall and I only have 2 just 2 questions to ask can yall PLEASE make a water and air power SOON and can u PPPLLLEEEAAASSSEE make a new movement called jump to where u can jump far and high.
Thanks an please reply
Hey D.C. Universe……. Been a fan for over 30 yrs. I, however, am a screenplay writer. I have one of your greatest heros picked for the next big movies of the year. (Next year.) I would love to submit my script to someone. But don't know who. Please help……..
Hi DCU Im 14 and I want to be a game designer and Im already working on my first hero game and I was hoping that you wouldnt mind if you give me a few pointers and a few power ideas please that would really help I already asked city of heroes and they let me down I just need help!
hi, i had a account on the ps3 called MAGICMONEY9, with this i had legendary access. i have had to make a new user on my ps3, is there anyway i can transfer that legendary access over as is has not run out yet,,,
many thanks
Hey guys, i've been thinking that part of being a superhero is having a secret identity, and i think it would be fun if DCUO in character creation would add a secret identity where you select an alter ego name and a career then move up to it, getting promotions etc. All the fighting the whole time is really boring and i think it would be great to have an alter ego. Also i would like to see Kryptonian and Water powers as well as an aqua swimming movement mode like Aquaman. If the DCUO dev team could see this and ask the players once in a while what they want i think the game would be even greater.
I think that would be a lot more fun than just fighting all the time it would add more of a twist to the whole gameplay experience especially if there was a way to expand upon the whole alter ego like you said giving him/her a job and doing that and maybe having your own apartment or home that you can customize to your liking, bringing in more profit for dcuo by having optional items to buy in the store and default items for purchase in the game as well
Hey dcuo i was wondering, it would be really cool to have more transformations in nature and also change the wolf to a cheetah, make a bear transformation, or even make you into a almost invisible bug instead of a dog. this is just one idea please look into… ps ive been playing the game since the beginging and still play it constantly to this day!
i had just got this bud but i think some one hacked my account and lost all my t3 PvP gear and it will take me for everto get it back. and this one i think is a bug my guys persenality changed from serious to flirty so can you pls change it back.
Are you kidding me? I put millions in your fck game,and you give my permanent bann.Because a player said I hack,was upset that I won that duel and said that, loser.Much money in your game for anything,you gave me ban for nothing.Give me my account back,I put money ther.OK?
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|Jun 20, 2002
Bravo!! Excellent quality from top to bottom...missing a bit of foot torture though when you have those feet so nicely vunerable
|Jun 20, 2002
Bravo! Would have liked some foot torture while she was so vunerable; but thompsok said it best...something for everyone
|May 14, 2002
I agree with many of the comments on both sides, although I've been quite happy with the photo quality in the past. Webmaster did make a bit of a weak excuse...but more concerning is that I'd agree with bob777...best update in three weeks and it is nowhere near the past quality that caused me to renew (for the fifth time).
|Feb 4, 2002
Blah blah blah...be gone with all of your useless, drooling babble. I for one am quite proud to say I that pay for this site without hesitation. The material is good. Period. Yes, some of the sessions are better than others....gee, imagine that. None of us paying customers deserve the B.S. you are spewing...we just believe that you pay for what you get instead of stealing it and then having the gall to bitch about it. Let's be honest, after all...who could possibly be more pitiful than the lowly "hackers" of the world? Snivelling juveniles with nothing better to do than achieve sad little boners as they worm their way into other people's business. Piss the hell OFF!
|Jan 15, 2002
Quite the perfect model...nice rope work...but would like to see such pretty feet tortured when they are tied together like this.
|Dec 27, 2001
Absolutely fantastic...the ass-up ones. Nice, rare shots of pretty feet struggling and being punished. Would improve a bit if you added a lit candle or sparkler to the torture of those tied together feet. Very nice work nevertheless.
|Dec 27, 2001
I especially like the leg up shots as well. Any time you see such nice feet tied together it is a rare treat...esp. if they are nicely struggling with some lovely moaning to go with it
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It runs in the family. I started "helping" my grandmother bake & sew when I was really little. My great grandmother taught me to crochet a basic chain when I was about six. And my mom is super crafty too.
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text:
White by Vera Wang
Blush color
Organza fit & flare gown with bias flange skirt
The dress was worn for about 4-5 hours
- Alterations: No alterations were made to the stress, but bra cups were added.
- Preservation Method: The gown has been preserved using David Bridal's preservation kit soon after the wedding.
- Terms of Sale: All Sales Final
- Original Owner:
- Has Original Receipt:
- Location: , KS
- Will Ship to: Anywhere at Buyer Expense
- Payment Methods Accepted: Other
Please read our BUYER'S GUIDE before purchasing a dress online.


text:
Sep 30, 2011 8:46 AM
Black tie weddings, fancy dates, New Years Eve, holiday parties, the opera, gallery openings, our anniversary dinner... there, that's seven different places we could wear this JS Boutique Strapless Lace & Satin Dress ($168). We're blissfully ignoring the fact that our friends are getting married in barns, our idea of a great date is a movie and Thai food, we're spending the holidays in a booze-coma in our sweats, we hate opera, we're not into bougie art galleries and we usually spend our anniversary in bed. We just want the dress, ok?
This dress will be perfect for my "Sexy Temperature Resistant Aluminum Air Duct" costume: http://www.ideal-air.com/products/ducting-and-duct-fittings/silver-ducting.aspx
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iotop, I found out that [flush-8:0] is doing a lot of hard disk activity, which explains the annoying slowdowns. However, I can't figure out what's the actual cause behind this flushing. No other process seems to be doing inordinate amounts of IO. And you can't
strace a kernel task.
I've also enabled IO debugging (via
echo 1 >/proc/sys/vm/block_dump), but it gives me block numbers on a JFS filesystem, and I have no idea how to translate those into filenames (just try a web search to see what you get).
I actually have a suspect, a
java process that seems to cause hard disk activity whenever I interact with it. But
strace -eread,write,open,stat -fp $PID show very little activity. Are there any other syscalls that could cause problems?
Any other ideas?


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Permanent URL to this publication: http://dx.doi.org/10.5167/uzh-41693
Mapelli, M; Huwyler, C; Mayer, L; Jetzer, P; Vecchio, A (2010). Gravitational waves from intermediate-mass black holes in young clusters. Astrophysical Journal, 719(2):987.
|Accepted Version
View at publisher
Massive young clusters (YCs) are expected to host intermediate-mass black holes (IMBHs) born via runaway collapse. These IMBHs are likely in binaries and can undergo mergers with other compact objects, such as stellar mass black holes (BHs) and neutron stars (NSs). We derive the frequency of such mergers starting from information available in the Local Universe. Mergers of IMBH-NS and IMBH-BH binaries are sources of gravitational waves (GWs), which might allow us to reveal the presence of IMBHs. We thus examine their detectability by current and future GW observatories, both ground- and space-based. In particular, as representative of different classes of instruments we consider Initial and Advanced LIGO, the Einstein gravitational-wave Telescope (ET) and the Laser Interferometer Space Antenna (LISA). We find that IMBH mergers are unlikely to be detected with instruments operating at the current sensitivity (Initial LIGO). LISA detections are disfavored by the mass range of IMBH-NS and IMBH-BH binaries: less than one event per year is expected to be observed by such instrument. Advanced LIGO is expected to observe a few merger events involving IMBH binaries in a 1-year long observation. Advanced LIGO is particularly suited for mergers of relatively light IMBHs (~100 Msun) with stellar mass BHs. The number of mergers detectable with ET is much larger: tens (hundreds) of IMBH-NS (IMBH-BH) mergers might be observed per year, according to the runaway collapse scenario for the formation of IMBHs. We note that our results are affected by large uncertainties, produced by poor observational constraints on many of the physical processes involved in this study, such as the evolution of the YC density with redshift.
8 citations in Web of Science®
9 citations in Scopus®
Google Scholar™
31 downloads since deposited on 02 Mar 2011
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Detailed statistics
Additional indexing
|Item Type:
|Journal Article, refereed, original work
|Communities & Collections:
|07 Faculty of Science > Institute for Computational Science
|Dewey Decimal Classification:
|530 Physics
|June 2010
|Deposited On:
|02 Mar 2011 10:03
|Last Modified:
|05 Apr 2016 14:33
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All the Beggars Riding
Lara is a carer who, when taking one of her patients to a creative writing class, is inspired to write both her own and her mother's stories.
Her husband, Lara's father, was a successful plastic surgeon working partly in Ireland during the Troubles, partly in London's Harley Street. It is later revealed that he had maintained two lives - one based in Belfast with his wife and family, the other in Earl's Court, where Lara, her mother and her brother were a guilty secret only revealed by the his untimely death.
This is an extremely well-written and touching narrative revealing adult secrets through the eyes of child and a poignant story of love, suffering and self-deception.
"You can never know but you can understand", Lara writes, and it is through her writing and re-evaluation of the past that she comes to terms with both her mother and herself.


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Ringmat support system looks like this
I think it is the standard package- it contains
1 small white card mat with cork rings
1 large whire card mat with cork rings
1 rubber mat
2 green spacers
2 yellow spacers
2 blue spacers
1 light blue spacer
1 clear spacer
1 small black/clear spacer thing.
Dont ask me what they do, or how they work. My deck has a ceramic platter, and a mat made from angel hair or something similar. and I have no reason to want to try the
ringmat. It has a Russ Andrews sticker on the box, so I guess it must be the dogs doo dahs.
after that sales pitch, I would think even the biggest sceptic would be interested, so If you are into this kind of stuff its yours for £45.oo posted in the UK


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Steve Park Movies and Career Information
Nov 30, -0001
United States of America
Steve Park is an American actor of Korean descent. Originally a stand-up comedian, his best-known work includes being a cast member of In Living Color during the 1991–1992 season and the roles of Mike Yanagita in Fargo, Sonny in Do the Right Thing and Detective Brian in Falling Down. During his run on In Living Color, he often portrayed East Asian characters, or spoofed celebrities such as Yoko Ono and Connie Chung. He is married to another former cast member of In Living Color, Kelly Coffield. After witnessing a racist incident while doing a guest role on the show Friends, he wrote a mission statement requesting that mainstream media portray East Asian people in a more positive light rather than encourage hate towards them. He played a secondary character, Mike Sorayama, in the Cartoon Network Adult Swim cartoon The Venture Bros. He is now seen in advertising, most recently as a laboratory technician in a Schick Quattro Titanium Razor advertisement. Park also had minor roles in critically acclaimed independent films, such as Rocket Science and two Coen Brothers movies, Fargo and A Serious Man.
- Steve Park Movies before 2015
- State of Play (2009) 2009
- Rocket Science 2007
- Desperate Measures 1998
- Sgt. Bilko 1996
- Fargo 1996
- Falling Down 1993
- Toys 1992
- Do the Right Thing 1989
- Frank the Rat
- Kindergarten Cop


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DocuPrint N4525
De DocuPrint N4525 wordt niet langer als nieuw model aangeboden.U zou het vervangende product in overweging kunnen nemen.
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Complete Peace of Mind
One-year on-site warranty, extensive Web based on-line support, professional telephone support, and the Xerox Total Satisfaction Guarantee offer complete peace of mind.


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UNT Research Home | Fashion Design
By Ellen Rossetti
From Guetaria, Spain, to Nanjing, China, and Florence, Ala., fashion design faculty members in the College of Visual Arts and Design at the University of North Texas have traveled the world in their search to uncover information about a famed designer, to study ancient weaving techniques or to experiment with new sewing methods. Their work — inside the classroom and out — continues to build the reputation of UNT's rigorous fashion design program, where students in demanding classes cap their senior year with a full-scale runway show judged by prominent fashion professionals.
In the competitive world of fashion design, UNT alumni have landed positions with such notable fashion designers as Betsey Johnson and Nicole Miller and even appeared on the popular television show Project Runway. They perfected their skills under the tutelage of UNT's experienced fashion design faculty members, who spent years honing their own skills and continue to make noted contributions.
UNT's Texas Fashion Collection, considered one of the most important historic fashion collections in the country, lives in a 4,500-square-foot climate-controlled room on the UNT campus.
Students in the fashion design program examine haute couture creations — including designs by Balenciaga, Oscar de la Renta and Givenchy. In 2006, the university opened a 500-square-foot exhibition space, called Fashion on Main, to display gems of the collection in Dallas. The College of Visual Arts and Design has plans to eventually expand the gallery, bringing more items into public view. A new support group, The Dress Circle at UNT, works to ensure the goal of caring for and preserving the collection. Providing funds for exhibitions and new acquisitions also is a goal of the group.
The collection began in 1938 when Stanley and Edward Marcus preserved examples of top designers' works in honor of their aunt, Carrie Marcus Neiman, a co-founder of the Neiman Marcus store. The Carrie Marcus Neiman Foundation maintained the collection after her death in 1953, and the Dallas Fashion Group took over in the 1960s. The collection came to campus in 1972. Under UNT's care, it has grown to more than 15,000 historic items.
To learn more, visit the Texas Fashion Collection web site.
Myra Walker, director and curator of the Texas Fashion Collection at UNT, captured the world's attention in 2007 with an exhibition of creations from influential 20th-century Spanish designer Cristobal Balenciaga. "Balenciaga and His Legacy: Haute Couture from the Texas Fashion Collection" at the Meadows Museum in Dallas featured more than 100 pieces from UNT's historic collection.
Walker, the exhibition curator, spent more than 10 years researching the designer. She conducted scores of interviews, including one with fellow designer Hubert Givenchy, who was strongly influenced by Balenciaga. She visited Balenciaga's birth city of Guetaria, toured the Balenciaga archives and slipped behind the scenes to examine museum storage collections.
She studied documents — letters, photos, periodicals and old sales receipts — in her quest to accurately date garments and uncover new details. The exhibition attracted nearly 40,000 visitors, including then first lady Laura Bush.
"It's important to document our culture and preserve it for future reference," says Walker, who also penned a book about Balenciaga. "Designers and students all over the world revisit the decades of the past through fashion exhibitions and database resources such as the Texas Fashion Collection."
Walker served as curator of two exhibitions at the Costume Institute at the Metropolitan Museum of Art in New York. "Rock Style," which opened in 1999, showcased the fashions of famous rock musicians. In 2000, "Curios and Treasures" featured items from the institute's holdings that had rarely or never been on view.
Walker focused on the collections of contemporary New York designer Yeohlee Teng in "Yeohlee: Design for Now" at the Crow Collection of Asian Art in 2009 and was guest curator for the Red Bull Art of Can exhibition, featuring several UNT student designs, at the Dallas Galleria in 2010. At UNT, she regularly plans exhibitions for Fashion on Main, a gallery to showcase the Texas Fashion Collection in the Universities Center at Dallas.
Janie Stidham, associate professor of fashion design, researches the latest techniques to share with her students while exploring the time-consuming hand work of fashion design that is "becoming a lost art," she says.
In 2008, Stidham was one of only six people nationwide selected for a scholarship to spend a weekend in the studio with world-renowned designer Natalie Chanin in Florence, Ala. There, she created a plum-colored hand-sewn knit corset with painted leaves clipped away to reveal another layer of fabric. She brings these skills back to her students to help them get an edge in the competitive fashion design world. In 2006, Stidham studied couture embroidery techniques at Paris' famed Ecole Lesage, the couture embroidery house for Chanel, Givenchy and Dior.
"I feel strongly I want to be doing things that support what I teach in the classroom," Stidham says. "Many products in other industries are offered for seasons or years with only a few tweaks. But in the women's fashion industry, they want something entirely new every season."
Before joining UNT, Stidham worked in the design room for well-known designer Victor Costa and later made her mark designing children's wear. She now calls her award-winning style "vintage modern," using contemporary techniques and modern fabrics to create designs with a '40s and '50s flair.
For a fellow faculty member, she created an "Arctic Bliss" wedding dress made of silk organza and charmeuse. Handcrafted "faux fur" of mohair, silk and cashmere flowed from the sleeves. The gown was featured in the 2008 International Textile and Apparel Association exhibition and D Weddings magazine.
Li-Fen Anny Chang, assistant professor of fashion design, turns heads in the fashion world — and in the general public — with her original creations.
In August 2010, she landed a spot as one of the top 15 artists, architects and designers chosen by voters in "Curate This!" — an international public voting competition. Voters gave the nod to her "Fembot" and "Red Hot Tamale" dresses.
"When designing, I am fond of incorporating geometric shapes and interesting textures — something unique, but it doesn't have to be complicated," says Chang, who worked for the American company Graffiti and the Arrow Shirt Co. in Taiwan, Ann Tobias Co., Wade College, Jerell Inc., and National Spirit Group in Dallas before joining UNT.
Fashion professionals have given Chang's work accolades, too. Her wool cocktail dress was the winner in the Adult Division of a recent Texas Make It With Wool competition and earned honorable mention in the national competition. Her "Color Me Successful" dress of Thai silk earned a spot at the Queen Sirikit Peacock Standards of Thai Silk Exhibition in Bangkok.
Chang unveils new creations to inspire her students. In 2009, she traveled to Nanjing, China, for two weeks to research the 1,500-year-old weaving technique known as yunjin. She visited museums to study the history of the technique and acquired material that she used to create a black and red evening dress with a Western cut and Eastern influences.
Marian O'Rourke-Kaplan, associate professor of fashion design and associate dean in the College of Visual Arts and Design, knows from experience that "to get it from the sketch to the rack, a million things have to happen in between."
She has overseen day-to-day operations for Jay Jacks, a small designer apparel manufacturer; designed dresses for Jennifer of Dallas and Jerell Inc.; and served as a consultant for Michael Ballas Couture. As the owner of MOR, she created and marketed a designer line of sleepwear and loungewear for the plus-size market. For Lynn French, she helped create five lines a year, often going to New York, Los Angeles and Europe to source materials and observe trends.
She draws on her industry experience to teach her students how to create their styles. The sketch might be beautiful, but the idea might defy gravity, she reminds them.
"Every fabric is a new problem," she says. "You don't know how it's going to react to being stitched or to embellishment techniques. You must have a design that's realistic for the characteristics of the fabric."
As O'Rourke-Kaplan has shown, it's a quest that continues throughout a designer's career. On a trip to New York, she found bronze-colored Italian foulard silk that inspired her to create a "Moroccan Dream" gown out of chiffon and charmeuse, using the silk across the bodice.
Her creation received national recognition with a "People's Choice" award from Threads Magazine in 2009.
For O'Rourke-Kaplan and the other fashion design faculty members, the key is to attain the highest levels of the profession and transfer the best methods to the classroom. Thanks to their work, UNT's program has created a "big buzz" in the industry, says Julie Lane Schragin, senior designer at Peaches Uniforms, a Dallas-based company that produces medical uniforms and scrubs.
"The fashion industry is changing so much, the only way they can make their students knowledgeable is to have a hand in what's going on," says Schragin, a 1993 graduate of the program who studied with O'Rourke-Kaplan and Walker. She has collaborated with Stidham on a professional project and turns to Chang for recommendations of student interns.
"People are always, in my opinion, looking for UNT grads, and it's because of the teachers," she says. "They are putting expectations on the kids to be all they can be. They hold them to it."
Signaling Mechanisms in Plants
UNT's renowned plant researchers advance agriculture, nutrition, energy and the environment.
By Sarah Bahari
Plasma Processes
UNT leads center for advanced semiconductor research with academic and industry partners.
By Adrienne Nettles
Global Consumer Experience
Faculty analyze retail and hospitality in the age of web sites, social media and smart phones.
By Nancy Kolsti
Advancing Nanotechnology
Scientists explore the nanoscale for next-generation medicine, electronics, solar cells.
By Randena Hulstrand
Miranda Warnings
UNT expert makes the right to remain silent easier to understand for all.
By Adrienne Nettles
Human Rights
NSF Graduate Research Fellow studies the tie between violation reporting and conflict intensity.
By Michelle Hale
World-class research and education
Newest cutting-edge research facilities
NSF CAREER award, Powe award, Fulbrights
NASA robots, emergency response, peace studies
Experts in jazz, environmental ethics, information science, computational chemistry, education
Studying heart defects, 3-D learning, cancer treatments, homelessness, aviation safety
Architecture, radio, the Middle East
Expanding research activity
Web page last updated or revised: January 11, 2011
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"Runner" by Patrick Lee bursts off the page like Usain Bolt at full speed. Sam Dryden, an ex special forces soldier is on a midnight run at the seashore when he comes across a young girl named Rachel on the run from bad guys with guns. Before we know it, Dryden is hiding in a precarious position under the boardwalk. But although they escape the bad guys that time, Dryden and Rachel are soon racing to escape myriad search parties, amazing satellite imagery, and throngs of special forces soldiers. There are great car chases and near amazing escapes.
Why is Rachel wanted? Part of what makes Runner more than just the run of the mill thriller is that it delves into the issue of the government using the "super soldier" for illegal purposes. Think of ET being captured by the government and used by them. It seems that two military contractors have been independently working to develop drugs that create mind powers based on prior research from an earlier company. Rachel has escaped from one project, and the leaders of that contractor are hunting for her because of her talents -- which are a mystery to the reader at this point because she has been drugged.
However, Patrick Lee shows how the contractors are using the "super soldiers" to manipulate other people - marks- into committing disgusting acts and crimes. All the world needs is amoral military types controlling equally amoral "talents" to commit crimes.
The novel does falter slightly in the last third as Rachel's talent and past is revealed, but its the rare thriller that can continue a breakneck pace throughout the story.
This is a winning combination of fast paced action packed thriller tied to a disturbing look at how the government might choose to use "mind powers" in the future.
Join the race.


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More New and Used
from Private Sellers
Note: Supplemental materials are not guaranteed with Rental or Used book purchases.
Tennessee Williams: One Act Plays
ISBN13:by Williams, Tennessee
Bloomsbury Methuen Drama
Questions About This Book?
What version or edition is this?
This is the 1st edition with a publication date of 9/5/2012.
What is included with this book?
- The New copy of this book will include any supplemental materials advertised. Please check the title of the book to determine if it should include any CDs, lab manuals, study guides, etc.
- The eBook copy of this book is not guaranteed to include any supplemental materials. Typically only the book itself is included.
The peak of my virtuosity was in the one- act plays. Some of which are like firecrackers on a rope. Tennessee Williams Tennessee Williams' lesser-known one act plays reveal a tantalising and fascinating perspective to one of the world's most important playwrights. Written between 1934 and 1980, the plays of the very young writer, then of the successful Tennessee Williams, and finally of the troubled man of the 1970s, The Magic Tower and Other One Act Playsoffers a panoramic yet detailed view of the themes, demons, and wit of this iconic playwright. The volume depicts American life during the Great Depression and after, populated by a hopelessly hopeful chorus girl, a munitions manufacturer ensnared in a love triangle, a rural family that deals "justice" on its children, an overconfident mob dandy, a poor couple who quarrel to vanquish despair, a young "spinster" enthralled by the impulse of rebellion, and, in The Magic Tower, a passionate artist and his wife whose youth and optimism are not enough to protect their 'dream marriage.' This collection gathers some of Williams's most exuberant early work and includes one-acts that he would later expand to powerful full-length dramas: 'The Pretty Trap,' a cheerful take on The Glass Menagerie, and 'Interior: Panic,' a precursor to A Streetcar Named Desire.
Author Biography
Tennessee Williams (1911-1983) is widely regarded as one of the 20th century's most important writers, and was also one of its most successful and prolific. His classic works include Cat on a Hot Tin Roof, A Streetcar Named Desire, The Glass Menagerie, Summer and Smoke, Camino Real, Sweet Bird of Youth, Night of the Iguana, Orpheus Descending, and The Rose Tattoo.


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Portland Winterhawks RSS
Canucks cut Subban and three others
Despite Jordan Subban's fine performance in the Canucks' 4-2 win at home over San Jose on Tuesday night, the young defenceman is nonetheless being shipped back to junior. P.K.'s younger brother was among four cuts from the Canucks' preseason … Continue reading
WHL indiscipline: Victoria's Brandon Magee cross-checks Nic Petan in the head, brawl ensues
Trying to chop a guy's head in half? C'mon, man. Continue reading
Green's impressive work with Winterhawks earns AHL coaching job with Comets
Travis Green as a member of the Toronto Maple Leafs in 2003, one of seven NHL stops for the new coach of the Utica Comets. (Getty Images via National Hockey League).
Travis Green turned pro at age 19 and retired at 37. The newly-appointed coach of the Utica Comets has admitted to being somewhat embarrassed at the way he conducted himself as a brash, wide-eyed kid and then how he developed … Continue reading
If Travis Green is the Canucks' AHL head coach, it's one of their better moves this off-season
I was talking recently with a WHL general manager who believed the Vancouver Canucks needed to not scrimp on their AHL coach, reasoning that someone with a profound knack for getting to young players could make a difference with a … Continue reading
MacKinnon gets set for NHL stage: 'I want to be more than just ready to play'
WEEHAWKEN, N.J. — Nathan MacKinnon called linemate Jonathan Drouin the most skilled player in the 2013 draft. Drouin called MacKinnon the most explosive skater whose complete game and compete level will allow the Halifax Mooseheads centre to transition into the … Continue reading
Giants with Tvrdon, Franson and Thrower as overage trio? Fun to consider, but not likely
You can draw up a scenario today where the Vancouver Giants would have arguably the best overage class in club history next year, with Cain Franson, Marek Tvrdon and Dalton Thrower filling the maximum 20-year-old spots. You can also fathom … Continue reading
Portland Winterhawks put trio on Western Conference first all-star squad
The WHL continued handing outs it year-end hardware and all-star teams on Thursday. There weren't many surprises. Travis Green, who took over the helm of the Portland Winterhawks from Mike Johnston when they were dinged for improper player benefits, probably … Continue reading
Tri-City Americans stalwart Justin Feser deserves MVP honours, and other WHL award opinions
With the WHL season coming to an end this weekend, here's one take on who should be the Western Conference nominees for the league awards. Four Broncos Memorial Trophy — player of the year The Portland Winterhawks, Kelowna Rockets and … Continue reading
Lack of Winterhawks in MVP category of Tri-City Herald Best of West shows Portland depth
The Tri-City Herald came out with with their annual Best of the West poll on the weekend and it's always a compelling read on the WHL's Western Conference. There weren't many surprises. Seth Jones, the Portland Winterhawks defenceman, was tagged … Continue reading
WHL commissioner Ron Robison denies on radio that sanctions against Winterhawks have been scaled back
This is a reporting of a reporting of a reporting. The good folks at the Oregonian put up a play-by-play of a chat that the good folks at Radio NL in Kamloops had with WHL commissioner Ron Robison regarding whether … Continue reading


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William Martin Wetzel
Position: LB
Height: 6-3 Weight: 235 lbs.
Born: January 29, 1958 in New Orleans, LA
High School: East Jefferson
College: Tulane (school history)
Drafted by the New York Jets in the 10th round (251st overall) of the 1981 NFL Draft.
Weighted Career AV (100-95-...): 0 (15060th overall since 1950)


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Check out the video for Melanie Fiona's next single off The Bridge, "You Stop My Heart."
The Bamboos and Kylie Auldist in the Studio
Bamboos Home Movies EP1 from Tru Thoughts on Vimeo.
Catch a Behind-the-Scenes peek at The Bamboos recording their new album 4 with the lovely Kylie Auldist. 4 the album comes out in the US on March 30th, and the single "On The Sly" fetauring Kylie on one side and Lyrics Born on the other, is available now.
Erykaleidoscope Video: "Jump Up in the Air (And Stay There) ft. Lil Wayne" with Bilal
[kml_flashembed movie="http://www.youtube.com/v/GetoIT-2w24" width="550" height="445" allowfullscreen="true" fvars="fs=1" /]
This Friday Erykah used her Twitter account to drop little hints towards the new album, and after a suspenseful countdown, a video for the leaked track "Jump Up in the Air (And Stay There) ft. Lil Wayne" with Bilal.
V.V. Brown and DJ GE-OLOGY at Hiro Ballroom – Feburary 17
England's latest and hottest export V.V. Brown will be performing live at Hiro Ballroom on Wednesday, February 17 with special guest DJ GE-OLOGY. If you haven't picked it up yet, the sultry singer/songwriter's debut album Travelling Like The Light has been making waves all the way from across the ocean. The single "Shark In The Water" was last week's featured single of the week on iTunes. As always entrance is strictly RSVP only.
"Tape Packs" by Hint
[kml_flashembed movie="http://www.youtube.com/v/jwlNMoR2_Dg" width="550" height="445" allowfullscreen="true" fvars="fs=1" /]
This video, by Dr. Rubberfunk, comes from Tru Thoughts' artist Hint. Expect to hear a lot more about Hint this year. The song "Tape Packs" is featured on the massive Tru Thoughts 10th Anniversary 3CD Box Set.
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COLUMBUS, Ohio – November 20, 2006 – Jim Wilkerson, Resident Vice President and Branch Manager of State Auto Insurance Companies' Cincinnati Branch Office, will retire effective January 1, 2007, after 29 years of distinguished service to the State Auto companies. Territory Manager Bob Braun assumes the branch leadership role immediately, and will be assisted by Wilkerson during the transition period.
Wilkerson joined State Auto in 1978 after several years with another insurer and an agency in Lexington, Ky. He first served as a field sales representative for State Auto, and became underwriting manager of the Cincinnati branch office in 1986. The following year he became branch sales and underwriting manager, and became branch manager in 1995. Wilkerson earned a Bachelor of Business Administration degree from Eastern Kentucky University in Richmond, Ky.
Braun joined State Auto in 1986 as a commercial lines underwriter and moved to the Cincinnati office in 1988. He held various field and supervisory positions until becoming territory manager for Kentucky in 1992. Braun earned Bachelor of Science and Master of Business Administration degrees from Miami University in Oxford, Ohio. He earned the CPCU designation in 1995.
The State Auto Insurance Companies, headquartered in Columbus, Ohio, are engaged primarily in writing personal and commercial insurance products through more than 22,500 independent agents associated with approximately 3,000 agencies in 27 states. The State Auto Companies include State Auto Financial Corporation (NASDAQ: STFC), named Forbes Magazine's "Best Managed Insurance Company in America" for 2006. STFC also received the 2006 Mergent Dividend Achiever Award for having increased its dividends for ten or more years in succession. The State Auto Insurance Companies are rated A+ (Superior) by the A.M. Best Company. Additional information on State Auto can be found atwww.StateAuto.com.
Kyle Anderson
AVP, Director of Corporate Communications
(614) 917-5497
Tara Shull
Investor Relations and Finance Director
(614) 917-4478


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|SSP No. 6
|January 14, 1997
by Krzysztof M. Ostaszewski
Krzysztof M. Ostaszewski, the 1995 Fulbright Research Fellow in the area of social insurance, is the actuarial program director at the University of Louisville. He is a member of the Social Security Committee of the American Society of Actuaries.
Executive Summary
Given Social Security's dire financial condition, there is growing interest in attempting to harness the power of private capital markets to bail out the faltering system. However, despite its surface attractiveness, allowing the government to invest funds from the Social Security trust fund in private capital markets would be a terrible mistake that would have severe consequences for the U.S. economy.
It is easy to see why this approach has appeal. The trust fund is currently "invested" in government bonds. Allowing this money to be invested instead in private capital markets would appear to give the trust fund an opportunity to earn a much higher rate of return. Using this return to fill in some of the gap between future revenues and benefits would reduce the need for future tax increases or benefit cuts.
In reality, however, this approach is fraught with danger. Allowing the government to invest the trust fund in private capital markets would amount to the "socialization" of a large portion of the U.S. economy. The federal government would become the nation's largest shareholder, with a controlling interest in nearly every American company. Government ownership brings with it serious problems of government control and is a threat to the efficiency and competitiveness of the U.S. economy.
Moreover, experience in other countries has shown that government investments seldom achieve the rates of return seen in private investment. Attempts by the government to manipulate the markets could further undermine returns and threaten general market stability.
A much better approach would be to let individuals invest their own retirement money through true privatization. A system of individual private investment accounts, like that in Chile, would allow people to benefit from higher market returns without risking increased government involvement in the economy.
Social Security's dire financial problems are now being acknowledged by even the most diehard supporters of the system. According to the latest report of the Social Security system's Board of Trustees, Social Security will be insolvent by the year 2029, down from 2030 in last year's report.[1] This represents the eighth time in the last 10 years that the insolvency date has been brought forward.
Unless the system is reformed, it will be forced to either raise taxes or slash benefits. Because both of those choices are likely to be politically unpopular, defenders of the current system have had to scramble for other ways to restore the program to solvency. One proposal currently gaining in popularity is to have the government invest funds from the Social Security trust fund in private capital markets.
This concept is expected to be supported by at least 6 of the 13 members of the Social Security Advisory Council, most notably former Social Security commissioner Robert Ball.[2] In Congress, Representative Gerald Solomon (R- N.Y.) has introduced legislation to allow for investment of both the Social Security and Medicare trust funds.[3] Early drafts of the Kerrey-Simpson Social Security reform legislation allowed investment of up to 25 percent of the trust fund.[4] Senate minority leader Tom Daschle (D-S.D.) has announced his support for investing the trust fund.[5]
The reasoning behind such proposals is a recognition that private capital markets earn a much higher rate of return than the government bonds that currently make up the trust fund.
As former commissioner Ball asks, "Why should the trust fund earn just one-third as much as common stocks?"[6]
Despite the surface attractiveness of such proposals, however, allowing the government to invest the trust fund would be a terrible mistake that would have severe consequences for the U.S. economy.
The Effective Socialization of the U.S. Economy
Allowing the government to invest the Social Security trust fund in private capital markets would amount to the "socialization" of at least a large portion of the U.S. economy. It would put ownership rights over much of the American economy in the hands of the U.S. government. Let us carefully examine the impact of such a proposal in order to better understand the problem.
Socialist command economies are characterized by three basic tenets:[7]
· Government ownership of means of production;
· Central economic planning; and
· Government management of labor resources.[8]
Sadly, the proposed investments of the Old Age, Survivors, and Disability Insurance (OASDI) Trust Funds in the stock market bring us closer to each and every one of the three tenets.
First Tenet: Government Ownership
At its peak, the Social Security trust fund will contain approximately $2.9 trillion.[9] The total value of all 2,723 stocks traded on the New York Stock Exchange was about $6 trillion at the end of 1995.[10] It is easy to see, therefore, that investing the trust fund would allow the U.S. government to purchase if not a controlling then a commanding share of virtually every major company in America.
Many of the strongest proponents of investing the Social Security trust fund in the stock market have recognized the potential dangers posed by government ownership of such a large portion of the American economy. To allay such concerns some proposals have called for using stock index funds, not actual direct stock investments.[11] Exactly how this would be accomplished has been left vague, but there are essentially two possible approaches. The government itself could establish an index and purchase equal numbers of shares in every stock included in the index. Or the government could purchase shares in an existing index fund, such as Fidelity's Market Index or Vanguard's Index 500.
Government creation of an index fund would do little to avoid the pitfalls of government investment. Government decision makers would acquire property rights in corporate enterprises. Either they would exercise their rights, thus creating a direct political influence in the ownership rights over much of the American management of private enterprises, or they would give up the voting rights and other shareholder privileges, thus indirectly enhancing the power of existing shareholders. In either case, ownership of the enterprises would be powerfully influenced by political agents, and the entire arrangement would be financed by the taxpayers. Recall that the Employee Retirement Income Security Act of 1974 (ERISA) places the fiduciary duty on all persons in control of private retirement funds to use such funds in the sole interest of the pension plan participants. This law does not apply to the Social Security Administration. In whose interest, then, will investment and management decisions be made?
Many Western European governments were once owners of large enterprises through nationalization and are still minorityand sometimes majorityowners of such enterprises there. State-owned enterprises are the dominant force in underdeveloped economies, and investment of the "provident funds" in Singapore and other African and Asian nations is largely government-directed.[12] However, because of negative experience with government ownership,[13] the worldwide movement has been away from such ownership toward privatization, through selling shares to the public. Proposals to allow the government, through the Social Security trust fund, to purchase stock go directly against this trend and back to the early twentieth century, when government ownership was hailed as more rational than the "anarchy" of the market.
Would it make a difference if the government purchased existing index funds from a third party, such as an investment company? Not significantly. In order for the government to purchase shares in an index fund, it would have to do so through either a mutual fund company selling an index fund, which would then purchase actual shares of stocks included in the index, or through some other financial institution creating an index, which would also eventually purchase actual shares. Although the index fund would provide a layer of insulation between the government and the corporations whose stocks were purchased, the problems of control would not be completely avoided.
First, the government will acquire control over the index fund manager itself and thus indirect control over the corporations. If index fund A controls the majority of shares in company B. and the government controls the management of fund A, the government can control company B.
However, even if the government does not attempt to exercise corporate control, there is reason to be concerned over allowing index fund managers to use taxpayer money to increase their ownership of corporate America. The huge number of shares purchased with Social Security money will represent powerful voting blocks, and, in contrast to most stock purchases, they will be uniformly voted. Yet these powerful new stockholders will not answer to anyone and will derive all of their new powers from the aggregated funds of average American citizens. Never in the history of this country has there been a proposal to hand over this much power to unelected officials with this little responsibility attached to it.
In essence, it is being proposed that the federal government use tax money to pick corporate winners and losers. Using funds borrowed from Social Security's future beneficiaries, the government would purchase massive blocks of shares, to be controlled either by the government or by financial institutions that are fortunate enough to receive government contracts for such purchases. It is difficult to imagine a more egregious proposal for "corporate welfare."
Second Tenet: Central Planning
With ownership comes control.
What if a company whose stock is purchased by the Social Security trust fund decides to move its operations overseas? Should the administrators of the investments of the trust fund remain indifferent to the plight of the company's workers, who after all will be future beneficiaries of the system? Shouldn't the trustees at least attempt to convince the company to retain its American operations? And if the company moves, wouldn't the ownership of shares represent an indirect subsidy to foreign employees extended by the American workers who are losing their jobs to them? What if the company is convinced by the authorities to keep its operations in the United States and this leads to a consistent stream of losses and subpar share performance?
The investment itself provides the opportunity for central planning and control. After all, companies whose stocks are selected will receive a substantial investment boost not available to competitors who are not chosen. This raises a host of questions about what types of investments should be allowed.
"Investing the trust fund would allow the U.S. government to purchase if not a controlling then a commanding share of virtually every major company in America."
For example, cigarette smoking is a major health concern to the nation and to the federal and state governments that spend public money to provide health care for those suffering from smoking-related diseases. Should Social Security be allowed to invest in cigarette companies? Is it appropriate for the Social Security system to offer price support to those shares while Medicare and Medicaid spend their resources in treating patients suffering from the long-term consequences of smoking?
Other controversial issues are easy to imagine. Should Social Security invest in nonunion companies? Companies that make nuclear weapons? Companies that pay high corporate salaries or do not offer health benefits? Companies that do business in Burma or Cuba? Companies that extend benefits to the partners of gay employees? The list is virtually endless.
Public employee pension funds have long been subject to such controversies.[14] For example, at one time more than 30 states prohibited the investment of pension funds in companies that did business in South Africa. Approximately 11 states restricted investment in Companies that failed to meet the "MacBride Principles" for doing business in Northern Ireland.[15] Companies doing business in Libya, other Arab countries, and communist states have also been barred from investment.[16] Some states have additional restrictions on investing employee pension funds, including requirements for investing in in-state companies, home mortgages, and alternative energy sources, including solar power. In some states investments are prohibited in companies that are accused of pollution, unfair labor practices, or failing to meet equal opportunity guidelines. Some public employee pension funds are prohibited from investing in the alcohol, tobacco, and defense industries. In a recent example, the city of Philadelphia announced it would sell its employee pension fund's Texaco stock because of alleged racist practices by that company.[17]
Use of a passive index either one created by the government or an existing onewould reduce, but not eliminate, the problem. There would remain questions about what stocks should be included in the index. Almost inevitably there would be a huge temptation to create a better, more socially appealing index of companies friendly to the public policies of the current administration or the current congressional majority.
Even if the proposed Social Security investments in stocks are truly meant to be passive with respect to social policy, it is nearly impossible to imagine such a position being sustainable in the long run. There is an old Polish proverb that says: "Do not give a man a hammer without expecting him to look for a nail."
Those looking for evidence of this temptation need look no further than attempts by the Clinton administration to force private pension plans to invest a portion of their portfolio in "socially redeeming" ways.[18] Actually, the last days of the Bush administration saw the first exploration of the idea of directing private pension investment. In November 1992, the Labor Department released a report discussing a procedure for valuing the "net externalities" of investments as a way of broadening the prevailing rate test permitted under ERISA to allow for politically targeted investments. The Clinton administration jumped on the idea with undisguised enthusiasm. In September 1993, Olena Berg, the Assistant Secretary of Labor for Pensions and Welfare Benefits, announced an expansive interpretation of the prevailing rate test that would "allow collateral benefits to be considered in making investment decisions." She especially urged pension fund investment in "firms that invest in their own work force."[19]
A year later, in September 1994, Labor Secretary Robert Reich called for investment of a portion of private pension funds in economically targeted investments (ETIs), which would provide such "collateral benefits" as "affordable housing, infrastructure improvements and jobs."[20] Fortunately, Congress has resisted this dangerous idea. But it is clear that some politicians are anxious to gain control over pension investments.
It is true that some private pension plans and investment companies face similar problems. Many companies offer "socially responsible" funds, which some investors choose. In fact, one of the most successful investment companies over the long term, the Templeton Funds (recently joined with the Franklin Group), has always shunned tobacco firms while delivering outstanding returns to its clients.[21] But most clients impose on private companies, and private investment professionals with whom they deal, a fiduciary duty to invest solely in the best interest of the clients. Furthermore, these private enterprises do not have the power to change laws that affect them, whereas the political agents influencing the Social Security trust fund investment strategy will likely have the power to enact statutes that affect the system. Finally, if the customers of a private investment firm do not approve of its policies, these customers can and do move their funds to another firm.
Third Tenet: Government Management of Labor
The message of capital markets, so often repeated by investment advisers, is that over the long run stocks are the best investments. Yes, they do pose risks, but over time the power of compounding stock market returns is astounding. So supporters of government investment have decided that there is a simple answer to Social Security's problemsbuy stocks!
What is missing in this simplistic approach is an understanding of the cause of stock market returns. Stocks make money because companies make money. A report just released by the McKinsey Global Institute shows that the gross national savings and investment rates in the United states are far lower than those in Germany or Japan. Yet between 1974 and 1993, the United States created $26,500 of new wealth per person (in 1993 prices, measured by households' net financial wealth), while Germany created $21,900 and Japan $20,900.[22] How can the United States produce more wealth with lower savings and investment? The McKinsey researchers point toward higher productivity of capital in the United States. Their estimate states that American industry enjoyed an average return on capital of 9 percent between 1974 and 1993, compared with about 7 percent in Germany and Japan. American savers saw their wealth grow faster than their German or Japanese counterparts, even though Americans do save less.
One cannot brush this finding off by suggesting greater utilization of capital at the expense of labor in the United States because American labor productivity is also higher than that of Germany or Japan.
The McKinsey report further examines the reasons for the amazing American productivity. Their major finding is that the way managers run companies can be extremely important. American managers are more creative and ingenious in their management, marketing, and financing practices. American managers face greater competition and lower barriers to entry (in fact, this is probably why they have to be creative and ingenious). Last, but not least, strong pressures from investors and very efficient capital markets in the United States force managers to concentrate on financial performance, which causes them to carefully evaluate whether the project they intend to invest in truly creates value.[23]
One of the most fascinating events in the history of the twentieth century has been the spectacular collapse of the command economies of the former Soviet Bloc. Economists James Gwartney and Richard Stroup point out that the communist economies had among the highest recorded rates of economic investment in history, all of them guided by central governments.[24] Yet those massive investments turned out to produce little economic growth or wealth. This poor performance by managers in command economies stands in stark contrast with the achievements of American managers.
What is the reason for this dramatic difference in results? Were the managers in the Soviet Bloc just stupid, or was there a greater, systemic reason for the difference? Although we might wish to believe so, there is no evidence that American managers are intrinsically smarter than their Soviet counterparts. In reality there are several reasons for the difference, including the lack of both private property and a consistent legal system. But another important reason is the fact that in command economies not only does government give a job to everyone (full employment), but all management appointments become political.
Aggressive, creative managers are rarely the ones who carry the most favor with the government. When ownership becomes political, visionary managers whose visions differ from those of the government no longer have their jobs. On the other hand, managers with little vision, but with political connections, maintain a firm hold on their jobs.
In the free market system, managers who fail to produce are threatened by the market for corporate control, i.e., by hostile takeovers. The market for corporate control is a force for change and innovation in the American industry.[25] This force will be weakened or even removed completely by government ownership of large blocks of shares. Whose side will the Social Security trust fund vote its shares with: a rogue corporate raider using billions of dollars of junk bond financing to fire well-known and respected managers of major corporations who just happen to have had a bad streak of seventeen consecutive quarterly losses, or the unlucky managers?
"A study by the World Bank of government-managed pension fund investments around the world found that such investments generally earned lower annual returns than privately managed pension investments."
Undercutting Market Returns and the National Economy
The apparent purpose of allowing the government to invest the trust fund is to take advantage of the higher returns from private capital markets. There is strong evidence, however, that the government's investment policy could substantially undercut the returns it might otherwise expect to receive. High capital market returns in the United States are really derived from the high productivity of capital and the efficiency of the markets. Investment of the Social Security trust fund in private capital markets will hurt both of these sources of American economic performance; capital will be less productive and markets will be less efficient.
A study by the World Bank of government-managed pension fund investments around the world found that such investments generally earned lower annual returns than privately managed pension investments (Figure 1).[26] The study found that governments generally pursued one of two policies for their investments, both fundamentally flawed.
One policy was to invest heavily in government securities, which earn much lower returns than, for example, in stocks. There are two reasons for this policy. First, there is a cautionary search for safe investments because governments fear the political reaction if a more aggressive investment policy were to lead to adverse results. Second, buying up government debt allows the government to defer the consequences of its own overspending. Indeed, there is evidence that the power to shift government debt into pension funds may actually induce governments to spend and borrow more.[27] Borrowing from the pension fund is less transparent than borrowing from the open capital market. In many cases, such borrowing is not even reported as public debt, and the interest rate may be lower.
This is, in fact, what is already occurring with the Social Security trust fund. The current surplus is used to purchase federal Treasury obligations that are credited to the Social Security trust fund; the government then uses the money it has borrowed from the trust fund to meet current operating expenses.[28]
The other investment policy pursued by government-controlled pension funds is to invest in government-supported projects such as state owned enterprises or public housing. Again, the result is often extremely low rates of return. In fact, such investments frequently lose money.[29] Moreover, as pointed out in the previous section, government investment leads to greater government involvement in the economy that could, in turn, lead to policies that slow economic growth and reduce the return on capital for all investors, including the government itself.
Figure 1
Average Annual Investment Returns for Selected Pension Funds, 1980s
There are numerous studies in the modern finance literature showing that, in an efficient market, returns from stocks are determined by two factors: interest rates and the effectiveness of economic projects undertaken by the enterprises whose shares we buy.[30] Stocks are not goodsthey are merely conduits of cash flows, exchanging current cash flows for future cash flows. Investing Social Security assets in stocks would harm both market efficiency, causing large amounts of money to be invested without duly diligent reviews of companies, and economic investment effectiveness, by removing incentives for the managers of those companies to perform. Thus, not only would Social Security trust fund investments in stocks not perform as well as expected, but all stock market investors and the national economy would suffer.
American stock exchanges are known to be the most efficient in the world.[31] Passive government stock investments would harm market efficiency, an efficiency achieved by the vigilance of active money managers, and would raise the cost of capital for all of us, relegating the United States to the ranks of mediocre economies.
The proposal to invest Social Security funds in the stock market endangers the very source of the strength of the American economy. We still enjoy the highest productivity of capital and labor in the world. These are key advantages enjoyed by American workers and savers in the new, competitive global economy. We cannot afford to lose them.
A Better Idea: Money to the People
Is there a better way to harness the power of private capital markets to guarantee a secure retirement for America's elderly?
Rather than allowing the government to control investments, we should give true power to the people, allowing individually owned and privately managed investment accounts similar to Individual Retirement Accounts (IRAs), and 401(k) and 403(b) plans.
Individuals would be free to invest the money in their accountsand could probably do so through qualified money management companiesin stocks, bonds, and other investments, with certain limited restrictions to prevent very risky speculation. Government control would be limited to defining the options that could be offered for investment while actual control would remain in the hands of individuals.
This approach has proved highly successful in Chile and in a number of other countries.[32] There has been growing interest in individual private accounts in this country as well: A second option being supported by five members of the Social Security Advisory Council would allow approximately 50 percent of Social Security taxes to be diverted to private accounts. Other proposals in Congress and elsewhere would allow greater or lesser amounts of an individual's Social Security taxes to be privately invested.
Americans have shown themselves willing to embrace such a privatization of Social Security. According to a poll of 800 registered voters conducted by Public Opinion Strategies on behalf of the Cato Project on Social Security Privatization, more than two-thirds of all voters, 68 percent, would support transforming the program into a privatized mandatory savings program. More than three-quarters of younger voters support privatization. Support for privatization cuts across party and ideological lines, particularly among young voters.[33]
If we are truly serious about harnessing the power of private capital markets to solve Social Security's problems, we should allow investment in individual accounts, not a government takeover of capital markets.
Despite its superficial attractiveness, it would be a serious mistake to allow the government to invest the Social Security trust fund in private markets. Such an approach would make the federal government the nation's largest shareholder, with a controlling interest in nearly every American company. With ownership would come serious problems of control and social investment policy and threats to the efficiency and competitiveness of the American economy.
Experience in other countries has shown that government investment seldom achieves the rates of return seen in private investment. Attempts by the government to manipulate the markets could further undermine returns and threaten general market stability.
A much better approach would be to allow individuals to invest their own retirement money through true privatization. A system of individual private investment accounts, like that in Chile, would allow people to benefit from higher market returns without risking increased government involvement in the economy.
1. 1996 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Trust Funds (Washington: Government Printing Office), p.4.
2. The Advisory Committee's report has been repeatedly delayed, but its details have been widely leaked and the outlines of the likely proposals are well known. Bob Davis, "A Consensus Emerges: Social Security Faces Substantive Makeover," Wall Street Journal, July 9, 1996.
5. Senator Tom Daschle, press conference, November 26, 1996.
6. Peter Passell, "Can Retirees' Safety Net Be Saved?" New York Times, February 18, 1996.
7. James D. Gwartney and Richard Stroup, Economics: Private and Public Choice (Orlando, FL: Harcourt, Brace, and Company, 1995).
8. The third tenet is usually presented by the proponents of the command economy as "full employment." However, the political appointment of managers of state-owned enterprises wasin practicethe essential feature of central labor management. In fact, such political appointments may have been the key to the dramatic economic under performance of command economies in the 20th century.
9. 1996 Annual Report of the Board of Trustees of the Federal Old-Age and Survivors Insurance and Disability Trust Funds (Washington: Government Printing Office), p. 180, table m.B3 (Intermediate Assumptions, Year 2020).
10. 1995 Annual Report of the New York Stock Exchange (New York: New York Stock Exchange, Inc., 1995).
11. One can, and academics in the field of finance do, argue whether any additional returns can be earned by using active management instead of market index approaches (see, e.g., Michael C. Jensen, "The Performance of Mutual Funds in the Period 1945-64," Journal of Finance, May 1968; also Robert A. Haugen, Modern Investment Theory, Third Edition (Englewood Cliffs, NJ: Prentice-Hall, 1993). Clearly, utilizing a market index eliminates the costs of active management, thus saving future beneficiaries an amount of about I percent of their assets annually. (See Zvi Bodie, Alex Kane, and Alan J. Marcus, Investments, Second Edition [Homewood, IL: Richard D. Irwin, Inc., 1993], p. 111.) However, in this proposal it appears that the use of an index has been guided more by concern for the actual formal ownership of shares than purely by the costs of the option.
12. World Bank Policy Reports, Bureaucrats in Business: The Economics and Politics of Government Ownership (New York: Oxford University Press, 1995); and World Bank Policy Reports, Averting the Old-Age Crisis (New York: Oxford University Press, 1994).
13. World Bank Policy Reports, Bureaucrats in Business: The Economics and Politics of Government Ownership.
14. For a thorough discussion of state employee pension systems and their investment policies, see Carolyn Peterson, State Employee Retirement Systems: A Decade of Change (Washington: American Legislative Exchange Council, 1987).
15. Roop Mohunlall, et al., The 1989-90 Source Book of American State Legislation, vol. Vl, A Pro-Growth Economic Policy (Washington: American Legislative Exchange Council, 1990), pp. 98-9.
16. Carolyn Peterson, State Employee Retirement Systems: A Decade of Change, pp. 63-5.
17. Del Jones, "City Pension Fund to Sell Texaco Stock," USA Today, November 22, 1996.
18. Cassandra Chrones Moore, "Whose Pension Is It Anyway? Economically Targeted Investments and the Pension Funds," Cato Institute Policy Analysis no. 236, September 1, 1995.
19. See, for example, Thomas Jones, "Social Security: Invaluable, Irreplaceable, and Fixable," Participant, February 1996.
20. Robert Reich, "Pension Fund Raid Just Ain't So," letter to the editor, Wall Street Journal, October 26, 1994.
21. The Templeton Growth Fund has been in existence since 1954. It is rated "Four Stars" by Morningstar, Inc., an independent ranking organization, and according to Moningstar, has had an average annual return of 13.4 percent over the last 10 years, which placed it in first place for that period among its peers among Global Equity Funds.
22. Capital Productivity (Washington, D.C.: McKinsey Global Institute, June 1996).
23. Ibid.
24. James D. Gwartney and Richard Stroup, Economics: Private and Public Choice (Orlando, FL: Harcourt, Brace, and Company, 1995).
25. Michael Jensen, "The Takeover Controversy: Analysis and Evidence," in: The New Corporate Finance: Where Theory Meets Practice, edited by Donald H. Chew Jr. (New York: McGraw-Hill, Inc., 1993).
26. World Bank Policy Reports, Averting the Old-Age Crisis
27. Ibid., p. 94.
28. Mark Weinberger, "Social Security: Facing the Facts, Cato Institute Social Security Paper no. 3, April 10, 1996.
29. World Bank Policy Reports, Averting the Old-Age Crisis, pp. 94-95.
30. See, for example, Donald H. Chew Jr., Ed., The New Corporate Finance: Where Theory Meets Practice (New York: McGraw-Hill, Inc., 1993).
31. Burton Malkiel, A Random Walk Down Wall Street (New York: W.W. Norton & Co., 1990).
32. For a description of Chile's system see Jose Pinera, "Empowering Workers: The Privatization of Social Security in Chile," Cato's Letter no. 10, 1996. Other countries following Chile's example include Argentina, Peru, Colombia, Uruguay, and Mexico. In Europe, Britain provides a low minimum benefit through its traditional pay-as-you-go social security system, but has also allowed people to opt out of its benefits above this minimum through contributions to an expanded IRA. Nearly 70 percent of Britons have done so.
33. Michael Tanner, "Public Opinion and Social Security Privatization," Cato Institute Social Security Paper no. 5, August 6, 1996.