text:
Boehner says debt limit should be part of talks
- Boehner says any deal must include lower tax rates
- House speaker declined to discuss specifics on deficit targets or tax loopholes to eliminate
- Boehner said increasing tax rate on high-income earners cannot be part of deal
WASHINGTON (AP) — House Speaker John Boehner insisted on Friday that any deal with President Obama to avert the so-called fiscal cliff must include lower tax rates, eliminating special interest loopholes and reining in government-benefit programs.
"2013 should be the year we begin to solve our debt through tax reform and entitlement reform," Boehner said.
Boehner and Obama have taken the initial steps in high-stakes negotiations over how to deal with expiring Bush-era tax cuts and automatic spending cuts to defense and domestic programs that economists warn could plunge the nation into another recession.
OBAMA:President calls for 'fiscal cliff' talks with Congress
Boehner, Obama and Senate leaders face a Jan. 2 deadline to reach an agreement or at least come up with a framework to deal with the issue early next year.
Boehner expressed a degree of optimism about resolving the issues and ensuring that his sometimes reluctant GOP rank and file will back any deal.
"When the president and I have come to an agreement, there's been no problem getting it passed in the House," Boehner said.
INTERVIEW:Boehner sees short-term budget fix
The speaker declined to discuss specifics on deficit targets or what tax loopholes to eliminate though he cited both corporate and individual.
"I don't want to box myself in. I don't want to box anyone else in," he said.
Boehner indicated that increasing the nation's borrowing authority, which was a divisive issue in August 2011 talks, should be part of any talks in the coming weeks on avoiding the fiscal cliff. The government has said the nation won't reach the debt limit until the spring.
"It's an issue that's going to have to be addressed, sooner rather than later," he said.
Boehner said he had a brief, cordial conversation with Obama earlier in the week and reiterated that the president needs to lead on the negotiations.
Democrats have resisted including entitlement programs such as Medicare and Social Security in any deficit-cutting deal. Senate Majority Leader Harry Reid, D-Nev., said earlier this week they were unwilling to make changes in Social Security.
Boehner insisted that the programs need to be on the table.
"It's not like there is money in Social Security and Medicare" trust fund, Boehner said. "This has to be dealt with."
The Ohio Republican, reflecting the sentiment of his caucus, said increasing the maximum 35% tax rate on high-income earners cannot be part of the deal. Boehner did signal that he was open to eliminating loopholes.
"The problem with raising tax rates on wealthy Americans is that more than half of them are small business owners," Boehner said. "Raising tax rates will slow down our ability to create the jobs that everyone says they want."
The Republican leader acknowledged that his party faces several roadblocks after Obama won a second term and the GOP lost seats in both the House and the Senate.
"It's clear that as a political party we've got some work to do," he said.
Republicans fared poorly with Hispanic voters. The fastest growing minority group went heavily for Democrats, backing Obama by more than 70 percent. Boehner signaled a willingness to tackle immigration legislation next year.
"What I'm talking about is a common sense, step-by-step approach, would secure our borders, allow us to enforce the laws, and fix a broken immigration system," he said. "But again on an issue this big, the president has to lead."


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Still no word on what the TU from today included.
Theater Mode in Campaign did not make the cut for launch for various reasons of scheduling, rendering issues and some significant engine changes. However, we are treating Title Updates very differently for Halo 4 and rather than simply using them as opportunities for simple big fixes, we are thinking of them as a way to sustain and grow features and options, so it is possible you could see Saved Films made available for Campaign (as well as some other significant features) at some time in the not-too-distant future, but that's yet to be determined.
Posted 06 December 2012 - 02:38 PM
Posted 06 December 2012 - 09:58 PM
I know ithe site is still wonky for some people so I'll just copy and paste the list
• Implemented general stability improvements
• Fixed glitch where quickly reloading after firing the Boltshot resulted in an instant reload
• Fixed glitch where sprinting prior to activating the Hardlight Shield allowed players to move faster
• Fixed glitch were players could throw a grenade and then immediately sprint afterwards to perform a high velocity grenade
• Fixed glitch where Mantis could fire more rockets without reloading if the machine gun was fired partway through unleashing the charged missile barrage
• Fixed issue where DLC was unavailable for other profiles on the same console
• Fixed issue where DLC disappeared after console reboot
• Fixed issue where players could not unlock Campaign completion achievements when using a rally point other than Alpha for any mission to finish the Campaign
• Fixed issue where players were not given credit for completion of a Spartan Ops Episode Difficulty Challenge when completing it through Matchmaking
• Fixed issue where players with 99 or more Xbox LIVE friends could not get File recommendations
• Fixed issue where loadout configurations were lost if the game was booted and then powered off before passing the "Press START" screen
• Fixed issue where attempting to upload large films to the File Share under poor network conditions caused the upload to fail
• Improved time to load variants with separate profiles
• Fixed issue where moving a profile from one controller port to another after relaunching the game reset loadout settings
• Improved consistency of random ordnance navigation marker display
• Fixed performance issues when launching Halo Waypoint from Halo 4
Edited by Merguson, 06 December 2012 - 09:58 PM.
Posted 06 December 2012 - 11:08 PM
Edited by Syracuse022, 06 December 2012 - 11:09 PM.
Posted 07 December 2012 - 09:58 AM
Aw man, I'm gonna miss sprint grenades
Same. It made sense from a physics standpoint. If I throw something while running, it moves faster than it did while standing still. Though, being able to put a grenade into Banshee spawn from the far side of C base on Exile may have been a bit much...
Posted 07 December 2012 - 01:35 PM
Same. It made sense from a physics standpoint. If I throw something while running, it moves faster than it did while standing still. Though, being able to put a grenade into Banshee spawn from the far side of C base on Exile may have been a bit much...
I can easily imagine a Spartan chucking a grenade such a distance, especially from a run up.
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343, why?
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text:
Alan Jackson to Perform on 'The Tonight Show' on March 30
Alan Jackson will cruise onto 'The Tonight Show With Jay Leno' on Friday, March 30 to perform his new single, 'So You Don't Have To Love Me Anymore.' If you haven't thought that far ahead about your plans, now you have a pretty good idea of what you will be doing that evening.
Country Music is Love reported the news about Jackson's booking on the late night gab fest. Since country fans have to wait a little over a month to see Jackson land on 'The Tonight Show' stage, it'll be a good idea to make yourself a note or a reminder now. This is one performance you won't want to miss or forget about.
What a great way to end the week and an amazing way to spend a Friday night — enjoying brand new Alan Jackson music on late night TV, but not before enjoying some of Jay Leno's humorous commentary on pop culture and current events. Who out there plans to watch this performance and episode?
'So You Don't Have to Love Me Anymore' is currently available at all digital retailers.


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Start your business plan with a quick assessment.
Even for an ongoing business, take the time to step away from the business and look at the basics. Do your business numbers make sense? One of my business school professors used to refer to this process as finding out, "Is there a there there?"
Objectives are business goals. Set your market share objectives, sales objectives, and profit objectives. Companies need to set objectives and plan to achieve them.
Make sure your objectives are concrete and measurable. Be specific, such as achieving a given level of sales or profits, a percentage of gross margin, a growth rate, or a market share. Don't use generalities like "being the best" or "growing rapidly."
For example, "being the best" or "maximize customer satisfaction" are not serious business plan objectives because they cannot really be measured. Much better objectives would set measurable goals, such as holding gross margin to 25 percent as a minimum, or selling more than $3 million, or achieving six percent profit on sales and 10 percent return on equity.
If less tangible goals are critical to a plan, find a way to measure them. For example, if image and awareness are vital, then plan for statistically valid surveys to measure the improvements in image and awareness. You can also set goals for market share, and purchase research to measure the actual share. Or, if you want to focus on customer satisfaction, plan for a survey to quantify satisfaction or specify numerical objectives regarding returns or complaints.
Mission statement
Use the mission statement to define your business concept. A company mission statement should define underlying goals (such as making a profit) and objectives in broad strategic terms, including what market is served and what benefits are offered.
What business you are in:
Ask yourself what business you are in, and don't narrow yourself down. One of the classic business examples is the railroads, which lost a chance to expand in the twentieth century because they misdefined themselves. They thought they were in the business of running trains on tracks. They didn't understand they were in the business of transporting goods and people. When trucks and buses and highways grew, the railroads were left behind.My company, Palo Alto Software, is not in the business of software development. It is in the business of helping people do business plans by themselves, providing business know-how through software and documentation. The broader definition helps us understand what we're up to.
Customer satisfaction:
Leading experts in developing customer satisfaction look to a mission statement to define customer satisfaction goals. Developing customer care programs depends on spreading the idea and importance within a company. That should normally start with a statement included in your mission statement.
Workplace philosophy:
Some mission statements also define internal goals, such as maintaining a creative work environment and building respect for diversity. Experts in employee relations look immediately to a mission statement for a definition of a company's stand on some of these fundamental issues.
Value-based marketing:
Experts developed the value-based marketing framework to help companies understand their business better. This framework starts with a business value proposition, which states what benefits a business offers, to whom, and at what relative price level.
For example:
- This automobile manufacturer offers reliable, safe automobiles for families at a relative price premium.
- This fast food restaurant offers quick and consistent lunches at a low price.
Keys to success
Focusing on what I call "keys to success" is a good idea for getting a better view of the priorities in your business. Just about any business imaginable is going to depend a lot on three or four most important factors. In a retail business, for example, the classic joke is that the keys to success are "location, location, and location." In truth, that might be location, convenient parking, and low prices. A computer store's keys to success might be knowledgeable salespeople, major brands, and newspaper advertising.
Focus is very important, and the keys to success framework helps you develop focus. There is what I call a law of inverse focus. I can't prove it with detailed research but I've seen it many times. Beyond three or four key items, the more items on a priority list, the less chance of implementation. Thinking about keys to success is a great way to focus on the main elements that make your business work.
Break-even analysis
Next comes a simple break-even Analysis table, as shown in the next illustration, where you estimate when your business will actually begin to make money. The break-even Analysis table calculates a break-even point based on fixed costs, variable costs per unit of sales, and revenue per unit of sales.
Make the following three simple assumptions:
- Average per-unit sales price (per-unit revenue): The price that you charge per unit. Take into account sales discounts and special offers. For non-unit based businesses, make the per-unit revenue $1 and enter your costs as a percent of a dollar.
- Average per-unit cost: The incremental cost of each unit of sale. If you are using a Units-Based Sales Forecast table (for manufacturing and mixed business types), you can project unit costs from the Sales Forecast table. If you are using the basic Sales Forecast table for retail, service and distribution businesses, use a percentage estimate. For example, a retail store running a 50% margin would have a per-unit cost of .5, and a per-unit revenue of 1.
- Monthly fixed costs: Technically, a break-even analysis defines fixed costs as costs that would continue even if you went broke. Instead, you may want to use your regular running fixed costs, including payroll and normal expenses. This will give you a better insight on financial realities.
This next illustration shows a break-even chart. As sales increase, the profit line passes through the zero or break-even line at the break-even point. In the illustration the break-even chart shows that the company needs to sell almost 1,200 units per month to break even.
This is a classic business chart that helps you consider your bottom-line financial realities. Can you sell enough to make your break-even volume? Of course, the break-even analysis depends on assumptions made for average per-unit revenue, average per-unit cost, and fixed costs, and these are rarely exact assumptions.
Market analysis
Determine if there is a sufficient market to support your business. You don't need to do major market research for this initial market analysis. You may want to, and even need to, do real research later on. For now, however, you want to get a good educated guess about how many potential customers you might have.
What you want at this point is a reality check. You've already developed a quick break-even analysis that ties your initial business numbers to your required sales. Now you're going to look at how many customers you might have so you can think about the importance of breaking even.
Develop a basic market analysis table. This table gives you a simple list of market segments. Each segment is a group of customers. Define the groups according to what needs you supply, demographic characteristics, buying habits, preferences, or whatever other classification system works for your plan. Fill in the total potential customers estimated and the annual growth rate expected for each segment.
The following illustration shows a market analysis table. You can also use a market analysis chart as a visual guide to your market segments.
Pause for reflection
Now it's time to give your planning an objective appraisal. At this point, you've defined your business, your financial break-even point, and your total potential market. How does your business look from this viewpoint? Does it make sense? Can you make the sales you need to break even? Is the market big enough? Are your projections realistic? Can you bring together the keys to success?
Especially for potential start-up companies, a moment of reflection is critical. Many people dream of starting a business, but that dream turns into a nightmare if the new business isn't successful. If you think you can make your break-even numbers work and you believe you have enough customers to make it, then go on to develop the plan. If not, either do more research and revise the idea, or give up and try something else.


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Free Concert Series Continues with Vinyl Misst.
The Standish Depot was once again filled with toe tapping onlookers as the Arenac Heritage Route Authority hosted the second act in its free summer concert series. Sponsored by the Saganing Eagle's Landing Casino, the Thursday, June 16 event brought the duo Vinyl Misst to the area for the first time. "Tom's performed near Bay City before, but this is new frontier for me," said Paul Johannes who hails from White Lake, Michigan. Johannes played a variety of instruments including keys, saxophone and flute, while his partner Tom Birchler played guitar and covered lead vocals. The group said they enjoyed coming to the Standish area. Vinyl Misst, whose name originated from vinyl RPM records, played a variety of cover songs from the 1960's and 1970's.
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Sunday, September 21, 2008
"Bail Out the Drunks, O'Malley, and Round Up the Usual Suspects"
A party begins in somebody's back yard. It is quiet at first, nothing out of the ordinary.
But as the night wears on, the music gets louder, the voices get more boisterous, and things begin to get a little out of hand. The neighbors can't sleep, and one calls the police, but nobody comes.
The party gets louder, more out-of-control. A second neighbor calls the police. Again, nothing happens.
The party kicks into high gear. Drunks wander into backyards and urinate on the neighbors' houses. A window is smashed. A fence is torn down. Neighbors call the police with lists of specific offenses, but are told the party-goers are all consenting adults, and the police have no reason to believe illegal drugs are being consumed.
In short, the policeman says, the partyers can handle themselves.
Suddenly, above the music and drunken singing comes a hysterical scream. A neighbor investigates and finds a fight has broken out, and somebody has been killed. The party-goers are in a stupor. They can't agree on what to do.
911 is called and police cars come screeching to the scene of the crime. They discharge dozens of serious-looking cops who surround the premises, shine their flashlights in the faces of drunk and retching party-goers, count the empty liquor bottles strewn across the yard and throw towels over dazed, naked couples.
After carefully sizing up the situation, the officers make their move: they tell the drunks, "We'll pay for the damages."
And they arrest the neighbors.
So it is, we think, that the U.S. Government—which certainly shares responsibility with Wall Street for bringing the subprime mortgage mess down on the heads of the American people—acted on Friday when after years and months of ignoring the subprime mortgage crisis, or at least hoping it would go away, eagerly embraced a quarter-trillion dollar bailout fund for the very Wall Street firms that had promoted, securitized and distributed those subprime mortgages that brought the world to the brink of a financial precipice nobody could fathom…and banned short selling, to boot.
"Bail out the drunks, O'Malley, and round up the usual suspects" seems to be the word from Washington.
How else to describe it?
How else to describe a government whose Treasurer proposes a quarter-trillion dollar bailout for his friends and former competitors on Wall Street, and whose securities arm bans short sales in 799 stocks—many of which lie at the heart of the drunken orgy otherwise known as the subprime party—instead of taking action against the Wall Street firms that caused the mess in the first place?
One commentator this weekend, we think, got it right, when he wrote, in part:
Then again, maybe the S.E.C. is trying to cover up its own culpability in this crisis. Four years ago, the agency pushed through a rule that allowed the big investment banks to take on a great deal more debt. As a result, debt ratios rose from about 12 to 1 to more like 30 to 1. Guess what Lehman's debt ratio was when it went bust? Yep: 30 to 1.
Joe Nocera, "Hoping a Hail Mary Pass Connects"
New York Times, September 20, 2008
Joe Nocera was not, as we say here, making that up.
On August 20, 2004, the SEC enacted a rule called "Alternative Net Capital Requirements for Broker-Dealers That Are Part of Consolidated Supervised Entities."
The effect of this rule, as Nocera pointed out, was that it allowed five firms to increase their use of leverage dramatically.
Those five firms were Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch and Morgan Stanley.
If the Federal Reserve is supposed to "take away the punch bowl" when the economic party is getting out of hand, with this rule change the SEC brought in a distillery and said "Here, boys, have fun."
And did they ever have fun!
Lehman Brothers ramped up its debt-to-equity ratio from 21.4 in 2003 to 30.5 in 2007. Merrill Lynch jacked up its debt-to-equity from 16 to 31 in the same period; Morgan Stanley from 21 to 32.
Now, you can read the actual rule change here: http://www.sec.gov/rules/final/34-49830.htm.
But we'll save you some time.
After declaring that "The principal purposes of Exchange Act Rule 15c3-1 (the "net capital rule") are to protect customers and other market participants from broker-dealer failures [emphasis added]" the SEC states:
"We are amending the definition of tentative net capital to include securities for which there is no ready market [emphasis added]…"
What goes around, as they say, comes around, for as we write this, the U.S. Treasury is proposing a near-trillion dollar fund to buy securities for which there is no ready market.
You would think somebody at the table of Government bureaucrats and sober Congressional "leaders" trying to cobble together a rescue package might think to invite in the short-sellers who tried to warn Wall Street that these companies were headed for trouble.
But no.
Instead, short sellers—many of whom got the subprime collapse absolutely right, without ever resorting to the kind of abusive tactics short sellers as a class are now being accused of wielding in this fear-crazed environment—are being banished not merely from the discussion of what to do now, but from their profession by government directive.
Oddly enough, nobody seems to have considered using a simpler and far less costly way to fight the negative forces that began to feed upon themselves in recent weeks: simply reinstate the uptick rule.
That rule, which very effectively limited so-called bear raids in stocks by requiring that stocks be sold short only on an uptick, was removed by the SEC in 2007...after lobbying by Lehman Brothers and some of the same Wall Street firms now seeking shelter from the storm.
All in all Friday was, we think, a black day for free markets: those who got it right are being punished; those who got it wrong are being rescued.
And the homeowners enticed to buy at the top of the market using financial instruments they understood even less than the Wall Street firms that pushed those instruments, are not being helped at all.
Jeff Matthews
I Am Not Making This Up
© 2008 NotMakingThisUp, LLC
The content contained in this blog represents the opinions of Mr. Matthews.
Mr. Matthews also acts as an advisor and clients advised by Mr. Matthews may hold either long or short positions in securities of various companies discussed in the blog based upon Mr. Matthews' recommendations. This commentary in no way constitutes investment advice. It should never be relied on in making an investment decision, ever. Nor are these comments meant to be a solicitation of business in any way: such inquiries will not be responded to. This content is intended solely for the entertainment of the reader, and the author.
20 comments:
- Anonymous said...
well said...but you're assuming that Congress will put aside their partisan hostilities leading up to the election in order to pass Paulson's plan
- Anonymous said...
Such baloney.
You are talking your book (or more accurately, your profession) and little more.
First, these were not bailouts. Who got bailed out? The managers of the rescued or closed firms got fired. The shareholders saw their fortunes evaporate.
Second, it is possible (per Warren Buffet) that the cost of the Federal actions will be far less than the advertised amount. It should be noted that the Feds drove very hard bargains for each of their recent backstops.
Third, it looks highly likely that bear raids were taking place, one bank at a time. I'm sure you are aware of the put-buying, CDS-buying, short-selling, rumor mongering gambit that was not only possible but was likely in use. The suspension of short selling was the only tool available quickly, and with a certainty of outcome.
Tell me you that if you were Treasury Secretary, you would have stood by and done nothing, except more bailouts this weekend.
- Anonymous said...
Nocera is among the best and your illustration is spot on and appropos in describing the unfortunate absurdity of the SEC and the get rich quick shmucks on the street (and elsewhere) who got us into this mess.
- Bob McCrae said...
This isn't a Friday night movie, something you can pan and walk away. You're in the field yourself. So what do you propose?
- Anonymous said...
anonymous or Bob O'Brian (the "CEO", not the reporter)?
- Anonymous said...
I sure enjoy your blog, and I agree tthere is plenty of blame to go around ~~including the rulemakers and regulators. But is there any doubt that we were at the brink of the cliff on Thursday ? In 1929 the banks were failing and the government failed to provide any help. Today, what is Paulson supposed to do ?
- Anonymous said...
I agree with all of your points. However, as it relates to the uptick rule...there is probably a technical reason that it cannot be returned quickly. These systems are large and complex. The code used to implement the uptick rule was probably removed and/or modified significantly. To bring it back would require a code rollback and significant testing. If I am not mistaken, the uptick rule was phased out slowly. System testing was probably the reason. So, the tech guys/gals are probably not in a position to flip the switch on the uptick rule.
- Anonymous said...
Jeff, I believe it takes a vote or nod from the Senate for the SEC to have made this leverage change. My point here is that many knew about this change yet no one considered it that risky? 2.5% (40:1) - 3.3% (30:1) money to leverage isn't risky?
They knew it was, so why did they do it? That's really the question!
Maybe I just don't want to believe that ourleaders and appointees are that slow!
- Kid Dynamite said...
the sickest thing is how Paulson, Barney Frank, Cox et all tried their hardest to TALK away this problem for the last eighteen months, then resorted to this sick bailout and short sale ban because "the alternative would have been worse."
no, gents, the alternative would have been to address the problem sooner - to PRAISE Einhorn instead of Villifying him
nice piece Jeff, and i agree with your point about the uptick rule - and no - the uptick rule could be easily (technologically) re-instated with the control taking place on the exchange level.
- Anonymous said...
Jeff, good analysis as usual thanks for your comments. I have a question though; if the purpose is to improve the D/E ratios of these firms; wouldn't it be a lot better to buy equity rather than debt? (i know there are plenty of reasons not to have the government owning all of the financial firms but we're already past that with AIG and obviously we're treating these as special times.
- Anonymous said...
And yet we read the following in today's paper:
PHILADELPHIA — Senators John McCain and Barack Obama warned Sunday that there should be more oversight built into the government's $700 billion plan to stabilize the financial markets but said the potentially enormous expenditure would not force them to scale back their ambitious governing agendas.
God help us....
- Anonymous said...
good post but in the story i see the cops showed up and stayed and partied.
- Anonymous said...
"First, these were not bailouts. Who got bailed out? The managers of the rescued or closed firms got fired. The shareholders saw their fortunes evaporate."
Uh, hello? The CEO's and senior management made their money, to the tune of 100's of millions during the run-up and artificial acceleration of profits by over-leveraging.
Now that their companies are going belly up, they'll cash in their golden parachutes for a final $M bonus before walking away, leaving the shareholders and taxpayers to clean up the mess and foot the bill.
- Anonymous said...
Excellect. Just excellent
- MightBWrong said...
Once this was at Goldman's door (GS stock dipped below a $100), Hank Paulson jumped to the rescue…odd (quick Robin to the bat-pole with $800B). Welcome to the United Socialist States of America (USSA, I am working on a flag design). We chastise Putin and Chavez for nationalizing oil companies, but we have no issue with nationalizing Wall Street risk. I wish I had taken out some silly-stupid home loan I couldn't afford; and then I'd be up for free government money to pay for my stupidity. Now, see that was stupid on my part, but taking silly stupid risk is not what I am in to (which is why Lehman turned me down for a job). But capitalism and free-markets are great on the way up and communism and socialism are great on the way down. I do resent the fact that I'd like to buy into assets for pennies on the dollar from where they were and now I won't get a chance too (or short them on the way down, thanks Chris Cox for taking time from your Birthday parties to do the stupidest thing you could possibly do.). Asset inflation is good when you own the asset, but not when you are waiting for a pull back so that you can get in on the deal. It would appear that Paulson has gotten in the elevator business with the average American Tax Payer, he gets to ride the elevator, and we get the shaft. I know, I know that the abyss, and panic in the streets, etc. is bad, but bad for whom? This is going to 'clean' the balance sheets of banks – but that won't fix the credit crisis. The days of silly-stupid loans are over for the foreseeable future (50-60 years before we forget); we are back to the 20% down (or more) and the one thing that the average over debt laden American doesn't have is cash (that's why they are in debt). Banks aren't going to lend any more money just because they aren't on the brink of insolvency. They are going to put that cash into US Treasuries, which is good because we are going to have to sell 1 trillion dollars more in bonds to pay for all of this. So, the only way to get people back out there buying assets is to lower prices, and that comes with asset depreciation; that's not going to happen with the Fed and Treasury hitting the bid button every time there's a pullback. For the 2000's the new quote should be, "A trillion here and a trillion there and you start to talk about real money." But then again, I might be wrong.
- Hayseed said...
nocera as usual has arrived at a conclusion that is in concert with his subjective views and beliefs. ask yourself this: if i tell my son that he can change the ramp for his bike from 2 ft high to 20 ft high, would he do it? or the state of ct changes the speed limit from 65 to 150, would you then go 150, or 175 mph? just because limits are changed doesnt mean the actors will again head to the limits of whatever activity, because it is not in their own self interest. nocera's article presupposes that GS or MS would pueposely put themselves out of business as a result of the SEC changing a capital requirement. that makes no sense whatsoever. certainly, there are bad actors in every situation, and LEH was probably the worst, putting its capital at risk in the worst way.
THE problem can be tracked back to Fannie and Freddie and congressional hacks like Barney Frank and Chris Dodd which enabled it, and FORCED the financial institutions into making/securitizing/buying these crazy loans. the investments banks, given the 70 yr history of FNM and FRE (all ginned up naturally by that daddy-of-all-socialists FDR), KNEW that the loans would be made good - after all, they are essentially guranteed by the US govt.
this was not a lack of regulation problem, this was AN OVER-REGULATION BY GOVERNMENT PROBLEM. in 2005, congressional leaders attepmted to reign in FNM and FRE, and naturally Dodd and Frank stood in the way. why? why? well of course it comes down to money. FNM and FRE were some of the largest contributors on Capitol Hill: Dodd, Frank and OBAMA were the three largest. FNM and FRE became the Dem's honey pot, as it brought votes from the lower income via the housing for all initiative, and again the extreme contributions to their campaigns.
So to sum: a Dem president created the vehicle, a Dem congress reenergized the vehicle to pump up their votes and their coffers, a government ignorant of the risk allowed wall street to believe all of these loans were good, a classic example of Popper's "induction" issue arrived and thrived, and we are left with the people who caused this problem, assigning blame to everyone except themselves. Nocera's points are once again, nearly all wrong.
- Anonymous said...
You can't hold the wall street firms accountable for their actions. Their CEOs were obviously under the mind control of Patrick Byrne's Dark Sith Lord (let's call him DSL). While clearly organizing the shorts against Overstock he simultaneously ran all sense of conservatism out of the banks. How many more instances of DSL's influence must we suffer before we listen to Byrne!?
and hayseed... if you paid your son $40mm dollars to raise his ramp to 20 ft he just might do it.
- Hayseed said...
you totally miss the point. my son would not take $40mm or $400mm to raise the ramp and take the possible/probable risk that he could lose his life, just as the banks would not have gone to 30+x equity if they reasonably thought that they would lose the firm. they certainly thought that a backstop existed, were heavily encouraged by fannie/freddie/congress to participate in these securities. it is also highly illogical to take a risk that has a reasonable chance of destroying a firm. but i will admit that what in the end got all of them was the inherent belief based on continuous experience, that mortgages were teflon. another pure induction example.
- Anonymous said...
Jeff: I love this post. Two thoughts came to mind, though:
A) Isn't it possible that by the government buying the distressed assets off the banks' books, that the Treasury and the Fed are, in effect, trying to "make a market" for the distressed assets? I don't think either Paulson or Bernanke wants the government to keep distressed securities on its books, so I keep wondering who the likely buyers will be for them (hello private equity)?
B) I agree that the ban on short-selling is very unfair, especially on non-financial companies being shorted which had nothing to do with the subprime mortgage mess, but my question then is, what is the alternative to dis-allowing market participants to "vote with their feet" on a sector of the market that constitutes a large segment of US stock indexes?
Just wondering, and I could be wrong in my opinions.
- Willprospector said...
"What is happening with Wall Street being bailed out by the BUSH REPUBLICAN Administration is "CORPORATE COMMUNISM". This is a term I made up to describe the DICTATORSHIP of BIG MONEY in the U.S.A. This is a REVERSION TO FEUDALISM.
These Wall Street executives need to be put in prison. They cannot be rewarded for behaving irresponsibly. They have done to us what Islamic terrorists could not do. The Republican Administration let them do this. If you have any question about this all you have to do is read "Worse Than Watergate" by none other than former Richard Nixon Counsel John Dean! They have done to us what Islamic terrorists could not do. The American people now have to PAY for THESE CORPORATE SCUMBAG-COMMUNISTS. This is PROOF that there is NO SUCH THING AS A FUNCTIONING FREE-MARKET ECONOMY.It is also PROOF that there is not too much government like republicans claim because if they were correct and followed their own advice they would not have NATIONALIZED AIG,Fannie Mae and Freddie Mac. Also had there been enough or sufficient regulation then this would not have been allowed to occur."


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The Finance Department administers the City's fiscal affairs in accordance with applicable local, state, and federal guidelines, and is responsible for the following financial and administrative operations:
The Finance Department is responsible for managing the City's annual audit and preparation of the comprehensive annual financial report (CAFR). Organizationally, the Finance Department also includes:
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September 2008
This fact sheet answers the most frequently asked health questions about chromium. For more information, you may call the ATSDR Information Center at 1-800-232-4636. This fact sheet is one in a series of summaries about hazardous substances and their health effects. This information is important because this substance may harm you. The effects of exposure to any hazardous substance depend on the dose, the duration, how you are exposed, personal traits and habits, and whether other chemicals are present.
Exposure to chromium occurs from ingesting contaminated food or drinking water or breathing contaminated workplace air. Chromium(VI) at high levels can damage the nose and cause cancer. Ingesting high levels of chromium(VI) may result in anemia or damage to the stomach or intestines. Chromium(III) is an essential nutrient. Chromium has been found in at least 1,127 of the 1,669 National Priorities List sites identified by the Environmental Protection Agency (EPA).
What is chromium?
Chromium is a naturally occurring element found in rocks, animals, plants, and soil. It can exist in several different forms. Depending on the form it takes, it can be a liquid, solid, or gas. The most common forms are chromium(0), chromium(III), and chromium(VI). No taste or odor is associated with chromium compounds.
The metal chromium, which is the chromium(0) form, is used for making steel. Chromium(VI) and chromium(III) are used for chrome plating, dyes and pigments, leather tanning, and wood preserving.
What happens to chromium when it enters the environment?
- Chromium can be found in air, soil, and water after release from the manufacture, use, and disposal of chromium-based products, and during the manufacturing process.
- Chromium does not usually remain in the atmosphere, but is deposited into the soil and water.
- Chromium can easily change from one form to another in water and soil, depending on the conditions present.
- Fish do not accumulate much chromium in their bodies from water.
How might I be exposed to chromium?
- Eating food containing chromium(III).
- Breathing contaminated workplace air or skin contact during use in the workplace.
- Drinking contaminated well water.
- Living near uncontrolled hazardous waste sites containing chromium or industries that use chromium.
How can chromium affect my health?
Chromium(III) is an essential nutrient that helps the body use sugar, protein, and fat.
Breathing high levels of chromium(VI) can cause irritation to the lining of the nose, nose ulcers, runny nose, and breathing problems, such as asthma, cough, shortness of breath, or wheezing. The concentrations of chromium in air that can cause these effects may be different for different types of chromium compounds, with effects occurring at much lower concentrations for chromium(VI) compared to chromium(III).
The main health problems seen in animals following ingestion of chromium(VI) compounds are irritation and ulcers in the stomach and small intestine and anemia. Chromium(III) compounds are much less toxic and do not appear to cause these problems.
Sperm damage and damage to the male reproductive system have also been seen in laboratory animals exposed to chromium(VI).
Skin contact with certain chromium(VI) compounds can cause skin ulcers. Some people are extremely sensitive to chromium(VI) or chromium(III). Allergic reactions consisting of severe redness and swelling of the skin have been noted.
How likely is chromium to cause cancer?
The Department of Health and Human Services (DHHS), the International Agency for Reseach on Cancer (IARC), and the EPA have determined that chromium(VI) compounds are known human carcinogens. In workers, inhalation of chromium(VI) has been shown to cause lung cancer. Chromium(VI) also causes lung cancer in animals. An increase in stomach tumors was observed in humans and animals exposed to chromium(VI) in drinking water.
How can chromium affect children?
It is likely that health effects seen in children exposed to high amounts of chromium will be similar to the effects seen in adults.
We do not know if exposure to chromium will result in birth defects or other developmental effects in people. Some developmental effects have been observed in animals exposed to chromium(VI).
How can families reduce the risk of exposure to chromium?
- Children should avoid playing in soils near uncontrolled hazardous waste sites where chromium may have been discarded.
- Chromium is a component of tobacco smoke. Avoid smoking in enclosed spaces like inside the home or car in order to limit exposure to children and other family members.
- Although chromium(III) is an essential nutrient, you should avoid excessive use of dietary supplements containing chromium.
Is there a medical test to determine whether I've been exposed to chromium?
Since chromium(III) is an essential element and naturally occurs in food, there will always be some level of chromium in your body. Chromium can be measured in hair, urine, and blood.
Higher than normal levels of chromium in blood or urine may indicate that a person has been exposed to chromium. However, increases in blood and urine chromium levels cannot be used to predict the kind of health effects that might develop from that exposure.
Has the federal government made recommendations to protect human health?
The EPA has determined that exposure to chromium in drinking water at concentrations of 1 mg/L for up to 10 days is not expected to cause any adverse effects in a child.
The FDA has determined that the chromium concentration in bottled drinking water should not exceed 1 mg/L.
The Occupational Health and Safety Administration (OSHA) has limited workers' exposure to an average of 0.0005 mg/m3 chromium(VI), 0.5 mg/m3 chromium(III), and 1.0 mg/m3 chromium(0) for an 8-hour workday, 40-hour workweek.
Agency for Toxic Substances and Disease Registry (ATSDR). 2008. Toxicological Profile for Chromium. (Draft for Public Comment). Atlanta, GA: U.S. Department of Health and Human Services, Public Health Service.
Where can I get more information?
ATSDR can tell you where to find occupational and environmental health clinics. Their specialists can recognize, evaluate, and treat illnesses resulting from exposure to hazardous substances. You can also contact your community or state health or environmental quality department if you have any more questions or concerns.
For more information, contact:
Agency for Toxic Substances and Disease Registry
Division of Toxicology and Environmental Medicine
1600 Clifton Road NE, Mailstop F-32
Atlanta, GA 30333
Phone: 1- 800-232-4636 / TTY: 888-232-6348
Email: firstname.lastname@example.com


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Chief executive Mohammed Al-Fahim has spoken with DFM and sister bourse Nasdaq Dubai about listing
Dubai group Paris Gallery, which stocks a $300,000 perfume among its luxury products, is planning an initial public offering it said would provide a "safety net" for the family-owned business and help it expand beyond the Gulf.
Chief executive Mohammed Al-Fahim told the Reuters Retail and Consumer Summit that the firm, which had 2011 turnover of about $1bn, had held talks with the Dubai Financial Market and sister bourse Nasdaq Dubai about a potential listing.
"I would not put a timeframe but, as an objective, I say yes, for the benefit of the organisation in the future. One of the rationales (of an IPO) would be the continuity of the company," said Fahim, whose father founded the firm.
"Globally, family businesses rarely last beyond the second or third generation. So, an IPO is a sort of safety net for us to make us more transparent, more structured and more accountable."
Fahim would not comment on the likely value of the IPO or what size stake the firm might sell - the Nasdaq Dubai and DFM have different listing requirements. The fear of losing control and being opened up to greater scrutiny has led many family-owned retail businesses to seek other ways of raising money.
Dubai's retail and hospitality sector accounted for 34.7 percent of the emirate's economy in 2011, more than real estate and financial services combined, which themselves make up the bulk of the weighting on the DFM share index.
This has led to a disconnect between the bourse - down 75 percent from a 2008 peak following a property price crash that also roiled lenders - and the wider economy, which grew 3.4 percent last year
Dubai has not completed an IPO of note for more than four years. Paris Gallery's plan followed an announcement last week from Al Habtoor Group, a family-owned Dubai conglomerate, that wants to raise $1.6 billion through an IPO next year.
Fahim said Paris Gallery would expand outside its Gulf base where it employs 3,500 across 80 stores.
"We are studying Europe and the Far East. We are in the middle of negotiations to open new stores in Iraq, Turkey, Moscow, St Petersburg and many other cities among the Arab world."
Half the company's stores trade under the Paris Gallery label, selling about 500 brands including Chanel, Dior , Yves Saint Laurent and Lancome. Also on display is Imperial Majesty No. 1 perfume, a creation by Clive Christian Perfumes of which only 10 bottles were made. Each bottle is priced at over $300,000.
The remaining stores are franchises for the likes of Burberry, Cartier, Ferrari and Roberto Cavalli.
"We expect to grow (revenue) more than 10 percent this year," he said. "In 2009, we did some consolidation. 2010 was better, 2011 was our best ever year," Fahim said.
The UAE provides more than 60 percent of Paris Gallery's revenue and Saudi Arabia about 35 percent, with the remainder from other Gulf countries.For all the latest retail news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.


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Steve Wozniak had wanted a computer of his own his whole life. He wanted to be able to take it anywhere, solve problems, do engineering—in his words, "to have fun." So in 1975, at the age of 25, he built himself one. When his friend Steve Jobs saw Wozniak's computer, he saw potential. The rest, of course, is history.
At the time, Wozniak was designing Hewlett Packard calculators, beloved by the geek set. He was happy in his job, and because he was a loyal employee, he offered to sell the company his computer. HP, however, turned him down—five times.
When he and Jobs started Apple, neither could have imagined the extent to which computers would eventually transform society. What really inspired Wozniak was a Stanford professor who spoke to his computer club—the Homebrew Computer Club—and pointed out that someone could write a computer program, input the company's financials, and the computer would come up with valuable information about the company, based on that data. Wozniak realized that computers were going to make "a little geek like me a hero at work." Otherwise, as he recalls, "You know, you'd go into work and you'd always be ignored."
No one would ignore Steve Wozniak now. Respected not only as a brilliant engineer but also as a forecaster of what is to come in technology, he now divides his time between philanthropy and serving as chief scientist for Fusion-io, a Utah-based company whose high-capacity platform significantly increases data center speed and efficiency. In May, at the Accenture Digital conference in Madrid, Wozniak shared his insights with Mike Sutcliff, group chief executive of Accenture Digital. As for future technology breakthroughs, Wozniak's own hopes are fairly modest: a robot that can find his kitchen, the coffeemaker, beans and water—and make him a decent cup of coffee.
SUTCLIFF: Looking at technology today—looking at the combinations of storage, of computing power, of communications all coming together—what do you see as the biggest opportunities?
WOZNIAK: The data centers are where the computers have moved to. You used to have your own computer. Now you have a little display that shows what other computers are computing out on the Internet. They are taking the sources from hard disks or, better yet, from nano flash memory chips plugged in, and they're making a great experience.
What can companies do with that?
One company might go online and say, "Oh, we can put a database of some medical facts up on a server, and then you can have it available on your computer or your mobile device." But what's happened [that's] even more astounding than that is that I'm seeing people take one aspect, one huge database of the Internet, and then start relating it to other databases that are available and other communications methods and start forming ways that things can come together a lot more. It's not like one database can give you the answer. You get to do a lot of comparison, and then one database might suggest other things. Maybe you're going to run a navigation; your navigation database checks where there are street problems.
What do you see coming next that looks particularly interesting?
Robotics is going to be big in the future. I always like to talk about, "Could anyone ever build a machine that could make a cup of coffee in my house?" Someday a young kid who has in his mind that that's going to be his life goal, it's how it's going to happen. Young people don't see the boundaries.
What else would you like to see?
I'd also like a little robot that sits in my driveway. The Roomba robot goes around a room randomly and vacuums it while you're gone at work. I would like to have a little machine that sits in my driveway and moves around or walks around and finds its way. It spots the car, and it cleans one square centimeter at a time, all night long, and when I wake up, my car is cleaned.
What else can can we expect to see?
Nice little fanciful ideas that apply to normal every-Joe life are coming. Robotic cars are going to drive themselves. Everybody feels they're going to be a lot safer, because we're human beings and we're not perfect, and we might miss something, not see a stop sign. They're going to notice anything coming from all angles much more quickly than the human eye and brain, so I'm looking forward to that.
I learned from your book that you're a famous prankster. I enjoyed reading about the early experiences you had using technology to pull pranks on different people.
We had a lot of fun at school playing pranks. We had driver training at our high school, so I built a little device that was a police siren to see if anybody would pull over.
I'm sure that many executives are thinking about innovation in their companies and how to spur innovation internally. What drove you to innovate and create a computer?
I was in engineering. I had never taken courses in writing a computer language. I taught myself how to do it. I had never worked with a floppy disk before—any disk drive—hardware or software. But if you're one of those people that's capable of looking at a problem, and knowing how to use the building blocks of the day and figuring out the way to create it, the best way possible, you will.
My motivation on the floppy disk drive was, if I got one developed in two weeks, I would get to go to Las Vegas. Apple was going to be allowed into Las Vegas [at the Consumer Electronics Show] with three of our people. Steve Jobs and Mike Markulla, who was our investor, and Mike Scott, our president, were going to go. Not me. But I said, "If we have a floppy disk, can I show it? I'll get to see the beautiful city that I've always wanted to see."
That kind of motivation, you can't buy with a salary or stock option. It's when it's personal and it's a passion, deep inside a person, maybe trying to prove their own ideas—that's when you get incredible products and incredible work.
So you never want to tell a person their ideas just aren't right, it's not the way we do it. Corporate culture sometimes gets in the way.
It's an exciting time to be an engineer. When you were growing up, there were a limited number of people in the world that were exposed to the electronics, to the tools, to the techniques. Now, with global learning and free open courses like the one at Stanford, you've got the whole world at your fingertips.
Sure. You can get a university computer engineering education online if you are the right sort of person that can learn from a stale computer that doesn't have a personality. But there are some difficulties with that methodology, and it doesn't apply to most people. But you're not limited. When you're on a computer, if you're exploring some category of education, you're not limited. You can go off on tangents and study other things that are related. If it's in your heart, you can go as fast as you want.
I remember my third year at college. I chose all "master" courses in hardware and software design. I would buy the books on Friday, and I would go through the books answering every single question at the end of every single chapter, and I'd be halfway through the book by the time class started on Monday. Why? I loved computers so much. I just loved it.
But most schools tell you that you could only learn certain pages on certain days, because that's what the test is going to cover.
Someday we'll get to the point where you just go online and whatever you want, you can go and learn and become [an] expert at.
As far as electronics, we have a lot more to learn. One of my sons is just about to graduate in computer engineering, so computer engineering is still around and we still need electronics. But [it's no longer a hardware world where] everything [is] formulas, difficult formulas, differential calculus equations to calculate what circuits would work.
And we still have a little of that in our life—and some of that is still left over in some of our radios—but pretty much the world's gone digital, and you don't need that sort of difficult mathematics. You don't need calculus, you don't need any more mathematics than you get by the time you're 10 years old to develop any of the digital stuff. And the world's gone to software, really.
A lot of people want to be software only, but I like computer engineering, because the computer engineer is the person that knows the hardware deep inside and can write software for it. And that's where I came from. It's about understanding those levels; you can take advantage of things better and get a better output.
But you know you have to have the motivation. You've got to find those engineers, either inspire them or find the ones that just want to somehow be the best in the world, be better than someone else at whatever job they're doing.
I remember, sometimes I'd finish something, I'd think, "Is there something I can do, looking at all my formulas, my code, that I could cut some out, that I could reuse some or condense a couple of equations into one, for my needs? Is there a way I can do the job a little better than almost anyone else in the world would do?" So I always recommend that to young people.
Have you had much experience around young people?
I taught, because it was a lifetime goal of mine. I taught fifth-graders for eight years, and I noticed that the top students would always do more than I assigned them. They'd add something else into the formula, do something a little bit more—unexpected. That's the sort of person you want to look for, that's creative, the person that can create something on their own, that doesn't want to just stick with the world the way it's given, and think, "My answer's the same as everyone else's."
What can CEOs do?
Look for builders. You want entrepreneurship in your company. The people that have worked on projects and that built them are worth a lot more than the ones that just come up with ideas. And include those people in the ideas stage.


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If you've heard about the Steubenville rape case and are trying to figure out what's true, here's a brief overview.
In this post, I link to some of the dozens and dozens of articles about Steubenville. Why all the focus from liberal media? Many of the stories focus on an anti-American narrative. Omnipresent themes are America's Rape Culture and the danger posed by America's Football Culture and how the American Justice System is a dismal failure. With the Left so completely invested in the story, it was only a matter of time before the non-political case would fulfill a Defenders of the Steubenville Rape Crew Embrace the GOP's Protect the Rapist Mindset
But what if all those sources were getting the story very wrong?
What if the story were being misreported on a grand scale, full of clear factual inaccuracies and claims that nobody is making; not the prosecution, the defense, the accuser, the suspects, the witnesses, the police, or anybody connected to the case.
What if all those sources had published complete factual fabrications that confused the case?
What if Anonymous had actually made things in the story much worse for everyone involved?
Among the widely reported and false claims:
- Steubenville is so corrupt that no justice is possible.
- There has been a massive cover-up in the case.
- The victim was drugged, put in a car trunk to bring her to a series of parties, urinated on, and left for dead in a field.
- That there a number of witnesses to the assaults who have not come forward.
- The school's football coaches were involved in the night's activities.
- That football players were given easy or preferential treatment in this case.
- No media was covering the case except for one blogger until Anonymous got involved.
- That no justice would happen in this case were it not for the intervention of Anonymous.
- The infamous video of Michael Nodianos joking has nothing to do with the legal case.
To reiterate, those claims are rumors that are unsupported by evidence and yet if you click on any link to a story about the case, you'll find any number of in whichever story you read. I'll be picking them apart point-by-point.
This is not defending the suspect or attacking the accuser. Or vice versa.Nobody involved in the legal case is making these claims. This is correcting the record. As we lay out the facts on this blog, judge for yourself and ask for proof at every turn.


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Negative: If a behavior declines because of a consequence, that consequence is a negative (a punisher, an aversive) and the relationship is punishment. (Note that the negative can be an outcome involving the removal of a positive....)
It's important to note that things that seem like negatives sometimes aren't; what matters is what actually happens, not the intention or the appearance.... "Negatives" that have no effect on a behavior are not truly negatives; indeed, if the behavior is strengthened, they are reinforcers. Again, it's what actually happens that matters. [p263]
Reinforcement: When a consequence sustains a behavior, the relationship is reinforcement....The consequence can be an outcome involving the presentation of a positive, or the removal of a negative, or both simultaneously. [p263]These are good things to keep in mind as we interact with others in life, and in our projects. Things go well when there is a ratio of 5/1 positive/negative. Things go badly when that ratio is reversed; you see divorces, the end of friendships, and forks in projects.
I'm mostly publishing this to remind me to pass along compliments, and remember to thank people for the good work they do. Thanks should outnumber bug reports and other complaints FIVE to ONE!


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Main Page
Welcome to the Computer History Wiki!
This is the Computer History Wiki, a knowledge base about historic computers which anyone can edit. Currently, we've got 1,702 articles!
Systems • Peripherals • Software • Manufacturers • Operating Systems • Networking • Tutorials • Other Resources
For an introduction to MediaWiki syntax and Computer History Wiki conventions, please see Help.
Introduction by the Administrators
This wiki is an experiment to create a means for knowledgeable people to enter their information into some kind of a knowledge base. This is however, not the relatively formalized tone and style imposed by Wikipedia. Sentences starting with "I seem to recall" are perfectly welcome here - and articles do not have to be in the descriptive, encyclopedic style Wikipedia enforces. On the contrary, it is preferred that many of the articles be references, guides, helpful hints, suggestions, tutorials and so on.
If you have any information you want to contribute to this wiki, please, contribute it. We'd much rather remove or modify a dozen potentially unsuited submissions than miss out on a single good one. We hope this wiki grows into a useful resource for everyone interested in classic computing, no matter what their level of knowledge may be; it is meant to be all-encompassing. -- Tore & Lucky 16:11, 16 May 2007 (PDT)
Older news is here.


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We welcome Mick Schumacher as global Brand Ambassador:
"'Think Tomorrow.' suits me too!"
Dellingstraat 34
2800 Mechelen
Highlight projects and future-proof solutions | Why cloud computing requires trust | Product Spotlight – New Models of Success
As the world's leading logistics systems provider, SSI SCHAEFER offers you complete IT competence from a single source.
Intralogistics involves a diverse range of challenges including storing, conveying and transporting, picking and handling. SSI SCHAEFER provides you with customized products, solutions and systems that enable you to efficiently organize your goods for storage and transport.
Which societal and technological developments will influence the future of intralogistics?
SSI SCHAEFER works successfully with suppliers who hold leading positions in their respective market sectors. The purchasing activities extend to national and international procurement markets.
An important component of the success of SSI SCHAEFER is the high quality of our products that we also ensure thanks to the intensive, long-term partnership collaborations with our suppliers.
Increasing levels of interconnection and globalisation also open up new opportunities in purchasing management. Take this opportunity to introduce your company as a possible future supplier.
International terms and conditions of purchasing of the SSI SCHÄFER Group.
Here you can download the SSI Schäfer IT Solutions GmbH general terms and conditions of purchase.
General terms and conditions of purchase
German | English


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We had a reader ask the following question:
"Hi, I just inherited a Kansas wheat farm with an oil well on it. I assume that I still get the 15% percentage depletion on the oil royalty. My question is do you know if I can "value" the oil and then take a larger cost depletion deduction from the royalty income?"
Many farmers in the Midwest and other areas of the U.S. may have situations similar to this reader's. Many of our clients are now making more money from their oil and gas income than from farming.
One method of reducing this income is the use of depletion. Cost depletion is similar to depreciation and is based upon the amount of units sold during the year compared to the estimated total units still available to be sold. For example, assume a farmer inherits a piece of farmland with an oil well on it. A qualified survey of the oil well is performed and it is estimated there are 30,000 barrels of oil still to be pumped from the ground. During 2011, the farmer pumps 1,000 barrels of oil. The value of the oil in the ground at the time of the inheritance was estimated at $300,000 or $10 per barrel, therefore the cost depletion deduction for 2011 is $10,000 (1,000 barrels times $10).
Another method of depletion is the use of percentage depletion. This method takes the gross income derived from oil sales and multiplies it by a percentage (in most cases, 15%). The farmer is allowed to use either percentage or cost depletion each year and is entitled to the greater of each. This can be cost one year and percentage the next. In our example, let's assume the farmer collects $50,000 from the sale of his oil for the year. Percentage depletion based upon 15% would equal a deduction of $7,500. Since cost depletion of $10,000 is higher than percentage depletion, the farmer would deduct cost depletion in this year. However, let's assume the farmer received $100,000 from the sale of his oil. In this case, percentage depletion of $15,000 would be higher than cost depletion and the farmer could use percentage depletion.
One drawback of depletion is that the farmer must reduce the basis in his oil and gas property by the amount of cost depletion taken. The excess of percentage depletion over cost is not used to reduce the basis.
As you can see, these calculations can get complicated, and there are various other rules on percentage depletion that can limit the amount of this deduction. If you have an oil and gas well on your farmland, you should review your situation with a tax adviser who understands this type of taxation.
But the bottom line is that you can take cost depletion based on the cost allocated to the oil reserves if cost depletion is greater than percentage depletion.
My Reflections on the Midwest Crop Tour
Minimize Bovine Respiratory Disease in Replacement Heifer Calves


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Mountain Brook Real Estate
Mountain Brook is located in Alabama. Mountain Brook, Alabama has a population of 21,049. Mountain Brook is more family-centric than the surrounding county with 36% households with children. The county percentage for households with children is 27%.
The median household income in Mountain Brook, Alabama is $101,285. The median household income for the surrounding county is $42,628 compared to the national median of $49,877. The median age of people living in Mountain Brook is 42.8 years.
Mountain Brook Weather
The average high temperature in July is 90.6 degrees, with an average low temperature in January of 32.3 degrees. The annual precipitation is 50.62.
Mountain Brook Map
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The website of the Haunted Isles Preternatural Investigaiton Team, www.haunted-isles.co.uk, was re-launched recently with a completely new look.
The site details the services of HIPIT, who specialise in a variety of services relating to the paranormal, including including paranormal/psychic investigation and clearance.
The site features information on the team, our methods, cases and photographs, and should you need the services of a paranormal investigation team there's also information on how to get in touch with us.
HIPIT is based in the north-west of England, UK.
Haunted Isles Preternatural Investigation Team
Started by heathwitch , Aug 14 2003 03:17 AM
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The board has come to an agreement on the structure for promotions and relegations at the end of this season. it will be as follows:
Division 1
1. Team 1A
2. Team 2A
3. Team 3A
4. Team 4A
5. Team 5A
6. Team 6A
7. Team 7A
8. Team 8A
9. Team 9A
10. Team 10A
Division 2
1. Team 1B
2. Team 2B
3. Team 3B
4. Team 4B
5. Team 5B
6. Team 6B
7. Team 7B
8. Team 8B
Division 3
1. Team 1C
2. Team 2C
3. Team 3C
4. Team 4C
5. Team 5C
6. Team 6C
Division 1/2
Team 1B and Team 2B from Division 2 would get automatically promoted to Division 1 while Team 9A and Team 10A would be automatically relegated from Division 1 to Division 2.
Team 3B would play Team 8A for the chance to be promoted to Division 1. If 3B wins they get to go to Division 1 while 8A gets dropped to Division 2. If 8A wins, they stay in Division 1 and 3B stays in Division 2.
Division 2/3
Same structure as above except just Team 1C gets promtoed automatically from Division 3 to Division 2 at the expense of Team 8B.
While Team 2Cplays Team 7B for the chance to get into Division 2.


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Girl / Boy #2
by Robert Wildwood Author
Rob Noxious (The Fall of America) teams up with Shyla Ann to talk about gender roles in extreme depth! They each present half of a zine talking from their own perspective so you get that "flip zine" split format. Tons of issues are discussed such as sex (homosexual and otherwise), pornography, alternatives to tampons/pads, subtle school lessons, polyamory, male intuition, homosexuality and homophobia, confronting sexism, rape in prison, and TONS more. this puppy is huge!
- anonymous 2/8/2006
So pleased.
- Karen Loo. 1/10/2006
Truly an excellent read! Syla Ann and Robnoxious take on "traditional" gender roles and stereotypes and share their personal experiences and ideas for a stronger, more loving society.
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AXIS 5570e
Print from IBM host systems via any port to any printer
Discontinued product. Online support only.Please see the support documentation for further information.
- Future-proof pocket print server supporting both parallel and USB printers
- built-in IBM protocol converters
Print from IBM host systems via any port to any printer
The AXIS 5570e, a host-to-LAN print server, enables organizations with IBM Mainframe (zSeries) or IBM AS/400 (iSeries) to print to any printer* or digital copier, including those with USB ports.
The AXIS 5570e, with built-in IBM protocol converters, is equipped with one USB and one parallel port, which enable printing to two printers simultaneously. The AXIS 5570e is the first multi-session USB print server for the IBM environment.
The AXIS 5570e provides support for all popular protocols and operating systems such as Windows, NetWare, Macintosh, UNIX and Linux, in addition to IBM host system printing over TCP/IP and SNA networks. The same printer can therefore be used for print jobs coming from the IBM host as well as Windows and other operating systems.
The AXIS 5570e features an improved installation wizard for IBM printing, increased remote management security using TLS/SSL (HTTPS) and enhanced print management in AXIS ThinWizard 3.00.
The AXIS 5570e provides a flexible, reliable and cost- effective network printing solution for IBM host environments. There is no need for application changes, host-based conversion software or intermediate servers. The AXIS 5570e helps free the host system's resources for more critical tasks, thereby improving the overall throughput of the IBM system.
The AXIS 5570e is the successor to the successful AXIS 5470e, which is installed in tens of thousands of units worldwide. This model supports all the AXIS 5470e features and many more.
* Host-based printers such as GDI, CAPT and PPA are not supported.
More features
- Easy installation: installation wizard for IBM printing,AXIS AddPrinter for Windows, support for Bonjour in MacOS environments
- Enhanced configuration and control: support for HTTPS and SNMPv3, AXIS ThinWizard management software
- Multilingual support: User's Guide and internal Web pages available in English, German, Spanish, French, Italian and and Japanese
- Multiprotocol support: Use the same printer for print jobs from the IBM host as for print jobs from Windows, NetWare, MacOS, Linux and Unix.


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Quote:The reason TKD gets bashed is simple: it is not a very good martial art. TKD deserves to get bashed, does get bashed, and not much can (or should) be done to prevent it.
Quote:As a martial art, TKD was always mediocre; it simply lacked the boxing and (especially) wrestling emphasis critical to real world self-defense.
Quote:As TKD turned changed from martial art to martial sport it went from bad to horrible--nowadays, most dojangs just teach a fancy, acrobatic form of foot tag.
Quote:Sorry to be so blunt, but there it is. I am sure plenty of people will jump on me for my opinion. If it makes you feel better, beleive them and not me.
Quote:Is TKD losing popularity? The only way to know would be to see how many TKD schools and/or practioners there are today compared to in the past. So far as I know, no one has attempted such a survey.
Variety of stun gun devices for your protection
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Accurate information on the ancient martial traditions of the Japanese
Protect yourself and loved ones from CRIME with the latest C2 Taser
citizen model. Very effective.


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Children's Vitamins
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We would like to thank you for visiting Supplement Spot and we hope you will recommend us to friends, family and colleagues. Happy Shopping.


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FL-8 carbide tipped tool bit. Grade 883.
- Item #: FL-8 883
100% made, manufactured and assembled in the USA. Carboloy is the best known and most used carbide tipped tools in the cutting tool industry! High quality, American made sinlge point carbide tools in the widest range of sizes and styles to meet your application requirements. All products meet or exceed ANSI specs.


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Black Forest fire near Colorado Springs at 75 % containment
The Denver Post
BLACK FOREST — Sunday's rain and the work of crews on the lines of the Black Forest fire mean that some resources are being released to work on other incidents, and more residents are being allowed to return to their property, the fire team said Monday morning.
The containment figure on the fire was increased from 65 percent to 75 percent, incident commander Rich Harvey told an 11:15 news briefing.
"Fire behavior was reduced to creeping and smoldering due to improved weather conditions," Harvey reported earlier Monday. "Due to decreasing demands from the incident, some resources are being released and made available for response for other incidents as needed."
Read more: Black Forest fire near Colorado Springs at 75 % containment – The Denver Post http://www.denverpost.com/breakingnews/ci_23477467/progress-made-fighting-black-forest-fire-near-colorado#ixzz2WW6jbQQW
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