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July 1, 2011
Santiago, Chile [Editor's note: This piece was sent in from our Chile correspondent, Dr. John Cobin.] When is the last time you shook a policeman’s hand, appreciative of the good work he had done for you? I live in Chile and I just did so. In North America, I would never think of doing the same thing. Cops are to be feared there. They are not helpful allies in the fight against crime. A North American is more likely to be victimized by the police rather than helped by them. In Europe, citizens are more likely to be clubbed than supported. YouTube is full of police abuse in the developed world; it is becoming a common reality of a politically correct society rather than a shocking exception. These uniformed thugs break down doors and intimidate innocent people. They plant GPS tracking devices on the cars of private citizens. They arrest people for dancing, arrest them for having a “bad attitude,” harrass people for taking photographs, and otherwise go out of their way to threaten what they are charged with protected. In Chile, things are different. Not only are the cops not corrupt like they are in every other Latin American country, they are actually helpful and efficient. Examples abound. A couple of years ago I was driving my car in the south of Chile. At a routine stop a carabinero (Chilean cop) found that my car registration had not been paid (about US$40 on my used car). I had no idea. Normally, my car would have been impounded on the spot. Instead, the policeman told me that he would act like he never saw me but that I had better get the tax paid right away. So he sent me on my way. I was very pleased, and I paid the tax the next day. I have been lost, too, driving in some remote area of Chile. When all else failed, I proceeded without hesitation to the carabinero station to make my inquiry. Such events have almost always resulted in success. In other cases I have been cited by the carabineros for traffic infractions. But to their credit, I was guilty as charged. And in some cases I got off with just a warning. The point is that in Chile the cops still treat you like a human being, and they understand that you can make a mistake at times. They are not itching to leap at an opportunity to flex their muscles or put you in your place. There is not a latent urge in the Chilean cops to have chance to show their might or use force. Plus, as my wife says, if they did become that way, Chileans would likely rise up and lynch them on the spot! Today, I had to visit the police station to report fraudulent use of my credit card overseas. The bank’s fraud department had spotted the problem and directed me to make a police report, known as a constancia in Chile. I entered the building and walked into the room where the three carabineros worked to take such reports. I asked one of them to inquire if I was in the right place. He affirmed that I was. So I sat down and waited. My wait was prolonged when the station’s server went down for 10 minutes. But other than that I was out of there in short order. The carabinero took the information from my credit card, my ID card, and the bank’s fraud department’s findings, and then he entered them into his system. I left with a printout showing a case number. The cop did his job so well and efficiently that I shook his hand and wished him a good day. He responded in like manner, courteously saying goodbye. One of the benefits of living in Chile is that society is civil. Cops are not marauding bands of thugs to be fear but rather people who are willing to do what they can to help. How does that reality compare with where you live? Dr. Cobin's book, Life in Chile: A Former American's Guide for Newcomers, is the most comprehensive treatise on Chilean life ever written, designed to help newcomers get settled in Chile. He covers almost ever topic imaginable for immigrants. This knowledge is applied in his valet consulting service, where he guides expatriates through the process of finding a place to live and settle in Chile, helping them glide over the speed bumps that they would otherwise face in getting their visas, setting up businesses, buying real estate, investing in Chilean stocks or gold coins, etc. Read more posts on Sovereign Man » Please follow Money Game on Twitter and Facebook. Join the conversation about this story »
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I founded this firm at age 25 with no experience, after finding myself having quit my first job, not long after graduating from Fordham University in the Bronx, and having New York CIty rent around $1500, which was quite lavish with $0,000 annual salary. I remember feeling very empty the day I turned 24 years old. I graduated college just 90 days before and felt that I was a failure. Therefore I did what every young kid would do and began interviewing right away. Since I was very good at interviewing and a hard worker I got an interview with Bloomberg a few days after I was fired. When you're 24, Bloomberg does mass interviews with a bunch of other people who look like the same people that have been in your class from kindergarten to college graduation. They had a refreshments area where they had young Bloomberg hires mingling with us before we had an interview with a few people at the time who I figured were important, so maybe managers. I remember all the talking stopped and they lined us up to do interviews in back offices with two people who proved to be... well, I'll redact my opinioni for legal reasons. Right before I went back to interview with the two managers, a Bloomberg employee about my age walked right up to me. He told me I looked nervous and that I'd probably not get the job. Being the competitive person I am, not only did I walk away from an offer -- I made about 50 times more money than the person and have a much cooler job. A few days after my Bloomberg interviewing, I decided not to go through with the job, but to strike out on my own. Try explaining that the two parents who just paid for private education (and they did hook up a studio apartment near NYU for two semesters) that you want to open up a staffing company instead a work of Bloomberg. A few days later, KAS was started in an apartment that was 600 ft.². Looking back, I was a kid who was able to rely on above-average cold calling skills until the business would need someone of substance. Time passed, mistakes were made, lessons learned… By my 30th birthday, three of my employees have offices bigger than that apartment. The thing is, it would be naïve to brag about this, if I didn't make it clear that the only thing that has changed at my firm is working Internet and land lines, Starbucks coffee as opposed to what was laying on the counter from two days before, and an atmosphere that is hell-bent on constant progress. A kid from Toms River New Jersey, who got B's in high school, and smoked cigarettes at varsity tennis practice, has the same mentality now as he did back then and the same drive… And it's been 74 days since my last Parliament cigarette. Please follow SAI on Twitter and Facebook. Join the conversation about this story »
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This is the final part of a 3-part series on the major changes in the structure of the software & the venture capital industries. The series started here if you want to read from the start. Or the Cliff Note’s version: - Open Source & Cloud Computing (led by Amazon) drove down tech startup costs by 90%
- The result was a massive increase in startups & a whole group of new funding sources: both angels & “micro VCs”
- With more competition in early-stage many VCs are investing smaller amounts at earlier stages. Some are going later stage to not miss out on hot deals. I call this “stage drift.”
- The opportunities for tech startups today are more immense than they’ve ever been with billions of people now connected to the Internet nearly all the time.
But … Downsizing Venture Capital
The venture capital business itself is going through an even more fundamental change than just the entry of a new category at the earliest stage. The industry is shrinking back to a mid-90′s level in terms of both dollars and numbers of firms. The doubling of the industry size was caused by the euphoria of the dot-com bubble and since funds take 10 years or more to dissolve the bursting of the funding bubble has taken its time. We all know the result of the over-funding of the asset class – poor returns in aggregate for the industry. The best firms have still delivered results, though. So what’s happening now is the elimination of funds that probably should never existed as well as the questioned relevance of some older firms that failed to find good succession strategies or remain relevant. That’s certainly good for our industry in terms of future returns for investors but I would argue also for entrepreneurs. In the last 90′s it was impossible to charge fair prices for products & services in a market where you had 5 competitors giving away free products to acquire “eyeballs” and fueled by an excess of venture capital. A normalization of the venture capital market will bring more rational valuations over time but should produce more stable companies and better returns for VCs and LPs. It doesn’t feel like that now because we’ve entered a mini bubble in pre IPO valuations for a segment of the tech market but this, too, shall pass. The Coming Brick Wall
What I’ve started to observe is that we’re certainly headed for a bit of a brick wall for early-stage companies. The explosion in number of startups coupled with the decrease in numbers & dollars of VCs portends this. As an industry this is probably OK. Creative destruction is what drives capitalism and innovation. Some startups won’t make the cut but those founders will have developed invaluable skills and will join the ranks of the survivors. I’m proud to see this creative destruction happening more prevalently in the US right now because it gives me comfort that we haven’t lost our footing in terms of global innovation. I would argue that the explosion in startups and the coming brick wall will continue to create compelling opportunities for venture capitalists. As an industry we have more startups feeding into the top end of our funnels from which to evaluate and choose the most prudent investments. The coming brick wall will ensure that valuations reach their natural limitations and return to normalcy. The coming brick wall will produce more second-time entrepreneurs whom we can fund that will bring real experience to the table in their next businesses. I know that a brick wall is a rather nasty metaphor, but it’s not all bad. Like any market that overheats we will have the negative collateral damage but also the blossoming of the next wave of innovation and returns. Borders, Normalization & The Continued Relevance of Venture Capital
My prediction for what comes beyond the brick wall? - Continued high pace of startup innovation. The lower costs & lower barriers to entry support this. Also break-out companies like Rovio and NewToy that grew big without much capital will continue to encourage young entrepreneurs to try
- Increased reluctance of angel investors to fund any new hot team based solely on the “social proof” of who else invested. Brick wall = lost money for early-stage capital primarily concentrated on angels. I’ve been on-record here for a while.
- Return to focused strategy for investors where Micro VCs have a more established position in their market and traditional early-stage VCs become more comfortable waiting for products to be completed as FOMO (fear of missing out) subsides
- Hedge funds and growth equity firms returning to their traditional segments of the market
Basically, I believe that each market participant brings strengths relevant to their stage and I don’t believe in huge stage drift. The software industry is changed for good and the next decade will truly be dominated by the open cloud and open platform companies that embrace this. And the IT segment of the Venture Capital industry will continue to evolve to meet the market needs, not vice-versa. Read more posts on Both Sides of the Table » Please follow SAI on Twitter and Facebook. Join the conversation about this story »
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Tencent shopped again. Lin Nin, CEO of FTuan, a daily deal site in China, confirmed that Tencent invested in the company for an undisclosed sum. Tencent already had several group buying offerings, including QQTuan and Gaopeng, a joint venture of Tencent and Groupon, along with deal aggregator SOSOTuan. Obviously Gaopeng has neither adapted to Chinese market nor lived up to its parent company’s reputation. With so many group buying initiatives, one just can’t help but wonder what Tencent want to do with them. And also, Chinese group buying market has already showed signs of declining, according to a research by Tuan800, a Chinese daily deal aggregator, in May there’re over 4500 group buying sites in China but sales fell in 40 major cities month over month. Prior to that, Beijing, Shanghai and Guangzhou had already showed signs of weakness in monthly sales; these three cities are separately the largest, second and third largest group buying market in China. Market Decreasing Amid Intense Rivalry
To compete against other players amid intensified competition, Chinese groupons have tried everything from “free lottery”(lashou, meituan, nuomi and so on, with awards including house, Apple laptop, cars, life-long water and electricity bill payment) to celebrity spokesperson (Lashou, Groupon.cn, Manzuo, Jumei and so on). According to Renren. Inc Q1 2011 financial results, net income for Nuomi in the first quarter was US$ 900 thousand, while operating expense was US$ 4.6 million, which means Nuomi earns RMB 1 yuan while spends 5 yuan. 
Chinese actor Ge You featuring in Lashou ad campaign The situation is no better in other sites. For Lashou, the largest Chinese daily deals site in terms of scale, its sales plunged from this April’s US$ 15.77 million to US$ 10.54 million, an astonishing 33.7% decrease month over month. It seems hiring Ge You, one of the most-recognizable screen icon for Chinese people, as spokesperson and rolling out the ads featuring him in every corner of Beijing among other cites didn’t help much. Please follow SAI on Twitter and Facebook. Join the conversation about this story »
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We start Impact Wrestling with Hulk Hogan and Scott Steiner in the back. Apparently, Steiner is the new member of Immortal. Hogan praises Steiner for a minute or so before hearing Sting's voice. We see Sting cutting a promo on a monitor backstage, and he's basically just talking about how he's going to get Hogan while doing the stupid Joker voice. This leads Hogan to come out to the ring. BTW, the entrance "videos" TNA Wrestling-pact uses are terrible and cheesy. Hogan begins talking about how he can't believe Sting's turned into such a coward. He somehow segues this into World Champion Mr. Anderson, who comes out to the ring, complete with his Battle Dome title belt. Hogan tells Anderson he needs Hogan as badly as Hogan needs him, and when Anderson has to face Sting at the PPV, he can either join Hogan's Orange Goblins (aka Immortal) or face psycho Sting by himself. Anderson responds by discussing his cockiness. Okay. This promo seems to have no end in sight, as it's already gone on for 8 minutes. Hogan tells Anderson that we can't have Sting running around the company, and that Anderson joining the Goblins equals money and ratings. Anderson says he doesn't care about Hogan or Bischoff, and that he plans on taking Sting on by himself. Continue reading at Camel Clutch Blog → Please follow Sports Page on Twitter and Facebook. Join the conversation about this story »
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….(if there’s not some sort of intraday correction as the markets rally) This is a busy chart and I’m just going to give my 2 cents about the recent market action. With my timing signal flipping green earlier this week, it has been encouraging to see the market rally, but there’s something about the action that is making me nervous regarding the velocity of the move. I have a much longer term chart of the SPX that you can’t see due to size restrictions, but where the NYMO closed at … [visit site to read more] Read more posts on zentrader.ca » Please follow Money Game on Twitter and Facebook. Join the conversation about this story »
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A few days ago I found myself in Building #9 at the Johnson Space Center in Houston, TX. You see I am a venture advisor to the Department of Defense as part of the Defense Venture Catalyst Initiative (affectionately known as the DeVenCI program) and periodically we are summoned to specific agencies around the country to review novel technologies under development as well as to suggest interesting start-up's the DoD should be familiar with given its needs. Building #9 houses the training modules for the space shuttles – about to be mothballed – and the space stations. These full scale models are used for training and to wildly impress VC's. Watching the next crew of astronauts train was very cool. In addition to meeting a number of extraordinarily talented and committed Americans working on programs one might only expect to see on "24" or in sci-fi thrillers, I screened a number of projects to gauge commercial applicability. But just as important I picked up a number of cool facts such as: - A space suit costs $2 million and is made of 16 layers of materials
- Living quarters in the space shuttle are really really tight
- Typical space walk takes 6 to 7 hours
- Each astronaut sleeps for precisely 8.5 hours per 24 hour cycle in space "snuggies"
- It takes 4 hours to return to earth but a day and a half to get to the space station
- Upon re-entry the shuttle heats to 15,000 degrees (which is why they can explode with even the slightest damage to the heat shields)
- The typical trainer looks 18 years old
- Building #9 houses one of the largest air hockey boards for astronauts to practice weightlessness on
- It is very painful for the astronauts to walk when they return from a 6 month mission because the calluses on their feet have sloughed off
- You would never want to use a space toilet – and not just because your business is conducted in front of your crew
- Average noise on the space station is 65 db – and can get as loud as 90 db
- The space station goes around the earth once every 90 minutes
- The Chinese are offensively exploding other countries' satellites creating an enormous issue with "space debris"
- The power of one rocket on the space shuttle is equivalent to 28 Hoover Dams
I could go on with other interesting facts but I will share with you perhaps the most fascinating anecdote from the entire visit – and it had nothing to do with outer space. As a visitor I sensed that NASA is struggling with redefining its mission, its reason to exist – how best to justify the annual budget to support this type of research – particularly given how tough things are back here on earth. Toward the end of the visit we were treated to a presentation by the Deputy Chief Medical Officer for Johnson Space Center and his re-telling of NASA's role in rescuing the trapped Chilean miners. Arguably the application of many of NASA's discoveries and insights from space – when translated to this disaster – proved to be pivotal in rescuing all of the men. Some highlights: - While trapped 2,200 feet below solid rock, the miners were only at sea level given they were drilling in the mountains; and there were numerous tunnels and ample space to move around
- The earthquake loosened 600 tons of rock which effectively buried the miners
- There were enough rations to provide 100 calories per day per miner – much like the "re-feeding syndrome" NASA developed if there were ever a disaster in the space station (one needs to be very careful how one balances the various minerals in the body)
- The miners' diets had to be modified to alter the carbon dioxide produced, oxygen consumed thereby altering the metabolic functions in the body – effectively the miners' bodies had to be "re-tuned" to adjust to these harsh conditions
- It was 90 degrees in the mine and given that the miners were sleeping on hot rocks, they were experiencing significant muscle beak-down
- They had to be selectively hydrated based on their unique physiology to avoid renal failure
- The Chilean government deliberately had three drilling teams compete to drive innovation and speed
- The apparently simple extraction of the miners in the tubes was one of the most challenging maneuvers given the number of psychological issues, need for compression garments, fluid loading given the change in ambient pressures, etc
As a kid I remember being fascinated with traveling on airplanes – now, not so much. Many of us grew up enthralled with outer space and on some level it is sad to see the budgets of NASA under siege. While I have not concluded for myself if that is a good or bad thing, there are a number of Chilean miners who are thrilled with the fact that we put men on the moon.
Read more posts on On the Flying Bridge » Please follow War Room on Twitter and Facebook. Join the conversation about this story »
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Check out some of the latest MakeUseOf discoveries. Most of the listed websites are FREE or come with a decent free account option. If you want to have similar cool website round-ups delivered to your daily email, subscribe here. Add Your Website Here! | | Cascader – Writing code for web development can be tough, but even tougher can be the effort to clean up code written by somebody else. Cascader is a tool that can help web developers clean up the code by separating inlines CSS code from provided HTML. Simply copy-paste the HTML code and Cascader will do the rest. Read more: Cascader: Generate CSS Classes For Inlined HTML Styles |
| | Generate A Panorama – Many of us have wondered what the view would be like from a particular summit in a particular direction. Generate A Panorama lets you do just that by creating a panoramic view from any summit in any direction. You can choose your viewpoint on a map, pick it from a drop down list, or even pick it by entering specific data points. Read more: Generate A Panorama: Create Panoramic View For Any Location | | | | Remember It App – Many people have at least once forgotten their credit cards at a store, left their tab open at the bar when they left, forgotten to collect their coats from the coats check section, etc. To help remember our things at stores, a location-based alarm application “Remember It App” was created. The app uses GPS settings in your device to set location-based alarms. You can set the alarm to ring when you move a certain distance from your present location. Read more: Remember It App: A Highly Useful Location Based Alarm App | | | | FindiLike – Are you stuck looking for hotels or places to stay that is almost what you are looking for, but not quite there yet? If so, then you should check out Find I Like. This app is a search engine for hotels that relies on your preferences and personal tastes. Instead of the usual filters, you can type in words like clean, safe, etc. Read more: FindILike: Search & Find Hotels By Preferences | | | | BookCountry – If writing fiction is one of your hobbies, you might want to share your works with others and obtain constructive feedback. Similarly you might want to read what other writers similar to yourself are writing and provide feedback to them. Such interaction with fiction writers and readers is facilitated by a web service called Book Country. Read more: BookCountry: An Online Community For Fiction Writers & Readers |
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Need Assistance? Ask questions to MakeUseOf staff and thousands of other readers on MakeUseOf Answers! Cool Websites and Tools [June 30th] is a post from: MakeUseOf More articles about: cool web apps
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How many of us have heard "experts" warning us to NEVER work for free? "Don't do it!" they shout. "Working for free completely devalues your work."
This is nonsense. Working for free can help you close bigger deals than you ever thought possible when you do it strategically. You go from FREE to FEE on a very clear, step-by-step process, not a haphazard strategy of spray and pray. This is how I went from charging $20/hour to $1,500/hour. It's also how many of my Earn1K students's hourly rates have soared to over $100/hour. Today, let's take a look at Garrett's story — including how he used specific techniques to grow his side income. "I didn’t fit in with any of them." Garrett never was the 9-to-5 type. Throughout the start of his career, he was always searching for something more meaningful. "I worked so many different jobs when I was young," Garrett recalls of his experiences with typical office jobs. "I didn’t fit in with any of them. I couldn’t understand how people could keep it up. It seemed so fake how people related to each other." This independent streak lead Garrett through a variety of jobs. He tutored, he gardened, he designed websites, he practiced massage therapy. Eventually he created a niche for himself writing hundreds of articles for local businesses and online media companies. But while he enjoyed the freedom that came with his work, he still wanted more. That's when Garrett discovered Radical Undoing, a system of meditations and exercises designed to interrupt the habitual ways you respond to events. He was hooked from the start. "I gave free sessions to everyone!" Garrett completed Radical Undoing workshops and immediately jumped into sharing what he had learned. "I gave free sessions to everyone! People I knew, people I met on the street, friends of friends." Soon enough, Garrett knew he wanted to turn this passion into a career. "I started selling sessions to people. Then I held workshops. It was pay whatever you want. I mean, I just wanted to do it." Garrett knew from all of the positive feedback that he'd received that his business could work. He just didn’t know how. After years of struggling, Garrett's new business — formally christened as CommandZ (www.radicalundoing.com) — made it's way online. Garrett and his business partner created a newsletter and built an email list. They created an online course and added streaming video. Even with all this, CommandZ underperformed and Garrett had to rely on his article writing and website design to pay the bills. He knew he needed some help. That's when he stumbled across Ramit's Find Your First Profitable Idea ebook. "I made $1,000 in 30 days just using Ramit's free material." Garrett finished Ramit's ebook feeling validated and re-engerized. "It was great to know we already had a good idea. We realized we were already ahead of the game." From there, Garrett dove into Ramit's free 30-day hustling course and 1-week MBA on earning more money. A fellow psychology buff, Garrett loved Ramit's 60-minute Master Class on social psychology and persuasion with Stanford psychologist BJ Fogg. He put Ramit's free lessons to use and made $1,000 in a month. At that point, he knew he needed to enroll in Earn1K. "Oh man, I was so stoked," said Garrett. "Look at everything Ramit's giving away in that course! Even the Master Classes alone. There's so much material in each one. I really loved Noah Kagan's Master Class. He was hilarious and very frank." Not one sit around, Garrett put one of Noah's tips to the test right away. "Noah doesn't use a resume. If he wants to work with a business, he just calls them up directly." Garrett applied that approach to his next writing project, got his foot in the door, blew them away with this sample work and ended up getting paid $300 per article — six times more than he was used to. Thrilled with his results, Garrett applied the lessons to CommandZ. Rebuilding a business "Based on what we learned in Earn1K, we changed the website around right away," Garrett said. He added a registration page to his website. "That change got us more subscribers, more phone calls, more people ready to sign up." With more prospects in the pipeline, Garrett could turn his attention to his biggest concern: pricing. From the early days of his business, Garrett had learned that charging too little — in his case, nothing — can actually hurt sales. Just upping his price by $20, Garrett acknowledged, would have meant not only more money per client but more clients total. He didn't want to make the same mistake. When he started Earn1K, he was charging $100 for an hour-long, online session. He knew that was still low, but how much were his services really worth? Garrett dove into his notes from the course. Armed with tactics from Ramit's 24-minute video (and accompanying worksheets) on how to build your prospect's trust, Garrett restructured his sales process to allow him to score small wins right away with his prospects. "We really listen to them. Like they've never been listened to before. And we ask the right questions. We show how we can really deliver value, even on that first phone call." The pay off? Proving their value upfront has allowed Garrett and his business partner to raise their rates from $100 and hour to $250. And the price for a face-to-face session is even more. "We had so much going for us, and we couldn't see it." From package plans to one-on-one retreats, now Garrett sees even more opportunities to raise the value of his services — and the price. In the meantime, word of mouth about his company continues to grow. "Earn1K is like having a mentor." Garrett isn't done with Earn1K yet. "I'll go through the course again and get even more out of it the second time," said Garrett. "There's just so much material. Earn1K is like having a mentor. And it helps you use the skills you have, maybe even skills you didn't even know you had. I found out I have more skills than I thought. Skills that people find valuable." Up next for Garrett and CommandZ? Building out his sales funnel and more price testing. With the business almost able to completely support him, his partner and the business' rapid growth, Garrett has come a long way from giving out free services to everyone he met. Video: How Matt Cheney earned $25,600 from me (in 4 months) AFTER working for free “Free-to-fee” isn’t some feel-good platitude I preach to my readers. I’ve gone on to hire MANY of the people in my business after they worked for free. Here’s a video from Matt Cheney about how he turned 6 months of free work into a $24,600 payday: Join my FREE Private List for exclusive material on earning more and living a rich life The case studies you see on my blog each week are just the tip of the iceberg. I save my best content for the people on my free private email list. I’d love for you to join today. Each week, I’ll send you: - Ways to overcome the barriers that hold you back
- Psychological techniques to dominate
- How to earn money on the side using skills you already have
- Much, much more
You can join for free by signing up below: (Can’t see the above form? Click here.) Read more posts on I Will Teach You To Be Rich » Please follow War Room on Twitter and Facebook. Join the conversation about this story »
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Wow! December Corn futures finally opens with a 13.4 percent loss from Wednesday’s high to the opening low. Wheat has also been hammered. The WSJ reports, As recently as June 9, USDA officials had guessed that excessive rain and widespread flooding this spring limited farmers to 90.7 million acres. But a separate USDA report also found supplies were bigger than expected in early June, signaling relief for food companies, livestock producers and consumers. Interesting how food prices are tanking at the end of QE2. The USDA report gives the Fed an out that commodity prices are not driven by excess liquidity but by fundamentals. Let’s see how low they can take ‘em and debate this point later. That’s what we like about the markets and economics: You (we) don’t know jack; and you (we) can’t prove jack! (click here if charts are not observable)
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Update: Minnesota Gov. Mark Dayton said late Thursday night that the state government will shut down at midnight, after lawmakers could not reach a deal on a budget. Dayton said he and Republican legislators are $1.4 billion apart on $30 billion budget, with the GOP lawmakers unwilling to accept a deal including tax cuts. "I will continue tonight, tomorrow and however long it takes to find a fair and balanced compromise," he said. "I believe the people of Minnesota are with me." Original: With less than three hours to reach a budget deal to avoid a shutdown, Minnesota Gov. Mark Dayton told the Minneapolis Start Tribune that an agreement before the midnight (CDT) deadline "doesn't look likely." While Minnesota lawmakers have moved closer to reaching an agreement, Dayton's pessimism is an indication he will not call the legislature into a special session — required for a vote on a new budget or a temporary "lights-on" bill to sustain the state until a final deal can be reached Budget talks reportedly ended several hours ago, with no further discussions scheduled. Please follow Politics on Twitter and Facebook. Join the conversation about this story » See Also:
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With less than three hours to reach a budget deal to avoid a shutdown, Minnesota Gov. Mark Dayton told the Minneapolis Start Tribune that an agreement before the midnight (CDT) deadline "doesn't look likely." While Minnesota lawmakers have moved closer to reaching an agreement, Dayton's pessimism is an indication he will not call the legislature into a special session — required for a vote on a new budget or a temporary "lights-on" bill to sustain the state until a final deal can be reached Budget talks reportedly ended several hours ago, with no further discussions scheduled. Please follow Politics on Twitter and Facebook. Join the conversation about this story » See Also:
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BALTIMORE (AP) — Lance Berkman homered twice, Jon Jay hit a three-run shot, and the St. Louis Cardinals beat the Baltimore Orioles 9-6 on Thursday night to complete a three-game sweep. The Cardinals never trailed in the series and outscored Baltimore 20-9. In the finale, St. Louis built an 8-0 lead in the fourth inning and coasted to its fourth win in nine games since slugger Albert Pujols went on the disabled list with a fractured wrist. Berkman hit a two-run drive in the second inning and led off the seventh with a clout that traveled an estimated 444 feet onto Eutaw Street. It was his 29th career multihomer game, the fourth this season. Berkman has homered from both sides of the plate twice this year and four times in his career. He did it twice for Houston in 2006. Nolan Reimold homered and had four RBIs and Mark Reynolds hit a two-run drive for the Orioles, who fell a season-worst eight games under .500 (35-43). Baltimore's Nick Markakis extended his career-high hitting streak to 19 games and Derrek Lee got his 1,900th career hit, a single in the second inning. He's the 315th player to accomplish the feat, according to the Orioles. Cardinals starter Jaime Garcia (7-3) gave up five runs, 10 hits and a walk in 5 1-3 innings. It was only the second time in 17 starts this season that the left-hander allowed more than three earned runs. Fernando Salas worked the ninth to earn his 13th save and conclude the Cardinals' first sweep on the road this season. Orioles starter Brian Matusz (1-4) yielded a career-high eight runs and nine hits in 3 1-3 innings and lost his fourth straight start. He has allowed seven homers in his last three outings and owns a ghastly 8.77 ERA. The left-hander has started six games since coming off the disabled list and still hasn't regained the velocity he displayed before the injury. His fastball reached 90 mph at least once in this outing, but most of the time it was in the 86-88 range. For a third straight game, the Cardinals took the lead for good in the second inning. David Freese singled, took second on a walk to Yadier Molina and scored on a single by Tony Cruz. Skip Schumaker followed with a sacrifice fly. St. Louis made it 4-0 in the third when Matt Holliday doubled and Berkman drove a 1-2 pitch into the seats in left. Matusz left during the Cardinals' four-run fourth. After Ryan Theriot hit an RBI single, Jay hit his sixth homer with two aboard to chase Matusz, who was booed by many in the crowd of 28,340. Reimold hit a three-run homer in the bottom half and Reynolds ended Garcia's night with a two-run drive in the sixth. Berkman made it 9-5 with his 20th home run of the season, a no-doubt blast off Alfredo Simon. Baltimore got a run against Mitchell Boggs in the eighth on a single by Reimold. NOTES: Markakis owns the longest current hitting streak in the majors. ... The Cardinals last previous sweep of an AL East opponent on the road came at Tampa Bay in 2005. St. Louis closes interleague play with a three-game series at the Rays this weekend. ... Molina went 0 for 3 and is hitless in his last 34 at-bats. ... Baltimore designated hitters have only one home run in the last 27 games ... Theriot went 2 for 5, his team-high 26th multihit game. ... Garcia had only one perfect inning, but was backed by three double plays. Please follow Sports Page on Twitter and Facebook. Join the conversation about this story » See Also:
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TORONTO (AP) — Jeff Karstens capped a brilliant June with another strong start, Brandon Wood hit a two-run homer and the Pittsburgh Pirates won their first interleague road series since 2003, beating the Toronto Blue Jays 6-2 on Thursday night. The Pirates had lost 17 straight interleague series away from home since taking two of three at Tampa Bay in June 2003. Karstens (6-4) allowed two runs and five hits in seven innings, improving to 3-0 with a 1.52 ERA in six June starts. He walked one and struck out two. Solo home runs by J.P Arencibia and Yunel Escobar were the only blemishes for Karstens, who has allowed five home runs in his past two starts, all solo. The right-hander has given up 16 homers this season; all but one have been solo shots. As a staff, Pittsburgh pitchers have surrendered 10 home runs in the past five games. Nine of the 10 have been solo homers. Chris Resop worked the eighth, Tony Watson got one out in the ninth and Jose Veras pitched around a triple by Aaron Hill to finish it for the Pirates, who have won six of eight. Blue Jays left-hander Brett Cecil (1-3) took the loss in his first major league start since April 20, allowing a season-high six runs and eight hits in 6 1-3 innings. He walked three, one intentional, and struck out six. Cecil was recalled from Triple-A Las Vegas on Monday after going 8-2 with a 5.26 ERA in 12 starts while building up his arm strength. The Pirates scored in the first when Alex Presley led off with a triple and scored on Andrew McCutchen's grounder to third. Cecil didn't allow another hit until the fifth, but the Pirates turned it into a run. Josh Harrison led off with a double to center, advanced to third on Michael McKenry's sacrifice and scored on Presley's sacrifice fly. Arencibia's 12th homer and Escobar's ninth, tied it at 2-2 in the bottom half, but the Pirates reclaimed the lead with a three-run sixth. Lyle Overbay opened the inning with a fly ball to shallow left that fell between third baseman Jose Bautista and outfielder Corey Patterson. Overbay went to second on the play, then advanced to third on Patterson's throwing error. Ronny Cedeno drove in Overbay with a double to right, then came around on Wood's homer to left, his third. Pittsburgh made it 6-2 in the seventh. McCutchen chased Cecil with a double and Octavio Dotel gave up an RBI single to Matt Diaz. NOTES: The Pirates finished interleague play with an 8-7 record. ... Blue Jays RHP Casey Janssen (forearm) will make a rehab appearance at Class-A Dunedin this weekend. RHP Dustin McGowan (shoulder) is expected to begin his rehab assignment at Dunedin this weekend. Please follow Sports Page on Twitter and Facebook. Join the conversation about this story » See Also:
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DENVER (AP) — Known as a punch hitter, Juan Pierre showed he has some pop, too. The light-hitting outfielder laced a tiebreaking, two-run single off the wall in the 10th inning, helping the Chicago White Sox rally for a 6-4 win over the Colorado Rockies on Thursday. For his power surge, Pierre credits an earlier sacrifice fly. He successfully lifted the ball to left in the eighth to bring home the tying run. Two innings later, he took it a step further by launching the ball. "I ended up hitting it pretty good," Pierre said, grinning. With the bases loaded in the 10th, Pierre, who's regarded for his speed more than his power, turned on a pitch from Clayton Mortensen (2-4) that hit off the top of the wall in right. The ball was hit so hard and on such a line that the runners held up on the bases, limiting Pierre to a single. And while he didn't think the ball was going to leave the park, Pierre figured, especially with his wheels, it was good enough for more than a single. Not that he's complaining. A.J. Pierzynski and Gordon Beckham scored on the play as the White Sox took two of three from the Rockies in the series. It was the ninth straight interleague series Chicago has won on the road. Sergio Santos pitched a perfect 10th for his 17th save in 19 chances. Jesse Crain (4-2) picked up the win by getting the last two outs in the ninth. The three-game series was tightly contested, with the Rockies winning 3-2 in 13 innings on Tuesday, the White Sox taking the second game 3-2 with a run in the ninth Wednesday and then Pierre coming up big for the White Sox on Thursday. "He's one of the players we need the most," White Sox manager Ozzie Guillen said of Pierre. "He's starting to swing the bat better." Trailing 4-2 heading into the eighth, the White Sox rallied for two runs off Rockies reliever Matt Lindstrom. Beckham had an RBI single and Pierre later drove in the tying run with the sacrifice fly. Beckham finished with three hits, including a solo homer in the seventh. Troy Tulowitzki hit a three-run homer in the first for Colorado and Todd Helton played in his 2,000th game. But this loss dampened the milestone moment for the longtime Rockies first baseman. "It's one of those games we should've won," Helton said. "Could've won a series right there — let one get away." Chicago's Jake Peavy only made one major mistake all afternoon, leaving a pitch up to Tulowitzki in the opening inning after the two engaged in quite a showdown. On the 12th pitch of the at-bat, Tulowitzki crushed an 89-mph fastball from Peavy over the fence in center for a three-run homer. "Troy, you've got to give credit where credit is due. He fouled off some good pitches," Peavy said. "He waited around and got a pitch he could do some damage with." Peavy scattered seven hits over six innings and allowed four runs in the no-decision. The righty is 13-8 with a 3.01 ERA lifetime in interleague games. This was Peavy's third appearance since coming off the disabled list last week with a strained groin. Peavy pitched in relief in his last outing, throwing four scoreless innings to pick up the win against Washington last Saturday. It was the first relief stint of his career. Aaron Cook found the form that made him Colorado's all-time winningest pitcher, giving up five hits and one run before being pulled for a pinch-hitter in the sixth. He's still searching for his first win since last September as the bullpen couldn't hold a late lead. The sinkerball specialist enticed the White Sox to hit into three double plays, allowing him wiggle out of several jams. Cook struggled with his command in the second as he walked three in the inning, hit a batter and threw a wild pitch that allowed a runner to score. But he escaped further damage by getting Pierre to ground out with the bases loaded. "The second inning was a little rushed and I couldn't find my release point," Cook explained. "After that, I settled down and got back to what I do: Let them put the ball in play and let our defense work." Moments before the game, the Rockies acquired veteran second baseman Mark Ellis from Oakland to revamp their infield. He's expected to be available Friday night against Kansas City. The Rockies are hoping he can provide some consistency at second. The team has used Chris Nelson, Jonathan Herrera, Eric Young Jr. and Jose Lopez, who's now gone. "I think the message with this acquisition of a veteran, proven major league player is there's no scholarship program here," Rockies manager Jim Tracy said. "This is not a feel-good situation." NOTES: Guillen doesn't expect any setbacks with LHP John Danks, who went on the DL Sunday with a strained oblique. "As soon as he throws, we'll will see how we're going to work with him," Guillen said. ... The Rockies sent minor league RHP Bruce Billings and a player to be named to Oakland for the 34-year-old Ellis and cash. ... Helton tipped his cap in the sixth when the crowd gave him a standing ovation for reaching the 2,000-game plateau. Please follow Sports Page on Twitter and Facebook. Join the conversation about this story » See Also:
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A couple of days after IMF head Dominique Strauss-Kahn was arrested for rape and held in solitary confinement at Rikers without bail--and everyone thought that was perfectly reasonable treatment because he was OBVIOUSLY GUILTY--Ben Stein wrote an article entitled: "Presumed Innocent, Anyone?" The article sent those who knew Strauss-Kahn was guilty into a rage--HOW DARE HE DEFEND A RAPIST!?--and they savaged him. Oh, how they savaged him! They wanted the man drawn and quartered. And, sure, Ben Stein brought the loathing upon himself by having a little too much rhetorical fun in his article: "The prosecutors say that Mr. Strauss-Kahn "forced" the complainant to have oral and other sex with him. How? Did he have a gun? Did he have a knife? He's a short fat old man." But now that it seems the prosecutors aren't sure Strauss-Kahn forced anyone to do anything, it's time for everyone who hacked apart Ben Stein to go back and read his article again. And then maybe apologize to him. Because if ever there was a case that demonstrates how lucky we all are to live in a country with a legal system (if not a press corps) that presumes the accused is innocent until proven guilty, it's this one. (Disclosure: We also thought Strauss-Kahn was guilty.) Please follow Business Insider on Twitter and Facebook. Join the conversation about this story » See Also:
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 CHICAGO (AP) — Geovany Soto was waiting for a fastball as he stepped to the plate in the 13th inning. It never came, and it didn't matter.
Soto delivered a pinch-hit, three-run homer that capped a four-run rally with two outs in the 13th inning and sent the Chicago Cubs to a wild 5-2 victory over the San Francisco Giants on Thursday. Soto's drive finished off an eventful day for the Cubs. Starter Carlos Zambrano left in the second inning because of soreness in his lower back, then Aramis Ramirez hit a tying home run in the ninth off San Francisco closer Brian Wilson. The Giants were leading 2-1 after a solo shot by Pablo Sandoval in the top of the 13th off John Grabow (1-0), but the Cubs struck back in the bottom half against Ramon Ramirez (2-1). Jeff Baker doubled with two outs and scored the tying run on a single by Darwin Barney, who had checked his swing on the previous pitch — an 0-2 slider. Ramirez then intentionally walked Starlin Castro, and Soto, batting for Grabow, launched a 3-2 pitch over the wall in left to give the Cubs the win and the series split. "I was just trying to get a fastball. See it. Time it. He never threw one," Soto said after hitting the first game-ending homer of his career. "On 3-2, I just try to see the ball, see it up, breaking pitch up. I knew Pena was on deck and a lefty. He left it a little bit up, and I put good wood on it. It feels unbelievable." Chicago will take that after dropping a day-night doubleheader before pulling out a 2-1 win on Wednesday. The Cubs will try for their first three-game winning streak this season when they open a weekend series against the White Sox on Friday. The Giants managed just five hits and went 10 1-3 innings without one before Sandoval went deep, wasting another dominant start by Matt Cain. "We've got to get these bats going," Giants manager Bruce Bochy said. "We've got some guys who are scuffling. So, we'll have to make some changes here." Even so, they were in line to win this one. But they just couldn't close it out. "You have to make the last three outs," Sandoval said. "Two outs. Two strikes. We lost the game." Ramirez, whose pinch-hit single in the ninth gave the Cubs their victory a day earlier, came up big again with his team trailing 1-0 in the ninth and Wilson going for his major league-leading 25th save. He drove a 3-1 pitch out to left for his 299th career homer and 10th this season. "He's not only a great hitter, but a great clutch hitter," Cubs catcher Koyie Hill said. "The last two days, he's proven that." And Soto? Well, no one appreciated that homer more than Hill, who caught the entire game. "We're pretty tight, but we're really tight today," Hill said. "That was nice. That was fun for him to hit that." The Giants loaded the bases against Grabow in the 12th on walks to Cody Ross and Nate Schierholtz to start the inning and an intentional pass to Miguel Tejada with one out. But they came away with nothing when pinch-hitter Aubrey Huff flied to shallow center and Aaron Rowand lined to right. Cain pitched four-hit ball over seven scoreless innings for his second straight start. He struck out six and walked one, just as he did in his previous outing against Cleveland. For the Cubs, it was an alarming sight to see Zambrano leaving early. He arrived at the ballpark in discomfort, and his day ended when he threw a ball to Eli Whiteside after an RBI single by Tejada. He started stretching his back, and trainer Mark O'Neal and pitching coach Mark Riggins rushed out with manager Mike Quade following. Marcos Mateo then relieved with the Giants leading 1-0. That was all for Zambrano, who got booed as he walked off the mound. Zambrano has struggled at times this season but had been pitching well of late, going at least seven innings in his previous two starts against the White Sox and Kansas City. Mateo tossed five scoreless innings in relief, striking out six without a walk. Jeff Samardzija, Sean Marshall, James Russell each pitched one inning. Carlos Marmol worked the 10th and 11th, and Grabow escaped a bases-loaded jam in the 12th before giving up the home run in the 13th. "God bless Mateo," Quade said. "Are you kidding me? The whole bullpen, obviously, was great, but he was better than great, to give us that length and that quality. Man, oh, man, what a great job by that kid. Saved us. Helped us win the game. Helped us for tomorrow. Just a huge effort." NOTES: Cubs reliever Kerry Wood, out with a blister on his right index finger, expects to come off the DL in time for this weekend's series against the White Sox. ... Cubs OF Marlon Byrd will likely rejoin the team Monday in Washington. He's been out since May 21 with facial fractures sustained when he was beaned by Boston's Alfredo Aceves. ... Bochy is leaning toward having Barry Zito start Saturday against Detroit. ... Wilson had gone 44 outings without allowing a homer, since serving one up against the Dodgers on Sept. 15, 2010. Please follow Sports Page on Twitter and Facebook. Join the conversation about this story » See Also:
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The sheer scale of the British newspaper phone hacking scandal is sometimes hard to comprehend. It seems that no matter what section of society you were in - whether you were royalty, a politician, or just a pop star who hasn't had a hit in 20 years, the News of The World and other British tabloids were hacking into your voicemails. No one was safe - reporters were allegedly even hacking high ranking officers in British police- and even people within their own company. The enormity of the crimes committed has even led Adweek Editor-In-Cheif and Murdoch expert Michael Wolff to argue that News Corp "faces its greatest peril since it almost went bankrupt in the early ’90s". "It's not just that they did it," explains Wolff, "but, more importantly, this is what they do." Now some victims, such as Sienna Miller, are demanding huge settlements to settle their cases for News Corp. Can Murdoch afford it? We've compiled a list of all those who are suspected to be have had either their phone or email hacked (for the full list, please click here). It seems reasonable to suspect this may be just the tip of the iceberg. Actress Sienna Miller  (Source)
Ryan Giggs, Manchester United soccer star  (Source)
Jude Law, actor  (Source)
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The French will be stunned to wake up Friday and learn that the case against Dominique Strauss-Kahn -- the former chief of the IMF, and socialist party politician -- is on the verge of collapse. Prosecutors are weighing whether to completely drop the sexual assault charges against him, in large part due to the lack of credibility of the maid. Let's suppose this happens, the question then turns to French politics. Prior to arrest, DSK was the likely socialist candidate to run against Nicolas Sarkozy, and he was seen as having a good shot at beating him. Now his odds would be even better. Remember, DSK has been viewed rather sympathetically in the French media, post-arrest, with much blame going towards the American media (for how he has been portrayed) and the American criminal justice system (for how he was treated, e.g. the stint in Riker's Island, the humiliating shot of him in a suicide suit). So he comes back to France a hero, having weather the criminal justice system and the media. He easily wins the Socialist nomination, and with tensions over euro bailouts reaching a boil, he then defeats Sarkozy. (Hat tip to John Gapper for first pointing out this likely arc in a tweet. It really makes perfect sense.) 
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Following the extraordinary news that the maid who brought rape charges against former IMF head and French presidential candidate Dominique Strauss-Kahn may have lied about the incident, the next question is... Did someone set Strauss-Kahn up? If so, who? One of his political rivals in France? Could this be the biggest political scandal in history? According to the New York Times, prosecutors now think the hotel maid who says Strauss-Kahn raped her is lying about some of what happened. They have also found that the woman has received $100,000 in cash from an incarcerated drug-dealer over the past two years, and called him the day after the incident to discuss whether she should press charges. (There is a tape of this call.) The woman also apparently has 5 cell phones after telling prosecutors she only had one and has lied in an application for political asylum. Now, you can have lied in the past and still get raped, so to consider dropping the charges (which they are) prosecutors must also now think the woman is lying about the event.  And, if she is lying about the incident, the cash and the cell phones raise the question of why she is lying--and whether she was working for someone. And if so, who?
Before he was arrested in New York, Strauss-Kahn himself suggested that his biggest weakness as a presidential candidate was his fondness for women. Specifically, he suggested, someone might be able to set him up. So did someone set him up? Could this be the biggest political scandal in history? Read more about the collapsing case at the New York Times > Please follow Business Insider on Twitter and Facebook. Join the conversation about this story »
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An absolute bombshell from the New York Times... The case against former IMF chief Dominique Strauss-Kahn is on the verge of collapse, as prosecutors have found serious holes in the evidence. While there was evidence of sexual activity, Strauss-Kahn's accuser has repeatedly lied to officers, according to the report, which cites a law enforcement official. The accuser is tainted in other ways: Among the discoveries, one of the officials said, are issues involving the asylum application of the 32-year-old housekeeper, who is Guinean, and possible links to criminal activities, including drug dealing and money laundering. Specifically according to NYT: - The accuser held phone conversations with a man who has been arrested for marijuana dealing about whether to pursue the case (the call was recorded).
- That man has deposited over $100,000 in cash into her bank account over the last two years.
- Contrary to her claim of owning just one phone, she's paying hundreds of dollars per month to five different phone companies.
- She also has apparently lied to investigators about a past rape in her plea for asylum in the US, as well as an unsubstantiated claim of genital mutiliation.
Prosecutors are in discussions over whether to dismiss the charges. DSK will be in court tomorrow, where the judge may ease bail conditions. Earlier today, a French newspaper reported that the DSK team thought he could get off on a technicality, but this seems to be much bigger than that. As was reported back at the end of May, the DSK team planned to go aggressively against the maid's credibility. It seems the prosecutors themselves have done the work for the them. Read the whole story at NYT. Please follow Clusterstock on Twitter and Facebook. Join the conversation about this story » See Also:
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Just out from the NYT... The case against DSK is on the verge of collapse, as prosecutors find holes in the evidence. While there is evidence of sexual activity, the accuser has repeatedly lied to officers, according to he report. The accuser is tainted in other ways: Senior prosecutors met with lawyers for Mr. Strauss-Kahn on Thursday and provided details about their findings, and the parties are discussing whether to dismiss the felony charges. Among the discoveries, one of the officials said, are issues involving the asylum application of the 32-year-old housekeeper, who is Guinean, and possible links to criminal activities, including drug dealing and money laundering. Prosecutors are in discussions over whether to dismiss the charges. DSK will be in court tomorrow, where the judge may ease bail conditions. Earlier today, a French newspaper reported that the DSK team thought he could get off on a technicality, but this seems to be much bigger than that. As was reported back at the end of May, the DSK team planned to go aggressively against the maid's credibility. Now we know why. Lots more to come. Please follow Clusterstock on Twitter and Facebook. Join the conversation about this story » See Also:
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Update 2: Last week Sen. Chuck Schumer said Democrats could agree to changes in the "delivery side" of Medicare. "We believe that Medicare provides very good health care but it does it inefficiently," he reportedly said last week. "The way to bring savings out of Medicare while at the same time preserving the benefits is to make it more efficient in terms of the delivery system." Update: Clarifies Schumer said "benefit cuts" to the programs are off the table. Original: In an appearance on Countdown with Keith Olbermann, Sen. Chuck Schumer (D-NY) said Senate Democrats would not support "benefit cuts" to Medicare or Medicaid as part of a deal to reduce the deficit and raise the debt ceiling. On Tuesday Sens. Joe Lieberman (I-CT) and Tom Coburn (R-OK) introduced a bill that would cut $600 billion from Medicare, a proposal many thought would form part of a final debt ceiling deal. Schumer's statement came as a blow to President Barack Obama, who called for an examination of entitlement spending to be combined with tax increases, in a press conference Wednesday. The move also costs Democrats the high-ground of asserting that everything is "on the table" in deficit reduction talks — they have relentlessly criticized Republicans for refusing to negotiate on a deal including tax increases. Please follow Politics on Twitter and Facebook. Join the conversation about this story » See Also:
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In an appearance on Countdown with Keith Olbermann, Sen. Chuck Schumer (D-NY) said Senate Democrats would not support "benefit cuts" to Medicare or Medicaid as part of a deal to reduce the deficit and raise the debt ceiling. On Tuesday Sens. Joe Lieberman (I-CT) and Tom Coburn (R-OK) introduced a bill that would cut $600 billion from Medicare, a proposal many thought would form part of a final debt ceiling deal. Schumer's statement was a rebuke to President Barack Obama, who called for an examination of entitlement spending to be combined with tax increases in a press conference Wednesday. The move also costs Democrats the high-ground of asserting that everything is "on the table" in deficit reduction talks — they have relentlessly criticized Republicans for refusing to negotiate on a deal including tax increases. Update: Clarifies Schumer said "benefit cuts" to the programs are off the table. Please follow Politics on Twitter and Facebook. Join the conversation about this story » See Also:
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In an appearance on Countdown with Keith Olbermann, Sen. Chuck Schumer (D-NY) said Senate Democrats would not support a debt ceiling hike and deficit reduction plan that included cuts to Medicare or Medicaid. On Tuesday Sens. Joe Lieberman (I-CT) and Tom Coburn (R-OK) introduced a bill that would cut $600 billion from Medicare, a proposal many thought would form part of a final debt ceiling deal. Schumer's statement was a rebuke to President Barack Obama, who called for an examination of entitlement spending to be combined with tax increases in a press conference Wednesday. The move also costs Democrats the high-ground of asserting that everything is "on the table" in deficit reduction talks — they have relentlessly criticized Republicans for refusing to negotiate on a deal including tax increases. Please follow Politics on Twitter and Facebook. Join the conversation about this story » See Also:
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Connecticut lawmakers showed no mercy on public employee unions today, calling for another 1,000 layoffs beyond the 5,500 Gov. Dannel Malloy (D) requested to close a $1.6 billion budget shortfall. Malloy, who was elected with the enthusiastic support of public sector unions, initially proposed a 2 percent cut to state aid to municipalities, in addition to the layoffs to close the gap. But the Democrat-controlled legislature rejected the spending cuts as politically unfeasible, the CT Mirror reported, because most cities and towns have already finalized their budgets. Last week the unions voted down an agreement for a two-year salary freeze — which would have avoided layoffs for at least four years — forcing the legislature back into special session to reach a deal before the new fiscal year begins tomorrow. Instead 6,500 public employees will be laid-off beginning in September, unless the unions can revive the concessions package. Malloy has stated he will not renegotiate the deal he reached with union leaders. The House and Senate are expected to pass the new budget shortly. Please follow Politics on Twitter and Facebook. Join the conversation about this story » See Also:
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The IMF publishes its COFER report of official reserve holdings at the end of the quarter for the proceeding quarter. Q1 data was released today.
In percentage terms, the US dollar's share slipped to 60.7% of the allocated reserves, down from 61.5% in Q4 10 (61.8% in Q1 10). Contrary to some market talk, the yen's share did not increase and remains at 3.8%. This does represent an increase from Q1 10 when the yen's share was 3%. Sterling share ticked up to 4.1% from 4.0%. It was 4.3% in Q1 10. The euro's share rose to 26.6% from 26.2% in Q4 10, but is a lower than the 27.2% of Q1 10. The "other category" which includes the Australian and Canadian dollars, rose to 4.7% from 4.4% in Q4 10 and 3.6% in Q1 10.
This trend into other currencies outside of the handful of majors seems set to continue. The trend that seems to enjoy some persistence is that the unallocated reserves continue to grow. They now account for 45.3% of reserves up from 44.7% in Q4 10 and 44.1% in Q1 10. These unallocated reserves look to be largely accounted for by China, which does not report the currency allocation of its massive reserves, Taiwan, which is not a member of the IMF (only countries can be) and is suspected not to be part of the COFER reporting.
Many observers often forget to make allowances in the shifting reserve figures for valuation adjustments. This is not only about the changing foreign exchange prices, but also the assets in which reserves are kept. For example, the fact that US Treasuries have generally generated a higher return than bunds (yields and capital gains) may offset the impact of a weaker dollar on valuation of reserves over time.
Looking at the raw data also may generate insight into what central banks are actually doing. For example, advanced industrialized countries did not add to their dollar holdings much ($1.6 bln), but developing countries added about $65 bln. This may reflect intervention and the conversion of trade surpluses in some countries. Developed countries appear to have bolstered their euro holdings by about $42 bln, while developing countries holdings increased by about $28 bln. Recall though that in Q1 the euro appreciated by almost 6%. Bunds lost ground, with the 10-year yield rising almost 40 bp in Q1 and the yield was about 1.6%.
The COFER data is clear, confirming that it is the developing countries that continue to diversify their reserves away from the majors. The developed countries reduced their holdings of "other" currency reserves by about $1 bln, while the developing countries boosted their "other" holdings by almost $25 bln. Altogether total foreign exchange reserves values rose by about $430 bln in Q1 after about a $270 bln increase in Q4 10.
Yen holdings are also interesting, given the coordinated intervention in March. Developed countries' yen holdings increased by about $2.7 bln. Developing countries' yen holdings increased by almost $5.5 bln. The yen was the weakest of the major currencies in Q1, falling about 2.4% against the dollar and JGBS declined and the yield was about less than 0.6%.
Even though the dollar component of reserves actually increased, the fact that as a percentage of allocated reserve fell will give the "dollar is history" camp fodder, but as unallocated reserves grow, observers can be less confident in trends in this the most authoritative of reserve data bases. In addition, a more complete analysis would focus on the valuation component in a more rigorous fashion that can be provided in this short note. Lastly, central banks move glacial speed and trends are more important than quarter-end snap shots.Read more posts on Marc to Market » Please follow Money Game on Twitter and Facebook. Join the conversation about this story »
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The European debt crisis has commanded investors' attention. The yen appears to have been largely sidelined. The dollar has been confined to exceptionally narrow trading ranges against the yen and 3-month implied volatility has ground lower and now is within striking distance (within 0.5%) of the multi-year low set just before the earthquake struck.
Supply disruptions and the rise in commodity prices are doing for Japan what policy makers have failed to do and that is arrest deflation. Core CPI (excludes fresh food) turned positive in April for the first time in two years and it is likely to have remained positive in May. Excluding fresh food and energy, the loosening of the deflationary grip is also evident. The year-over-year rate is likely to be zero in May having been as low as -1.6% a year ago.
Japan also releases the Tankan, the most authoritative survey of Japanese business. The headline numbers are likely to show a major deterioration of sentiment, but we advise not paying to much heed to these as they will be reflecting dramatic shock that hit the economy. Instead, we suggest focusing on the forward looking components, including expectations for the September Tankan.
May industrial production figures give some reason for optimism here. There was a 36% surge in transportation equipment output, helped by autos and auto parts. Electrical machinery and the auto sector may be key in the Tankan survey as well. Note that US imports from Japan fell nearly 20% in April and the supply chain disruption may have weighed on the US economy in Q2 as auto inventories were drawn down.This was also likely one of the key factors behind the rise in auto prices (seen in both the PPI and CPI).
In the March Tankan, the large manufacturers expected the dollar to average JPY84.20. It is likely to be cut here in the June survey and a forecast for a stronger yen (dollar below JPY83, for example) may reduce some pressure for intervention. However, we have argued it is more about volatility than level.
Any strength in the forward looking components of the Tankan are unlikely to change the political dynamics in Japan or extend Prime Ministers Kan's tenure. He will likely step down in August. It is not clear at this juncture who will replace him. There is some concern that the DPJ itself may splinter, allowing the LDP to move back into ascendancy.
The Nikkei was the worst performing G7 equity market in H1 11, losing about 4%. The broader Topix was off 5.5%. Foreign investors bought about $42 bln worth of Japanese shares in the first five months, but have since pared back their holdings, perhaps in part because of the absence of gratification. This buying did not seem to drive the dollar-yen rate. Strength in the forward looking components of the Tankan may boost confidence that a recovery is taking hold and this could see the Nikkei test the 10,000 again in early Q3. Meanwhile the backing up of US rates relative to Japan's (18 bp wider 10-year spread over the past five days) could help the dollar solidify a floor around JPY80.Read more posts on Marc to Market » Please follow Money Game on Twitter and Facebook. Join the conversation about this story »
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Foursquare's New York headquarters are pretty awesome. Its satellite office in SF hasn't been. Foursquare used to share Square's space in the old SF Chronicle building. When Square got too big, Foursquare moved to a small shared room in the basement with a couple of other startups. This week, Foursquare finally made the move to a real office -- a classic old warehouse south of Market. There are only about 15 full-time employees out in California, but the company is growing fast and wants to recruit more talent from Silicon Valley. And a lot of Californians don't want to move to New York. Last night the company had a party to celebrate its new location, and we got a tour of the aftermath this morning. The new space is on one of the small alleys south of Market Street in SF. Supposedly they're named after famous Gold Rush era madams. 
Weird -- looks like a garage is here. 
The actual office is upstairs. 
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It’s the end of the first half and we’ve updated our Presidential Stock Cycle, Decennial, and 1991 analog charts. Click here, here, and here for background. Note, the predicted performance of the Presidential and Decennial analogs are constructed from the average of daily returns from the relevant years and thus smooths out much of the daily volatility. So far this year the path of the S&P500 is tracking the Decennial analog fairly closely and has the same character and feel of the 1991 market, also the third year of a first term President and a year that ended in ’1. In addition, let’s not forget that 1991 was similarly a nervous time for investors and full of macro swans, including the first Gulf War and a major credit crunch caused, primarily, by a downturn in housing. Though constrained, we doubt President Obama wants to track the President Bush #41 election analog and will double his efforts to get the economy moving, which may include a new Treasury Secretary. The last chart illustrates this year’s performance relative to 1991, when the S&P500 ramped in the first few months; though not giving up all of its gains, had a modest correction; and then settled into a relatively tight trading range until the 10.5 percent ramp in the last two weeks of the year. Our best guess is the S&P500 trades in a similar t range – 1250 to 1350 – during the summer and through the end of Q3 then rallies into year end on the traditional seasonal strength. The collapse of the VIX over the past few days may be signalling such a scenario. The upshot? Patience, don’t chase, and beware of grinding up capital. Stay tuned. (click here if charts are not observable)
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Many of the world's most precious tourist destinations are in danger of vanishing due to natural or human factors, or a combination of both. Some spots face imminent flooding, while others could be destroyed by drought and wildfires. 100 Places to Go Before They Disappear, a new photobook with a forward by Desmond Tutu, captures many of these endangered spots in stunning imagery. Publishing house Abrams has shared several of them with us. OLYMPIA, GREECE: Warm and dry summers have led to an increase in wildfires in Olympia, home of the first Olympic Games.  Source
ZAHARA DE LA SIERRA, ANDALUSIA, SPAIN: A decrease in rainfall, together with a rise in temperature, have led to a loss of wildlife and greenery.  Source
THE BATTERY, NEW YORK CITY: As "100-year floods" become more frequent due to climate change, the southern end of Manhattan could face serious damage.  Source
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Recycling - Check. Conserving energy - Check. Hybrid car - Next car, check. Hybrid home system - What? Yes, it’s here. Hybrid has seamlessly, successfully moved into housing. Safety Power, Inc. was initially started to provide homes with back up power. The company quickly grew to include renewable energy options and advising commercial and industrial clients with electrical conservation. Recently the company has come full circle and began marketing a new more capable type of renewable energy system for homes. The award winning firm was voted one of the “Top 5 Sustainable Product Companies in Illinois” in the Sustain Illinois Competition 2009, and they continue to grow their residential client base in Illinois, Indiana, and Wisconsin. Safety Power also serves larger firms on the national level. Robert Brazzale, President of Safety Power, a master electrician turned entrepreneur, began Safety Power in 2007. An avid member of Local First Chicago, Rob believes in assisting sustaining local economies with green collar jobs and belongs to many green orientated groups in Chicago and around the country. Rob shares his expertise on the Hybrid Home concept and technology: BKH: In simple terms, explain the concept of “Hybrid Homes.” RB: To the public, the term “Hybrid” refers to “dual-sourced”, as in a hybrid car operating under either gas or electric. A Hybrid Home's electricity can also operate from multiple sources - on-grid, alternative energy, or stored power. BKH: What are the green home products being offered by Safety Power, Inc? RB: Safety Power offers a full range of alternative energy systems with back up power. All our systems are capable of receiving power from solar or wind options. We offer entry level efficiency systems to enhance filter and protect a home’s power. Our systems can also stand alone and be used for grid back up now and allow the homeowner to expand the system with solar and wind options later; keeping initial costs low. This configuration is especially beneficial insuring power for homes with medical equipment needs and in places where a generator is not available, such as an apartment or condo. BKH: How do these products allow a home to become “Hybrid” or more green? RB: Any home investing in alternative energy options is “greener” due to the electricity produced on site and the use of less electricity from the grid cutting down the carbon footprint of that home and business. Hybrid technology creates power savings, power security, and sell back capabilities at the same time. It's also possible to avoid on peak rates and take advantage of less expensive off peak rates later in the day to recharge the system. BKH: Can these products be installed in new construction and in existing homes right now? RB: Yes, all of our systems can be installed in both new and existing construction. Our power systems also make great upgrades to existing solar installations. All of our systems are capable of being installed anywhere in the home - basement, attic, and closet. They operate instantly, silently and without fumes. It's this kind of flexibility and easy installation that makes our products available to everyone whether living in homes, apartments or condos. BKH: Are there home electrical or mechanical specifications to utilize these products? RB: No, any home is capable of integrating one of our power systems, and it will operate any electrical device in the home. The system is sized according to the load required for backup and solar or wind capabilities of the property. BKH: What are the main benefits to the homeowner? RB: Until now solar assisted homes were unable to actually operate a homes systems during a power outage. Security, communications, lighting, furnace, water pumps, and refrigeration simply did not work. Recent advances in battery technology allow power to be stored and used in the home if needed while keeping sell back capabilities for excess power. This adds a new dimension to alternative energy options in today's homes. Avoiding property and food losses created during a power outage certainly add to cost savings. Perhaps the greatest benefit is the peace of mind knowing the home is protected against a power loss. BKH: What are the main benefits to the environment? RB: Any product that lessens the impact on the environment with less fossil fuel consumption to produce electricity helps the environment in both the long and short term. A common conversion is 1.2 pounds of CO2 reduction for every kWh produced. An additional benefit is the reduced supply from the power grid which lessens the need for expanding our existing sources or building new ones. With a hybrid power system, the carbon footprint of any home or business can be reduced which helps the client and the earth. BKH: Can the average middle class homeowner afford these products? RB: Yes, absolutely. A large hybrid system, with 4 solar panels and everything needed to install it, is only about $16,000. This is about half the price of the average hybrid car. We also have smaller “Plug and Play” systems, which require no installation, for about $1,700. A smaller price point than years past allows more homeowners to take advantage of alternative energy options now. BKH: Is financing available for homeowners? RB: Despite the global economic downturn, private investments in “green” sectors – in particular, renewable energy, energy efficiency, green building, green business development – have remained steady or grown in recent years, totaling more than $1.6 trillion since 2007. At Safety Power, we work with several sustainability minded lending institutions including The Delta Institute to provide homeowners and businesses with financing options from like minded sources. Recent years have seen a decrease in the cost of solar panels and micro-wind turbines which makes the overall cost fall dramatically. BKH: What type of energy cost savings or return on investment can the average homeowner realize? RB: We have had people inventory their use of electricity, and with some painless changes and installation of a hybrid system, they have reduced their electricity bill up to 17%. Direct cost savings of any alternative energy upgrade is of course dependent upon the size of the system installed and varies according to site attributes. BKH: How is the customer able to monitor energy consumption over time? RB: We feel this is an important aspect to any upgrade. Safety Power includes a home energy monitor with all of our installations to help the homeowner trend costs over time. Capable of recording up to seven years of data, the homeowner is able to track historical usage. Downloaded into a PC, data can be displayed in easy to read graphs. The monitor helps the customer verify and quantify future energy efficiency updates in the home. BKH: In addition to energy savings, is there any homeowner insurance savings or other savings? RB: I'm not an insurance expert, but we always advise our customers to contact their insurance agent to inform them that a system was installed in the home to make sure it is fully insured and to investigate any discount that may be available at the same time. BKH: Are there local or federal income tax credits for installing these products in your home? RB: Yes, there is currently a 30% federal tax credit available to homeowners investing in this hybrid technology. The rebate considers all equipment and installation costs. This rebate also applies to expanding an existing solar installation with power back up capabilities. Combined with falling prices on solar panels and the addition of power storage, the time for investing in an alternative energy system has never been better for the homeowner. We work with the customer to provide complete documentation of the project to assist with the rebates. Current local and state rebate information can be found at dsireusa.org. BKH: How is the market responding to these new hybrid options for homes? RB: The market is responding well. Rising electricity costs and an unsteady supply have forced homeowners to take another look at producing their own power. With medical equipment in the home becoming more common and the rising importance of security and communication equipment, we feel the additional benefit of back up power will draw many more homeowners into the alternative energy market. Today's homeowners and home builders want to be smart about the upgrades they make in a home. A hybrid power system increases a home's value, decreases operating costs, and provides power security - all with renewable energy. BKH: So many green products are manufactured in China or other countries. Are Safety Power products made in the United States? RB: Yes, all of our power systems are proudly made here in the United States. Thank you for asking. Investment in U.S. made alternative energy products is a major factor for many homeowners and businesses. At Safety Power, we agree with homeowners that feel where and how we spend our money is a critical aspect to today’s recovering economy. In addition, all of our systems are Vietnam Veteran SVDOB, HUBZONE Certified, CCR Registered, OCRA Certified, and NAFTA Certified. These certifications also help government entities insure that funds are spent in the proper manner - reinvested directly into American equipment and American jobs. BKH: Can these products be used in commercial and industrial properties also? RB: We do have systems designed to support large power draws and run times that businesses demand. With systems ranging from 3.6 kW to 6.0 kW continuous power output, they can support computers, servers, and phone lines as well as general lighting and security systems. Business and industry are embracing renewable energy as a way to reduce their carbon footprint while cutting long-term electricity cost increases. It's the dual function of a hybrid system, protecting delicate computer systems and process control equipment from power losses, which adds value to the decision to invest in the technology. BKH: Are government properties utilizing these products locally and nationally? RB: Yes. These systems have been installed in government facilities nationally and internationally. A recent off grid project has just been completed in Caraz, Peru to assist in the power management of that area and its residents. BKH: Safety Power was voted one of the “Top 5 Sustainable Product Companies in Illinois” in the Sustain Illinois Competition 2009. What made Safety Power a stand-out? RB: One of the reasons we won was the exponential CO2 effect our product line carries. Not only is there immediate CO2 reduction with an installed system; but the CO2 reduction that is created by longer life and less replacement of equipment is immeasurable. Please follow SAI on Twitter and Facebook. Join the conversation about this story »
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So, that was that. No tears. No raging. No animal sacrifices. Beck spent most of his last show defending his record on FOX, recounting his victories, pointing his viewers towards GBTV, and thanking the people who'd worked with him. All in all, I'd say he's happy to be out of there. "It is not the person that is leading the parade or the person on the stage that gets all the credit - it's all the people behind them" Final video clip below. Please follow The Wire on Twitter and Facebook. Join the conversation about this story » See Also:
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