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Words from the (Investment) Wise for the Week That Was (October 13 - 19, 2008)
What a crazy week! A week in which the Dow Jones Industrial Average managed to record both its largest single-day points increase (+936 points on Monday) and its second-largest one-day points decline (-733 points on Wednesday) since its start in 1896. On Thursday the CBOE Volatility (VIX) Index surged to a record high of 81.17, with the Dow closing the week 4.7% higher after the previous week's record 18.2% decline.
Source: Cartoonbank.com
Compiling this round-up, I invariable thought of John Crudele's (New York Post) comment: "... I'm as sick of writing about financial problems as you are of reading about them. But, as your mother probably said, just sit still and take the medicine. It's good for you."
Governments around the globe launched unprecedented and concerted rescue operations for major banks in order to unfreeze short-term credit markets and avoid a collapse of the world's financial system. It has also been announced, according to The New York Times, that President Bush had agreed to play host to a summit of world leaders soon to discuss the global response to the financial crisis.
Reflecting on the origins and fall-out of the credit debacle, a quote from Winston Churchill comes to mind: "The inherent vice of capitalism is the unequal sharing of the blessings. The inherent blessing of socialism is the equal sharing of misery."
Throughout the week, investors remained preoccupied with concerns about the intensifying economic damage that inevitably follows financial damage. Deleveraging of hedge funds continued unabated, and commodities and emerging-market stocks, bonds and currencies plunged on the back of risk aversion.
On a positive note, credit markets saw signs of improvement, with the overnight dollar Libor rate dropping to 1.66% from 5.09% last week, commercial paper rates falling to 1.05% from 3.50%, and the Ted spread - the difference between what banks charge each other for three-month loans (three-month dollar Libor) and what the Treasury pays (three-month Treasury Bills) - narrowing by 100 basis points to 3.63%.
"By the time the Ted spread is safely beneath 100 basis points once again, I expect the next bull market in equities to be well under way. The global economy should be recovering as well," added David Fuller (Fullermoney) from across the pond.
Source: Stockcube Research
Next, a tag cloud of the text of the dozens of articles I have devoured during the past week. This is a way of visualizing word frequencies at a glance. Not too many surprises here, especially seeing "banks" featuring so prominently.
Warren Buffett, in an Op-Ed article in The New York Times, said that he was buying American stocks for his personal portfolio and encouraged others to do the same. "I can't predict the short-term movements of the stock market. I haven't the faintest idea as to whether stocks will be higher or lower a month - or a year - from now. What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up. So if you wait for the robins, spring will be over," said Buffett.
Jeremy Grantham (GMO) summarized his investment recommendations in his latest quarterly newsletter as follows: "At under 1,000 on the S&P 500, US stocks are very reasonable buys for brave value managers willing to be early. The same applies to EAFE and emerging equities at October 10 prices, but even more so. History warns, though, that new lows are more likely than not.
"Fixed income has wide areas of very attractive, aberrant pricing. The dollar and the yen look okay for now, but the pound does not. Don't worry at all about inflation. We can all save up our worries there for a couple of years from now and then really worry!
"Commodities may have big rallies, but the fundamentals of the next 18 months should wear them down to new two-year lows. As for us in asset allocation, we have made our choice: hesitant and careful buying at these prices and lower. Good luck with your decisions."
I am of the opinion that stock markets are in a broad phase of bottoming out. In a post a few days ago I asked the question "Is the financial storm over?", concluding: "One could argue that stock prices are oversold, creating the potential for a further advance through year end, especially if credit spreads tighten (i.e. normalize) further. However, stock market valuations are not at the same oversold level as prices, arguing that a secular low may not necessarily have been reached. The third-quarter earnings season should provide part of the puzzle."
Before highlighting some thought-provoking news items and quotes from market commentators, let's briefly review the financial markets' movements on the basis of economic statistics and a performance round-up.
"Global business confidence plunged last week to a record low. The financial panic has unnerved businesses, particularly in the US and Europe, but sentiment has also turned sharply lower in South America and even in Asia," according to the Survey of Business Confidence of the World conducted by Moody's Economy.com. "The global economy is taking a body blow from the financial turmoil."
Economic reports released in the US during the past week consisted of a battery of worrisome updates. Fed Chairman Ben Bernanke's depiction of the outlook for the economy in his address to the Economic Club of New York on Wednesday best described what was in store for the economy.
"Stabilization of the financial markets is a critical first step, but even if they stabilize as we hope they will, broader economic recovery will not happen right away. Economic activity had been decelerating even before the recent intensification of the crisis. The housing market continues to be a primary source of weakness in the real economy as well as in the financial markets, and we have seen marked slowdowns in consumer spending, business investment, and the labor market.
"Credit markets will take some time to unfreeze. And with the economies of our trading partners slowing, our export sales, which have been a source of strength, very probably will slow as well.
"These restraining influences on economic activity, however, will be offset somewhat by the favorable effects of lower prices for oil and other commodities on household purchasing power. Ultimately, the trajectory of economic activity beyond the next few quarters will depend greatly on the extent to which financial and credit markets return to more normal functioning."
BCA Research commented on the economic situation as follows: "The combination of a deteriorating economic outlook and continued severe financial stress points to an early cut in the Fed funds rate to 1%. The recently released Beige Book provided further confirmation that economic activity is weakening across the country, and there is little doubt that a deep rather than mild recession is unfolding. A zero funds rate within the next few months is possible if financial conditions do not soon improve."
To which Frank Holmes (US Global Investors) added: "The Treasury and its counterparts in the G-7 have started the monetary process by dropping interest rates and increasing the money supply, and that has started the healing process. Now we need the government to have a fiscal plan to create sustainable jobs rather than one-time 'stimulus' checks that get spent on consumer goods. We advocate no new taxes and cuts for wasteful spending, and that the government dedicate itself to infrastructure projects that will create new jobs and repair the nation's roads, bridges and other critical facilities."
Elsewhere in the world, economic data also showed an acceleration in the weakening of activity.
Week's economic reports
Click here for the week's economy in pictures, courtesy of Jake of EconomPic Data.
|Time (ET)
|Briefing Forecast
|Market Expects
|Oct 13
|Treasury Budget
|Oct 15
|Retail Sales
|Oct 15
|Retail Sales ex-auto
|Oct 15
|Core PPI
|Oct 15
|NY Empire State Index
|Oct 15
|Oct 15
|Retail Sales
|Oct 15
|Retail Sales ex-auto
|Oct 15
|Core PPI
|Oct 15
|NY Empire State Index
|Oct 15
|Business Inventories
|Oct 15
|Crude Inventories
|Oct 15
|Fed's Beige Book
|Oct 16
|Core CPI
|Oct 16
|Oct 16
|Initial Claims
|Oct 16
|Net Foreign Purchases
|Oct 16
|Capacity Utilization
|Oct 16
|Industrial Production
|Oct 16
|Philadelphia Fed
|Oct 16
|Crude Inventories
|Oct 17
|Building Permits
|Oct 17
|Housing Starts
|Oct 17
|Mich Sentiment-Prel.
In addition to Fed Chairman Ben Bernanke testifying at the House Budget Committee on Monday, October 20, next week's US economic highlights, courtesy of Northern Trust, include the following:
1. Leading Indicators (October 20): Interest rate spread, vendor deliveries, consumer expectations and money supply are the components likely to make a positive contribution in September. Stock prices, manufacturing workweek, initial jobless claims, and building permits are expected to make negative contributions. Forecasts of money supply and orders of consumer durables and non-defence capital goods are used in the initial estimate. The net impact is a 1.0% drop in the leading index during September after a 0.5% drop in August. Consensus: -0.2%.
2. Existing Home Sales (October 24): Sales of existing homes are most likely to have declined to an annual rate of 4.80 million units in September. Consensus: 4.92 million versus 4.91 million in August.
Click here for a summary of Wachovia's weekly economic and financial commentary.
A summary of the release dates of economic reports in the UK, Eurozone, Japan and China is provided here. It is important to keep an eye on growth trends in these economies for clues on, among others, the direction of the US dollar.
The performance chart obtained from the Wall Street Journal Online shows how different global markets performed during the past week.
Source: Wall Street Journal Online, October 17, 2008.
Although very volatile, developed stock markets closed the week with fairly good gains - largely as a result of Monday's record surge - as shown by the MSCI World Index improving by 4.4% after the previous week's record decline of 20.1%. This was the first positive week since the second week of September. Leading the pack were Italy (+6.7%), Canada (+5.5%), Germany (+5.2%) and Japan (+5.0%)
On the other hand, risk-averse investors caused the MSCI Emerging Markets Index (-4.1%) to stumble further after losing 20.2% the week before. The week's largest decline was recorded by the Russian Trading System Index, giving up 21.0% to bring its total decline since the Index's high of May 18, 2008 to 68.2%.
The performance of the Dow Jones World Index (green line) and the MSCI Emerging Markets Index over the past two weeks are shown in the graph below.
The US stock markets all improved over the week as shown by the major index movements: Dow Jones Industrial Index +4.7% (YTD -33.3%), S&P 500 Index +4.6% (YTD -35.9%), Nasdaq Composite Index +3.7% (YTD -35.5%) and Russell 2000 Index +0.8% (YTD 31.3%).
The Dow needs to rise to 10,141 - 14.6% higher than its current level of 8,852 - in order to be officially classified as being in a bull market again. The Index will be required to increase by 22.1% to reach its 50-day moving average and 34.3% to get to the key 200-day line.
Click here or on the thumbnail below for a (predominantly green) market map, obtained from Finviz.com, providing a quick overview of the performance of the various segments of the S&P 500 Index over the week.
The investment bank & brokerage group (+28%) was the best-performing group during the past week. Goldman Sachs (GS) and Morgan Stanley (MS) were up on news that the government would provide funding to the two companies as part of a broader effort to restore confidence in the stressed financial system.
The automobile manufacturer group (+26%) was the second-best performer. According to media reports, General Motors (GM) is negotiating a possible merger with privately owned Chrysler.
Five of the ten worst-performing groups last week were related to the commercial real estate market. The worst-performing group was the real estate services group which plunged by 32%. Four real estate investment trust groups were also among the underperformers, showing investors' concerns about a weakening commercial real estate market brought on by the credit crunch.
The US stock market is in the middle of the Q3 earnings reporting season. According to Bespoke, 159 companies covered by analysts have so far reported their quarterly numbers, of which 60% have beaten estimates, 32% have missed and 8% have reported as expected.
Fixed-interest instruments
As mentioned in the introductory paragraphs, interbank and commercial lending rates started to ease during the past week. The overnight Libor rate dropped to 1.66% on Friday from a high of 6.87% on September 30.
However, at the long and risky end of the credit market the situation was less encouraging, with the spread between the yield on junk bonds and the ten-year Treasury Note yield at 14.51% on October 16, which is higher than the spread of 14.23% on October 10.
Also, credit default swaps (CDS) for emerging markets - notably Hungary, Ukraine and Russia - widened considerably amid concerns about the health of their banking systems.
Movements in government bonds yields were as follows: the ten-year US Treasury Note increased by 7 basis points to 3.95%, the UK ten-year Gilt yield climbed by 20 basis points to 4.67% and the German ten-year Bund rose by 4 basis points to 4.04%. Emerging-market bonds suffered as investors shunned risky assets.
US mortgage rates increased, with the 30-year fixed rate rising by 36 basis points to 6.45% and the 5-year ARM by 5 basis points to 6.01%.
The major currencies experienced a relatively quiet week as plans to implement unlimited US dollar currency swaps between the Federal Reserve and other major central banks brought some stability.
Although not a long-term bull on the greenback, Bill King (The King Report) highlighted that the "greatest short squeeze of all time" was occurring in the US dollar, and yen to a lesser degree. "Virtually all US private and public sector debt is a dollar short. The other big short is the yen via the 'carry trade'," said King.
Over the week the US dollar gained against the Japanese yen (+1.0%) and Canadian dollar (+1.2%), but lost against the euro (-0.1%), the British pound (-1.4%) and the Swiss Franc (-0.1%).
The announcement of coordinated plans by Australia and New Zealand to safeguard their banking systems resulted in a rebound of their currencies, with the Australian dollar and New Zealand dollar gaining 7.3% and 3.9% respectively against their US namesake.
Emerging-market currencies, especially those with large current account deficits, lost heavily as global recession risks increased. Examples of losses against the greenback include the Hungarian forint (-5.7%), the South African rand (-7.1%), the Turkish lira (-6.4%) and the Korean won (-8.4%).
Fears that the deteriorating global economic situation was causing demand destruction resulted in strong selling pressure for all commodities. The Reuters/Jeffries CRB Index dropped by 11.2% during the week, resulting in a loss of 39.7% since its high of July 2, 2008.
The chart below shows the relationship between the CRB Index and the Baltic Dry Index - an index covering dry bulk shipping rates and seen as a rough proxy for global growth.
West Texas Intermediate crude prices on Thursday fell below $70 a barrel for the first time since August 2007, but recovered to $72.13 on Friday to bring the decline since the record high of mid-July to more than 50%. This prompted OPEC, the oil-exporting countries' cartel, to schedule an emergency meeting for Friday, October 24 to discuss production cuts.
Notwithstanding steep declines in oil and gold prices, Merrill Lynch analysts, according to MarketWatch, said gold prices could hit $1,500 as global plans to rescue the financial industry are set to increase inflation pressures. The analysts didn't say when gold would hit the price target. They also predicted oil prices will rise to $150 a barrel."
The following graph shows the past week's severe declines for various commodities:
Now for a few news items and some words and charts from the investment wise that will hopefully assist in guiding our investment portfolios through these troubled times. And remember the quote from Charles Dow: "Exercise enough patience for six men."
That's the way it looks from Cape Town.
Source: Slate
PBS: Bill Moyers talks with comedian Jon Stewart
"Bill Moyers talks with comedian Jon Stewart, host of Comedy Central's The Daily Show, about how faking the news can reveal more of the truth than all of the Sunday-morning talk shows put together."
Source: PBS, Bill Moyers Journal, October 17, 2008.
Warren Buffett (The New York Times): "Buy American. I am."
"The financial world is a mess, both in the United States and abroad. Its problems, moreover, have been leaking into the general economy, and the leaks are now turning into a gusher. In the near term, unemployment will rise, business activity will falter and headlines will continue to be scary.
"So ... I've been buying American stocks. This is my personal account I'm talking about, in which I previously owned nothing but United States government bonds. (This description leaves aside my Berkshire Hathaway holdings, which are all committed to philanthropy.) If prices keep looking attractive, my non-Berkshire net worth will soon be 100% in United States equities. "Why?
"A simple rule dictates my buying: Be fearful when others are greedy, and be greedy when others are fearful. And most certainly, fear is now widespread, gripping even seasoned investors. To be sure, investors are right to be wary of highly leveraged entities or businesses in weak competitive positions. But fears regarding the long-term prosperity of the nation's many sound companies make no sense. These businesses will indeed suffer earnings hiccups, as they always have. But most major companies will be setting new profit records 5, 10 and 20 years from now.
"Let me be clear on one point: I can't predict the short-term movements of the stock market. I haven't the faintest idea as to whether stocks will be higher or lower a month - or a year - from now. What is likely, however, is that the market will move higher, perhaps substantially so, well before either sentiment or the economy turns up. So if you wait for the robins, spring will be over.
"A little history here: During the Depression, the Dow hit its low, 41, on July 8, 1932. Economic conditions, though, kept deteriorating until Franklin D. Roosevelt took office in March 1933. By that time, the market had already advanced 30%. Or think back to the early days of World War II, when things were going badly for the United States in Europe and the Pacific. The market hit bottom in April 1942, well before Allied fortunes turned. Again, in the early 1980s, the time to buy stocks was when inflation raged and the economy was in the tank. In short, bad news is an investor's best friend. It lets you buy a slice of America's future at a marked-down price.
"Over the long term, the stock market news will be good. In the 20th century, the United States endured two world wars and other traumatic and expensive military conflicts; the Depression; a dozen or so recessions and financial panics; oil shocks; a flu epidemic; and the resignation of a disgraced president. Yet the Dow rose from 66 to 11,497.
"You might think it would have been impossible for an investor to lose money during a century marked by such an extraordinary gain. But some investors did. The hapless ones bought stocks only when they felt comfort in doing so and then proceeded to sell when the headlines made them queasy.
"Today people who hold cash equivalents feel comfortable. They shouldn't. They have opted for a terrible long-term asset, one that pays virtually nothing and is certain to depreciate in value. Indeed, the policies that government will follow in its efforts to alleviate the current crisis will probably prove inflationary and therefore accelerate declines in the real value of cash accounts.
"Equities will almost certainly outperform cash over the next decade, probably by a substantial degree. Those investors who cling now to cash are betting they can efficiently time their move away from it later. In waiting for the comfort of good news, they are ignoring Wayne Gretzky's advice: 'I skate to where the puck is going to be, not to where it has been.'
"I don't like to opine on the stock market, and again I emphasize that I have no idea what the market will do in the short term. Nevertheless, I'll follow the lead of a restaurant that opened in an empty bank building and then advertised: 'Put your mouth where your money was.' Today my money and my mouth both say equities."
Source: Warren Buffett, The New York Times, October 16, 2008.
Charlie Rose: A conversation with FT's Martin Wolf
Source: Charlie Rose, October 14, 2008.
BBC News: Financial crisis - world round-up
"A look at the regions of the world most affected by the financial crisis, and what governments are doing to try to alleviate the financial turmoil."
Click here for the full article.
Source: BBC News, October 16, 2008.
CNBC: President Bush on the financial rescue plan
"President George W. Bush discusses the government's efforts to solve the financial crisis."
Source: CNBC, October 14, 2008.
Bloomberg: Paulson says capital injection focused on banks, thrifts
"US Treasury Secretary Henry Paulson talks with Bloomberg about Treasury's plan to inject capital into regulated financial institutions, the $700 billion bank rescue plan and Paulson's priorities during the final months of his tenure at Treasury."
Source: Bloomberg, October 16, 2008.
Bloomberg: Trichet says crisis curbs price risks, justified cut
"European Central Bank President Jean-Claude Trichet speaks about the financial crisis and the response by central banks. Trichet delivers the keynote address at the Economic Club of New York luncheon."
Source: Bloomberg, October 14, 2008.
Bloomberg: Soros calls Europe plan to support banks "positive" step
"George Soros, chairman of Soros Fund Management, speaks at a news conference in Washington about European leaders' pledge to guarantee new bank financing, the causes of financial market turmoil and his book 'The New Paradigm for Financial Markets: The Credit Crisis of 2008 and What It Means.'"
Source: Bloomberg, October 13, 2008.
Financial Times: UK launches £37 billion bank rescue
"The government has begun to nationalise the UK banking system by injecting £37 billion into three of the country's biggest banks.
"The historic step could end up with Gordon Brown's government owning a majority stake in Royal Bank of Scotland, one of the world's biggest banks, and more than 40% of the combined Lloyds TSB and HBOS, which is set to be the country's largest mortgage lender.
"RBS, Lloyds TSB and HBOS have agreed to scrap their dividend payments as part of the government plan which will result in the UK banks being some of the best capitalised in Europe.
"Under the terms of the bailout, Royal Bank of Scotland, Lloyds TSB and HBOS will be prevented from paying dividends on ordinary shares until they have repaid in full a total of £9 billion in preference shares they are issuing to the government. Barclays, which is hoping to avoid government support by raising around £6.6 billion from private investors, has scrapped its final dividend for 2008 in a move designed to save £2 billion.
"Gordon Brown defended his government's 'unprecedented but essential' decision on Monday morning, saying the effective partial nationalisation was intended to be temporary only.
"The British prime minister stated that he expected other countries to follow suit. 'I think we'll find in Europe over the next few days ... the same things are going to happen,' he said as Eurozone countries began to announce their own rescue packages."
Source: Peter Thal Larsen, Financial Times, October 13, 2008.
Financial Times: Tim Bond on UK bank rescue package
"Tim Bond, head of global asset allocation at Barclays Capital, says the UK rescue package resembles what Sweden did 1980s. Mr Bond says it was effective because it stemmed the financial crisis but it didn't stem the economic crisis."
Source: Tim Bond, Financial Times, October 10, 2008.
Financial Times: Switzerland unveils bank rescue plan
"Switzerland has joined the list of countries taking unprecedented measures to strengthen their banks with the government taking an indirect SFR6 billion stake in UBS, and Credit Suisse raising SFR10 billion from private investors and the Qatar Investment Authority. FT's Peter Thai Larsen talks to Daniel Garrahan about what has happened and how this bailout differs from others."
Click here for the full article.
Source: Financial Times, October 16, 2008.
Financial Times: Australia and NZ launch bank safeguard plan
"Australia and New Zealand launched co-ordinated plans to safeguard their banking systems on Sunday, hoping to stem heavy losses suffered by their currencies and markets last week.
"The two governments, which were previously unique among developed states in not providing any explicit deposit guarantee, pledged on Sunday to guarantee all bank deposits. Canberra went further, guaranteeing all term wholesale funding by Australian banks in international markets and doubling its pledge to purchase residential mortgage-backed securities to A$8 billion.
"'Australian banks, despite the fact that their balance sheets are in excellent shape, now have to compete with these foreign banks for funding on global financial markets, foreign banks which despite their weaker balance sheets, now have the advantage of a government guarantee,' said Kevin Rudd, Australia's prime minister. 'As prime minister of Australia, I will not stand idly by while Australian banks are disadvantaged ... because of the actions of foreign governments.'
"New Zealand, which is in recession, has offered to guarantee retail deposits for the next two years, with deposit-taking finance companies also included."
Source: Peter Smith, Financial Times, October 12, 2008.
Asha Bangalore (Northern Trust): Treasury, Fed, and FDIC implement new
measures of support
"Treasury, Fed, and FDIC instituted new measures to support the crumbling financial system. The US Treasury announced today, October 14, a voluntary program where financial institutions can sell preferred equity to the US government to enhance their capital starved status. Nine major financial institutions have agreed to be part of the program. This capital infusion plan follows the strategy adopted in many of the major European nations.
"Participating institutions will supposedly prevent unnecessary foreclosures and preserve homeownership. The details of which are not available as yet. The recapitalization program will amount to $125 billion for these nine banks and an additional $125 billion will be available to other banks or bank holding companies. Under this program, banks can continue to pay dividends capped at 5% for five years and 9% after this period.
"The FDIC will provide a 100% guarantee for newly issued senior unsecured debt for three years ending June 30, 2012. The guarantee would apply to debt of all maturities issued before June 30, 2009. The guarantee includes 'promissory notes, commercial paper, inter-bank lending, and any unsecured portion of secured debt.' The FDIC also guarantees funds, without a limit on size, in non-interest bearing accounts until December 31, 2009. For interest bearing accounts, the guarantee is limited to $250,000.
"The Fed, beginning October 27, 2008, will provide funds to businesses under the Commercial Paper Funding Facility (CPFF). The Federal Reserve Bank of New York will finance the purchase of unsecured and asset-backed commercial paper from eligible issuers through its primary dealers. The CPFF will finance only highly rated, US dollar-denominated, three-month commercial paper.
"These are the facts of the measures put in place, all details are not available. The entire operation is underway to build confidence, get the credit machine working again and preserve the global financial infrastructure. Here are some related questions and answers (there are many more questions, some with answers, some without):
"(1) Have these actions and those of the counterparts of the Fed and Treasury across the world prevented a recession? No, a global economic recession is nearly certain. The US economy is already in a recession; we are waiting for the National Bureau of Economic Research to make an official announcement. That said, intervention of recent days was necessary to preserve the working of the market. Excesses caused the current crisis and extraordinary measures had to be taken to prevent a systemic collapse. Capital shortage has far reaching implications on the world economy. A financial institution short of capital will suspend lending which appears as smaller credit lines or refusal of credit lines to companies and consumers. In simple terms, every dollar of capital shortage results in a loss of multiple dollars of lending.
"(2) Will the recapitalization of banks solve the problem? Capital was essential but it is not the cure all. First, a thorough and honest audit of financial institutions is essential. The aim of the audit should be to recognize losses, write-down illiquid assets and clean-up balance sheets. Perceptions of counterparty risk will be minimized only if transparency of balance sheets is established.
"(3) Does the infusion of capital by purchase of preferred shares dilute earnings? Stakeholders of all hues are paid from the same profit pool. Therefore, there is little doubt that there is a dilution of earnings."
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, October 14, 2008.
BCA Research: Policymaker action finally hitting critical mass
"Fresh capital and government guarantees for bank liabilities are very positive signs that the credit crisis is nearing an end, although it will be a long road to recovery.
"Policymakers around the world have 'pulled out the big guns' in their efforts to get the credit markets working again. Over the weekend, numerous European governments announced a massive bank bailout plan that includes funds for recapitalization, credit guarantees, and the purchase of troubled assets.
"In the US, the Treasury committed $250 billion to purchase bank preferred shares. It also took the important step of allowing the FDIC to temporarily guarantee the senior debt of all FDIC-insured institutions. This guarantee stops short of a blanket guarantee for all bank liabilities, but is broad enough to significantly reduce perceived risk in the banking industry. Taxpayer-backed recapitalization and broad guarantees are two critical items for solving the credit crisis.
"Banks need to get back to the business of market-making, but have been hit hard by the high cost of funding relative to the yield pickup on their inventories of securities. Investors should monitor measures of bank funding costs and related spreads for signs that the latest policy initiatives are working. These include Libor/OIS spreads, 2-year swap spreads, counterparty CDS spreads and the slope of the Libor/swap curve. Also watch financial over non-financial corporate bond spreads."
Source: BCA Research, October 16, 2008.
Bespoke: Overnight Libor starting to look like Overnight Libor again
"As many are well aware, Overnight Libor has spiked to extremely high levels multiple times over the last few weeks. Historically, the average difference between Overnight Libor and the Fed Funds Rate has been +11 basis points. As shown in the chart below, this traditionally tight spread got extremely out of whack recently as the credit crisis caused havoc. But over the last two days, this spread has gotten back to normal levels, and Overnight Libor is currently at 1.67% versus the Fed Funds Rate of 1.50%. The stabilization of this spread is a clear indication that the credit crisis is easing, and as long as it stays tight, the unfreezing should continue."
Source: Bespoke, October 17, 2008.
Philip Finch (UBS): The start of the end?
"The 'defining moment' has arrived in the evolution of the financial crisis, according to Philip Finch, global banks strategist at UBS.
"He says nationalisation of parts of the banking system in the US and Europe could mark 'the start of the end' of the turmoil, even though the economy is worsening. That is because state capital support should remove concerns over the solvency of the financial system, giving counterparties the confidence to resume business.
"He notes that since the £400 billion rescue of the UK banking system was announced last week, the credit default swaps of UK banks have almost halved. 'Inter-bank spreads remain elevated but should start to come down once banks in other countries also have access to state support.'
"This banking crisis, though, is different to previous ones. 'Historically, state-sponsored recapitalisation support was the catalyst for a sustainable re-rating of the banking sector.
"'However, in this crisis, government intervention has come earlier relative to the impairment cycle, suggesting that a re-rating of similar size to previous crises is less likely.'
"Mr Finch says that even after a series of bail-outs, more banks are likely to fail. 'Stock selection remains critical. Poorly capitalised banks remain most vulnerable while we view universal banks with high capital ratios and strong retail depository franchises as best placed for survival and market share gains.'"
Source: Philip Finch, UBS (via Financial Times), October 13, 2008.
MoneyControl: End of global turmoil? Faber, Mobius speak
"So have global markets finally bottomed out? Here are a few experts on the road ahead for US markets.
"Marc Faber, Editor of The Gloom, Boom & Doom Report, said, 'Maybe the worst of the financial crisis has been seen, but I will give you an example, General Motors was at USD94 in 1999. Yesterday, it rallied 33% but it's still at USD6. People say the market has rallied 10% and stocks like Morgan Stanley went up 86%, but they are still way below the previous peaks and losses are colossal in the investment community.
"'We have to see the rally in the context of everything, the market was already oversold when it was at 1200 and then it went down to 831 on the S&P and became statistically unbelievably oversold. It was probably the most oversold condition ever. Now we have a rebound and these rebounds can be in the order of 20% to 30% and then traditionally usually you have a retest of the lows. I am not saying the lows will be retested. But usually there is a retest of the lows.'
"On gold he said, 'The gold price could easily drop to USD700 per ounce before it enters into a rise but one will see much higher gold prices eventually because paper money is over time losing its purchasing powers in the world. It's very clear that every currency is losing its purchasing power in the world.
"Mark Mobius, MD of Templeton Asset Management, said, 'There will certainly be a lot of retrenchment in the real economy. But the stock market tends to look ahead. And therefore we have seen these big declines in the market. You will see a few more declines but we are beginning to see a bottom and therefore the opportunities are quite interesting, quite attractive.'
"David Darst, Global Wealth Management, Morgan Stanley, said, 'We need confidence to return, people need to have faith and trust the prices on the balance sheet. And they have to have faith and trust in the management. Supremely and most importantly they have to have faith and trust in the authorities. All these authorities are working together and that is definitely helping to restore the confidence a bit.
"'The upward market movement was a combination of three things. It was global, it was coordinated and it was systemically directed as opposed to ad-hoc. Some of the actions by the UK has sparked and motivated and inspired others. In turn some of the US programs have done that for European nations and this has led everyone in their own independent way to fall into the parade and act together.'"
Source: MoneyControl, October 14, 2008.
CNBC: Peter Schiff & Mark Zandi - Capital injection's impact
Discussing the economic impact of the capital injections, with Mark Zandi, Moody's Economy.com, and Peter Schiff, Euro Pacific Capital.
Source: CNBC, October 15, 2008.
Bloomberg: Schwarzman says US plan "breaks back" of crisis
"Blackstone Group Chairman Stephen Schwarzman said the US government's plan to inject cash into financial institutions, coupled with similar actions by other nations, may jumpstart stalled global credit markets.
"'We're looking today at an absolute sea change in the global financial system in terms of liquidity,' Schwarzman said today at the Super Return Middle East conference in Dubai. 'This could be the time that breaks the back of the credit crisis.'
"The US plans to invest about $125 billion in nine of the country's biggest banks, including Citigroup and Goldman Sachs, in exchange for preferred shares, people briefed on the plan said. The measure follows similar moves by European leaders to unfreeze credit markets and shore up confidence in the financial system.
"'There is no reason in the face of this why anyone would have any concerns or fear about putting money into the US financial system,' Schwarzman said. 'Before this remarkable initiative, the cost of money for financial institutions was way higher than they could afford to lend it out. The system ground to a close.'"
Source: Jason Kelly, Bloomberg, October 14, 2008.


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This is a photo of my baby girl a few years ago. Desiré was a kitten from my mom's cat, Lily, so she is a grandkitty. I've had her longer than I have been married. She is about 10 years old now and not quite as playful but still sweet. Don't try to rub that belly, she bites!
Jess from Portland, OR
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Oh my goodness, she's beautiful! I have a cat that looks exactly like Desire', but my "Moonie" cat is fifteen years old, a bit "aged", but I love her like I did when she was a kitten who "strayed" into our lives! How can you not love anything that adorable?! Thanks for posting that picture!
She is beautiful. Maine coons are the sweetest cats. My Tigger loved to have his tummy rubbed. I sure miss him.
Absolutely adorable!! I have an 8 year old kitty who looks just like her! My baby's name is Chicky. I adopted her from a shelter when she was 2. She also hates her belly rubbed. Chicky loves to be petted, but never held.
She is so lovely. I hope and pray that she will come back to you.
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This post is in memory of our darling cat, Desire. My husband and I adopted Des when she was just a tiny kitten, before we were married. She was from a litter of kittens from my mother's cat, Lily. That was in 1996 so she would be about 15 now. I remember we took her with us when visiting family for Christmas, because she was still so small. My husband's grandmother was charmed by her and took photos of her walking on the piano keys. I have many cute kitten shots, but they are boxed up somewhere as they were before digital (at least for me).
Des was a beautiful cat. Her father was named Tommy and was a cat who lived in my mom's neighborhood. He was probably pure Maine Coon, a big striking cat that was always really friendly. Her mom, Lily, was small and pure white. Des got her looks mostly from her dad, but she was small boned and delicate.
Desire was always very opinionated. She used to pee on things to show her displeasure. I was just finishing college at the time we adopted her and she used to deliberately pee on my roommate's bed :( She moved cross country with us in the car and it was a bit messy, as you would expect. She also was unhappy when we brought our first baby home from the hospital, as if I didn't have enough laundry to do at that time. She chose to live part time with a neighbor for awhile. We could see her in the apartment across the way. Eventually she forgave us for replacing her and came back to be with us.
When we moved back to the West Coast, we arranged to have her flown home instead of making her ride in the car for three days again. My poor brother said that she wailed the entire flight! She was a bit indignant when we brought our second son home, then again when we adopted a new cat, Patton. And, she was really mad at us when we brought home the final indignity, our Chow puppy, Honey.
She wasn't always unhappy though, far from it. When we bought our house, she loved to sit and watch the cars go by, and squeak at any birds she might see. She was always the ruler of the household, keeping us all in line with her poses and disregard for any rules. Rarely, she would allow us to rub her belly for a few minutes, but she would then decide it was beneath her dignity and would bite or scratch to show who was the real boss. Cats can be so funny.
This last summer, she went missing. We feared the worst, but she turned up a few weeks later. Then, about a month later, they started doing road work outside our house and she disappeared again. I have been putting off making this post, because I have been hopeful that she would turn up. It has been a couple of months now and the weather is turning colder. I hope that she found another home to live at, but she probably wandered off to die in peace. I miss her terribly and will never forget my first baby.
By Jessica from Hillsboro, OR
What a beautiful kitty! I'm so sorry she is gone.
What a beautiful cat. I hope and pray she returns to you one more time. It hurts to lose these little creatures.
Thanks for sharing your beautiful kitty and I'm so sorry she hasn't returned.

subset: commoncrawl


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Urgent Casting: Actors needed for Theater in New York, NY
Audition Specs:
Audition Date: September 4th in New York, NY
Rehearsals begin Mar. 23; runs Oct. 18-Nov. 16
Location: New York
Pays $300/wk.; Equity LOA-NYC Contract.
Female, ages 18-20, Caucasian
Anna Maclean : to play age 16-17, Scottish descent. On the brink of womanhood, giddy with the prospects of her first crush.
Female, ages 30-39, Caucasian
Jennie Maclean : Scottish descent. Anna's devoted single, over-protective mother.
Female, ages 50-59, Caucasian
Elsie Shultz : widow devoted to the memory of her husband; seeks great solace there.
Male, ages 18-20, Caucasian
Brian Davidson : Scottish descent. Recent recruit to the military. Still finding his way in to manhood.
Please submit Picture and resume.
Casting Calls Categories: Theater Auditions / Paid Roles Casting Calls / Union Casting Calls
Audition Date: September 4, 2014
Project: Auditioning Actors for Theater
Casting Call Location: New York, New York
Casting Call Submission Form:
SPECIAL OFFER: Save 30% off the regular price of Backstage, including Backstage.com and Backstage Magazine. Casting You Can Trust: Start your acting, modeling, and singing career today!
This Casting Call/Audition filed in: Casting Calls in New York, NY / Paid Roles Casting Calls / Theater Auditions / Union Auditions


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Mikhail Youzhny advances to 2nd round in Bangkok
Updated: September 25, 2013, 8:54 AM ETAssociated Press
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Reading this on a laptop or on a screen with a camera? Glance up at the camera. Smile and wave.
Why? Just in case someone is watching you. Is that possible?
Yes. Yes it is.
Are you the person who puts the yellow sticky over your laptop webcam? Or the one who laughs at the people who do it?
What if someone turned on your laptop camera without your knowledge? What would they see? How could that harm you?
Once the domain of movies and television shows. The theory is now reality - complete with solutions pitched on Shark Tank.
It's even extended to the realm of office pranks. Take for example this video from last Fall [link to YouTube video]
Whether you find it funny, disturbing, or a waste of time, it points out the reality that sometimes technology can be used against us.
The concern even surfaced in the courts; but those cases are generally the result of inappropriate use of organizationally approved and installed tracking/monitoring solutions.
The vanishing privacy/use indicator
In most of these cases, the privacy light that turns on when the camera is on was functioning normally. It's intended to allow us to know if and when the camera is on.
That changed about a month ago with the revelation that it's possible to turn OFF the privacy light while turning ON the webcam remotely. What really grabbed attention was the attack was against Apple laptops (the caveat: it's on older hardware) [link].
While the privacy light may no longer serve as the definitive signal of webcam use, the sky isn't falling.
Framing the conversation
Cameras are becoming the standard for laptops and mobile devices. More and more, we rely on the ability to share voice and video over networks. It's becoming a standard means to communicate (which I love as a traveling father).
That means it's also time to think about the implications and practical protections while engaging those around us in constructive conversation.
There is a difference between someone installing monitoring software as part of the build versus an attacker finding a way to remotely activate the webcam (microphone, and speakers).
It's important to consider what we know, sort through implications, and then consider what steps, if any, make sense to take.
What we know
Since the privacy/on lights are controlled much the same way the camera is, it was inevitable that eventually someone could turn the webcam on without signaling it.
Right now, it means the act is possible. Sometimes.
Possible doesn't always means it's easy. Success depends on a variety of factors, including hardware, software, and network connections.
State actors, well-financed criminals, and determined attackers have access to the techniques, tools, and ability to gain access to embedded cameras.
The broader consideration is how this impacts future efforts to take over embedded cameras. How long until someone figures out how to get your tablet or smart phone camera to turn on to monitor you [link]?
The implications are just forming. It's a time when a little awareness, some discussion, and common sense go a long way.
Implications & Actions
The implications and actions depend a bit on who you are and what you're doing.
Most of us will be successful by simply putting a piece of tape over the webcam. I recommend something plastic/vinyl (like electrical tape) without residue. That way, when you need the camera, it's available. Similarly, a lot of people use a small sticky note to cover the camera.
Manufacturers need to consider the architecture of camera solutions with attention to how privacy/use lights and camera usage is coupled/protected. The upside to the revelation is attention; this allows manufacturers and developers insight into a new range of attacks, unintended uses, and the potential to develop stronger solutions.
Security professionals -- cyber and physical -- need to find a way to work together. While concerns over remote camera use have existed for some time, the new developments may renew consideration for how cameras are used in sensitive environments.
The Bottom Line
While the news made headlines and caught some attention, the easier way to compromise someone is to trick them into clicking on a link or downloading (and running) a program that gives an attacker the same access.
The important action at this point is simple awareness (read more about the proper definition). Take a few moments to consider the locations and ways laptops with built-in cameras are used -- and then encourage the individuals around you to do the same.
Simply ask, "what can the camera see, and how could that impact me?"
Whether you elect to go with the electrical tape or sticky-note solution, perhaps it makes sense to laugh less at those who do.
This is a developing area worth monitoring. More and more, we rely on the ability to share audio and video with people. It's not going away (and doesn't need to).
Our reliance on these systems and capabilities means they can sometimes be used in unintended and unexpected ways. The key is reasonable, balanced conversations where we get to discuss them.


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Learn the 12 bar blues vol.4
Henry Olsen, Beginner Guitar Expert
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12 bar blues arpeggio4:12
12 bar blues arpeggio PA3:57
About This Class
In this class I teach you how you can take single notes and play them with your fingers or a pick. This will make your playing sound very interesting.
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Henry Olsen is a self-taught professional guitarist with 13 years playing experience and 4 years professional teaching experience. He provides one-on-one private guitar classes in Austria and offers online guitar courses – both free and paid – to students who sign up on his website. He also has a constantly expanding YouTube Channel with over 6000 subscribers.
Henry is a teacher proud about sharing his expertise, knowledge and he has thousands of teaching hours to his credit. He has trained 8600+ students to date and has consistently gotten 5-star reviews for his work. He currently teaches 11 guitar courses (all available on the website)
Henry was born and raised in San Francisco where he lived his early childhood years. He later moved to Croatia where he spent his teenage years. Henry currently lives in Austria with his family of three; a beautiful wife and two adorable sons.
Henry is a guitarist passionate about his craft but there is something more important to him – impacting his students' lives and helping them build their passions and their dreams. In his words, he describes his joy "Teaching guitar is more than sharing experience for me. I feel like I´m really refining my skills as a teacher, but more than that, there is no greater joy than seeing my students' faces light up after playing something that they thought was never possible for them".
In his downtime, when he is not providing guitar lessons or improving and honing his craft, Henry likes to indulge in his other passions; spending time with his family, skateboarding and yoga.


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| Acuwin.com
Automated sweepstakes entry service. Membership includes a personalized email address and discussion forum. - (Read more)
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Lists UK competitions from a selection of retailers, organized by type of prize. Includes archive of expired competitions and forum. - (Read more)
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Offers a selection of online competitions for UK residents sorted by prizes including cars, holidays, and cash. Includes competition answers, lucky lotto numbers, and auto entry option for members. - (Read more)
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Directory of online instant win sweepstakes and contests. Includes required codes as needed. - (Read more)
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Holding ongoing raffles to win a new home located in the area of Brisbane, Australia. Also offers second place holiday or cash awards, plus incentive prizes. - (Read more)
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Selling packages of postcards to use for entering UK postal entry competitions. Includes postcard competition listings and free newsletter. - (Read more)
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Sweepstakes entry instructions for contests offered by well known consumer companies. - (Read more)
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Monthly magazine listing competitions currently running in the UK. Includes online competition forum and free issue offer. - (Read more)
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Features an ongoing selection of online sweepstakes that offer prizes that include electronics, sports equipment, travel, and music - (Read more)
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Online sweepstakes and shopping site. Cookies required to use the site. - (Read more)
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Contest sweepstakes winners every day. Closest guess wins free online tarot card reading. - (Read more)
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Click advertisements on a grid for a chance to win money. Pixels available for advertiser purchase. - (Read more)
| Contestgirl
Lists U.S. and Canadian contests and sweepstakes, sorted by entry frequency. Includes organization and tracking capability for registered users. - (Read more)
| ContestHound.com
Directory of online sweepstakes. Sorted primarily by frequency of entry. Offers a free sweepstakes newsletter. - (Read more)
| CashNet Sweepstakes
Categorized, searchable collection of online contests and sweepstakes. Includes mail-in sweeps, games, instant win, skill contests, community forums, and archive of expired sweepstakes. - (Read more)
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Sweepstakes directory offering complete list of prizes, descriptions, and rules for current free online contests, sweeps, giveaways and games. Sorted by entry frequency, prize and contest type. - (Read more)
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Search engine and directory of contests and sweepstakes for Canadians, categorized by type of prize. Also offers a snail mail newsletter by subscription - (Read more)
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Current listings of writing, photography, song writing and cooking contests. - (Read more)


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Andreas Kyriakakis
Andreas has a long established career in strategic IT management with large international organizations such as ICL (International Computers Ltd.) and Emery Worldwide Airfreight. Experience building leading technology startups includes being the Founder and CEO of Edifact in 1991 and the launch of Symfact in 2001.
Chris Craddock
COO/Marketing Director
Chris has a Masters in Physics and Engineering from Cambridge University in England and a Masters in Business Administration from INSEAD, Paris (L'Institut Europé en d'Administration des Affaires). As an established technology entrepreneur he has over 20 years experience in the creation and management of international operations for US based startups and was most recently Vice-President Europe for a North American provider of a Contract Management solution.
Harry Angel
VP North America
Harry has sold and delivered consulting services and software solutions for global firms such as Accenture, IBM or Oracle. He is experienced in all phases of system strategy, development and system implementation.
Simon Hänggi
Director, Services
Simon has been with Symfact for 12 years and controls both Symfact's internal implementation and support services departments. He also liaises with all third party service providers.
Andrea Marsiglietti
Director, Product Management
Andrea has been with Symfact for 10 years and manages all engineering development and integration teams for Symfact.
Jean-Philippe Berset
Director, Development
Jean-Philippe has been with Symfact for 13 years and was responsible for the development of the initial platform architecture. He is now overseeing the future product roadmap.
Dan Townsend
Director North America, West
Dan has been a leading executive across all areas of contract management for over 14 years. His industry experience and leadership further establishes Symfact's position not only in Contract Lifecycle Management but increasingly and uniquely across other Compliance / GRC segments.


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This week in photos: Jan. 11, 2013
In this Jan. 4, 2013, photo provided by the Holmes family, Tammy Holmes, second from left, and her grandchildren, two-year-old Charlotte Walker, left, four-year-old Esther Walker, third from left, nine-year-old Liam Walker, eleven-year-old Matilda, second from right, and six-year-old Caleb Walker, right, take refuge under a jetty as a wildfire rages near-by in the Tasmanian town of Dunalley, east of the state capital of Hobart, Australia. The family credits God with their survival from the fire that destroyed around 90 homes in Dunalley. Record temperatures across southern Australia cooled Wednesday, Jan. 9, 2013, reducing the danger from scores of raging wildfires but likely bringing only a brief reprieve from the summer�s extreme heat and fire risk. (AP Photo/Holmes Family, Tim Holmes) EDITORIAL USE ONLY
Alabama's AJ McCarron kissed The Coaches' Trophy after the BCS National Championship college football game against Notre Dame Monday, Jan. 7, 2013, in Miami. Alabama won 42-14. (AP Photo/David J. Phillip)
An injured passenger of the Seastreak Wall Street ferry is aided by New York City firefighters, in New York, Wednesday, Jan. 9, 2013. The ferry from Atlantic Highlands, N.J., banged into the mooring as it arrived at South Street in lower Manhattan during morning rush hour, injuring as many as 50 people, at least one critically, officials said. (AP Photo/Richard Drew)
Volunteers and employees of Selfridges department store on Oxford Street in London, pose for the media in 'The Silence Room', a space they unveiled for shoppers to quietly relax in, Thursday, Jan. 10, 2013. The Silence Room, where shoes are to be left outside and mobile phones not to be used, is part of a campaign by the store to integrate shopping with meditation to encourage people to be more considered and mindful in their everyday life. (AP Photo/Matt Dunham)
In this Tuesday, Jan. 8, 2013 photo provided by Marina Lacasse, a killer whale surfaces through a small hole in the ice near Inukjuak, in Northern Quebec. The whales escaped the next day when the wind direction changed and created an opening in the ice. (AP Photo/The Canadian Press, Marina Lacasse)
KTM rider Jorge Aguilar of Salvador tries to get out of a dune during the 6th stage of the 2013 Dakar Rally from Arica to Calama, Chile, Thursday, Jan. 10, 2013. The race finishes in Santiago, Chile, on Jan. 20. (AP Photo/Victor R. Caivano)
This courtroom sketch shows James Holmes being escorted by a deputy as he arrives at preliminary hearing in district court in Centennial, Colo., on Monday, Jan. 7, 2013. Investigators say Holmes opened fire during the midnight showing of the latest Batman movie on July 20, killing 12 people and wounding dozens. (AP Photo/Bill Robles, Pool)
Baby and Nepal, two elephants suffering from tuberculosis, stand in their enclosure at the Parc de la Tete d'Or Zoo in Lyon, central France, Monday, Jan. 7, 2013. Sex symbol-turned-animal rights activist Brigitte Bardot is threatening to join actor Gerard Depardieu in Russian exile unless France halts the scheduled euthanasia of the two sick elephants. The 1960s screen diva says authorities have ignored her 'numerous proposals' to save Baby and Nepal, a pair of 42-year-old elephants dying of tuberculosis at a Lyon zoo. (AP Photo/Laurent Cipriani)
Panasonic CEO North America, Joe Taylor, holds a 20-inch 4K tablet during a presentation at a keynote address during the Consumer Electronics Show, Tuesday, Jan. 8, 2013, in Las Vegas. (AP Photo/Julie Jacobson)
A show attendee photographs an image displayed on Sony's 84-inch XBR 4K LED television after a news conference at the International Consumer Electronics Show in Las Vegas, Monday, Jan. 7, 2013. The 2013 International CES gadget show, the biggest trade show in the Americas, is taking place in Las Vegas this week. (AP Photo/Jae C. Hong)
Los Angeles Clippers guard Chris Paul looks on as fans hold up pictures of him during the first half of their NBA basketball game against the Dallas Mavericks, Wednesday, Jan. 9, 2013, in Los Angeles. (AP Photo/Mark J. Terrill)
A puppy that was caught near the site of four fatal maulings sits inside a cage at a city dog pound in Mexico City,Wednesday, Jan. 9, 2013. Authorities have captured dozens of dogs near the scene of the attacks in the capital's poor Iztapalapa district, but rather than calm residents, photos of the forlorn dogs brought a wave of sympathy for the animals, doubts about their involvement in the killings and debate about government handling of the stray dog problem. (AP Photo/Dario Lopez-Mills)
A man walks through tombs covered by snow on the Mount of Olives, in Jerusalem, Thursday, Jan. 10, 2013. Stormy weather conditions continued on Thursday with snow, torrential rains and strong winds across the region. (AP Photo/Bernat Armangue)
A doll covered with mud lies on the floor after a flood hit the village of Bat Hefer, central Israel, Wednesday, Jan. 9, 2013. About 200 homes were flooded and tens of cars were damaged by the flood. (AP Photo/Ariel Schalit)
In this Sunday Jan. 6, 2013 photo Syrian rebel fighters take their positions in foxholes on the frontline of the ongoing battle for the military airport in Taftanaz, Syria. Syrian President Bashar Assad, in a rare speech Sunday, outlined his own vision for ending the country's conflict with a plan that would keep him in power. He also dismissed any chance of dialogue with the armed opposition and called on Syrians to fight what he called 'murderous criminals.' (AP Photo/Mustafa Karali)
French actor Gerard Depardieu gestures during a press conference with Montenegro Prime Minister Milo Djukanovic, in Podgorica, Montenegro, Tuesday Jan 8, 2013. In the last three days, Depardieu met with Vladimir Putin to get Russian citizenship, got a prime seat at soccer's biggest annual gala in Switzerland and dashed off to Montenegro to eye some real estate. But in all this whirlwind travel, he didn't manage to show up at a Paris court hearing Tuesday to face drunken driving charges because, his lawyer said, he had a vital meeting abroad for an upcoming film. (AP Photo/Risto Bozovic)
Hockey pucks are stacked on the boards as Vancouver Canucks players skate past during an informal NHL hockey practice at the University of British Columbia in Vancouver, British Columbia, Wednesday, Jan. 9, 2013. NHL owners have ratified the tentative labor deal. All that now remains is player approval to finally start the hockey season. (AP Photo/The Canadian Press, Darryl Dyck)
Executive Chairman of Google, Eric Schmidt, third from left, and former New Mexico governor Bill Richardson, second from right, watch as a North Korean student surfs the Internet at a computer lab during a tour of Kim Il Sung University in Pyongyang, North Korea on Tuesday, Jan. 8, 2013. Schmidt is the highest-profile U.S. executive to visit North Korea - a country with notoriously restrictive online policies - since young leader Kim Jong Un took power a year ago. (AP Photo/David Guttenfelder)
Former Penn State University assistant football coach Jerry Sandusky, center, arrives at the Centre County Courthouse for a post-sentence motion in Bellefonte, Pa., Thursday, Jan. 10, 2013. Thursday's hearing in Bellefonte is expected to delve into the legal challenges filed by Sandusky's lawyers, including their claim that a deluge of prosecution materials swamped the defense. Sandusky is serving a 30- to 60-year prison sentence after being convicted in June of 45 counts of child sexual abuse. (AP Photo/Gene J. Puskar)
In this photo taken on Sunday, Jan. 6, 2013, Plosky Tolbachnik volcano erupts in Russia's Far Eastern Kamchatka Peninsula. A Russian volcano which started erupting last week has continued to spew ash and smoke into the air. The Plosky Tolbachik volcano, in the Kamchatka Peninsula, last erupted in 1976. (AP Photo/Alexander Petrov)
South Carolina Gov. Nikki Haley, left, comforts her son, Nalin, 10, and her daughter, Rena, 14, as her husband, Capt. Michael Haley, right, gets ready for a deployment ceremony for the South Carolina Army National Guard 3/49 Agribusiness Development Team at McCrady Training Center, Thursday, Jan. 10, 2013, at Ft. Jackson, S.C. The deployment is scheduled for a year including one month of training in Indiana prior to leaving for Afghanistan. (AP Photo/Rainier Ehrhardt)
A South African policeman. left, fires a rubber bullet, at striking farm workers as they demonstrate in De Doorns , South Africa, Thursday, Jan 10, 2013. Striking farm workers in South Africa have clashed with police for a second day during protests for higher wages. The South African Press Association says police on Thursday fired rubber bullets at rock-throwing demonstrators in the town of De Doorns in Western Cape province, and protests were occurring in at least two other towns. (AP Photo/Schalk van Zuydam)
South Korean Buddhists hold a service with lights-out as the country implements a nationwide drill to cope with blackouts, at the Jogye Temple in Seoul, South Korea, Thursday, Jan. 10, 2013. The government conducted a 20-minute emergency exercise at 10 a.m., under the scenario that the authorities had issued warnings for a power shortage as the power reserve level had fallen below 2 million kilowatts due to high demand. (AP Photo/Ahn Young-joon)
Damien Dancy puts masks on his children Damaya, 3, left, and Damien, 7, on Wednesday, Jan. 9, 2013 at Sentara Princess Anne Hospital in Virginia Beach, Va. Hospitals in Hampton Roads are urging patients and visitors to wear a mask at their facilities to help stop the spread of the flu. The recommendation was issued Wednesday by more than two dozen medical centers. In a joint statement, the hospitals said the recommendation applies to hospitals, urgent care centers and branch clinics, among others. (AP Photo/The Virginian-Pilot, Stephen M. Katz)
A life-size cut out image of Venezuela's President Hugo Chavez is carried by a Chavez supporter during a symbolic inauguration ceremony for Chavez in Caracas, Venezuela, Thursday, Jan. 10, 2013. The government organized the unusual show of support for the cancer-stricken leader on the streets outside Miraflores Palace on what was supposed to be Chavez's inauguration day. The Venezuelan leader, normally at the center of national attention, is so ill following a fourth cancer surgery in Cuba that he has made no broadcast statement in more than a month, and has not appeared in a single photo. Officials have not specified what sort of cancer he suffers or which hospital is treating him. (AP Photo/Ariana Cubillos)


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S'more Treats
Be the first to review
READY IN: 23mins
Recipe by Crafty Lady 13
Another tasty treat from the 100 Calorie Snacks & More cookbook. Using cocoa-flavored rice cereal, low-fat graham crackers and mini marshmallows you get a satisfying s'mores-like treat without the guilt of calories, fat and carbs.
See Discussion:
Ingredients Nutrition
- 2 1⁄2 cups cocoa-flavored sweetened crispy rice cereal
- 6 whole low-fat honey graham crackers
- 3 tablespoons margarine
- 1 tablespoon Splenda sugar substitute, sucralose-brown sugar blend
- 3 1⁄2 cups mini marshmallows, divided
- 1 ounce milk chocolate chips (optional) or 1 ounce semisweet chips, melted (optional)
Directions See How It's Made
- Lightly spray 9-inch square baking pan with nonstick cooking spray. Place cereal in large bowl. Crumble graham crackers into 1/4-inch pieces; add to bowl. Toss to combine.
- Combine margarine and sucralose-brown sugar blend in large microwavable bowl; microwave on HIGH 25 to 30 seconds or until margarine is melted. Add 2 1/2 cups marshmallows; microwave on HIGH 1 1/2 to 2 minutes or until marshmallows are melted, stirring after 1 minute. Stir until mixture is smooth.
- Add marshmallow mixture to cereal mixture; stir to coat. Add remaining 1 cup marshmallows; stir until blended. Press evenly into prepared pan using waxed paper. Cool completely. Drizzle with chocolate, if desired. Cut into squares.


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The HSE has two websites dedicated to mental health:
This provides general information and advice on looking after your mental health
This provides information for young people in looking after mental health.
If you're looking for a psychologists in your area use this PSI resource.
The Psychological Society of Ireland's 40 (practical) tips for mental health, well-being and prosperity.
The Psychological Society of Ireland (PSI) has compiled this list of practical tips. Psychology is unique among the human sciences and helping professions for the way it uses research to help people solve or cope with problems. Each of the tips below is supported by at least one study that demonstrates the tip can be helpful. Whether you want to learn to be more content in general or are struggling to cope with a challenging situation, check out the 40 tips below for sound, practical and evidence-based suggestions.
The Psychological Society of Ireland's Article: Advice to Junior and Leaving Certificate students
The Psychological Society of Ireland comments on the value of suicide prevention: regenerating a sense of hope for living


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Statement of Senator Hillary Rodham Clinton Regarding the Senate's Action to Undermine Proposed Prescription Drug Reimportation Legislation
"Yesterday, the Senate voted to add the provisions of Senator Dorgan and Snowe's Pharmaceutical Access and Drug Safety Act, legislation I am proud to cosponsor, to S. 1082, the Food and Drug Administration Revitalization Act. The amendment would establish the framework through which we could reimport drugs from other nations where regulatory authority is similar to that in our country, allowing millions of Americans to safely obtain medically necessary drugs at lower cost. I voted for this amendment, and was disappointed to see its provisions undermined.
Americans pay higher prices for the exact same prescription drugs being taken by their counterparts in Canada and Europe. The Congressional Budget Office has found that prices for brand name prescription drugs are 35-55 percent higher in the United States, but that adoption of the reimportation legislation I support would save consumers $50 billion in just the next ten years.
This price disparity affects millions of Americans. Our seniors, many of whom are on fixed incomes, end up spending larger portions of their income on drugs, especially when falling into the "doughnut hole" or wrestling with other gaps in a Medicare Part D benefit. And this isn't only a problem for seniors - we have 46 million uninsured individuals in our country, many of whom are unable to afford prescription drugs. Without these drugs, manageable chronic conditions, like asthma or high blood pressure, spiral out of control into serious health problems.
The Dorgan-Snowe amendment contains many provisions that will ensure safety while giving Americans access to cheaper drugs. This bipartisan provision will allow Americans to safely access drugs from Canada starting 90 days after enactment. It will provide the needed authority and funding to the FDA to regulate foreign pharmacies and wholesalers, so that we can be sure that any drugs that enter the United States are safe for our citizens. And it will increase the consumer protections involved with internet pharmacies, so that people who don't live near the border can access imported drugs without being defrauded.
Opponents of reimportation amended the underlying Dorgan-Snowe bill to require the Secretary to certify that importation is safe - a certification that is unnecessary, and so vaguely worded as to be impossible to meet. In fact, the Congressional Budget Office reports that the $50 billion in savings from reimportation legislation will be eliminated through this certification provision. Within the framework set up by the Dorgan-Snowe legislation, only FDA-approved drugs would be imported, and measures to ensure additional safety, such as the use of tamper-resistant and anti-counterfeit packaging, as well as tracking and tracing technologies, would be implemented.
We need to make drug reimportation safe, we need to make drug reimportation unambiguously legal, and we need to do so as quickly as possible. The Pharmaceutical Access and Drug Safety Act would allow us to do all of those things, and I will continue to work to ensure that Americans can obtain affordable and safe prescription drug medications from Canada."
Source: http://clinton.senate.gov/news/statements/details.cfm?id=273761&&


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Cox Green is a highly successful school, committed to achievement. It is a vibrant learning community in which all students receive the support and encouragement they need to become successful, confident and mature young people. The school provides a secure and happy environment for positive and exciting learning experiences.
We are very proud of our school which values a strong sense of community. We are fiercely committed to providing all of our students with an education of the highest quality. We know that excellent schools are those that not only promote high academic standards but also have a deep concern for others.
To achieve the very best, leadership and teamwork are required and that is why we seek to build active partnerships with our parents, based on shared goals and supported by clear and regular communication.
Heidi Swidenbank


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Locations Home >> United States >> KY
Kentucky Office Space and Virtual Offices
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Hi all,
I have an HP MicroServer with SBS 2011 Essentials installed and a laptop integrated in SBS 2011 essentials with client backups enables. First of all the nice user manageable backups run really well, even when hibernated or in stand-by. Today I made a bootable memory stick using the console and did a Bare Metal Recovery on this laptop. All went well and the nice wizard helped me through the process. After 30 mins. this was done and completely ok!
By the way, in case of very small businesses, the SBS Essentials solution of M$ can be a real good alternative to a good NAS.
Kind regards,
5 Replies
Sep 8, 2011 at 10:47 UTC
I have done the same with WHS 2011. Works really well.
Looking at SBS 2011 Essentials I'm unsure if there is a conflict between what I traditionally know to be true about client OS's that will work with it and what Microsoft now publish. Microsoft say that the supported client OS for SBS 2011 essentials are:
I always thought you needed a version of Windows OS that could be added to a domain, e.g xp pro, vista business and above, windows 7 pro etc.
So what's the truth?? Can XP home PC's or Vista Basic etc be integrated into a domain because of some MS sorcery in SBS 2011 essentials??
Sep 9, 2011 at 9:02 UTC
I added a Windows 7 Home Premium client to the Essentials domain. This computer isn't joined in the domain but the client application gives single-sign-on functionality and all stuff works well. Even monitoring in the console works!
Sep 11, 2011 at 2:45 UTC
MvT is an IT service provider.
You can add low end sku's of windows like home edition but with limited support in essentials.
Sep 15, 2011 at 11:50 UTC
The solution Christof is using is now available pre-installed and ready to use for $899US!
HP Part # 658552-xx1
xx=00 US
xx=20 Brazil
xx=29 Japan
xx=37 APD
xx=42 Europe
Sep 15, 2011 at 1:03 UTC
Is the N40L Microserver going to be offered with Cashback Greg? Would be an awesome buy if so
This discussion has been inactive for over a year.
You may get a better answer to your question by starting a new discussion.


text:
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What is JotForm?
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7:30 AM Ambush (1949)
Wednesday, January 6, 2010
Coming distractions: April 2010 on TCM
5 comments:
- panavia999 said...
Ooh, thanks for the lovely posting. I waffle in my admiration for Taylor, but anytime he is on horseback is fine with me. (He was a good horseman.) I especially like "The Last Hunt" and "Many Rivers to Cross" is so much fun. But with so many films to watch, I can finally see enough to decide just how much I really like Taylor.
- January 6, 2010 at 1:00 PM
- Laura said...
What a great month! Thanks for the link -- yep, I'm sure happy. :)
If you haven't seen HIGH WALL, I suggest giving that one a try as well. It's one of the great noir-type films Taylor did starting in the late '40s, costarring the always-interesting Audrey Totter. I liked THE BRIBE, too, which has a fantastic fireworks finale. You've got some great titles in italics, like ROGUE COP and WESTWARD THE WOMEN, which might be my favorite Taylor film.
I also want to mention another notable Ginger Rogers film which doesn't show up on the schedule till April 28th: LADY IN THE DARK, costarring Ray Milland, directed by Mitchell Leisen. (I saw this at the L.A. Co. Museum of Art circa late '70s, but haven't seen it since.) This is another of the Paramount films we are starting to seek trickle onto the TCM schedule. Since Paramount's biggest stars included some of my favorites like Milland, Colbert, and MacMurray, I'm very excited about what the coming months may bring to TCM.
Best wishes,
- January 6, 2010 at 1:13 PM
- Ivan G. Shreve, Jr. said...
Laura, I have seen High Wall (1947) and am in 100% complete agreement with you -- excellent, excellent film.
- January 6, 2010 at 1:24 PM
- Paul Castiglia said...
TCM did run "Nitwits" (my favorite W&W movie) and "Kentucky Kernals" at least once, with George Stevens Jr. joining the TCM host to do intro's for each. A friend DVR'd those and duped some copies. Hopefully they'll run them again at some point - most especially "Nitwits" as I think many would be surprised at how perfect a "popcorn" movie comedy it is. Good for Stevens that he moved on to more prestigious projects, but bad for W&W fans that he exited W&W films after "Kernals" - he was the only one who knew how to maintain their energy and essence of their humor in a post-Code world.
- January 7, 2010 at 11:01 AM
- VP81955 said...
As a Lombard fan, I'm delighted "Vigil In The Night" will be included in the George Stevens retrospective -- but I only hope TCM will run the "international ending" to "Vigil," in which the characters learn about Germany's invasion of Poland and comment on the new challenges ahead for England (http://community.livejournal.com/carole_and_co/79206.html). TCM ran the alternate ending in 2006, when Lombard was among its "Summer Under The Stars" honorees, but I don't believe it's run in subsequent airings. Too bad, because it adds to the flavor of the film and the time it was issued.
- January 9, 2010 at 11:49 AM


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With an "Anchorman" sequel on the way, star Will Ferrell is not making the talk-show rounds. But Ron Burgundy is, and on "Conan" Wednesday night, Ferrell's alter ego had lots to say, talking about his super-duper-true book and offering up a song for Toronto's embattled mayor, Rob Ford.
Will Ferrell toots his 'Anchorman' flute for ConanPlay Video - 0:57
Will Ferrell toots his 'Anchorman' flute for ConanPlay Video - 0:57
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"My dear, dear, dear friend Mayor Rob Ford of Toronto is running for re-election," Burgundy/Ferrell told host Conan O'Brien. "I hold him in the highest regard. He is the best. Outstanding individual."
Ford was recently stripped of many of his powers of office after being caught smoking crack, buying drugs and driving drunk.
Burgundy then delighted everyone by saying he'd been asked to sing Ford's re-election campaign theme song, Loverboy's "Working for the Weekend." He even managed to work in a flute solo. (But no cowbell, alas.)
He also was there to push his new book, "Ron Burgundy: Let Me Off at the Top, My Classy Life & Other Musings," which he helpfully provided a testimonial for — the front cover features his quote, "I Wrote a Hell of a Book!"
"You know that's what the critics were eventually going to say, and I just beat them to the punch," he told O'Brien. "It's 130 percent true."
Well, that escalated quickly. Check out the clips for more Burgundy gems!
"Anchorman 2" opens in theaters on Friday, Dec. 20.


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Marcus kissed me. "Damn baby! I ain't never came that hard befo!" I smiled. "So are we gonna fix my car now?" I watched as he walked to the front door, his bat size cock swinging between his legs as he waslked. He locked the door and then walked back to me. "Not tonight!" He kissed me and I felt him lift my shirt over my head. I am a little flabby in places and have "manboobs" but that didn't seem to worry Marus. He kneeded both my boobs with his big hands before kissing and licking them. My nipples became hard. He licked and gently nibbled on both causeing me to moan softly. "God, you is so freakin hot!" he said in his hot ghetto slang. I smiled. "Your nothing to sneeze at yourelf."
He unbuttoned my pants and slowly slid then down. I preffer the loose cotton shorts to briefs. I closed my eyes when I felt Marcus begin massaging my basket. Like I said, my cock isn't very big but its thick. I also have an amazing ass. Smooth with just a little hair in the "Valley." "MMM! I'm gonna love fuckin that hot ass of yours!" Marcus exclaimed. I smiled. He slid my shorts down and my cock poked out. I gasped when I felt him begin stroking it. He hugged me with his hand still between us. "I wanna feel you cum all over me!" he murmered in my ear. Soon he had me panting and moaning. I was so close to cumming and told him so. "Yeah, cum for daddy!" he whispered in my ear. He moved his hand faster. I couldn't hold back anymore. I felt my spunk expload all over his hand and drip onto the floor. "UUURRRHHH!!" I whimpered.
As I caught my breath Marcus licked his cum soaked fingers. "MM! Sweet!" He told me to lay on the bed with my legs up to my chest. I knew what he was planning to do but I still cried out in suprise when I felt his long tongue lick my cheeks and crack. His strong hands parted my cheeks and I moaned like a two bit hooker when I felt his tongue flick across my hole. "OOOH Yeah! Lick my ass!" I moaned. He worked my ass with his tongue while I panted and moaned all the while. After awhile he stopped. "Ok, it's time for me to fuck that sweet ass!" He smirked down at me. "It's gonna hurt like a bitch at first but I'll go slow." I watched him unwrap a condom and slide it onto his huge kilbasa size shlong. He squeesed some lube into his palm and stroked his cock. It made a wet sucking sound which I found to be very erotic.
I jerked slightly when I felt him squirt some lube into my ass. "Ooh! That's cold!" Marcus smiled and nodded. I felt some pressure when he inserted one of his fingers. "MMM Yeah! I'm deffinately gonna enjoy yo ass!" I felt him stick in another finger and then another. My anal walls opened up to his prodding fingers. When he felt I was loosened up enough he removed his fingers which made me kinda sad cause it was beginning to feel so good. "Remeber to breath" he reminded me.
I felt him insert his cock between my cheeks and rub it on my hole before pushing in. I felt a little pain but not too much. He slowly thrusted in and out, giving me time to get used to his cock. "Can u handle more?" he asked. I nodded clearly touched by his concern. He inserted more of his cock. Strangely I didn't feel any of the pain I had read about in gay erotica stories. Just a weird pushing and pulling sensation. "Ok, I'm gonna ram it on home, stay with me baby!" I nodded. I felt him thrust hard and I cried out. "Fuck!" He stopped. "Shit! Did I hurt you?" "No, I cried out cause it felt so good!" He smirked. "Ready for me to fuck yo ass?" I nodded.
He moved slowly, thrusting in and out. "Shit baby, yo ass feels so fuckin good!" I put a hand on his smooth, muscular chest and tweaked one of his nipples. He was panting and moaning softly. His lemon sized balls slapping against my ass with each thrust. I was loving it. It wasn't a quick frantic fuck. Marcus was taking his time. "I love you!" he exclaimed looking into my eyes. I smiled. The pushing and pulling sensation felt awsome. "Yeah, Fuck my tight ass!" Marcus had his eyes closed and his mouth was a perfect O. He moved faster, his balls making a "thwacking" sound as he thrust into my ass. "MM! I'm gonna cum baby!" he murmered. I was getting close myself. "Oh shit! Oh yeah, here it comes!" he pounded my ass like a jack hammer. "FUCK I'M CUMMIIINNNGGG!" His eyes screwed tight. I felt the warmth of his cum as it filled the condom. "AARRRGGGHHHH!!" he groweled as he came. I couldn't hold back any longer. I felt my own cock expload spurting my milky white spunk on my stomach and chest.
We lay there panting, Marcus on top of me. "Damn baby!" I smiled. "I know." I looked into his beautiful brown eyes. "Did you really mean it when you said you loved me?" He kissed me and then smiled. "I sho as hell did!" I laughed. "That sounds so nice, I've been alone for so long and have never had an amazing stud like u say that to me." He kissed me deeply. "Baby, you aint never gotta worry about that again!" I hugged him. His softening cock still inside me.
Hope u guys like this one!! Leave me a comment or e-mail me at [email protected] I always appreciate good reviews! :)


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Category Archives: From the Kitchen
Roasted Garlic Cloves
It's time to plant garlic. Every year we select the biggest garlic cloves from last year's crop to try to improve our yield. We break up the biggest bulbs and select the fattest cloves. That leaves a lot of cloves … Continue reading
Posted in From the Kitchen, Side Dishes 1 Comment
Fresh Cranberries
Until a few years ago fresh cranberries were almost impossible to buy in New Zealand. That changed when Wild Ruby Cranberries planted their first crop in 2007. Even so, it was a pretty good secret until recently. Harvesting is weather … Continue reading
Posted in From the Kitchen 6 Comments
Make your own foaming soap refill
Foaming soap dispensers work by mixing air and a thin liquid soap as the pump is depressed. Refills can be purchased and the manufacturers want us to think the correct brand of refill is essential to the pump dispenser continuing … Continue reading
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Spinach and Chicken Sandwich
We've almost stopped using lettuce, and even use spinach on our open face sandwiches. This is a typical Tuesday lunch: wholegrain bread, light mayonnaise, shredded chicken and baby spinach leaves sprinkled on top. To eat the sandwiches we just try … Continue reading
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More Bread Baking with Dean
We're hooked on baking and our inspiration is "Bread" by Dean Brettschneider. So far we've made 13 different recipes, some more than once. We've learned there are a lot of different words for rolls, for instance boule and boller. … Continue reading
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Baking Festive Sweet Rolls
These are said to be a national treasure in Sweden and it's easy to see why. The buttery dough filled with cinnamon and brown sugar is an interesting shape and taste great too. The dough is rolled out, filled, folded … Continue reading
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Bread Baking—almost artisan
Recently we've taken an interest in baking and found a wonderful book by Dean Brettschneider who coincidentally is a Kiwi but has bakeries and cafés in at least four countries. The book is called Bread, and that is its focus. After … Continue reading
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Green Soup
Before you say "yuck" and move on to something more interesting, find out how easy it is to make a delicious healthy soup. I used cavolo nero which is sometimes classified as cabbage and sometimes as kale but I've also … Continue reading
Posted in From the Kitchen, Soup Tagged cabbage, soup 6 Comments
Rice Crackers
Two weeks ago before we left for our Waiuta to Big River walk I threw in a package of rice crackers. They are light and didn't take up much room and we usually have a package on hand for emergencies. … Continue reading
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Perfect and Easy Poached Eggs
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text:
"Canada House wont listen to me"
Posted by Please help me
Canada house wont help you they haven't helped me they will never help anyone. They will never understand how awful they have made me and have neglected my recovery process entirely. Something needs to change otherwise more people will have to suffer.
Do you have a similar story to tell? Tell your story & make a difference ››
Response from Canada House 13 months ago
Thank you for sharing your view on our support although we are sorry that your reflections are not positive as we would hope for.
To better understand your experiences and to understand how we can better support you and others in the future, could we ask that you contact Jane Adams, Service Manager on 01634 583000
who will be happy to look into your case.
- {{helpful}} of {{total()}} people think this response is helpful
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Welcome to Cineca
European HPC centres have officially opened a market consultation for the purchase of HPC systems as part of the Public Procurement of Innovative Solutions for High-Performance Computing (PPI4HPC) project. It involves four public procurers: BSC, CINECA, FZJ/JSC and GENCI in Spain, Italy, Germany and France.
Cineca will be present at R2B Research to Business 2017 in Bologna on 8-9 June 2017. Visit Cineca's booth E17 at Bologna Fiere (Pad 33)
The Registrations to the 13th Advanced School on Computer Graphics for Cultural Heritage are open
The Italian team "Onda Solare", competing in the Solar Challenge around the world, won "Albi Eco Race 2017" category "Solar". Cineca is a partner of Onda Solare Project.
Focus on
The Italian Ministrer of Education Universities and Research Ministry, participated at the ceremony of the inauguration of the Cineca new building, and of the MARCONI supercomputer.
Transnational Access Programme for a Pan-European Network of HPC Research Infrastructures and Laboratories for scientific computing (HPC-Europa3) is the new 4-years project funded by EC. HPC-Europa3 aims at maintaining the persistency of a high quality service of transnational access to the most advanced HPC infrastructures available in Europe for the European research science community.
Do you want present your advancements in HPC-supported science and engineering at PRACEdays17? Submit your contributions by Sunday 8 January 2017.
PRACE 2017 Winter School - Fuelling Scientific Discovery with HPC Infrastructure - will take place on 6-9 February 2017 in Tel Aviv, Israel. The school is offered free of charge to researchers, academics and industrial users, residing in PRACE member states and eligible countries.


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Witness: [Name Withheld Upon Request]
Location: East of County Road 300, Kokomo, Indiana
Date of Sighting: February 2004
I was on my way home from work at approximately 8:30p.m. on a country road, when I noticed a spot light to my left reflecting off a plowed bean field staying right beside me but not on my truck. It was feet round. I slowed, it slowed, I thought maybe a plane or helicopter was over there.
I came to a place to pull over by a bridge and when I did I came to a complete stop and stepped out of the truck. The light stopped, then grew to an almost blinding bright then shot behind some trees, then straight up in a very thin beam of light and disappeared.


text:
Many comedy sitcom tv shows annoy me, I don't know why but the humor comes across as stupid and immature. I'm the only one out of people I know that refuses to watch these shows. If any of you heard of Friends, The Middle, Big Bang Theory, I'm talking those shows.
Yet adult humor show like Family Guy I find funny and others don't?
Most Helpful Girl
I don't like a lot of American comedy's.
Family guy, American dad, brickleberry, everybody loves Raymond, rules of engagement, etc.
And Adam sandler.
I just don't find it funny. I like how I met your mother, Big Bang and if I'm ill (aka feeling a bit pants, don't want to concentrate loads) I like friends. I adore South Park.10|10|0
I prefer British sitcoms - Inbetweeners (UK NOT US), Bluestone 42, Coupling... That kind of thing.
Thanks for MH!
Most Helpful Guy
All the shows you mention are crap, in my opinion. There have been a few sitcoms over the years that made me laugh such as All In the Family; Barney Miller; Raymond et al. Pretty slim pickin's though.10|10|0
; - )