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Essay:Darwin's The Origin of Species: Supplanting William Paley's Notion of Creator
This essay is an original work by PhyllisS. Please comment only on the talk page.
In 1859, Charles Darwin published The Origin of Species, which put forth the theory that creation occurred through means of evolution. After making a voyage from 1831-1836 on the HMS Beagle, he began to collate his observations in notebooks in July 1837. At this time, other theories about the creation of nature were in existence. One of the most prominent theories was put forth by William Paley in his 1802 book Natural Theology, which purported that a being with intelligent faculties is necessary in the creation of nature. He states, "[t]here cannot be design without a designer; contrivance, without a contriver; ... means suitable to an end, and executing their office in accomplishing that end, without the end ever having been contemplated." (Paley, 15-16) His claim that the "end" must be "contemplated" insinuates the existence of an intelligent being. Paley's theory is the 1802 form of the contemporary theory "intelligent-design", which is defined as the "design or creation in nature or the universe by an intelligent entity, adduced by those who believe that life is too complex to have evolved solely through by the action of natural processes." Darwin extensively studied Paley's works while at the Christ's College of Cambridge University, but he and others claim that his theories remained uninfluenced by the theories of Paley or other intelligent-design proponents.
Darwin states that he "without any theory collected facts on a wholesale scale" (Darwin, 42), meaning that he dissociated his ideas and theories about nature from the already existent ideas and theories, such as Paley's. A literary critic by the name of Gillian Beer, who studied Darwin's work extensively, notes his severance from theory; she states that Darwin "refused the notion of precedent Idea with its concomitant assumption of preordained Design" (Beer, 73). Here, she capitalizes "Idea" because she is drawing on a quote of the critic Matthew Arnold (who is not relevant to our discussion), and capitalizes "Design" to perhaps denote that she is referring to intelligent-design. Beer thus seems to claim that Darwin's severance from ideas comes with a severance from theories of intelligent-design.
However, there lies an incongruity in Beer's argument. Although she states that Darwin severed himself from intelligent-design theories, she also notes that he uses intelligent-design lexical terms. In a passage from The Origin of Species that studies the similarity between the wings of different species, Darwin states: "What can be more curious than that the hand of a man formed for grasping, that of a mole for digging ... should all be constructed on the same pattern, and should include the same bones, in the same relative position?" (Darwin, 415). Beer notes that "in this passage ... there are vestiges of design and of intentionalist language in the verb 'formed for' ... and in the carefully passive interrogative form that [wings] 'should all be constructed on the same pattern'" (Beer, 80). Beer states that there are traces of intelligent-design language apparent in Darwin's language, insinuating that Darwin did not entirely dissociate his theories from intelligent-design theories.
In particular, Darwin uses the lexical terms of Paley's theories. But Darwin alters the terms' meanings and manipulates them, so that they better fit his own theories. As I will show later, Darwin uses the lexical term "Creator" that Paley does, and then modifies it to mean natural selection so that it better supports his own theory. By using the term "Creator" in this way, Darwin is supplanting Paley's definition of Creator by replacing it with his own.
It is important to clearly differentiate this concept of supplantation from other depictions that scholars have made of the relationship between Darwin's works and Paley's. By supplantation, I do not mean that Darwin's Origin is a response or counterargument built from Paley's arguments, as literary critic Francisco J. Ayala implies: "[t]here is a possible reading of Darwin's Origin of Species that sees it, first and foremost, as a sustained effort to solve Paley's problem of how to account for the design of organisms" (Ayala, 55). I also do not mean to imply that this supplantation is purposeless in Darwin's writing, as Beer suggests by stating Darwin uses Paley's language simply out of habit: "Darwin draws unselfconsciously on the older language of design and contrivance" (Beer, 123) In this essay, I will affirm that Darwin drew on Paley's work by using and manipulating Paley's lexical terms. I will argue that, in doing so, Darwin supplants Paley's idea of Creator by replacing it with his own. Finally, I will explore the possibility that the purpose of this supplantation was to gain supporters for Origin.
In order to see how Darwin may have supplanted Paley's ideas, we must first explore how Creator is used by both Darwin in Origin and Paley in Natural Theology. By definition, "Creator" means "The Supreme Being who creates all things". In his text, Paley refers to "the wisdom of an intelligent and designing Creator" (Paley, 230); this implies that Paley's notion of Creator is one endowed with intellectual powers. Furthermore, Paley is actually quite clear in stating that the being "who creates all things" is God: "The marks of design are too strong to be gotten over. Design must have had a designer. That designer must have been a person. That person is GOD" (Paley, 441). Thus, Paley is referring to God when he uses the term Creator. However, since Creator is not exactly synonymous with God, the term has the potential to take on different meanings if placed in a different context, which happens in Darwin's Origin.
When Darwin puts forth his notion of Creator in Origin, is he deriving this notion from Paley's notion of Creator, or is he creating it independent of Paley? To answer this question, we must study the lexical context in which the term "Creator" appears. Darwin first discusses Creator in a passage in Chapter Six, where the context is: "... comparing the eye to a telescope. We know that this instrument has been perfected by the long-continued efforts of the highest human intellects; and we naturally infer that the eye has been formed by a somewhat analogous process" (Darwin, 154). In Natural Theology, Paley discusses "... comparing ... an eye, for example, with a telescope. ... They are made upon the same principles; both being adjusted to the laws by which the transmission and refraction of rays of light are regulated." (Paley, 18). It seems that Darwin drew his eye-and-telescope discussion from Paley – especially since both authors discuss the way in which the eye and telescope were made. The fact that Darwin embeds his discussion of Creator within Paley's lexical context of the eye-and-telescope analogy suggests that Darwin derived his notion of Creator from Paley.
Even when Darwin indirectly speaks of Creator, he presents it in Paley's lexical context. In a discussion about "injurious organs", or organs that harm an individual in some way, Darwin states: "Natural selection will never produce in a being anything injurious to itself, for natural selection acts solely by and for the good of each. No organ will be formed, as Paley has remarked, for the purpose of causing pain or for doing an injury to its possessor" (Darwin, 168). The juxtaposition of these two sentences is curious. In the first sentence, Darwin is stating that natural selection will not create injurious organs; in the second sentence, Darwin is invoking Paley's argument that a Creator will not create injurious organs. The discrepancy between the two statements is quite clear; yet their juxtaposition implies that the two arguments are analogous, and thus that natural selection and Paley's Creator are the same. In the second sentence, Darwin switches to the passive voice – "[n]o organ will be formed" – in order to avoid specifying precisely who or what is creating the organ. Thus, in this passage, even when Darwin discusses Creator indirectly, he surrounds it with Paley's lexical context in order to supplant Paley's conception of a Creator with his own.
Before entering a discussion of Darwin's notion of Creator, I must point out that his notion is extremely complex. When Darwin first discusses Creator in Origin, it takes on a dual meaning of being either God or natural selection. At the end of Origin, the term refers mostly to natural selection, and Darwin even seems to "mock" those who believe in a Creator that is God. Darwin – by first presenting a Creator in Paley's lexical context that is in accordance with Paley's Creator, and then modifying it to fit his own theory – is actually replacing and supplanting Paley's notion of Creator with his own.
Darwin's notion of Creator differs from Paley's; while Paley's Creator is roughly synonymous with God, Darwin's Creator initially takes on a dual meaning of either God or natural selection. Let us analyze Darwin's notion of Creator in Origin. First, Darwin proposes that the Creator did not need human-like intelligence to create: "Have we any right to assume that the Creator works by intellectual powers like those of man?" (Darwin, 154). Darwin pushes this point further to suggest that the Creator is actually natural selection itself: "natural selection will pick out with unerring skill each improvement. Let this process go on for millions on millions of years ... may we not believe that a living optical instrument might thus be formed as superior to one of glass, as the works of the Creator are to those of man?" (Darwin, 154). First, Darwin assigns the active verb "will pick out" to "natural selection", implying that it created nature. Second, because Darwin first describes natural selection as the force that created the living optical instrument, and then subsequently implies that the living optical instrument is one of the works of the Creator, he is implying that the Creator is natural selection.
But in these bits of text, Darwin does not address the origin of natural selection itself – that is, he does not address whether the law of natural selection arose through nature, or was created by a deity. Thus, Darwin's Creator has a dual meaning: it can be natural selection itself, or it can be a God that created natural selection.
Before continuing this discussion of how exactly Darwin portrays "Creator" in Origin, I would like to address a counterargument that one might have to the dual meaning of Creator I have just proposed. One may argue that a Creator as God is incompatible with Darwin's theory; for example, Ayala states that "The Origin [argues] ... [t]he design ... is not 'intelligent design', imposed by God as Supreme Engineer or by humans; rather, it is the result of a natural process of selection" (Ayala, 28). Ayala seems to believe that Darwin's natural selection is mutually exclusive with theories of creation by God. However, this view is not in agreement with an argument put forth in 1844 by Scottish author Robert Chambers. Chambers argues that a theory of creation that posits a set of governing laws strengthens rather than rejects evidence of God as a Creator. He states that persons "do not perhaps consider how powerful an argument in favour of the existence of God" (Chambers, 82) such a theory is, because the origin of the laws must be a Creator that is God: "When all is seen to be the result of law, the idea of an Almighty Author becomes irresistible, for the creation of a law ... could have no other imaginable source" (Chambers, 155). It is completely plausible, then, that Darwin is positing a dual meaning of Creator in Origin.
Does Darwin give the reader any clues about whether he leans more towards Creator as God or as natural selection? The answer to this question is most apparent in the final paragraph of The Origin of Species:
It is interesting to contemplate an entangled bank, clothed with many plants of many kinds, with birds singing on the bushes ... [these forms] have all been produced by laws acting around us. These laws ... being Growth with Reproduction ... Variability ... a Ratio of Increase so high as to lead to a Struggle for Life, and as a consequence to Natural Selection, entailing Divergence of Character and the Extinction of less-improved forms. ... Thus, from the war of nature ... the production of the higher animals, directly follows (Darwin, 396).
There are two points in this paragraph that suggest Darwin's conception of Creator – that is, Darwin's idea of what created the species – is natural selection itself, without a God. First, Darwin states that all the species in the entangled bank are produced by the "laws acting around us" and "the war of nature", or natural selection, and does not mention God-like being at all. Second, he capitalizes the first letters of the various laws, such as Growth, Divergence, and Extinction, which implies that he is almost deifying them. These two points suggest that Darwin is defining Creator as natural selection. But recall that, when Darwin first discusses a Creator in The Origin of Species in Chapter Six, the term's meaning is ambiguous: it can either mean God, and be the same as Paley's conception of Creator, or it can mean natural selection. Thus, Darwin is supplanting Paley's conception of Creator with his own conception of Creator as natural selection.
Origin's final paragraph about the "entangled bank" is not the only paragraph in the closing chapter that leans heavily towards natural selection as Creator. The second-to-last paragraph also leans toward this view because Darwin seems to subtly mock those who believe in God as Creator:
As natural selection acts by competition, it adapts and improves the inhabitants of each country only in relation to their co-inhabitants; so that we need feel no surprise at the species of any one country, being beaten and supplanted by the naturalized productions from another land. Nor ought we to marvel if all the contrivances in nature be not, as far as we can judge, absolutely perfect ... Authors of the highest eminence seem to be fully satisfied with the view that each species has been independently created. To my mind it accords better with what we know of the laws impressed on matter by the Creator, that the production and extinction of the past and present inhabitants of the world should have been due to secondary causes, like those determining the birth and death of the individual. (Darwin, 395-396)
We must analyze this passage very carefully. Darwin first tells us that, by accepting the law of natural selection, we should escape confusion at certain phenomena in nature. He then tells us that even though very prominent authors believe that the species arose independently of one another (an intelligent-design view), the development of the species makes far more sense if natural selection and the means by which it works (the means that cause birth and death, such as disease or predation) are accepted as true. Darwin implies that, if one does not accept natural selection but adheres to intelligent-design, certain phenomena in nature will not make sense.
But there is a deeper feeling hidden in this passage; Darwin seems to be teetering on the verge of mocking intelligent-design followers. He implies that those who do not accept natural selection reject that "the secondary causes ... determining the birth and death of the individual" influence "the production and extinction of the past and present inhabitants of the world." It is obviously true that the causes of birth and death of inhabitants affect them, and for Darwin to assume that intelligent-design proponents refute this fact that is so overtly true is to imply that they are somewhat irrational. He refers to "the laws impressed on matter by the Creator" possibly to mitigate the effect of the mockery, and make himself appear to agree with intelligent-design proponents. Because Darwin seems to be subtly mocking intelligent-design followers, his insinuation of Creator as God here is not genuine; once again, he seems to lean towards a definition of Creator that is natural selection.
This essay has extensively described Darwin's notion of Creator and how it supplanted that of Paley. Darwin accomplished this supplantation by initially defining Creator in a way that agreed with Paley, embedding Creator in the lexical context of Paley, and then modifying the definition of Creator to fit the theory of evolution. The next question to consider is: why would Darwin want to supplant Paley's notion of Creator? Up until this point, we have only analyzed text from the first edition of Origin, but there is a peculiar discrepancy between the first and second editions that might answer this question. Gillian Beer states that "The second edition ... follows the first edition in most particulars, but even here some striking shifts take place, perhaps the most striking being the re-admission of the Creator and his works" (Beer, xxiii). This re-admission of Creator is most apparent in the last sentence of Origin. In the first edition, the sentence appears as follows: "[t]here is grandeur in this view of life, with its several powers, having been originally breathed into a few forms or into one ..." (Darwin, 384). This sentence is ambiguous as to who or what "breathed into a few forms or one". However, in the second edition, the sentence appears as: "... having been originally breathed by the Creator into a few forms or into one" (Darwin, 396, my italics). The second edition asserts that the Creator "breathed a few forms into one". This addition is a somewhat drastic change to Origin, and warrants investigation.
Darwin already discussed Creator in the first edition, so why is this addition of Creator in the second edition significant to our discussion? Here, "Creator" cannot be interpreted as natural selection like it was in the first edition of Origin, because the sentence it appears in is parallel to a sentence found in Genesis of the Bible: "the LORD God formed the man ... and breathed into his nostrils the breath of life, and the man became a living being" (Genesis 2:7, NIV). This sentence is parallel to Darwin's in that they both apply the verb "breathed" to a creating figure, to illustrate how forms of life first came into existence. This parallel strongly implies the definition of Creator in this sentence is God, not natural selection.
Why would Darwin add a Creator that is God to the second edition? Gillian Beer states that "[t]he second edition was issued only a very few weeks after the first, so here we can observe Darwin under the stress of the very first responses to his work. The opening section of the book's final sentence includes a reparation" (Beer, xxiii). Beer is implying that the "reparation" of Origin's final sentence – that is, the addition of Creator as God – is enacted to deflect criticisms of Darwin's work. As she states, Darwin "used later editions to respond to criticisms" (Beer, xxiii). Thus, it seems Darwin adds a Creator synonymous with God – that is, Paley's Creator – to Origin in order to make his theory more accepted. This action suggests that gaining support was a priority of Darwin's – and further suggests that, even in the first edition, Darwin supplanted Paley's already accepted notions in order to render his theory more appealing in the generally Christian, Victorian public sphere.
Why might Darwin be concerned about his work being received negatively by the Victorian public? In the middle of the 19th century, Victorian society harbored an immense fear of being invaded by foreign forces; James Buzard remarks that "some Britons worried ... [about] swamping the capital city with foreigners. ... [one] way of thinking of the British nineteenth century is as a period bracketed by powerful fears of invasion" (Buzard, 440). It was a possibility that, upon hearing Darwin's new and radical theory, people of Victorian England would harbor this fear of foreign invasion (xenophobia) toward Darwin's theories. An example of possible xenophobia toward Darwin's theories is seen in a letter by the Victorian citizen Mr. Carlyle, to the British Architect: "'What is the chief end of man? To glorify God, and enjoy him for ever.' No gospel of dirt, teaching that men have descended from frogs through monkeys, can ever set that aside" (British Architect, 34). The reason that Carlyle dismisses the theory of evolution is to prevent this "foreign" idea from invading his religious beliefs, which are familiar; a contemporary verifies this familiarity by stating that "Mr. Carlyle was heard to say that he was seeking his way back to the simple faith of his childhood" (British Architect, 34). Thus, it was quite possible that many individuals in Victorian England would reject Darwin's theory on the grounds that it was a foreign invader of existing theories and religions. Darwin, by supplanting Paley's familiar ideas rather than presenting entirely new ones, could gain more acceptance in the xenophobic society of Victorian England.
Darwin also attempts to make his work appear more familiar to Victorian society by making another addition to the second edition of Origin. He adds a mention of parthenogenesis, which Beer defines as virgin birth, in a discussion about reproduction (the italicized portion denotes the addition): "In the case of animals and plants, with separated sexes, it is of course obvious that two individuals must always (with the exception of the curious and not well-understood cases of parthenogenesis) unite for each birth" (Darwin, 73, my italics). Beer affirms that Darwin adds this subject to respond to objections or criticisms of his readers: "Virgin birth (parthenogenesis) returns. His changes tend to avoid confrontation, or evade uncertain claims" (Beer, xxiv). Darwin's addition of parthenogenesis occurs in order to avoid confrontation about how his theory is not inclusive of, specifically, the immaculate conception of Jesus in Christianity. His attachment of the adjectives "curious and not well-understood" to parthenogenesis further suggests reference to Mother Mary. Thus, Darwin seems to make this addition for the purpose of making his theory corroborate with the Christian religion, and perhaps to make it seem more familiar to Victorian England.
Possibly because of this effort to make Origin seem familiar, the theory of evolution that Charles Darwin put forth in The Origin of Species was radically successful. Colleges such as Christ's College of Cambridge University, where Darwin himself once studied the intelligent-design works of Paley, have been replaced by colleges that intensively study the theory of evolution, such as Princeton University. The prevalent notion of nature's "Creator" – once God – has become natural selection. Thus, Darwin did not just supplant Paley's conception of Creator within Origin; he supplanted it on a worldwide scale, gaining global support for his work.
--PhyllisS 16:17, 1 May 2010 (EDT)
Ayala, Francisco J. Darwin's gift to science and religion. Washington, D.C. : Joseph Henry Press, c2007. (28-55)
Ayala, Francisco J. "In William Paley's Shadow: Darwin's Explanation of Design." Ludus Vitalis. 12.21 (2004). Web.
Beer, Gillian. Darwin's plots: evolutionary narrative in Darwin, George Eliot, and nineteenth-century fiction. Cambridge; New York: Cambridge University Press, 2009. (73-80)
Buzard, James. "'Then on the Shore of the Wide World': The Victorian Nation and its Others." A Companion to Victorian Literature and Culture. Malden, Massachussetts: Blackwell Publishing, 1999. (447-448)
Chambers, Robert. Vestiges of the natural history of creation. New York : Wiley and Putnam, 1846. (82-155)
Darwin, Charles. Autobiography of Charles Darwin, 1809-1882 : with original omissions restored. Ed. Nora Barlow. New York : Harcourt, Brace, c1958.
Darwin, Charles. The Origin of Species. New York: Barnes and Noble Books, 2004. (145-394)
Darwin, Charles. The Origin of Species. New York: Oxford University Press, 1996. (xxiii-396)
The Holy Bible: New International Version. Grand Rapids, MI: Zondenvan, 2005.
Hughes, Linda K. "1870." A Companion to Victorian Literature and Culture. Ed. Herbert F. Tucker. Malden, Massachussetts: Blackwell Publishing, 2006. 35-50.
Paley, William. Natural Theology. New York: Sheldon, 1854. (15-441)
"Notes on Current Events." British Architect. 7.3 (1877): 34. British Periodicals. Web. 19 Jan. 1877


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Thursday, August 1, 2013
Funeral Card Friday - While I'm Talking Blums...
So as I was looking through the stacks of memorial cards that were given to me from my Wisconsin family I came across this one for Rev. Leonard Blum.
Not the same family. Different faiths as well (Maurice's Blums are Jewish), but the name caught me and I knew I wanted to share this one tonight. So often Catholic clergy are forgotten. After all they have no descendants so unless a nephew or niece remembers them, they risk being forgotten.
The memorial cards I have had meaning to my Wisconsin family and many times that can mean a possible link. For this card I don't believe that's the case. As a Catholic I know that if a priest (particularly one that had been in my parish a long time) died, I would keep the card. So it is most likely that Rev. Blum was a family priest and/or friend. Either way, the family wanted him remembered.
'Be you then also ready: for at what hour you think not, the Son of man will come.' Luke 12, 40
In Memory of Rev. Leonard Blum,
Born September 5, 1845, at Treves, Archdiocese Cologne, Germany,
Ordained to the Priesthood December 27, 1872,
Died November 8, 1913, at Milwaukee, Wis.
O GOD, who among apostolle priests hast adorned Thy servant LEONARD with sacerdotal dignity, grant, we beseech Thee, that he may be associated with them in everlasting fellowship. Through Christ, our Lord. Amen."
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Labels: Blum, Funeral Card Friday, Germany, Wisconsin
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Monta Ellis scored 21 points and Brandon Jennings had 20 as the Milwaukee Bucks handed the Orlando Magic their ninth straight loss, 107-98 on Saturday night.
Ellis added 11 assist, and Larry Sanders had 17 points, 13 rebounds and six blocked shots for Milwaukee. Ersan Ilyasova chipped in with 16 points and eight rebounds. Mike Dunleavy scored 11 points, hitting all three of four 3-pointers.
Nikola Vucevic had 20 points, 12 rebounds and six assists for Orlando, and Maurice Harkless had 19 points and 14 rebounds.
The Bucks held on after a late scare from the Magic.
The Bucks led 101-86 before Orlando went on a 10-0 run, capped by J.J. Redick's 3-pointer from the top of the key with less than a minute left. Ellis hit a pair of free throws to give the Bucks a 103-96 lead. Harkless sank a pair of free throws to cut the lead to 103-98. Ellis then added two more foul shots, extending the Bucks lead to seven.
Sanders sealed the win with two free throws of his own.
The Bucks scored more than 100 points after managing fewer than 90 points its two previous games, scoring 86 against New York on Friday, and 88 versus Chicago on Wednesday.
Playing its fourth game in five nights, Milwaukee began pulling away in the third quarter after the Magic had taken a lead. Despite missing four consecutive free throws to open the period, Orlando grabbed a 55-54 lead on Redick's reverse layup with 8:48 remaining.
The Magic held a 61-60 lead before the Bucks went on a 19-6 run to end the quarter. A key point in the run occurred when Orlando's Kyle O'Quinn missed a dunk. On the ensuing possession, Ilyasova made a 3-point shot, giving the Bucks a 75-65 lead.
The Bucks built an 11-point lead midway through the second quarter on a jump shot by Beno Udrih, but a 12-4 run by Orlando cut the lead to 46-43 with 3 minutes remaining. Milwaukee held on for a 52-48 lead at halftime.
Notes: Magic rookie forward Andrew Nicholson, who recorded the first double-double of his career Friday night against Boston, got his second consecutive start in place of injured Glen Davis, who underwent surgery Friday on his fractured left foot and is expected to miss eight to 12 weeks. .Magic guard Jameer Nelson didn't play against the Bucks after injuring his forearm in Friday night's game. E'Twaun Moore replaced him in the starting lineup. Arron Afflalo also sat out for Orlando, missing his fourth consecutive game with a strained left calf. .The Bucks wore replica green uniforms from the 1995-96 season. ..The Bucks committed two fouls in the first 5 seconds of the game. . Sanders had a blocked shot for the 32nd consecutive game, extending his league-best mark.


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BERKELEY, Calif. (AP) — California has demoted defensive coordinator Andy Buh to a position coach after the Golden Bears were one of the nation's worst defenses last season.
Coach Sonny Dykes also announced on Wednesday that defensive tackles coach Barry Sacks and defensive backs coach Randy Stewart will not return next season.
The Bears allowed the second most points in the FBS last season, giving up 45.9 per game on the way to a 1-11 record. They also allowed the most yards passing and second most total yards in major college football.
Dykes says he will look to hire a defensive coordinator with significant experience in that role.


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SQuirreL SQL Client is a graphical SQL client written in Java that will allow you to view the structure of a JDBC compliant database, browse the data in tables, issue SQL commands etc. The pre-requisites are java 1.5 and 1.6 in the sequence of the installer versions! Installers available at: http://sourceforge.net/projects/squirrel-sql/files/ Home page and installation instructions at: http://www.squirrelsql.org/#installation Have a nice time with the SQuirreL!!
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Student Development Office
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All students may contact Student Development and Orientation (SDO) for assistance with your transition. SDO staff can meet with you one-on-one. If you live on campus, another great resource is hall staff.
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Student Development and Orientation (SDO) offers support to students experiencing academic difficulties resulting from a variety of situations that may be impacting their academics. Students experiencing personal situations may seek assistance as well. Assistance is available in areas of:
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SDO can help students find the right campus resource for their particular circumstance. Contact SDO, Monday through Friday, 8 a.m.-4:30 p.m.
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You have many options, but the important thing is for you to get help before it's too late. There are many people at Western who care about you and are concerned about your personal and academic success. Whether you live on- or off-campus, feel free to call Student Development and Orientation (SDO) at (309) 298-1884. SDO can assess your situation and direct you to the appropriate resources.
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A U.S. appeals court ruled that employees who check Facebook or send personal email that violate company policy aren't committing a federal crime.
The court's decision came Wednesday in a lawsuit where federal prosecutors charged a former Korn/Ferry International employee, David Nosal, with stealing trade secrets and violating the Computer Fraud and Abuse Act -- by taking company information to start a competing business, according to Bloomberg News. Prosecutors were appealing the decision because a lower court threw out the computer fraud charges.
"Minds have wandered since the beginning of time and the computer gives employees new ways to procrastinate" though workers are rarely disciplined for such conduct, wrote Judge Alex Kozinski for a majority of appeals court judges in San Francisco. "Under a broad interpretation of the CFAA, such minor dalliances would become federal crimes."
U.S. & World
News from around the country and around the globe
The judge cited a case in Florida where an employer countersued an employee for violating CFAA because she checked her Facebook account and sent personal emails at work, something he said wasn't considered a federal crime.
"The decision leaves intact the ability of the government to prosecute someone for getting into a computer they don't have permission to get into," Dennis Riordan, Nosal's attorney, told Bloomberg News. "What it prevents from happening is people getting prosecuted from watching March Madness at work."
Although most of us didn't think checking Facebook at work was a federal crime, it's nice to know that now it really isn't one.


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Follow RFF News on your cell phone. Text follow rff to 40404 you will receive txt messages with RFF News
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That makes sense if she's planning to have an appearance in Bali next week...
Ren Robles @hyperren 1h I just saw what appears to be Chinese or Korean Amazing Race being filmed here in Singapore. Complete with clues in hand. 12:58 AM - 26 Jun 13 · ?? Vietnam maybe?
Replies: Ren Robles @hyperren 4m @xxx ....but I'm pretty sure the writing on the envelope wasn't in English. Don't know which Asian edition is filming now though. Ren Robles @hyperren 5m @xxxTop floor of VivoCity mall in Singapore. Couple wearing pink. They had a Race clue...
Will they race to my country, the Philippines? I'm also waiting for TAR 23 and TARAUS 3 as well if they could visit to the Philippines, today.
I can't believe how bad the editing is. This show is getting worse and worse
I really appreciate the recaps! Thanks!
The official videos are up but there is no English sub so...
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I am Ready to Hoot and Holler for Rucker
You know to this day people all around the World still possibly daily refer to him as "Hootie" and not by his given name. But that is one of the drawbacks of being a singer in a band. Sometimes your name can get lost in shuffle. Missed by millions when even on the CD cover it lists you name as Darius Rucker, not "Hootie". You have to wonder if anyone ever called Ian McCulloch by the name "Echo" since he fronted Echo and the Bunnymen.
But even with the common name snafu hitting his ears every day, you have to think Rucker has risen above the strife and is feeling pretty good about his solo career. Sure the South Carolina native might get a little annoyed at the constant name misfortune, but after 5 studio albums and 6 Top 40 chart hits…you can let some things slide.
Rucker also has a unique Rays connection line having just playing in a golf foursome with Rays fan Kevin Costner and Bill Murray at the PGA Pebble Beach National Pro-Am where Rays All Star Third Baseman Evan Longoria also attended.
Rucker name has been "officially" announced by the Tampa Bay Rays (I told you via Twitter months ago) for the Saturday, May 14 show after the 4:10 pm Baltimore Orioles contest. Especially great is that on May 13th, Rucker will celebrate his 45th birthday (May 13,1966). So maybe Rucker and I can celebrate together since that concert date is also my birthday. Since the Rays have gone 0-13 on that date (May 14th), possibly Rucker & I can high-5 after he helps us break our losing streak on that date (I am betting on it).
Most people might not know that Rucker finished his first solo R&B album back in 2002 and the album did not chart any of the singles. Then six years later after signing with Capitol Records and redefining himself more towards his Southern roots, his first single "Don't Think I Don't Think About It" showed if he stayed true to his country twang, he was on the road again to stardom.
Another really amazing thing to come about after the release of this first single off his "Learning to Live" CD is that Rucker became the first African-American artist to chart a number 1 hit since ex-baseball player Charlie Pride back in 1983. Suddenly the World rediscovered Rucker in this solo light and he also had hits like "It Won't Be Like This for Long" and "Alright" shoot up the charts to the top spot, with "History in the Making" falling just short at number 3.
Still the rejuvenation of his music also made him the first African-American artist to ever win the New Artist Award at the CMA Awards in 2009. It was also only the second time that an African-American singer had ever won an award from the Country Music Association (Pride was also the first). His latest Cd " Charleston, South, Carolina 1966" pays homage to his hometown and the year of his birth.
You can bet his father, who Rucker only saw on Sundays since he was a singer in the gospel band called "The Rolling Stones" is now glad his son decided to follow his childhood dream of singing. Looking forward to hearing Rucker sing in Tropicana Field,. I am wondering if it will happen on "Country Night", or possibly the popular "90's Night".
No matter what themed night Rucker performs on it has to feel like a million miles away from his stint on the celebrity "Who Wants to Be a Millionaire?" , as the singer at Tiger Wood's wedding (along with the rest of the Blowfish) or as the chicken tender crisp cowboy on a Burger King television ad.
Rucker, an avid sports fan who has the Miami Dolphins logo tattooed on his body knows that when life throws you a curveball, you just lean back and crank it to the Moon. That is the type of clutch singer who could end a Rays May 14th losing streak. Heck, maybe we can get lucky enough to hear Rucker do another stirring National Anthem like the one he did at this year's past Sugar Bowl game in the Superdome. He sure sounds amazing in domes!
10 Comments
Hootie isn't Hootie anymore? See what I learn from reading this blog?
Hate to be the bearer of bad news…Hootie has left the building. I like that every once in a while I can bring something new to the table that even a reknowned author like you did not see yet….I love the Internet!
Rays Renegade
I can't listen to music while at work but I'll check it at home. Hey! so will you apply for that job? You'd be perfect!
Check my blog tomorrow for that answer.
I have been told I was perfect for a dozen jobs over the last three years….I am stillwaiting (lol).
Rays Renegade
Hey rays! The hot tub is back! And you know, I love Rucker! Hope to see you in the hot tub soon. Well, not you, but your writting. lol
Hot Tub,
I will come by the tub soon. Glad to see you are back. I kind of lost sight/touch of Rucker's music there for a bit, but he has come back strong as a bull.
Well, he is a Taurus (lol)
Rays Renegade
It's good to see him still doing it and not being the one hit wonder.
—Mark Gauthier
This may be TMI, but I made out with a lot of girls while Rucker was singing in the background… oh those were the days….
Funny you should say that. The moment I heard his first song as a solo artist as a R&B guy….I was worried.
But I guess the move to Capitol Records and his change to Country, which he grew up on along with gospel did the trick.
Watched his videos again last night and they got me excited to see him live in concert….Maybe we will both have a great B-day now…mine with Rucker & a Rays win.
Rays Renegade
I think more than a few of us can be charged with that heinous crime. I did something a bit worse..I had my old garage band cover a few "Hootie" song to entice the ladies……It worked.
Rays Renegade


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The site was down briefly between 14:47 and 15:16 today January 22. We are aware of the problem and trying to ensure it doesn't happen again! We apologize for any inconvenience.
[EDIT: ... and again between 17:37 and sometime before 18:20]
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by concrete
on 28 Jan 2010, 05:43
rdsrds2120 wrote:To expand on what happened and why:
During a routine database cloning (for backup purposes), something went amiss. I assure you that it is fixed now and this was completely erratic behavior unforeseen by our tech guys. We have isolated the problem and it is being fixed as you read this! Everything is back to normal now, but you may have to log out and back in to get full functionality. Casual games are going to have time added to them shortly. As for speed games, I apologize, but there isn't much that we can do!
Good luck CCers, we'll be keeping it online from now .
Kotaro wrote:TG for site owner 2020
chapcrap wrote:What if someone missed a turn in a casual game?
IcePack wrote:chapcrap wrote:What if someone missed a turn in a casual game?
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SageWoman Blogs
The essence of Life and Spirit is found in this eclectic land of stone and heat, thorn and spiral. Stories are contained in the watercolors of bone-dry canyons and dusty horizons... These words are a love letter for the vastness of wild land, the mercurial nature of desert creatures and the holy presence of Life transcending constraint.
Desert Wisdom: Pt 1. The hummingbird's message
There is a subtle narrative that exists in the desert, where I meander through a series of washes that lead into canyons. I am nicely secluded, despite being in the middle of one of the West's largest cities. Summertime in the Sonoran Desert is perfect for a solitary fox like me… I scurry and watch, quietly observing ripening tunas on prickly pear, and listen to the curve-billed thrasher chiming a sharp morning hello to fellow winged compadres. The air is hot, even at 4:30am. The breeze is close but discomforting in its stagnant hold of sand and baked stone. I take a seat on the granite, smoothed by monsoon water flow, and wait for a story to be told.
This is the wash where I have spent many hours. When I arrived in Phoenix in 2007, South Mountain Park, or Muhadag Do'ag, as the range is known by the O'odham nations, was my first taste of this unusual land of light and edge. I have met many wild companions during my solo hikes here. I have listened to the song of five coyotes as they created day from night – turning stars into saguaro blooms. This is the place I watched resident owls descent in twilight, swooping low from their granite and gneiss shelters and out onto the cityscape, into December's near-chill nights.
In the dusty wash, I climb up onto an outcrop where a lizard (dreamtime) skitters behind the branches of a Palo Verde. I shift my focus to discover a spiral petroglyph, about 10 inches in diameter, carefully concealed by the new growth of the spiny, pale limbs. The glyph can be anywhere from a few hundred to a thousand years old – here, it is tough to tell. I consider the spiral. I feel the maze of my own mind and body. The blood moves through my heart and across the fields and waterways of my being to animate my arms, my legs. I inhale – the air circulates through time. I think of the path I walk and the lifetimes of fellow walkers, all sharing the breath, movement. I have been feeling so disconnected lately. When I dream of the maze, I remember that I am never alone… only my mind is the great isolator, but life –
the rhythm of breath and circulation – brings me back to the world.
A cactus wren comes to rest above the glyph and examines me with one eye… "Who do you think you are, honey?" his stare seems to question. I smile at him as he flies to his home, a hollow carefully burrowed in a saguaro, and drops something in. Maybe a treat for later. I think of home. I am a wanderer, uprooted, but I have cultivated some elements of home: friends, my dog and cat companions, a favorite quilt carefully made by my grandmother, my photographs… even when camping, I bring objects that are sacred and will often set up a mini altar on the lantern stand: a piece of obsidian from a special place, some crystals and amethyst, a photo of a wild fox I saw in Indiana, a small statuette of Kuan Yin and a card that simply says Trust. My mind drifts back to those memories of solo camps, atop sky islands and throughout long mesas of gold and brown mixing with sky. These altars honor the wild places I love. In a sense, wilderness is my first home.
Today a curious hummingbird –a native Costa's Hummingbird – attracted to my bright pink jacket, meets me. I watch her kaleidoscope sheen turn from purple to the brightest turquoise, this lit jewel. She returns to me throughout the morning, ever joyful, ever bold. Her sheer verve seems to inquire why any living thing should be sad or stuck in the past or future. She flits about the trees, living in the moment, and to such a fantastic extent I wonder how I have lived in a numb state for so long.
Hummingbird is a messenger – a swift and sure traveler between worlds. And, reflecting on my current unemployed and slightly frazzled state of mind, I wonder what message she brings. I often come to South Mountain when I need insight or clarity. The flash of this small being in the morning sunlight draws me in closer to the feeling of the sun on my skin. I am warmed by the early rays and watch the haze of brief humidity depart with the clouds.
Discomfort and dis-ease are profound catalysts for self-examination and eventual growth. I am caught in doubt, but when I see the dance of hummingbird, I am awakened to the power of swiftness and movement. Hummingbird symbolism teaches us to be in the moment and cultivate joy – no matter what the circumstances, because joy comes from within the place of true living. Joy is a feeling of innate feminine expression. Joy emanates from those connected to their purpose and path. It is a commitment to oneself to live as if everything is OK.
Before leaving, I ask her to imbue some of the tremendous resiliency of her spirit to mine. There is much work ahead, but somehow – with the guidance of this tiny messenger – I know I will be carried on the uplift of a joyful life.
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The Perilous Game of Patent Pain That Apple Plays May Very Well Cause It Some Long Term Share
Paid Content reports: A Spanish Android Tablet Maker You've Never Heard Of Beats Apple In Court
Apple has been going tooth and nail after big Android device makers, especially Samsung, accusing them in courts worldwide of lifting designs and other features from Apple products like the iPad and iPhone. But one case decided yesterday in Spain illuminated a couple of key facts: Apple's been targeting much smaller Android licensees, too; and despite initial success against Samsung in markets like Germany and Australia, Apple is not winning everywhere.The case in Spain started a year ago, when a small firm based in the east of Spain, called NT-K (short for Nuevas Tecnologías y Energías Catalá) received a letter from Apple, claiming a new Android-based tablet that it developed, called the NT-K Pad, copied the iPad tablet. In the letter, Apple ordered NT-K to destroy its stock. When NT-K refused, it was landed with an injunction.
As part of the process, the company's devices got seized by Spanish customs officials and NT-K found itself listed on a piracy register, according to a blog post from the company (translated here). Then Apple's case got expanded to a criminal suit, filed in December 2010.
Yesterday, however, a court ruled that the devices in question do not infringe the Community design rights that Apple claimed.
... NT-K now says that it will be filing an antitrust complaint against Apple, claiming loss of earnings, and loss of potential future business.
...The implications of this case could go beyond NT-K, too. Foss Patents, which brought this case to paidContent's attention, points out that the Community design right is the same one that Apple asserted against Samsung in its cases in Germany.
What does that mean? The fact that this got overturned in Spain could come up again in those cases that Apple is bringing against Android-based device makers in Europe and potentially elsewhere, all of which are still ongoing.
I have said many times over that this litigious patent aggression is a dangerous, yet necessary game for Apple. Apple is first, and foremost, a smartphone and tablet vendor, as defined by both revenues and profits. It cannot, and I repeat,,, cannot afford a mistep and lose a strategic case, for it is already signfiicanty behind the technology curve and the market share curve as compared to Android and its top three vendors. It has already lost its app dominance, and it will be a signfiicant loss if it loses a case and is hit with punitive sanctions. As excerpted from Apple on the Margin:
... Thus, in continuing with my attempt to educate my readers on the folly of believing Apple's position to be unassailable, I am illustrating exactly how vulnerable Apple is to either a compression of margin on the iPhone or a slow down in sales. Apple is just penetrating the market and has a fertile field to conquer, it is just that it will not be able to pursue that field devoid of competition as it has over the past 3 years. This should dictate an adjustment to the highly optimistic aura attached to the multiples used in forecasting economic results.
The graph below illustrates the importance the iPhone represents to Apple's franchise. Believe it or not, this graph actually understates the importance of the iPhone to Apple for while it brings in 45% of the revenues, it is responsible for about 70% of the profits. Apple has become too reliant on one product, although that reliance was borne from the fabulous success of said product. While Apple will probably derive some much needed revenue diversification from iPad sales, the iPad will face the same hurdles that the iPhone is coming up against - and that is competition from Android-based devices and potentially even Windows Mobile 7 8 (albeit this is an admittedly much more speculative statement).
Breaking the argument down even further, you see how the iPod and the iPhone have literally transformed this company. While I am sure it will continue to be fantastic company with cool products, I doubt very seriously that it will be able to grow in the future as it has in during the last 7 years.
The saving grace is that the smart phone and portable computing market will grow quite quickly, allowing companies with dwindling market share to still capture increasing revenues. The ugly reality is that those revenues will have to be burdened with increasing R&D, marketing and distribution costs since the amount of competition will probably scale faster than the market itself. That, my friends, is a very good thing for you and I, the consumer!
All paying subscribers are welcome to download the mini-model which shows Apple's earnings sensitivity to margin compression through competition. This is the very crux of determining the extent of Apple's success or lack thereof, in the near to medium term. Click here to download ( Apple iPhone Profit Margin Scenario Analysis Model), and click here to subscribe.
... Apple said that while iPhone sales fell off last quarter, the holiday quarter will be its best yet. First-quarter per- share earnings will be about $9.30 on sales of about $37 billion, Apple said in the statement.
That surpassed analysts' projections, suggesting that iPhone sales are bouncing back with the release of the iPhone 4S, which set a record with debut-weekend sales of 4 million.
"In our wildest dreams, we couldn't have gotten off to as great a start as we did with the iPhone 4S," Cook said on the call. The drop in demand for iPhones in the second half of last quarter was "substantial," said Cook.
This may very well be the case. I don't doubt it, but it also doesn't negate the generally stagnating growth trend - see Google's Android Now Leads In Market Share, Growth Rate and Potential Buyer Preference. Apple released a new product on two new carriers, which at best matches (and that's at best, I believe it falls far short) the Android flaghip device from 6 months ago! This much wider distribution network coupled with the iPhone popularity is bound to boost sales, but the popularity of Android (now the number 1 OS, globally and domestically, with the highest growth rate, to boot) make it unliekly Apple can regain the growth crown through marketing alone. It is now quickly becoming common knowledge that high end Android phones such as the Samsumg Galaxy S II series handily outperform anything from Apple thus far. As a result, the sales are becoming more fad generated and less technology/usability driven. We all know what happens to very fad, don't we? Apple will have to invest heavily into the tech, and that ain't free nor is it a guarantee for success. Hence the margin compression thesis. Look to my writings from last summer to determine the common sense reasons why Apple is at risk despite the lovefest that the media, the sell side of Wall Street and the equity markets have for it: How Google is Looking to Cut Apple's Margin and How the Sell Side of Wall Street Will Enable This Without Sheeple Investor's Having a Clue. After nearly a year of showing nearly incontrovertible evidence that Apple has seen its heyday, the mainstream media is catching on.
The Squid Is A Federally (Tax Payer) Insured Hedge Fund Paying Fat Bonuses That Can't Trade In Volatile Markets? Who's Gonna Tell The Shareholders and Tax Payer???
Watch out, Here Comes the The Fiery Sword of Truth! Contrary to the popular opinion that Goldman is the best and the brightest, Goldman Can't TRADE!!!
The financial markets are in a sense of déjà vu with widespread panic. Markets are as volatile as ever and Goldman Sachs is yet again challenged to demonstrate its ability to create alpha. The beta gazers (those who charge 2 and 20 to simply lever up on the broad market), or more commonly put, MoMo Chasers (those chasing the most popular stocks or strategies), would normally be seeking asylum given the state of recent financial markets. Unfortunately, despite the entire "God's Work" syndrome attached to Goldman Sachs, its prop desk is yet to exhibit the ability to generate true alpha in highly volatile market, let alone match the success of BoomBustBlog.
Let's get something out in the open immediately so there is no misunderstanding. Goldman cant' trade! It can manipulate its dominant positoins in the markets. It can take advantage of the ignorance of its customers. It can front run those who don't have the reach or ability to defend themselves. It can (and obviously does) take advantage of privileged status in our political system. Those are the things that Goldman can do and apparently is skilled at, yet contrary to the popular opinion that Goldman is the best and the brightest, Goldman Can't TRADE!!! Not only that, but that inability to trade bangs the GS shareholder EVERYTIME volatility roils the markets, and causes many to overvalue GS over the long term.
For a little historical proof of this rather unpopular assertion, let's refer to the BoomBustBlog archives, namely A Few Questions on Goldman Sachs 3rd Quarter 2010 Results That No One Thought to Ask...
Trading revenues under pressure
Goldman Sachs posted Q3 net revenues of $8.9bn, a y-o-y decline of 28%. This is despite strong growth recorded at its investment banking and the asset management division which grew at 24.5% and 7.0%, respectively. The decline was principally led by dismal performance of the trading and principal transaction segment which declined 36% y-o-y as a result of weak market conditions. The decline in overall revenues despite strong growth recorded elsewhere underscores the importance of trading revenues in Goldman Sachs overall performance. Historically, trading and principal transaction segment contributed c60-65% of total revenues underpinning inherent risk in Goldman's business model which is nothing short of a corporate hedge fund. We have expended considerable ink in demonstrating the overvaluation of Goldman Sachs and the volatility inherent in its revenues, particularly as they have been so dependent on trading - as many hedge funds are. As a matter of fact, I have been issuing this GS warning since 2009 when Goldman had perfect trading quarter and record trading profits. Reference last quarter's quarterly update: The BoomBustBlog Review of Goldman Sach's 2nd Quarter, 2010 Performance: I Told You So!
About three months ago, Boombustblog forewarned that GS will stand out to be the worst hit in the event of trend reversal in the financial markets and the company will have little means to escape the implications of the same on its profitability and solvency. The company generates 60-70% of the revenues from trading activities which is largely dictated by the unpredictable turn of financial events. While the financial markets were celebrating the US officially coming out of recession in the 1Q10, the subsequent Eurozone crisis (see the Pan-European Sovereign Debt Crisis series) and the slowdown of expectations in 2Q10 has beaten down the irrational exuberance and the markets experienced a spurt in volatility and drop in prices. The consequent softening of trading revenues in 2Q10 vis-à-vis 1Q10 drove 31% drop in revenues and 82% drop in net income.
The chart below demonstrates how the volatility of the revenues from the trading and principal investments trickles down into volatility of the total revenues and profits of Goldman Sachs. I don't call Goldman the world's most expensive federally insured hedge fund for nothing!
As you can see above, volatility ramped up in 2008 and Goldman reacted like any other beta-chasing, long only hedge fund (although they aren't long only) - they lost money!
Now, with the benefit of BoomBustBlog hindsight, I'd like to announce to the release of a blockbuster document describing the true nature of Goldman Sachs, a description that you will find no where else. It's chocked full of many interesting tidbits, and for those who found "The French Government Creates A Bank Run? Here I Prove A Run On A French Bank Is Justified And Likely" to be an iteresting read, you're gonna just love this! Subscribers can access the document here:
As is customary, I am including free samples for those who don't subscribe, so you can get a taste of the forensic flavor. Here are the first 2 pages of the 19
page professional edition, with illustrative option trade setups soon to follow.
Is Goldman Sachs stock really the front running, Mo-Mo traders wet dream?
Given the high correlation of Goldman's prop trading desk to equity markets and taking into consideration the state of equity markets in Q2-Q3, it would be interesting to see how Goldman Sachs share perform in the coming quarters. Those who would have followed the traditional school of thought and bid the price up would have already seen their capital erode by 20% during the last quarter and by 12% over the last one month alone.
Oh, and while we're at it...
I noticed ZeroHedge (one of the few sites that I syndicate BoomBustBlog content through) caused a tiff with the Canadian academia and pop media by calling attention to the abysmally low TEC ratios of Canadian banks, and comparing them to European banks. For those who didn't have the spare time to catch the cross border banking media soap opera, see:
- Is The Next Domino To Fall.... Canada? for the first salvoo
- Who is Zero Hedge, and why should we care? for the passive aggressve retort
- (as put by Tyler himself) "followed by a more coherent attempt to debunk the claim that a painfully low TCE ratio is never a good thing": Is Zero Hedge looking at the wrong numbers?"
I must say that the argument by those up north is wanting and ZH made a valid point, primarily in that the RWA (risk weighted asset) methodologies are simply too open for manipulation. Of course, that is probably why they are favored by the banking institutions. Let's end this morning's post by illuminating the fact that although, Goldman Sachs capital ratios have improved, it has nothing to do with a reduction in risks weighted assets. Risk weighted assets, to the contrary, have increased to $451bn as at end June 2011 from $384bn as at the beginning of 2009. One of the key reasons for increase in capital ratios have been dilutions. As a matter of fact, Goldman Sachs' diluted shares outstanding have increased by c24% since beginning of 2008!
So, if Goldman really has a problem, why haven't we heard about it from the rest of Wall Street?
Because investment performance is not the Street's business model. If it was, they would have easily foreseen thier own demise back in 2008/9. The street's busness model is churning spreads, fees and commisions from clients and customers. I truly believe BoomBustBlog bests ALL of Wall Street's sell side research, reference Did Reggie Middleton, a Blogger at BoomBustBlog, Best Wall Streets Best of the Best? After all, who else is currently warning of Goldman's risk on the Street? Answer: No one! Then again, who warned back in the summer of 2008 before the share price got cut by nearly 2/3rds? I can only think of one shop....
Goldman Sachs Snapshot: Risk vs. Reward vs. Reputations on the Street: ...t shared by most of the analyst community and those that follow them. This brings me to the issue of Goldman Sachs. I have been bearish on commercial, mortgage and investment banks for over a y... Saturday, 05 July 2008
Reggie Middleton on Risk, Reward and Reputations on the Street: the Goldman Sachs Forensic Analysis: Here is my detailed opinion on Goldman Sachs. Be sure to review my precursor to this report: Goldman Sachs Snapshot: Risk vs. Reward vs. Reputations on the Street. Anybody who is interested in how I Thursday, 24 July 2008
Even after a clear pattern was formed, who on the sell side warned when the markets got rocky in 2010? Hmmm. I sense a trend here... If I may prompt one to reminesce: In What Do Goldman Sachs and B.B. King Have in Common? The Thrill is Gone…,, I made the following note:
GS's considerable leverage provides a means (the lever) of high returns to shareholders when asset prices are appreciating but the same becomes a very material economic concern when the asset prices lose value. With low trading revenues, GS has little cushion to absorb write-downs on these assets, leading to erosion of equity. As of March, 2010, the GS's investments portfolio amounted to $339 billion (nearly 566% of the tangible equity). Referencing my previous posts, "Can You Believe There Are Still Analysts Arguing How Undervalued Goldman Sachs Is? Those July 150 Puts Say Otherwise, Let's Take a Look" and "When the Patina Fades… The Rise and Fall of Goldman Sachs???", we can reminisce over the fact that Goldman BARELY earns its cost of capital on an economic basis, and that's before considering the potential horrors which may (and probably do) lay on the balance sheet (for more on BS horror, referenceReggie Middleton vs Goldman Sachs, Round 2) .
As for the Canadian media's retorts on ZeroHede's credible article, I must dare, no... make that double dare, any one to ask in print or on TV, "Who is Reggie Middleton". As a matter of fact, I'll answer that question right now. He's the guy that called...
- The housing market crash in the spring of 2006 and publicly in September of 2007: Correction, and further thoughts on the topic and How Far Will US Home Prices Drop?
- Home builders falling and their grossly misleading use of off balance sheet structures to conceal excessive debt in November of 2007 (not a single sell side analyst that we know of made mention of this very material point in the industry): Lennar, Voodoo Accounting & Other Things of Mystery and Myth!
The collapse of Bear Stearns in January 2008 (2 months before Bear Stearns fell, while trading in the $100s and still had buy ratings and investment grade AA or better from the ratings agencies): Is this the Breaking of the Bear? | After the collapse, a prudent bullish call as well... Joe Lewis on the Bear Stearns buyout Monday, March 17th, 2008: "The problem with the deal is that it is too low, and too favorable for Morgan. It is literally guaranteed to drive angst from the other side. Whenever you do a deal, you always make sure the other side gets to walk away with something. If you don't you always risk the deal falling though unnecessarily. $2 is a slap in the face to employees who have lost a life savings and have the power to block the deal. At the very least, by the building at market price and get the company for free!" | BSC calls are almost free and the JP Morgan Deal is not signed in stone Monday, March 17th, 2008 | This is going to be an exciting, and scary morning Monday, March 17th, 2008 | As I anticipated, Bear Stearns is not a done deal Tuesday, March 18th, 2008 [Bear Stearns stock goes from $1 and change to $10, front month calls literally explode from pennies to several dollars]
- The warning of Lehman Brothers before anyone had a clue!!! (February through May 2008): Is Lehman really a lemming in disguise? Thursday, February 21st, 2008 | Web chatter on Lehman Brothers Sunday, March 16th, 2008 (It would appear that Lehman's hedges are paying off for them. The have the most CMBS and RMBS as a percent of tangible equity on the street following BSC. The question is, "Can they monetize those hedges?". I'm curious to see how the options on Lehman will be priced tomorrow. I really don't have enough. Goes to show you how stingy I am. I bought them before Lehman was on anybody's radar and I was still to cheap to gorge. Now, all of the alarms have sounded and I'll have to pay up to participate or go in short. There is too much attention focused on Lehman right now. ) | I just got this email on Lehman from my clearing desk Monday, March 17th, 2008 by Reggie Middleton | Lehman stock, rumors and anti-rumors that support the rumors Friday, March 28th, 2008 | It appears that I should have dug deeper into Lehman! May 2008
- The fall of commercial real estate in general (September of 2007) and the collapse of General Growth Properties [nation's 2nd largest mall owner] in particular (November 2007): BoomBustBlog.com's answer to GGP's latest press release and Another GGP update coming… (among over 700 pages of analysis, review the January 2008 archives or search for "GGP" for more research).
- The collapse of state and municipal finances, with California in particular (May 2008): Municipal bond market and the securitization crisis – part 2
- The collapse of the regional banks (32 of them, actually) in May 2008: As I see it, these 32 banks and thrifts are in deep doo-doo! as well as the fall of Countrywide and Washington Mutual
- The collapse of the monoline insurers, Ambac and MBIA in late 2007 & 2008: A Super Scary Halloween Tale of 104 Basis Points Pt I & II, by Reggie Middleton, Welcome to the World of Dr. FrankenFinance! and Ambac is Effectively Insolvent & Will See More than $8 Billion of Losses with Just a $2.26 Billion
- The overvaluation of Goldman Sachs from June 2008 to present): "Can You Believe There Are Still Analysts Arguing How Undervalued Goldman Sachs Is? Those July 150 Puts Say Otherwise, Let's Take a Look", "When the Patina Fades… The Rise and Fall of Goldman Sachs???"andReggie Middleton vs Goldman Sachs, Round 2)
- The ENTIRE Pan-European Sovereign Debt Crisis (potentially soon to be the Global Sovereign Debt Crisis) starting in January of 2009 and explicit detail as of January 2010: The Pan-European Sovereign Debt Crisis
- Ireland austerity and the disguised sink hole of debt and non-performing assets that is the Irish banking system: I Suggest Those That Dislike Hearing "I Told You So" Divest from Western and Southern European Debt, It'll Get Worse Before It Get's Better!
- The mobile computing paradigm shift, May 2010: More on the Creatively Destructive Pace of Technology Innovation and the Paradigm Shift known as the Mobile Computing Wars! »
- The French bank run of 2011
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For all of those calamari fans.... Remember, I warned about "the Squid" before it was trendy to hate them!
The Financial Times Vindicates BoomBustBlog's Stance On Goldman Sachs - Once Again!
Goldman Sachs Latest: Vindicates BoomBustBlog Research, Disappoints Sell Side Cheerleaders, Shows GS Is Just A Bank After All
Is It Now Common Knowledge That Goldman's Investment Advice Sucks???
A Few Questions on Goldman Sachs 3rd Quarter 2010 Results That No One Thought to Ask
Reggie Middleton vs Goldman Sachs, Pt. Deux: Buy into a Collapsing Market to Fund Bonuses, PLEASE!!!
More on Goldman Sachs
- The BoomBustBlog Review of Goldman Sach's 2nd Quarter, 2010 Performance: I Told You So!
- On Goldman's Latest Earnings Results…
- What Do Goldman Sachs and B.B. King Have in Common? The Thrill is Gone…
- A Realistic View of Goldman Sachs and Their Latest Quarterly Results
- The Brown Stinky Stuff is Splattering Off the Fan Blades and Landing on That Shiny New Building on the West Side Highway.
- No One Can Say I Didn't Warn Them About Goldman Sachs, Several Times…
- Subscribers can find our most recent Full Forensic report on Goldman Sachs here - GS 4Q09 Final Review and Updated Valuation, current as of January 2010, the month I started reiterating my warnings about this company's drastic overvaluation.
- Reggie Middleton vs Goldman Sachs, Round 2
- Reggie Middleton Personally Congratulates Goldman, but Questions How Much More Can Be Pulled Off
- Get Your Federally Insured Hedge Fund Here, Twice the Price Sale Going on Now!
- Reggie Middleton on Goldman Sachs' fourth quarter, 2008 results
- Goldman and Morgan losses in the news, about 11 months late
- Blog vs. Broker, whom do you trust!
- Monkey business on Goldman Superheroes
- Reggie Middleton asks, "Do you guys know who you're messin' with?"
- Reggie Middleton on Risk, Reward and Reputations on the Street: the Goldman Sachs Forensic Analysis
- Reggie Middleton on Goldman Sachs Q3 2008
- § As Reality hits, the Masters of the Universe are starting to look like regular bank employees
- Reggie Middleton's Goldman Sach's Stress Test: Breaking Ranks with the Crowd Once Again!
- Who is the Newest Riskiest Bank on the Street?
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Over A Year After Being Dismissed As Sensationalist For Questioning the ECB's Continued Solvency After Sovereign Debt Buying Binge, Guess What!
There has been a lot of noise in both the alternative and the mainstream financial press regarding potential risk to the ECB regarding its exposure at roughly 48 to 72 cents on the dollar to sovereign debt purchases through leverage, and at par at that. This concern is quite well founded, if not just over a year or so too late. In January, I penned The ECB Loads Up On Increasingly Devalued Portuguese Bonds, Ensuring That They Will Get Hit Hard When Portugal Defaults. The title is self explanatory, but expound I shall. Before we get to the big boy media's "year too late" take, let's do a deep dive into how thoroughly we at BoomBustBlog foretold and warned of the insolvency of both European private banks and central banks, including the big Kahuna itself, the ECB! The kicker is that this risk was quite apparent well over a year ago. On April 27th, 2010 I penned the piece "How Greece Killed Its Own Banks!". It went a little something like this:
Yes, you read that correctly! Greece killed its own banks. You see, many knew as far back as January (if not last year) that Greece would have a singificant problem floating its debt. As a safeguard, they had their banks purchase a large amount of their debt offerings which gave the perception of much stronger demand than what I believe was actually in the market. So, what happens when these relatively small banks gobble up all of this debt that is summarily downgraded 15 ways from Idaho.
Well, the answer is…. Insolvency! The gorging on quickly to be devalued debt was the absolutely last thing the Greek banks needed as they were suffering from a classic run on the bank due to deposits being pulled out at a record pace. So assuming the aforementioned drain on liquidity from a bank run (mitigated in part or in full by support from the ECB), imagine what happens when a very significant portion of your bond portfolio performs as follows (please note that these numbers were drawn before the bond market route of the 27th)…
The same hypothetical leveraged positions expressed as a percentage gain or loss…
Now That The Mainstream Media Has Admitted That Banks Should Be On A Downhill Slide...
CNBC ran an article this morning, Bank Shares Take a Beating, and It May Not Be Over Yet. Talk about obvious. We have been bearish on banks since they collapsed a couple of years ago. Yes, they soared 100% to 200% after dropping 80% (you do the math and see which side of the bet made the most money), but those share price spikes are the result of pure and explicit government manipulation. There are no fundamental reasons that come to bear to buy these companies. As a matter of fact, they are the new "tobacco" companies and are lightning rods for litigation, and that is the least of their problems. The big issue is that the cause of the their collapse in 2008 has went nowhere but deeper in into their respective balance sheets, hidden by captured government regulators and funny money accounting shenanigans. The bulk of most bank lending in this county is done for the purchase of real estate. How do you think that business is doing now? How about those ever so valuable legacy assets?
Let's run through just the latest of the many BoomBustBlog warnings, after all you just have to be asking yourself by now, "Is Another Banking Crisis Inevitable?".
The chickens are coming home to roost, dude. When you send your chickens out in the morning, they return to your barnyard. Not your neighbor's barnyard, not the guy across the street, but your barnyard. Oh, I say it and say it again... You've had! Been took! Hoodwinked! Bamboozled! Led astray, run amok! This is what they do!
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JP Morgan Follows Goldman's Steps In Issuing Utter & Complete Bullsh1t In The Guise Of Equity Research: I Call Them On It!
This is a very, very important article. It is important enough that it should easily go viral, for it clearly and meticulously illustrates both the ease of perpetuating inaccurate information through the mainstream media (in this case, the venerable NY Times) while simultaneously demonstrating the blatant conflicts of interest, the "profit off of the client's back" mentality and the piss poor performance of Wall Street's biggest and most well respected (well, at least some of them) investment banks. The ideology espoused here is in the same grain as that of "Goldman Sells Nearly Half $Billion Of Apple Stock Directly Into Their Client's Conviction Buy Recommendation: Guess Who Really Agrees With Reggie Now!" and to be absolutely honest, should be considered a direct follow up to said illuminating piece. Every single Apple investor or Sell Side Wall Street customer needs to read this article at least twice and click on every single link in it, for it gets to the basis of the reason why I had the balls to pen "How Google is Looking to Cut Apple's Margin and How the Sell Side of Wall Street Will Enable This Without Sheeple Investor's Having a Clue" last year - and still stand behind each and every syllable of that piece. Yes, these are direct, pungent, and hard hitting words! Now, let's see if this analysis has the stuff to back them up and justify their use - after the break...
It appears few are willing to accept the mantle of that Fiery Sword of Truth and slice through the self-serving, conflicted, marketing and sales mantra commonly referred to as sell side Wall Street research. Well, we are more than will to take it to task. Join us as we wield this heavy blade of unbiased analysis to cut through the pork in the establishment, and cut deep we shall... Down to the bone! Down to the truth!
Look & Listen Closely As The Solitary Margin Compression Theory Slowly Bears Fruit: Apple to Drop Flagship iPad Prices?
I have dedicated a decent amount of BoomBustBlog real estate warning of Apple's impending margin compression, most recently... "Is The Evidence For An Apple Margin Collapse Now Incontrovertible?"and "I Absolutely Dare Anyone To Read This And Still Not Consider The Probability (Not Possibility) Of Apple Suffering From Margin Compression". Well, words is going around from Apple's S.E. Asian suppliers that market fundamentals are coming home to roost. As you read the snippets below, remember what both I and Steve told you months ago - Steve Jobs Calls End Of the PC, We Call The End Of The Fat Margin Tablet – Including The Pretty iPad, With Proof!...
From C|Net - Rumor: Apple already drumming up parts for iPad 3
Although the iPad 2 is only a few months old, Apple is already trying to gather up the necessary parts for the iPad 3, according to a report from DigiTimes yesterday. Citing industry sources, DigiTimes said that Apple has begun certifying components for the next-generation iPad, a process that's triggered quick responses from many Taiwan-based hardware manufacturers.
The sources said that Radiant Opto-Electronics has already won certification for its LED backlight units, while makers of backlight modules and light bars have received certification as well. One component still to be certified is the tablet's touch-screen panel itself. Companies such as Samsung and LG have typically supplied panels for Apple, but DigiTimes said that Apple is close to certifying panels made by Taiwan-based Chimei Innolux.
DigiTimes also mentioned rumors that Apple would use AMOLED (active-matrix organic light-emitting diode) panels made by Samsung for the next iPad, however, industry sources said they believe the tablet will still sport the same 9.7-inch LCD display used in the first two iPads. Apple and Samsung have also been embroiled in a couple of dicey lawsuits with each other, potentially making it difficult for the two companies to work together right now.
The AMOLED and Super AMOLED screen tech is vastly superior to what Apple is currently using in its iPads, and as such Apple's products will be lacking (relative to those that use said technologies) if they go with the more antiquated tech. This is a consequence and byproduct of Android's massive reach. Google has, in effect, turned Apple's largest suppliers (LG and Samsung) into its largest and most powerful direct hardware competitors - as clearly outlined last year in this blog. And back to Cnet...
To no surprise, component makers say the iPad 3 will launch in 2012. But some of the Taiwanese parts suppliers believe Apple will lower the price to compete with rival tablet makers.
And there you have it, logic and common sense. Lower prices will lead to lower margins. For those that are paying attention, it is evident that it is already happening. Let's reference the model behind the subscriber document Apple - Competition, Cost Structure and Forensic Valuation and go through the basic fundamentals, step by step for the iPad which is a very strategic segment for both Apple and the industry. First, the basic math:
Apple Plagued By Viruses As The Reality Of Being On Top Soaks In & The Marketing Department Is Of No Assistance!
A few months ago, I had a discussion on BoomBustBlog regarding security and Apple products. Basically it was my attempting to illustrate to acolytes that ANY system can be compromised and the sole reason for Windows disproportionate virus/malware attacks is due to the high profile of Windows machines. Microsoft is, despite being unfavored in the press, still the predominant technology provider to the consumer and corporate desktop, and arguably to the enterprise server as well. If one wants to make as big a splash as possible in terms of disruption, whom do you target - Microsoft, Ubuntu - Linux, or Apple?
Well, now that Apple is moving into the big time in terms of users and mindshare, it is also moving into the sight's of virus/malware developers. One of the Apple Corporation's marketing department's biggest sticking points is its lack of malware of viruses. Of course, the less technically inclined, or the more marketing department susceptible (depending on how you look at it) are inclined to believe that line over the explanation that I gave above - despite the fact that I hacked my iPad in under 10 seconds by surfing to a web page and clicking a graphic.
Then we have the recent (and still ongoing) month-long Mac Defender/Mac Guard malware attack which targeted Apple desktops and notebooks. It took a considerable amount of time for Apple to respond with a solution. Once they did, they apparently tried to do so comprehensively by delivering as excerpted from ZDNet:
Google's Excellent Execution On The Android Platform Goads S.E. Asian Manufacturers Into Low Margin Innovation War!
A BoomBustBlog reader forwarded me the following news item this morning:
9:44 AM Android's (GOOG) lead over Apple's (AAPL) iOS may have stopped growing, as new Nielsen figures indicate a "stalemate" in the U.S. smartphone battle among Google, Apple and RIM (RIMM). After shooting to the top spot in under a year, Google holds steady at 36% of the market; Apple and RIM remain at 26% and 23% respectively.
I strongly suggest my readers look a bit deeper into this than is suggested by this news clip. Android is set to explode. The numbers above are lagged and count smartphones only. In addition, Apple's market share benefited greatly from its launch on the Verizon Network, the 2nd largest in the US. That is something that cannot be repeated (although it will also benefit to a much lesser degree from distribution through Sprint and T-mobile as well). Meanwhile, the Samsung Galaxy IIs running Android is actually outselling the iPhone globally, isn't even for sale yet in N. America which is the deepest, richest smartphone market. It set sales records in Korea where it was launched selling over 1 million phones in 30 days or less.
Then there are the tablets, where Honeycomb is coming into its own. The Samsung Tab 10.1 is in significant demand and has yet to launch, and the Asus Transformer sells out within hours of any retailer getting supply. I have the Asus and it blows the pant off of my iPad and offers a very, very serious cost/benefit challenge to all of my wintel wares (see the video comparisons here - I Absolutely Dare Anyone To Read This And Still Not Consider The Probability (Not Possibility) Of Apple Suffering From Margin Compression). Have no doubt, the power of the Wintel Duopoly is materially threatened by Android. The Android hardware platform is due to quadruple in performance by the 4th quarter! In addition, the hardware vendors - after being freed from trying to develop an OS/ecosystem or shoehorn Windows into ultraportable devices - have truly started innovating with form factors.
Reference the extremely unique and innovative form factors that have been, and are about to be released - form factors which literally solve real world usability issues:
Dexia Sets A $5.1bn Provision For Loss On Trying To Sell The Same Residential Real Estate Assets Upon Which JP Morgan Has Slashed Provisions 83% to $1.2bn from $7.0bn
Do you remember my recent missive "There's Something Fishy at the House of Morgan"? Well, in it I queried how it was that JP Morgan can continuously pull risk provisions and reserves to pad quarterly accounting earnings at time when I not only made clear that we are in a real estate depression but the facts actually played out the same. As excerpted from the aforementioned article:
I invite all to peruse the mainstream financial media and sell side Wall Street's take on JP Morgan's Q1 earnings before reading through my take. Pray thee tell me, why is there such a distinct difference? Below are excerpts from the our review of JP Morgan's Q1 results, available to paying subscribers (including valuation and scenario analysis): JPM Q1 2011 Review & Analysis.
Well, I've a confession to make. I really do know why there is such a distinct difference. A very similar situation was illustrated in my article on Apple's presence on the Goldman Sachs' "Convict"ion buy list, which I fear is a must read before you finish this article. Reference Goldman Sells Nearly Half $Billion Of Apple Stock Directly Into Their Client's Conviction Buy Recommendation: Guess Who Really Agrees With Reggie Now! These shenanigans were clearly and plainly illustrated in two recent mainstream articles, believe it or not. Here they are…
Goldman Sells Nearly Half $Billion Of Apple Stock Directly Into Their Client's Conviction Buy Recommendation: Guess Who Really Agrees With Reggie Now!
Oh, this is getting good. For those investors and technology consumers who feel emotional attachment to publicly traded C corporations, brace your ass hairs, 'cause the truth is about to come barging out of your screen. Yesterday I posted the most recent of a long string of articles detailing the impending and inevitable margin compression coming to Apple. It is my opinion that the analysis and the logic behind the analysis is unassailable. Granted, most of the analysis is behind a paywall, but the logic is laid bare for all to see, as excerpted:
Last week I posed the question, "Is The Evidence For An Apple Margin Collapse Now Incontrovertible?". I received some interesting, albeit, rather passionate answers - many of which failed to address the core core issue, which is can "Apple compete with the rapidly rising technological bar that is simultaneously facing rapidly dropping prices without suffering a hit to margins?". Phrased differently, "Can Apple's brand allow it to charge materially more for less product in the face of over 400 competing devices connected by the fastest growing and most diverse ecosystem in the business?" Sounds like a tough sell, doesn't it? This is not about who is better, who is worse, who will win, and who will lose. It is about margins. Apple may not even be in the race if it doesn't run, and to run may very well mean margin compression.
Well, if margin compression wasn't "Incontrovertible" last week, it certainly should be this week. Let's walk through margin compression as a result of excessive competition step-by-step, starting by solidifying the thesis behind the recommended updates to the Apple Margin Compression Thesis & Google's valuation model. Subscribers, adjust your BoomBustBlog Valuation Models Accordingly:
- Apple – Competition and Cost Structure Forensic Analysis and accompanying Apple iPhone Profit Margin Scenario Analysis Model – suggested use with Apple Earnings Guidance Analysis


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The information provided above is only a generalized description of the problem of thefts of and from cars in parking facilities. You must combine the basic facts with a more specific understanding of your local problem. Analyzing your problem is essential for designing an effective response strategy.
You may be dealing with a single parking facilityeither a deck or a lotor with a group of facilitiesperhaps a combination of decks and lots. Whatever the case, you will need to identify the specific nature of the problem, whether this is theft of cars, theft from cars, or both.
In most cases, the main problem will be theft from cars, and you should try to determine the kind of offenders involved (e.g., transients, drug addicts or juveniles). On the other hand, if the problem is mainly theft of cars, you will need to determine the purpose, whether for joyriding, for transport or for profit. The principal indicators of this are recovery rates, though the model stolen will also help determine the purpose because, as mentioned, certain kinds of thieves favor certain models.10
Police recover about 65 percent of stolen cars. This figure is even higher in jurisdictions where juvenile joyriding is the predominant type of car theft.
Knowing who is committing the offenses, and why, helps you decide how difficult they will be to stop. You will also need to understand how they commit the offenses. This will require a careful study of facility security. Comparing facilities can greatly assist in understanding the conditions that facilitate theft. Calculating theft rates per parking space will make your comparisons precise, though counting spaces can be very time-consuming if the parking lot operators or city does not keep records of the number of spaces per facility.
See Association of Chief Police Officers in England and Wales (n.d.) for guidelines for assessing security.
You may need to respecify the problem in light of this information. You may find that you need to focus on the largest component of theft, or on the facilities most at risk. For example, as mentioned, a detailed study of theft from downtown Charlotte parking facilities found that the problem was concentrated in lots, not decks.11 This meant that prevention could similarly be focused on lots.
Alternatively, you may decide that theft from parking facilities is part of a wider problem in your jurisdiction. In that case, the wider problem may need to be tackled, using remedies such as crackdowns on chop shops and pawnshops , or tightened controls at ports and border crossings.
The following are some critical questions you should ask in analyzing your particular problem of theft, even if the answers are not always readily available. Your answers to these and other questions will help you choose the most appropriate set of responses later on.
Measurement allows you to determine to what degree your efforts have succeeded, and suggests how you might modify your responses if they are not producing the intended results. You should take measures of your problem before you implement responses, to determine how serious the problem is, and after you implement them, to determine whether they have been effective. All measures should be taken in both the target area and the surrounding area. (For more detailed guidance on measuring effectiveness, see the companion guide to this series, Assessing Responses to Problems: An Introductory Guide for Police Problem-Solvers.)
The following are potentially useful measures of the effectiveness of responses to thefts of and from cars in parking facilities:
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Compiled by Jim Burke, KF16, Nicaragua
This week's Fellows Blog focuses on adaptability: Adapting microinsurance to poor households in Indonesia, an MFI in Turkey adapts to the needs of women entrepreneurs, a multifaceted borrower in Nepal adapts to market pressures, and a Kiva Fellow adapts to changing expectations. In a continuation of The Stuff Kiva Fellows Like series we hear how different fellows have adapted to their lives abroad by 'crashing parties' and 'going to the Bazaar'. We hear about how practitioners are adapting finance and microinsurance products to their borrowers. Equally nimble we hear from a few borrowers and how they have expertly adapted to market pressures and changing circumstance. Microfinance is a dynamic industry by nature and like DJ or Binu or Maya Enterprise for Micro Finance, ensuring success means staying flexible and welcoming new opportunities born out of challenges.
Microinsurance in Indonesia: Current Challenges and Innovations.
Country: Indonesia / Fellow: Laurie Young, KF16
Laurie takes us to a microinsurance conference and explains the challenges of getting appropriate insurance products to poor households in Indonesia.
If It Is Tuesday It Must Be Izmit+ more of my favorite borrowers+ "buyurun agabeyi"…
Country: Turkey/ Fellow: Kim Strathearn, KF16
Kim explains the history of Maya Enterprise for Micro Finance and gives a profile on the women micro-entrepreneurs served by the organization in Turkey.
Multi-faceted Borrowers Part 2
Country: Nepal / Fellow: Abhinab Basnyat, KF16
Abhinab continues his series on multifaceted borrowers by introducing Binu, a Kiva borrower, and explaining her many business ideas.
Second Chances (Part 1)
Country: Georgia/ Fellow: DJ Forza, KF16
In this heartfelt and honest post DJ explains how she adapted her expectations and settled into her Kiva Fellowship in Georgia.
Stuff Kiva Fellows Like #10-17
Country: Nicaragua / Fellow: Jim Burke, KF16
The 'Stuff Kiva Fellows Like' series continues. Fellows discuss the stuff they like and how they have adapted to living abroad and working in microfinance.
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Questions from the Field: Why Do We Lend, What's a Kiva Fellowship + How does Microfinance Support Green& Agricultural Development?
Update from the Field: New Products in Microfinance, Over-Indebtedness+ Transparency
Update from the Field: Earthquakes, 5Ks+ The Pain of Sickness and Loss
Update from the Field: Expanding the Reach of Microfinance, Downsizing Development+ Why We Kiva
* * *
Plus more on-the-ground photos from the past week:


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The translators are doing a fine job and are making immerse personal sacrifices of time and energy in translating these Wuxia novels so that ppl who lack Chinese language knowledge can also enjoy the novels.
I propose that August 31st be declared the Translator's Appreciation Day.
Post your appreciation now.
I will edit your name into post #2
Pl check post#2 for updates regularly.