text:
welcome to the fest
Log in to check your private messages
Log in
2013-04-10: Djustice Unchained
Goto page
Sinfest Forum Index
View previous topic
View next topic
Joined: 03 Aug 2008
Posts: 7353
Location: California
Posted: Fri Apr 12, 2013 2:57 pm
Post subject:
this is still not getting us to the "and that's why we can excuse Riefenstahl for making a film that supported a racist regime" part
Back to top
Joined: 10 Jul 2006
Posts: 20395
Location: under the bed
Posted: Fri Apr 12, 2013 3:03 pm
Post subject:
you know, darq - even if you completely ignore the whole antisemitism thing, there were plenty of reasons to worry about hitler before 1935.
starting with the
reichstag fire
, shortly after hitler became chancellor. he used this to purge the government of communists (many of whom ended up in concentration camps) and to pass the
reichstag fire decree
, stripping _all_ german citizens of many of their civil rights, including habeus corpus, freedom of the press and of assembly, and privacy of postal and telephone communications. this made it illegal to say or print anything against the nazi party. the panic this created let them essentially take control of parliament in an election held only a few days later. so only a little over a month after being appointed chancellor, hitler was well on his way to having a one-party police state. that sorta points to evil.
and the concentration camps held many more people than jews - they also imprisoned political enemies, "degenerates" like homosexuals and prostitutes, and other races that the nazis considered subhuman, like gypsies and slavs. but first and foremost, political enemies. and they made that very clear to everyone.
good old wiki
The first camp in Germany, Dachau, was founded in March 1933.[7] The press announcement said that "the first concentration camp is to be opened in Dachau with an accommodation for 5,000 persons. All Communists and where necessary Reichsbanner and Social Democratic functionaries who endanger state security are to be concentrated there, as in the long run it is not possible to keep individual functionaries in the state prisons without overburdening these prisons."[7] Dachau was the first regular concentration camp established by the German coalition government of National Socialist Workers' Party (Nazi Party) and the Nationalist People's Party (dissolved on 6 July 1933). Heinrich Himmler, then Chief of Police of Munich, officially described the camp as "the first concentration camp for political prisoners."[7]
Dachau served as a prototype and model for the other Nazi concentration camps. Almost every community in Germany had members taken there. The newspapers continuously reported of "the removal of the enemies of the Reich to concentration camps" making the general population more aware of their presence.
march 1933 - right after the nazis got control of the reichstag. and notice - they _wanted_ people to know about the camps. they wanted everyone to be afraid of ending up there, so that no one would stand up against them. again, i'm thinking most people would see this as pretty clear evil.
and then
they started destroying each other
. at least 85 people assassinated, and thousands arrested. that was in 1934, and before the filming of "triumph of the will". in fact, roehm's fall must have been very much on riefenstahl's mind during the filming...because he had featured in a very similar film she had made the previous year, Der Seig des Glaubens:
Though Sieg apparently did well at the box office, it later became a serious embarrassment to the Nazis after SA Leader Ernst Röhm, who had a prominent role in the film, was executed during the Night of the Long Knives. All references to Röhm were ordered to be erased from German history, which included the destruction of all known copies of Der Sieg des Glaubens.
so, you know - leni knew adolf wasn't a teddy bear. she had read Mein Kampf, she was in pretty tight with the party leaders, and her career benefited tremendously from that. if she didn't know everything, she was in a position to know more than most. and it must have been quickly apparently to even the ordinary citizens that hitler and his party were capable of doing great evil almost from the start of his rule.
and even if she was a completely ignorant innocent - the whole intent of the movie, the intent of adolf hitler whose idea it was, was to promote the nazi rule of germany. and she gave him exactly what he wanted, showing the image of germany he wanted her to show.
so, you know - you kinda have to take that intent into consideration, as well. while nazi germany did not start by doing all the various evils it is now reviled for from day one, the seeds were all there.
aka: neverscared!
a flux of vibrant matter
Back to top
Joined: 09 Jul 2006
Posts: 110
Posted: Fri Apr 12, 2013 3:13 pm
Post subject:
Darqcyde wrote:
And a 'fuck you' to anyone and everyone who isn't chastising Him and everyone else who's treating Thatcher's death like it's a celebration.
One of them affected people's families, jobs, health and everything else in their lives, making a good chunk of them miserable. The other one gave his opinion on movies.
Honestly, I hope you complain when people celebrate Hitler's death too. After all, it's only fair: some people told you once that you are a shitty person for enjoying someone dying of a painful disease that disfigured him and made him suffer
for a decade
because he dared to disagree with you on
Back to top
Dennis J. Squidbunny
Joined: 09 Jul 2006
Posts: 3879
Location: AUSTRALIA YOU FAKIR
Posted: Fri Apr 12, 2013 3:53 pm
Post subject:
in other news, you were in that thread asking if anyone could 'shoop' a photo of Thatcher to look like Palpatine, so not a hundred percent sure where you're getting all these legs you keep standing on.
Once, at a local NOW meeting where I was the only male among about a dozen women, a feminism trivia contest was held. I came in third.
Back to top
Joined: 24 Feb 2013
Posts: 4728
Location: Land of the Grumpuses
Posted: Fri Apr 12, 2013 4:16 pm
Post subject:
Sam wrote:
If I were a moderator I would seriously for serious post "You should all be ashamed of yourselves." and lock the thread forever.
You should write up a post like that anyway.
::lesser crisis mode::
Back to top
Joined: 27 Mar 2007
Posts: 1656
Posted: Fri Apr 12, 2013 4:18 pm
Post subject:
Dude... I used to like this topic.
How did we even get here?
Welcome to Sinfest, the only place with
a 46 pages long thread about sentient toasters
Now featuring
around 40 pages about non-sentient toasters
Back to top
Joined: 24 Feb 2013
Posts: 4728
Location: Land of the Grumpuses
Posted: Fri Apr 12, 2013 4:26 pm
Post subject:
Leohan wrote:
Dude... I used to like this topic.
How did we even get here?
I think someone called a kitten names.
::lesser crisis mode::
Back to top
Joined: 10 Jul 2006
Posts: 20395
Location: under the bed
Posted: Fri Apr 12, 2013 4:50 pm
Post subject:
hitler was a well-known ailurophobe.
aka: neverscared!
a flux of vibrant matter
Back to top
Joined: 24 Feb 2013
Posts: 4728
Location: Land of the Grumpuses
Posted: Fri Apr 12, 2013 4:54 pm
Post subject:
So clearly tey are taking revenge by trotting him out to irritate and enrage the masses until the end of time.
Sneaky things.
::lesser crisis mode::
Back to top
Joined: 09 Jul 2006
Posts: 5146
Location: Iowa City
Posted: Fri Apr 12, 2013 6:11 pm
Post subject:
Darqcyde wrote:
ShadowCell wrote:
Darqcyde wrote:
Prove to me right now that anti-semitism was contested in the same manner and degree in Germany 1934 that racism was contested in the US in 1914. Also, prove to me that Jews felt the same about antisemitism in 1934 Germany as blacks felt about racism in 1914 US. Because the reality was it wasn't the same. Because they weren't. The Jews were absurdly accepting of such practices, and I'm not making this shit up, but it's for reals the whole "God saved us in Egypt, he has countless times, he will save us again."
Look, I have literately read dozens of books on the holocaust and WWII. I've had to critically examine Triumph of the Will in multiple classes. The shit I'm talking about, the moral standards I'm attributing to people of the times, are supported in so, so many works. It's sickening. The degree to which people "didn't care about the Jews" in 1934 Europe is simply insanely alien to modern morality. Don't forget that a large part of why so many Jews died was that Germany's neighbors also did not want want the Jews in their country.
okay, two words:
"the Jews"
yes, that's right, the Jews contested the hell out of antisemitism in 1930s Germany! of course, Hitler was the one who had all the power, so we know how that story goes. nonetheless, the Jews did not just sit there and take it; that is the entire reason why Zionism ever became a thing, after all.
game, set, match, you gibbering fuckstain
Cite your claim. Because they didn't. They did take it. They thought it would pass. They engaged in nothing like the race riots that America saw. Blacks in the south went north en masse, Jews did not flee Germany to nearly the same degree.
Point of order: there's a difference between moving from one part of the country where you speak the common tongue to another part of that same country and moving from one nation to another where you don't speak the native language.
Also, you're an idiot.
Scire aliquid laus est, pudor est non discere velle
"It is laudable to know something, it is disgraceful to not want to learn"
Back to top
Display posts from previous:
All Posts
1 Day
7 Days
2 Weeks
1 Month
3 Months
6 Months
1 Year
Oldest First
Newest First
Sinfest Forum Index
All times are GMT - 7 Hours
Goto page
Jump to:
Select a forum
Forum Guidelines
General Discussion
Casual Chat
post new topics in this forum
reply to topics in this forum
edit your posts in this forum
delete your posts in this forum
vote in polls in this forum
Powered by
© 2001, 2005 phpBB Group


text:
Top Definition
Laugh at my own answer.
Her: You know what's so dumb?!
Him: Your mom?
Him: Lamoa
Her: ... no -_-
Him: Your mom?
Him: Lamoa
Her: ... no -_-
by sweetestangel July 06, 2011
The Urban Dictionary Mug
One side has the word, one side has the definition. Microwave and dishwasher safe. Lotsa space for your liquids.Buy the mug
The Urban Dictionary T-Shirt
Smooth, soft, slim fit American Apparel shirt. Custom printed. 100% fine jersey cotton, except for heather grey (90% cotton).Buy the t-shirt

subset: commoncrawl


text:
By Brendan Conway
The price of gold appears to have broken free from the stock market — and right now that should please goldbugs.
In recent weeks, the metal has seemed to fall in tandem with stocks, highlighting how investors were lightening up their gold exposure at the same time that they cut back on stocks. Last week, for instance, the speculative money managers who use Comex futures and options cut their gold-bullish positions to the lowest level since June.
But Tuesday's stock-market selloff was different. As the S&P 500 slumped, gold turned around a morning loss. The "haven" quality was suddenly back.
The trend continues this morning. U.S. futures fell ahead of the regular session, but gold's price took off to a two-week high. The most actively traded futures contract is ahead by 1.9%, to just under $1,310 an ounce in morning trading.
George Gero, precious-metals strategist at RBC Capital Markets, attributes the Wednesday morning rally to "haven seekers, bargain hunters and a new recent low in rates" in a morning client email.
Meanwhile, there's a minor groundswell of positive opinion on the metal lately.
Over at Ned Davis Research, for instance, commodity strategists John LaForge and Warren Pies outlined over the weekend the reasons they think gold's next big move is likely to be higher.
"Recent S&P weakness, low gold volatility, and declining real interest rates may be the right recipe for higher gold prices," they wrote.
Historically, they show, periods of low volatility in gold's price have tended to presage good things for investors. This year has delivered some of the smallest price moves since the early 1970s, with gold moving in a tight range between $1,250 and $1,350. "It is high volatility that is normally bad for gold," LaForge and Pies write.
Then there's the return of the "haven" trade. The nasty year of 2013 aside, "investors do often move to gold for shelter when stocks are under duress," they continue note.
As for falling rates, it's happening again, in defiance of a range of Wall Street predictions.
So, should you buy in? It's hard to make the argument that Wednesday is the day, even for short-term traders. There's a sharp price rise, and much if not all the climate of negativity on stocks today appears to owe to the situation in Russia and Ukraine. So, you have to believe you can handicap the geopolitics. From Andrew Wilkinson at Interactive Brokers, on thecurrent decline in stocks:
The dominant cause is the increasingly convoluted stand-off between Ukraine and Russia, with forces and equipment from the latter amassing at the border. … The conflict continues to mount and is forcing investors to question the impact of economic sanctions by the west on the east. For its part, Russia is considering banning international carriers from flying over Siberia, which would require them to find costlier alternate routes.
In the here and now, the situation looks nasty from an investment perspective. How many days and weeks the tension will mount for is clearly anybody's guess. But for those looking for a stock market correction, the current bout of shocking headlines during coverage of escalating tension is sufficient to maintain sellers with the upper hand.
SPDR Gold Trust (GLD) is ahead by 1.5% in early trading, as is iShares Gold Trust (IAU). Market Vectors Gold Miners ETF (GDX) is gaining 1.6%, while leveraged trading tools Direxion Daily Gold Miners Bear 3X Shares (DUST) and Direxion Daily Gold Miners Bull 3X Shares (NUGT) are moving about 5% apiece.


text:
Gold 'N Hot
Gold 'N Hot by Belson Pressing and Styling Comb
- Overview
- Features
- Professional heat range from 200°F-500°F
- Exclusive MTR (Multi-Temp Regulator) with variable heat settings
- Wedge-shaped teeth for precise pressing and styling control
- 24K gold-plated finish retains heat
- Power indicator light
- Built-in safety stand
- 9 foot tangle free swivel cord
- 1-year limited warranty
- About the brand
Gold'N Hot by Belson Pressing and Styling Comb is perfect for lifting and straightening.
Model#: GH299 / SKU: 001949
For over 25 years, Gold 'N Hot by Belson professional styling tools have been setting salon trends worldwide. This collection includes bonnet dryers, curling tools and straighteners guaranteed to create smooth, silky styles.


text:
Company of Heroes Tournament TV
See how an accidental maneuver can turn the tide in Tournament TV: Skirmish Command!
See how an accidental maneuver can turn the tide in Tournament TV: Skirmish Command!
Take a look at this montage of Games for Windows from Japan's Xbox Marketplace.
It takes more than a little house to stand in the way of the Allied forces.
This half-track bites off a little more than it can chew and makes a swift retreat.
Big bad tanks, not so tough with a stick bomb on your tread!
What sets Relic's remarkable WWII real-time strategy game apart from all the rest? Find out in our video review.
Destroy the convoy of precious cargo with smart teamwork.
Get your squad ready and assault the antiaircraft gun.
It's time to grab your rifle and storm the beach.
Watch this explosive real-time strategy game in action in this exclusive video.
This movie shows off the wide array of weaponry available to you in Company of Heroes.
This lengthy training movie brings you up to speed on what to expect from Company of Heroes.
Don't miss out on this exclusive trailer for Company of Heroes.
Come face to face with the horrors of war in this awesome video.
Feast your eyes on this lengthy demonstration of Company of Heroes.
Don't miss out on the full length E3 2005 trailer for Company of Heroes.
Use your keyboard!
Log in to comment


text:
Regulatory Affairs Professional - East Midlands
- Employer
- Paramount Recruitment
- Location
- Derbyshire, England
- Salary
- GBP25000 - GBP35000 per annum + negotiable
- Posted
- Jan 05, 2013
- Closes
- Feb 02, 2013
- Ref
- Contact
- Amie Adams
- Discipline
- Chemistry, Regulatory Affairs
- Result Type
- Jobs
- Position Type
- Permanent
- Hours
- Full Time
Regulatory Affairs Professional - East Midlands - Chemicals
Experienced Regulatory Affairs professional wanted to join a world leading Contract Research Organisation as a Regulatory Affairs Professional, the role will be based in Derbyshire in the East Midlands.
This global Contract Research Organisation provides its products and services to the Pharmaceutical, Biotechnology, Medical Device, Agrochemical and Chemical industries as well as academic institutes and government organisations. Their main focus is the optimisation of the discovery of new medicines and compounds and their services include non-clinical and pre-clinical contract research, research models and animal diets.
As the Regulatory Affairs Professional you will be part of the REACH (Chemicals) department and provide technical regulatory expertise whilst supporting company growth and strategies. You will ensure compliance according to relevant standards and guidelines.
Key Responsibilities:
Assemble regulatory submissions
Arrange technical dossiers
Produce chemical safety reports according to REACH requirements
Develop regulatory strategies in line with guidelines
Implement strategies for dossier submission
Evaluate study reports and study protocols
The role will require you to possess a relevant scientific degree ideally in Chemistry, you must have 1 to 2 years Regulatory Affairs experience gained within the Chemical industry and previous exposure to technical dossiers and chemical safety reports in compliance with REACH is essential. You should be an enthusiastic and organised individual with excellent written and verbal communication skills.
This is an exceptional opportunity within a career driven modern organisation who offering excellent benefits including competitive salaries.
Key Words - Regulatory Affairs, Professional, Associate, Executive, Specialist, Officer, Pharmaceutical, Biotechnology, Medical Devices, Agrochemical, Agrichemical, Agricultural, Chemical, Chemistry, CRO, Contract Research Organisation, REACH, East Midlands, Derbyshire, UK, Europe
For further information on the role or company please contact Amie Adams at Paramount Recruitment on 0121 616 3473.
Paramount Recruitment Limited provides services as an agency and an employment business. We regularly have similar roles in this area. Please see our website for details or send your CV in to us to find out the latest opportunities.


text:
You need a thick, dark, sinister mug of Aztec liquid chocolate.
For hot drinks, I like hemp milk: it's rich like soy milk, but its flavor is understated. I mix it with coconut milk and swap real chocolate for cocoa powder to create a tongue-coating, eye-watering, all-consuming chocolate drink. Since the chocolate and hemp milk are already sweetened, no additional sugar is necessary. You'll want a spoon to scoop the last few drops from the bottom of your mug.
Grown Up Hot Chocolate2 ounces semi-sweet baking chocolate (bittersweet or unsweetened if you are a badass)
2/3 cup hemp milk
1/3 coconut milk Warm all ingredients over medium heat, whisking frequently until chocolate is melted and liquid is steaming. Stop short of boiling. Makes 1 large or 2 small servings.
For real excitement, try serving this hot chocolate with a slice of orange or candied ginger. Or for nostalgia, plop in a few dense vanilla Sweet & Sara vegan marshmallows (square marshmallows feel so rustic and artisan).
Let the kids have their Swiss Miss and their dehydrated marshmallow pebbles; you should celebrate the end of another long, chilly day with a steaming cup of real chocolate.


text:
PRICE-"In the beginning was a word, and that word was Family". Our Krista Carol Mower, age 27, passed through the veil and reunited with her daughter, Taylor Lyn "Tater Bug" on July 29, 2011 in Carbon County, Utah from injuries sustained in a motorcycle accident.
She was born in Moab, Utah on Sept. 18, 1983 to Joe and Debbi Carrigan Mower.
Krista was an amazing mother to her daughter Brookie, best friend to her sister Shelbi, and the greatest daughter her mom and dad could every hope for. At the time of her death, her life was almost complete. She was happiest just being with her family, and she needed nothing more than Brook and Paul to make her day whole.
Krista leaves behind, to cherish her memory her daughter Brooklyn Jade Mower, parents, Joe and Debbi Mower, all of Price; older sister and best bud, Shelbi Mower, Moab; nieces, Ericka Jo, Moab, Shania and Maegen, of Wellington; grandparents, Carol Carrigan, Moab; Henry Mower, Payson; and a very large extended family and a boat load of friends.
She was preceded in death by her older brother, Donavon Lyn Mower; youngest daughter, Taylor Lyn Mower; and her Papa, Sonny Carrigan and Grandma, Betty Mower.
Funeral service, Thursday, Aug. 4, 2011, 10 a.m., Price North LDS Stake Center (449 North 100 East) Price. Family will be at Mitchell Funeral Home (233 East Main Street) in Price Wednesday evening from 7-9 p.m. and at the stake center Thursday from 9-9:45 a.m. She will be laid to rest in the Cliffview Cemetery in Price next to her brother Donavon and her daughter Taylor. Arrangements entrusted to Mitchell Funeral Home of Price, where friends are welcome daily and may share memories of Krista at www.mitchellfuneralhome.net.
In remembrance of Krista, a memorial fund has been established for Brooklyn at Eastern Utah Community Credit Union.
"In the end there's a word, and that word is Forever."


text:
Showing 1-24 of 100 items found in Food & Drink
- Sort by:
Nano brewery specializing in small, hand-crafted batches of classic beer styles with a twist. Every beer is brewed on-site. Limited food menu. Drink local. Beer is good.
CITY:Tinley Park
Great brewery tours, great beers, Taco Thursdays - you must see 5 Rabbit! The name 5 Rabbit was inspired by the Aztec culture of Latin heritage. 5 Rabbit beers are mysterious and captivating, and every taste reveals a new detail. Great for those seeking fresh, unique and delicious beers.
CITY:Bedford Park
Allgauer's Restaurant features steak, chops, pasta and seafood. Join them for breakfast, lunch, dinner and their award winning champagne Sunday brunch.
Serving Joliet and Communities for 50 years. Warm atmosphere specializing in char-broiled steaks & seafood. Superb Sunday brunch (regular menu available.) Friday night seafood buffet (regular menu available.) Extensive wine list. Private rooms for all occasions. Open Sun 10:00 AM, Mon-Sat 11:00 AM
American Grill, located in the lobby of the Clarion Inn-South Holland, offers a refreshing casual dining experience for breakfast. Open kitchen atmosphere.
CITY:South Holland
Lively bistro with everything from coffee to cocktails. Reasonable prices for exceptional fare.
Anemone Caffe & Neapolitan Pizzeria
Open Air, Upscale, Fast-Casual Dining; Wood burning Pizza oven; Handmade Pastas; Salads; Sandwiches; Variety of Breakfasts; Homemade Gelato; Intelligentsia Coffee; Espresso; Patio, Carry-out & Catering.
CITY:Palos Heights
Upscale Casual American themed restaurant, 28 draft beers and 6 wines on tap. We will please your palate, your senses and your mood!
CITY:Tinley Park
The Ashford House, located adjacent to Winston's Market, serves the very best authentic Irish cuisine, as well as traditional American favorites. Irish specialties include Irish breakfast, corned beef and cabbage, Shepards pie, and bacon and cabbage. American cuisine includes seafood, pasta, steaks and chops, cut fresh daily at Winston's Market. Also featuring full service bar with daily drink specials and the finest selection of Irish bears such as Smithwicks, Harp, Guinness, Magners and Woodpecker.
CITY:Tinley Park
What sets Aurelio's apart from other pizza? We're different because we use only quality ingredients, serve a variety of generous sizes, and specialize in customizing orders to suit each individual taste. Since 1959, the Aurelio family has been devoted to offering the finest pizza, pasta and sandwiches at reasonable prices with fast, courteous, dependable service.
What sets Aurelio's apart from other pizza? We're different because we use only quality ingredients, serve a variety of generous sizes, and specialize in customizing orders to suit each individual taste. Since 1959, the Aurelio family has been devoted to offering the finest pizza, pasta and sandwiches at reasonable prices with fast, courteous, dependable service.
CITY:Tinley Park
Backstage at Hollywood Casino Joliet
Located inside Hollywood Casino Joliet, catch a live performance, dance the night away to the areas hottest DJ's or throw a private party! Backstage offers two large bars, an amazing sound system and a classy ambiance. For your next outing, consider Backstage and it's wide array of setup options and food & beverage packages.
From fantastic seafood to succulent steaks, chops, and perfect pasta, Balagio's is the ideal Italian family restaurant. Our homemade sauces and soups are known throughout the area. We offer nightly entertainment and welcome children of all ages to come in and experience spaghetti and meatballs like never before. Balagio is open for lunch and dinner and has private and semiprivate rooms for any occasion.
Casual fine dining serving traditional and modern Italian specialties. Award winning steaks, chops, seafood, fresh pastas and much more, served in a European atmosphere. We have an extensive wine list and signature cocktails. Private room available for all occasions.
Pizza-Appetizers-Sandwiches-Dinners-Sports Bar-Catering-Banquet room-Entertainment Friday and Saturday night.
Bistro 57 - Holiday Inn Matteson
American cuisine at comfortable prices. Skillet inspirations, creative sandwiches, quality steaks and chops, baby back ribs with special sauce and herb chicken.
Blue Island's first brewery since prohibition. A craft brewery and taproom with artisan ethics serving the South Side of the Chicago area.True to the craft.
CITY:Blue Island
As the "fresh fish experts" Bonefish Grill specializes in market fresh fish and other wood-grilled specialties combined with a big city bar that offers bar fresh cocktails and an affordable extensive wine list. Our current address is 15537 South LaGrange Road, Orland Park, IL 60462.
Brickstone Restaurant and Brewery
Relax in the warm, comfortable atmosphere and try beers made on-site at Brickstone. Their ample menu includes pub favorites and full meals. During the warmer months enjoy your brew on their outdoor patio.
Located in Lockport, IL, just 40 miles southwest of Chicago's Loop, Broken Arrow features 27 holes of Championship Golf, Driving Range, and Banquet Venue. Broken Arrow utilizes the "Prolink" GPS System by GPS Industries on its entire fleet of Club Car Golf Carts. These large and easy to use systems act as "virtual caddies" designed to give you all the information you need. At a glance, golfers can see the entire hole, hazards, bunkers, and rough areas. This system also allows the golf shop to issue weather warnings and other messages to golfers. The clubhouse features a full service golf shop, snack bar, locker rooms, restaurant, and banquet room. Accommodating up to 250 guest events, the Banquet Room is perfect for making your dream event a reality! With 27 holes of Championship Golf, Restaurant, and Banquet Venue, Broken Arrow has plenty to offer.
A neighborhood restaurant with authentic Italian food dishes meant to be shared and served family-style. Catering, Private Party Rooms, Carry-out and Delivery.
CITY:Orland Park
Est. 1976, serving pizza, pasta and home made Italian dishes. Family owned and operated.
Cheesecake by James is the best tasting cheesecake in the world as it is known for it's natural ingredients with a unique delicious rich lite taste!
Chicago St. Pub has been a staple for drinking and dining in downtown joliet for many years now. Known for our excellent menu including: soups, salads, a variety of sandwiches, traditional Irish Fare, daily lunch specials and a wide selection of beer, liqour and wine. In addition to a great menu, the quality of entertainment and special events has made Chicago St. a number one night-time option in recent years. We take pride in the fact that we are Joliet's Premiere Music Venue for Live original Music.


text:
Invaluable cannot guarantee the accuracy of translations through Google Translate and disclaims any responsibility for inaccurate translations.
Show translation options
Lot 136: Ernest Hemingway's A Moveable Feast
Fantastic Library, Glass and Art
by Specialists of the South
October 29, 2016
Panama City, FL, USALive Auction
Looking for the realized and estimated price?
Description: 1964, G, DJ.
Condition Report: Unless otherwise noted, lot is in expected condition appropriate to age.
Browse more items


text:
Relevance ranks synonyms and suggests the best matches based on how closely a synonym's sense matches the sense you selected.
Complexity sorts synonyms based on their difficulty. Adjust it higher to choose from words that are more complex.
Length ranks your synonyms based on character count.
- lists
- blocks
Common words appear frequently in written and spoken language across many genres from radio to academic journals.
Informal words should be reserved for casual, colloquial communication.
verb lubricate
Synonyms for oil
verb lubricate
Antonyms for oil
Roget's 21st Century Thesaurus, Third Edition Copyright © 2013 by the Philip Lief Group.Cite This Source
Concept Thesaurus for word oil3. IMPERFECT FLUIDS
Synonyms - noun
- oil
- grease
- dripping exunge
- elaine
- wax
- adipocere
- mineral crystal
- olive oil
- soybean oil
- train oil
- aceite
- grain oil
- ghee
- kerosene
- essential oils
- fat
- tallow
- blubber
- oleagine
- cerement
- petroleum
- mineral oil
- salad oil
- nut oil
- ointment
- amole
- rape oil
- heating oil
- jet fuel
- butter
- suet
- glycerin
- soap
- paraffin
- mineral
- vegetable oil
- linseed oil
- animal oil
- unguent
- Barbados tar
- seneca oil
- distillate
- gasoline
Synonyms - phrases
More words related to oil
noun. alcoholic beverage made from malted grain
verb. attempt to coax; flatter
noun. painting on coarse material
noun. knowledge, proficiency
Roget's 21st Century Thesaurus, Third Edition Copyright © 2013 by the Philip Lief Group.Cite This Source


text:
The Land
Cities & Suburbs
Boom & Bust
Patriotic Duty
At Ease
Theme: At Ease
Artist: Napier WALLER
Birth/Death: 1893–1972
Title: The Pastoral Pursuits of Australia
Credit Line: Gift of the James & Diana Ramsay Fund 1987. Collection: Art Gallery of South Australia, Adelaide
Napier Waller's neoclassical murals were originally commissioned for the Menzies Hotel, Melbourne (now demolished). They portray Australia as the reincarnation of classical Greece, complete with heroic youths and ruined temples. The rather incongruous inclusion of the Airedale refers to the favourite breed of dog of the artist and his wife. Waller was a war hero of the First World War, who lost his right arm on the Western Front. He taught himself to paint and draw with his left hand, achieving miracles of precise draftsmanship in the form of prints, murals and designs for large-scale projects in stained glass and mosaic.
More details
Click image to enlarge


text:
|Posted by Carol McFarland on July 15, 2002 at 11:34:04:
|In response to Re: Incinolet toilets--awful experience
I don't think you actually have an INCINOLET electric incinerating toilet. First of all, you CAN'T "remove the works". Heater coil and blower wheel last 2 to 3 years on average. INCINOLET is an electric appliance like a clothes dryer, so it does not have to be in a heated building. You do have to empty the ash (small amount) and clean out the inside every six months or so. Follow simple cleaning instructions in the manual. Call me if you need help. 800-527-5551.
Carol McFarland
Sales Manager
: : Would be interested in specific details, I have been looking into one of these for a weekend home. All comments I've received on this unit were very positive so far....
: : Paul
: They break. We have replaced blower fans twice. and now our heater is shot. This is used only on weekends for 5 months. The works have to be taken out and CANNOT stay in an UNINSULATED home. Trust me!
: We're deperately looking for alternatives rather than replace the heating element.
|Replies to this post
|There are none.


text:
Bronx, NY
Saturday Jun 15, 2013
8:00 PM +Add to iCal +Google Calendar
$13 online or at the door
The roof of New Design High School (formerly Open Road)
Lower East Side
350 Grand Street, New York, NY 10002
F, J, M, Z to Delancey Street-Essex Street; B, D, Q to Grand Street
Lower East Side
350 Grand Street, New York, NY 10002
F, J, M, Z to Delancey Street-Essex Street; B, D, Q to Grand Street
|Doors Open
|Live Music by Wires.Under.Tension
|Films Begin
|After-Party at Fontanas (105 Eldridge St. @ Grand) courtesy of Red Stripe
No refunds. In the event of rain, show will go on indoors at the same location. Seating is first come, first served. No outside alcohol is permitted.
Wires.Under.Tension (Bronx, NY)
Official Link: http://www.wiresundertension.com/
Wires.Under.Tension is a duo based in The South Bronx. Combining homegrown audio sampling instruments with ferocious beats and adventurous orchestration, WUT's angular gymnastics reflect the raw imagery of their home turf. Multi-instrumentalist Christopher Tignor switches dexterously between violin and the rest of the arsenal while Theo Metz extracts brutal truths from the kit. Together WUT is rethinking what instrumental music can be about when musicianship and restless experimentation rule the scene.


text:
The All Blacks completed an impressive clean sweep in the Rugby Championship after overcoming South Africa 32-16 at Soccer City.
The All Blacks completed an impressive clean sweep in the Rugby Championship on Saturday, overcoming South Africa 32-16 at Soccer City on the outskirts of Johannesburg.
In a performance worthy of their status as the top-ranked team in the world, New Zealand weathered an early storm to overturn a half-time deficit and eventually run out comfortable winners.
The result extends the All Blacks' winning streak to 16 consecutive games, moving them within touching distance of the world record.
The Springboks led 16-12 at the break having dominated for most of the first half but were given a lesson in counter attacking to be outscored two tries to one in the opening stanza.
The All Blacks reversed the trend in the second period, adding two more tries while denying their hosts any points to underline their supremacy.
It was a classic case of shifting momentum – while South Africa started with a bang and ended with a whimper, the Kiwis progressively upped the tempo until there was only one team left in the contest.
The much-vaunted Highveld crowd mirrored their team's effort as they made it very clear to the All Blacks they weren't in Auckland anymore in the early stages but the corridors were filled with fans leaving the stadium with ten minutes left on the clock.
As was the case a week ago, Johan Goosen missed his first two attempts at goal but the hosts would nevertheless open the scoring with a rare sight: A South African try from a set-piece move. Willem Alberts bust through the All Black defence before offloading to Jean de Villiers, who showed off some juggling skills but managed to hold on. Bryan Habana was in space outside his skipper and had an easy run in, scoring behind the posts.
Goosen had no problems with the conversion and could further extend the lead to 10 points at the end of the first quarter when Brodie Retallick was penalised for a dangerous tackle.
The All Blacks had hardly ventured into the South African half but took their first chance to score in typical fashion, with a blistering counter-attack from broken play to send lock Sam Whitelock over in the corner.
If the hosts weren't already alerted to the New Zealand's ability to punish their mistakes, they were given a reminder on 35 minutes. Habana came flying up in search of an intercept, it didn't work, and Hosea Gear ghosted through the gap left in the Bok defensive line before offloading to Aaron Smith, who finished. Dan Carter's conversion gave the visitors a lead that made a mockery of the possession and territory stats.
The Boks were dealt another blow as Goosen was forced off injured but replacement fly-half Elton Jantjies held his nerve with his first kick to put South Africa back in front at 13-12.
Jantjies found the target again from 48 metres with the last act of the half to give the hosts a deserved four-point advantage at the interval.
The All Blacks moved back in front almost immediately after the restart however after Jaco Taute missed a tackle on Israel Dagg, who combined with Kieran Read to set up a try for Ma'a Nonu.
Disorganised defending cost the Boks another try as Conrad Smith touched down to put the visitors ten points clear once Carter had added the easy extras.
Two misses from Jantjies suggested the Boks' woes at the kicking tee were far from finished, prompting De Villiers to turn down a shot at goal in favour of chasing a try. And it nearly paid off, but Habana was not able to hang on when presented with a chance in the corner.
The last quarter was one-way traffic. Carter added a neat drop and a penalty to move his team well clear…in more ways than one.
Man of the Match There were a number of candidates in black but the official award went to Kieran Read, who was once again the ultimate example of a complete number eight as his ball skills matched his contribution in the tight exchanges.
Moment of the match: The All Blacks' second try, scored by Aaron Smith, summed up where these teams are at the moment. An instance of a Springbok trying too hard to do something special was punished by a clinical finish. Give All Blacks scraps, and they will feast!
Villian of the match: The 'fans' who left early.
The scorers:
For South Africa:
Try: Habana
Cons: Goosen
Pens: Goosen, Jantjies 2
For New Zealand:
Tries: Whitelock, A. Smith, Nonu, C. Smith
Cons: Carter 3
Pen: Carter
Drop goal: Carter
Yellow card: Dagg (66th min – offside)
South Africa: 15 Zane Kirchner, 14 Bryan Habana, 13 Jaco Taute, 12 Jean de Villiers (c), 11 Francois Hougaard, 10 Johan Goosen, 9 Ruan Pienaar, 8 Duane Vermeulen, 7 Willem Alberts, 6 Francois Louw, 5 Andries Bekker, 4 Eben Etzebeth, 3 Jannie du Plessis, 2 Adriaan Strauss, 1 Tendai Mtawarira.
Replacements: 16 Tiaan Liebenberg, 17 Coenie Oosthuizen, 18 Flip van der Merwe, 19 Marcell Coetzee, 20 Elton Jantjies, 21 Juan de Jongh, 22 Pat Lambie.
New Zealand: 15 Israel Dagg, 14 Cory Jane, 13 Conrad Smith, 12 Ma'a Nonu, 11 Hosea Gear, 10 Daniel Carter, 9 Aaron Smith, 8 Kieran Read, 7 Richie McCaw (c), 6 Liam Messam, 5 Sam Whitelock, 4 Brodie Retallick, 3 Owen Franks, 2 Andrew Hore, 1 Tony Woodcock.
Replacements: 16 Keven Mealamu, 17 Ben Franks, 18 Luke Romano, 19 Adam Thomson, 20 Piri Weepu, 21 Aaron Cruden, 22 Tamati Ellison.
Referee: Romain Poite (France), Greg Garner (England)
Assistant referees: Shaun Veldsman (South Africa)
By Ross Hastie at Soccer City


text:
No. 2 Green Knights Meet Milwaukee School of Engineering This Weekend
From Sports Information Director, January 21, 2014 | Men's Hockey
by Dan Lukes, email@example.com, (920) 403-4077
The games will be on the St. Norbert streaming audio/video webcasts with Tim Derozier on the call. The Webcast is available for free online at http://client.stretchinternet.com/client/snc.portal#
Click "MORE" for a complete preview of the series.


text:
By Mycah Sanders
About the author: Mycah Sanders is the 11-year-old daugther of Greg and Esther Sanders. She is the fourth of seven girls. Mycah loves the outdoors. She is homeschooled and in the fall will begin seventh grade. She enjoys spending time with her dad while working in the yard, planting a garden and going on adventures in the woods. Mycah has a goal of reading the Bible through by year's end. Her essay is about her father, Greg Sanders.
by Mycah Sanders
I know I am loved by my dad because he teaches me God's Work.
He disciplines me so that I may see that I am saved by grace!
My face is happy and my hands clap with glee, because God has
let me have a father that cares for me!
This is the most important thing, but you will see there are lots of
fun things that he does with me …
Sometimes we swim, bike or walk. Other times we eat, sit or talk.
There are many things I can do with my dad,
and spending time with him makes me very glad!


text:
You have no items in your shopping cart.
You're currently on:
Product Description
Type: Remanufactured
Part No.: X203H22G
Category: Drum Cartridge
No. of pages: Up to 25,000 pages at 5% Coverage Learn more...
Our replacement cartridge includes new parts such as Drum and Wiper blade to be defect free.
100% satisfaction guarantee on all compatible cartridges
(not 30 days or 90 days, 1 full year guaranteed)
Compatiblity with this product
|Lexmark X203n, X204n series
Product Tags
Add Your Tags:
Use spaces to separate tags. Use single quotes (') for phrases.


text:
Journalist emphasizes importance of independent media
Jeanne Archambeault/Times
About 200 people packed the historic Mancos Opera House to see Amy Goodman of "Democracy Now" on Monday night.She was introduced by Denis Moynihan, the co-author of her new book, "The Silenced Majority." He talked of the work that they've done together and read from part of the book, which, he said, was "hot off the press".
Since the event was a benefit for and a celebration of KSJD, the local community public radio station, Goodman talked mostly about the importance of independent media. Her program is aired on over 1,000 radio stations around the country and is seen on many television stations.
Goodman is on a 100 city tour, and is on about the 40th city. "This journey has been remarkable," she said.
"I can't wait to go back to Cortez to see KSJD," she said to the crowd.
Tami Graham, who coordinated the event that brought Goodman to Mancos, was part of KDUR and put "Democracy Now" on that station 16 years ago.
Goodman began with a mention of the 11th anniversary of the war in Afghanistan, and how independent media gets the message to the men and women who serve there, and who aren't able to get it any other way.
She talked about her involvement in the presidential debates, her work with Pacifica, an independent media group, her arrest and the arrest of her friends during the Republican National Convention in 2008, Occupy Wall Street, and the execution of Troy Anthony Davis, a man many believed was innocent.
Throughout all of the things that Goodman talked about was the importance of reporters, journalists and independent media to bring the truth to people.
"It's dangerous for the rest of America to view us through a corporate lens," she said. "How do we learn about the world? We learn about it through the media, and it can't be viewed through a corporate lens."
"Our job is to go where the silence is...and it's not actually all that silent...."
"Independent journalism allows people to speak for themselves...," she also said.
After Goodman's talk, which lasted well over an hour, she and Moynihan signed books that were for sale.
The music group, Big Money and the Corporate Citizens, played afterwards for a continuing celebration.


text:
White Mountain Rooftop Boot
Sorry, this item is sold out!
Looks like you've got more shoe shopping to do - have fun!
Looks like you've got more shoe shopping to do - have fun!
Item # 254141
The Rooftop from White Mountain is a boot you'll want to shout about! A classic shape with modern updates and buckle detailing make this suede boot hard to pass up!
- Faux suede upper
- Wrap around buckle detailing
- 13" shaft height, inside zipper
- 14" calf circumference
- 3½" photo stacked heel
- Synthetic sole
- Imported
By: jojoandmichael
Location: camillus new york
July 27, 2013
"those boots are so confy love them"
By: CharlotteGoldfeather
Location: Milwaukee, WI
April 09, 2013
Comfort, Style, and Versatility
"I was hesitant to purchase boots with high heels, but these were very comfortable, and I don't notice that I am wearing heels most of the time. The shoe fits snugly without being constraining, and I can pair it with a lot of different outfits.The only caution is, since the material is suede, it is very susceptible to water damage. Definitely a fashion statement boot, and not a weather-proof one."
By: Sheila79
Location: Morton, Illinois
March 13, 2013
"These boots are super sexy! I ordered them to wear with a zebra print dress to a wedding and my husband whistled when I walked in the room. Very comfortable too!"
By: Ziza
Location: New York
February 02, 2013
Pretty chic and stylish
"I got it as a Xmas gift for my mom.she loved it.it looks wonderful in color and is very comfy as a high heel."
Click anywhere to close this.


text:
The Sharks became the first team to win at Newlands in 2012, beating the Stormers 26-19 in Saturday's Super Rugby semi-final.
The Sharks became the first team to win at Newlands in 2012, beating the Stormers 26-19 in Saturday's Super Rugby semi-final in Cape Town.
They must now travel to Hamilton to face the Chiefs as they continue their quest to become the first team in the history of the tournament to win three consecutive knock-out games on the road.
For the Stormers, the result represents their third home defeat at the semi-final stage.
The Sharks led 13-6 at the interval thanks to a try from Louis Ludik and a drop goal from Fred Michalak.
JP Pietersen's try on the hour mark meant that Gio Aplon's touchdown was too little, too late for the hosts.
Like they did last week in Brisbane, the Sharks built a solid lead and then showed tremendous heart on defence to hold on as the home side scrambled desperately for the try that would level matters.
In the end, the Stormers' lack of invention on attack was shown up while an uncharacteristically high error-count and poor tactical kicking did them no favours.
The Sharks took the field with a team featuring significant alterations to the back-line that had been announced during the week. Ludik moved to the wing to accommodate the inclusion of Riaan Viljoen at full-back while Pietersen was shifted into midfield.
They proved to be crucial changes as the players involved produced both tries.
Peter Grant opened the scoring in the seventh minute from the tee but the Sharks would have been less concerned about the three points conceded than the condition of Bismarck du Plessis, who was seeing stars after taking a savage hit from Eben Etzebeth.
The visitors would have been reassured however when their scrum earned a penalty five minutes later and Michalak could level the scores before the little Frenchman put the visitors ahead with a neat drop goal at the end of the first quarter.
Jean de Villiers came close to scoring but was held up by Willem Alberts. Not much seemed to be going the Stormers' way.
Ludik landed a crucial blow when he plucked Viljoen's high ball out the air and beat three defenders to score. Michalak's conversion left the Sharks leading 13-3 but Grant landed a penalty on the stroke of half-time to keep the Stormers in touch.
Michalak and Grant then swapped penalties after the resumption to leave the Sharks 16-9 ahead, before the visitors crossed for what would prove to be the decisive try.
Pietersen was put into space, stepped Grant, and ghosted home, with Michalak booting the conversion to make it 23-9.
That looked to be the game for the Sharks, but the home side staged a brave recovery with Aplon reducing the deficit when he finished off a move he started to score the Stormers' only try.
Grant added the conversion and he then brought the Stormers within four points with a straightforward penalty in the 73rd minute.
However, the hosts could not get any closer and Michalak's second drop-goal ensured the Sharks will contest their fourth final after those of 1996, 2001 and 2007.
Man of the match: A mention for JP Pietersen who was deadly but the official gong went to Fred Michalak, who pulled all the right strings and finished with 16 points.
Moment of the match: The Stormers were already struggling but when JP Pietersen scored the Sharks' second try the hosts' fate was sealed.
Villain of the match: Plenty of chirps were hurled, but nothing more than a handbag was landed.
The scorers:
For the Stormers:
Try: Aplon
Con: Grant
Pens: Grant 4
For the Sharks:
Tries: Ludik, Pietersen
Cons: Michalak 2
Pens: Michalak 2
Drops: Michalak 2
The Stormers: 15 Joe Pietersen, 14 Gio Aplon, 13 Juan de Jongh, 12 Jean de Villiers, 11 Bryan Habana, 10 Peter Grant, 9 Dewaldt Duvenage, 8 Deon Fourie, 7 Rynhardt Elstadt, 6 Siya Kolisi, 5 Andries Bekker, 4 Eben Etzebeth, 3 Brok Harris, 2 Tiaan Liebenberg, 1 Steven Kitshoff.
Replacements: 16 Frans Malherbe, 17 Deon Carstens, 18 De Kock Steenkamp, 19 Don Armand, 20 Louis Schreuder, 21 Burton Francis, 22 Gerhard van den Heever.
The Sharks: 15 Riaan Viljoen, 14 Louis Ludik, 14 JP Pietersen, 12 Tim Whitehead , 11 Lwazi Mvovo, 10 Frederic Michalak, 9 Charl McLeod, 8 Ryan Kankowski, 7 Marcell Coetzee, 6 Keegan Daniel (c), 5 Anton Bresler, 4 Willem Alberts, 3 Jannie du Plessis, 2 Bismarck du Plessis, 1 Tendai Mtawarira.
Replacements: 16 Craig Burden, 17 Wiehahn Herbst, 18 Steven Sykes, 19 Jean Deysel, 20 Jacques Botes, 21 Odwa Ndungane, 22 Meyer Bosman .
Referee: Steve Walsh
By Ross Hastie at Newlands


text:
Picking up a rare candy, then leaving with it
Picking up a rare candy, then leaving with it
Collecting a rare candy, thanks. <3
Claiming a Candy
picking up a candy
Claiming 2 Monday Candies using this Super Pass.
Last edited by MarbleZone; 22nd October 2012 at 2:06 PM.
*Claiming one Rare Candy!
Picking up my Monday Candy, thank you! And another one with this Super Pass, so two Candies in total.
Last edited by kaisap112; 22nd October 2012 at 12:00 PM.
Candy time!
EDIT: But wait, there's more! With this Supar Pass, I'm taking yet another candy!
Last edited by uhhhhh; 22nd October 2012 at 9:10 AM.
Picking up x1 Rare Candy
Last edited by Takeo; 23rd October 2012 at 1:13 AM.
Picking up 2 rare candies today thanks to my super pass.
Last edited by gmoyes; 22nd October 2012 at 9:50 PM.
+2 Candeh for lil' ol' meh, thanks to that Super Pass! :P
Last edited by OkikuMew; 23rd October 2012 at 2:14 AM.
Picking up two Monday Candies with the use of this Super Pass.
Last edited by myahoo; 22nd October 2012 at 9:57 AM.
Picking up 2x Candies with this Super Pass
Last edited by King Ghidorah; 23rd October 2012 at 2:10 AM.
Picking up 2x Rare Candies using 1x Super Pass.
Last edited by lilbluecorsola; 22nd October 2012 at 7:08 PM.
I get two Rare Candy here because of this Super Pass.
Last edited by Myrrh; 22nd October 2012 at 10:29 PM.
Taking two Rare Candies with this Super Pass.
Last edited by Missingno. Master; 22nd October 2012 at 1:41 PM.
Use: Super Pass
Claim: 2 Rare Candies
Last edited by Dark Searchman; 22nd October 2012 at 6:51 PM.
Picking up 1x Rare Candy. Muchos Gracias~
Picking up 2 rare candies with this super pass.
Last edited by Reyzadren; 22nd October 2012 at 6:35 PM.
Claiming my Monday candy!
Rare Candy get!
Last edited by enchantress; 16th December 2012 at 9:14 AM. Reason: Signature Removed
Rare Candy get!


text:
item(s) in cart
detailsback to top
Product DescriptionThe narrow streamline shape of the SE Sport Hydrofoil provides quick, precise control. The unique design eliminates the downturned trailing edge and cupped underside so there's no drag. Patented Turbo Trac's crescent shape and control tips produce improved thrust for quick plane at lower speeds, you'll experience great control and fuel savings even when towing skiers, tubes, and boards. Mounting hardware included. 13.5" x 14.3".
Application Notes:
Recommended for 8 to 40 HP engines. Will fit larger HP, except Mercury 40, 50, 60 4-strokes. Drill-free installation with the optional Sport Clip.
manualsback to top
Click to view:
SE Sport 200-300 Hydrofoil (83.2KB)
SE Sport 200-300 Hydrofoil (83.2KB)


text:
The President's Run/Walk is free for all Dixie State students, faculty and staff, and the community to participate. The 5-kilometer course will start and finish at Hansen Stadium, and will weave around and through the DSU campus. As an added incentive, all participants who beat President Nadauld to the finish line will receive a voucher good for 25% off any apparel or novelty purchase at the DSU Campus Store.
Registration forms for the President's Fun Run/Walk are available at the DSU campus and online at www.dixie.edu. Early registration is encouraged, as the first 250 entrants will receive a free race t-shirt, though entries will be accepted on race day. Check-in and late registration will begin at 7 a.m. For more information on the 5K run, please contact the DSU Campus Recreation Office at 435-652-7988.
The 5K run will also serve as the kick-off for Dixie State's Hall of Fame Weekend. Following the run at 12 noon, DSU Athletics will induct five new members into its Hall of Fame in a ceremony held at the Gardner Center Ballroom. The 2013 class includes former Dixie two-sport star and head men's basketball coach Dave Rose; former Dixie State women's soccer coach Linda Huddleston; longtime DSU official scorer and timekeeper Ken Jolley, and the 1963 Dixie College Football Team – the only team in school history to record a perfect undefeated season. For tickets and more information on the DSU Athletic Hall of Fame induction ceremony, please contact Derek Dawes at 435-879-4295.
Other Hall of Fame weekend activities include the 2013 DSU Football home opener vs. Azusa Pacific Saturday night at 6 p.m., at Hansen Stadium. For ticket and game information, please visit www.dixieathletics.com.
Then on Sunday, Sept. 15, DSU will host its Sixth-Annual University Convocation, featuring inspirational addresses by newly inducted DSU Athletic Hall of Famer Dave Rose and his wife, Cheryl, who is also a DSU alumna. The convocation will begin at 7 p.m., in the Avenna Center Cox Auditorium. Admission is free and open to the all DSU students, faculty and staff, and the community, and light refreshments will be served following the event.
For additional information on the convocation, please contact Steve Johnson in the DSU Public Relations Office at 435-652-7544,


text:
halo 4 tax
on May 2, 2012
Chapter: thecomic
i was surprised to read this! it's so sad that voting takes eight whole hours and you have to choose playing halo 4 or your country. also halo 4 only exists for november 6, and on november 7 they destroy[…]↓ Read the rest of this entry…


text:
Paris Hilton Lacey Platform Pump
Sorry, this item is sold out!
Looks like you've got more shoe shopping to do - have fun!
Looks like you've got more shoe shopping to do - have fun!
Item # 289302
The lacey by Paris Hilton is the perfect pump. Feminine and stylish, this stunner will surely make you stand out from the crowd.
- Faux patent leather and suede upper
- Oversized bow detail at almond cap toe
- 1" platform, 4½" covered heel
- Synthetic sole
- Imported
- View more Women's Paris Hilton Shoes
By: jdmb
Location: Little
June 02, 2014
Very cute, but uncomfortable
"This shoe looks as good as the picture. The wider heel and platform gives it potential for a comfortable shoe, but it was too narrow and short in the toe for me. I'm usually a medium width, but this shoe didn't make the cut. I returned it."
By: Loriflex
Location: NH
February 20, 2014
Perfect Shoes
"these shoes are beautiful and stylish and comfortable too. Navy Blue shoes that arent boring are SO hard to find, but here they are. all i can say is, WOW!"
By: Dallas01
Location: Chicago, Il
January 29, 2014
cute shoe, runs narrow
"This is a cute shoe, but very narrow"
By: Wolfe369
December 26, 2013
Click anywhere to close this.


text:
Showing 1-24 of 45 items found in Arts & Culture
- Sort by:
Apple River Fort State Historic Site
Apple River Fort State Historic Site, located in Elizabeth, Illinois, is the site of one of the battles fought during the Black Hawk War. Black Hawk and his 200 warriors attacked the hastily erected fort on June 24, 1832. His story and that of the early settlers are told.
Located in the heart of downtown Galena, this is a great place to relax and unwind. Enjoy wine, specialty martinis and craft beers. Live music on Fridays and Saturdays, Bloody Mary bar Saturdays and Quiz Show Sundays. Gourmet apps until 1 a.m.
City tours of Galena, tour of homes and nightly ghost tour. Group services and charters. Original tour company since 1988.
Chicago Great Western Railway Depot Museum
Experience railroading during its glory days at a former link for the Chicago Great Western Railway from Chicago, Illinois to Oelwein, Iowa by taking a tour through our extensive collection of railway memorabilia. See a full-size caboose, both G-scale and HO-scale operating model railroads and artifacts of northwestern Illinois railroads.
Galena Main Street Walking Tours with General Grant
Partake in an one-hour tour with one of Galena's most notable citizens, General Ulysses S. Grant, and explore the historic highlights of this award-winning Main Street. The tour also features the 'Field of Dreams' movie locations that were captured in downtown Galena. Reservations are not required to join in the tour.
Wander through this outdoor gallery of large steel sculptures by award-winning local artist John Martinson. On-site metal studio. Open daily.
Unique hand-thrown stoneware pottery, studio and gallery. See website for information. Daily demonstrations and classes. Open daily.
You'll find handmade functional wares and sculptural forms at Galena Clay Works. Pottery is made and sold at this funky two-story studio - from cups to crazyware, sculpture and Galena pottery.
Stone House Pottery & Gallery has much to offer visitors. Gallery openings, demonstrations and 2-day Glaze & Graze classes are bound to keep participants entertained. Functional and decorative pottery, tiles, figurative bronzes, featuring area artists work, as well.
1876 Banwarth House and Museum
A fascinating, hands-on experience awaits! Join period interpreters on a journey through the fine Victorian home of Charles Banwarth.
The Chicago Athenaeum Museum of Architecture and Design
This satellite facility of the international museum features contemporary art, architecture and photography from around the world.
On this adventure we will be taking you to a couple of the most hidden gems that are secrets of the locals. We provide a tour experience like no other. You will enjoy a winery, an 1840's general store/train depot and more! This is no ordinary tour of Galena. So check out our calendar and book a trip with us now. It is sure to be one like no other. Don't Forget! Custom tours are available
Authentic 1897 blacksmith shop with working forges. Original tools/equipment and an on-site historian. Gift shop: Galena-forged items.
Mangelsen - Images of Nature Gallery
Located on Galena's historic Main Street, this gallery features the award-winning nature photography of Thomas D. Mangelsen. They showcase more than 150 limited edition and artist proof prints.
Eshelman Pottery, featuring the work of Paul Eshelman, is contemporary, functional red stoneware utilizing glazed and unglazed surfaces for a visual and tactile contrast.
Old Stockade on the Cobblestone Street
Used as a refuge for women and children of the Galena area during the Blackhawk War of 1832, the Old Stockade brings Galena's earliest history to life in this 1820's log building. Come, share!
Check out live performances in 135-seat, creatively renovated theater. Call for information. Rent theater for private events.
Skidmore Art Gallery original artwork by professional artist Mark Skidmore. See artists at work. Art classes available for all ages.
An artist studio and gallery exhibiting more than 80 contemporary original paintings. Artists featured were among the winners of the "Chicago Artists of the Year" awards between 2009-2011.
Unique, one-of-a-kind handmade crafts & gifts by Galena artists. Handmade jewelry, home & garden décor, Galena treasures and more.
Hello Galena! is a gallery featuring 65 artists selling and demonstrating artwork. Jewelry, pottery, stained glass, paintings, photography, wooden toys/pens, purses, more! Events, demonstrations & classes.
Your wedding marks a turning point in your lives. Make pictures of the event so you can remember and cherish the moment. Phone for details.
Woodbine Glass Museum and Gift Shop
Museum displays 4,020 pieces of hand-blown glass, including contemporary and antique work from many countries. Gift shop.
Original pastels, oil paintings, note cards, posters. Specializing in figurative art, portraits, land and seascapes. Commissions accepted. Classes, workshops.


text:
USDA Unveils New, Simple Tips to Stay Healthy, Active and Fit
Today was an exciting day at USDA as I was joined by First Lady Michelle Obama and Surgeon General Dr. Regina Benjamin to unveil USDA's new food icon, MyPlate. The icon is a departure from MyPyramid and serves as a quick, simple reminder to all consumers, built off of the 2010 Dietary Guidelines for all Americans.
We all know that what we eat matters – MyPlate offers a visual reminder to make healthy food choices when you choose your next meal. MyPlate can help prioritize food choices by reminding us to make half of our plate fruits and vegetables and shows us the other important food groups for a well-balanced meal: whole grains, lean proteins, and low fat dairy. Read more »


text:
We loved this deal too, but it's no longer available. Check out our other cool deals here.
Kingsgate Hotel Autolodge Paihia - Bay Of Islands
$150 for Two Nights for Two People incl. Two Drinks & Late Check Out (value $300)
1 of your friends
already grabbed this deal:
Discuss this DealJoin the discussion
- Enjoy a brief migration to the magical north.
- Grab two nights for two people, a house beer or wine in the bar overlooking the sea, and a late checkout at Kingsgate Hotel Autolodge Paihia - Bay Of Islands for just $150 (valid from 23rd November 2012).
- Take in all that the Bay of Islands has to offer from this marvellously appointed hotel.
- After a day having fun in the sun, unwind in the cocktail bar which offers breathtaking views over the ocean, or enjoy a relaxing soak in the hot tub.
- Take a complimentary bike ride through Paihia and discover its charms.
Most species migrate north for the winter months– however, the highly intelligent Kiwi knows that the best time to head north is in the summer. It's the optimum time to enjoy the stunning beaches, crystal waters and pristine natural wonder this part of New Zealand offers in spades.
Pay just $150 for two nights for two people, a house beer or wine in the bar overlooking the sea and a late checkout at Kingsgate Hotel Autolodge Paihia - Bay Of Islands (valid from 23rd November to 24th December 2012).
Just 100 metres from Paihia wharf, with stunning water views, Kingsgate Hotel Autolodge Paihia is simply the best possible base from which to explore this marvellous part of New Zealand. Spectacular game fishing, gorgeous beaches, historic sites and lush native bush are all within easy access of this great hotel. Superbly appointed with a gym, onsite restaurant and cocktail bar, swimming pool, indoor hot tub and games room, guests also get free use of bicycles to explore the wonders of Paihia that surround Kingsgate.
Buy with confidence with GrabOne Escapes.
Found an escape you like the look of? Keen to make your booking? Purchase the package then contact the accommodation provider direct to make your booking. If you call them within 48 hours of purchasing your GrabOne offer and cannot secure the date you want, simply email or call our Helpdesk team and we will happily refund your purchase.
Kingsgate Hotel Autolodge Paihia - Bay Of Islands
0800 65 29 29
Business in trade
ConditionsValid from Nov 14, 2012
Expires Dec 24, 2012
Limit: 2 for you and 2 gifts for others
VALID FROM 23rd NOVEMBER TO 24TH DECEMBER 2012. Bookings essential. Subject to availability. Late checkout is 12pm. Combine vouchers to extend stay. No cash back. Not to be used with any other offer. Refund available from GrabOne within 48 hours of purchase.
See the rules that apply to all deals
More Great Deals
More Great Local Deals
The Bach Cafe Napier
Aurum Espresso & Coffee Roasters
Neil Brown Window Cleaner
Splash Planet
Bollywood Indian Restaurant
House Espresso Lounge
Ten Twenty Four Country Dining
Cafe De Roadies
Nautilus Hotel & Burtons Restaurant Napier
Ten Twenty Four Country Dining
Big John's
Ten Twenty Four Country Dining
Superstrike Hastings
Able Clean
Able Clean
Kids Spy Network
Nautilus Hotel & Burtons Restaurant Napier
House Espresso Lounge
The Workshop Hair Design
Raft Fish NZ
Rocket Ropes
Butterfly Creek
Bay Audiology
TurkeyRed Greytown Country Hotel
Diamond Decor
Diamond Photo
KC Cleaning Company
My Kiwi Adventure
EZI Phone Repair
Total Health Dentistry
Kaitiaki Adventures Aotearoa
Martins Home Services
TCB Ski Board & Bike
The Boatshed Kayaks - Lake Karapiro, Cambridge
The Paddleboard Shed Raglan
Skotel Alpine Resort - Mt Ruapehu
Weight Watchers
Weight Watchers
Rocket Ropes
Deals in Other Regions
Manawatu - Wanganui
Hawkes Bay
Hawkes Bay
Hawkes Bay
Voucher Guarantee
Getting more bang for your buck
Good news:
GrabOne's Voucher Guarantee means missing out on claiming your deal in time no longer means losing out altogether!
How does it work?
- A voucher is valid up to and including the expiry date stated.
- If you don't use your voucher before that date for whatever reason, it can still be used towards that service with that business for an additional 30 days.
For example, if you buy a bungy jump deal but don't use it before the expiry date, you can still use the amount you paid for the voucher towards a bungy jump, for another 30 days.
A few things to note:
- The GrabOne Voucher Guarantee does not apply to product deals, travel and accommodation-related deals, or time-dependent event deals.
- It's always best to use your voucher before the expiry date, so you get the most value for your money. And if you're a bit forgetful, we now automatically remind you if your vouchers are about to expire.
- During the extended Voucher Guarantee period, your voucher can only be put towards the service stated on the voucher.
- If the offer is seasonal, like a seasonal menu or chimney sweep service, the Voucher Guarantee can be put towards a similar offer at the merchant's discretion.
- The conditions on your voucher still apply during the Voucher Guarantee period.


text:
--A little long but good stuff on investments and pension funds.--
Story at American Enterprise Institute
Andrew G. Biggs | State Tax Notes
February 13, 2012
The financial health of defined benefit pension plans for state and local government workers is a matter of policy concern and analytical contention. Pensions have come under increased scrutiny as funding levels have dropped and required contributions have risen. According to standard actuarial accounting, the average public pension was 76 percent funded in 2009, down from 95 percent in 2001.1 Likewise, annual required contributions (ARCs) -- the costs of benefits accruing in a given year plus the amortization (generally over a 30-year period) of unfunded liabilities from prior years -- were over $74 billion in 2009, up from around $29 billion in 2001, with further increases likely in future years.2 Overall, public pensions reported underfunding of $660 billion as of mid-2009, the most recent date for which complete information is available.3
Around the nation elected officials have undertaken pension reforms to correct those funding shortfalls, which were caused by market declines, funding holidays, and benefit increases passed during the prosperous days of the late 1990s. Numerous states have enacted pension reforms, although those mostly have been incremental reforms such as increasing contributions or retirement ages and most significant benefit or structural changes have been aimed only at newly hired employees. A few states, such as Utah, have made more far-reaching reforms to limit pension liabilities. Michigan and Alaska have shifted newly hired employees into defined contribution (DC), 401(k)-style pension plans. In other places, attempted reforms have been rebuffed by powerful public employee unions.
Unfortunately, these reforms won't come close to restoring plans to true full funding, because current accounting conventions systematically understate pensions' benefit liabilities and thereby overstate their financial health. Current pension accounting standards also encourage pensions to take excessive investment risk. Correct accounting reveals that the costs of putting the plans back on a stable financial basis is likely be prohibitive, which may prompt a shift to defined contribution pensions, mirroring the shift experienced in the private sector and in other countries.
Market Valuation of Pension Liabilities
The critical question is how to value benefit liabilities that will be paid years or decades in the future to make them comparable to the assets held by plans today. The current value of a plan's liabilities depends crucially on the interest rate at which the liabilities are discounted. Under standard actuarial accounting, a public pension plan discounts its liabilities using the return expected to be generated by the portfolio of assets it holds. The average expected return on assets used in those valuations is close to 8 percent, with a range from 6 percent to 8.5 percent. The discounted value of plan liabilities is then compared with the value of assets to calculate the plan's funding ratio (assets divided by liabilities) and its unfunded liability (assets minus liabilities). Similar values are used to calculate the plan's annual required contribution (ARC).
The effects of changes in the discount rate can be dramatic. Under standard actuarial accounting, the same plan, with the same dollar value of assets and same dollar value of future benefit payments, can reduce its measured liabilities by nearly one-third by shifting from a portfolio with an expected return of 6 percent to one with an expected return of 8.5 percent. As explained below, that reduction in measured liabilities is illusory. After all, the value of the pension's investment portfolio has not changed -- it merely has been shifted from lower-risk to higher-risk investments. Likewise, the plan's future liabilities have not changed. Yet a plan that was 70 percent funded under a low-risk portfolio "becomes" 100 percent funded once its assets are invested in a higher-risk portfolio.
Financial economists say that the discount rate applied to a benefit liability should have nothing to do with how the plan's assets are invested. Rather, the discount rate for a given liability should be defined by the riskiness of the liability. The appropriate discount rate is not a matter of choice. If public pension benefits are guaranteed -- as they are intended to be, and as legal rulings and state constitutions have determined them to be -- they should be discounted using the interest rates that the markets pay on guaranteed investments, such as U.S. Treasury securities.4 On that point there is essentially no disagreement among economists. As Federal Reserve Board economist David Wilcox wrote:
These happen to be really simple cash flows to value. They're free of credit risk. There's only one conceptually right answer to how you discount those cash flows. You use discount rates that are free of credit risk. This is one of those things where it just really is that simple.5
Moreover, this is how financial markets value liabilities. If a pension fund sought to transfer its liabilities to a private insurance company -- something that is common in the United Kingdom, though not in the United States -- the insurer would base its price on the size and risk of the liabilities, without reference to the risk or expected return of the asset backing those liabilities.
Joshua Rauh of Northwestern University estimated that, when correctly discounted using the Treasury yield curve, total unfunded liabilities for public-sector pensions as of October 2011 are roughly $4.4 trillion, sharply higher than the 2009 figure of $660 billion computed under standard actuarial valuation.6 This amount exceeds total outstanding state and local government debt and is equal to nearly 30 percent of annual gross domestic product.7 These figures are so large that it is difficult to put them into context.
Context can be provided, however, through a smaller scale example. A March 2011 analysis prepared for the Florida Retirement System (FRS) by the actuarial firm Milliman calculates the costs of nine pension plans under the FRS using a range of discount rates,8 illustrating how market valuation would alter the measured value of pension liabilities and the costs of funding them. The FRS assumes an expected rate of return of 7.75 percent on plan assets and discounts plan liabilities accordingly. Under that baseline, the cost of funding benefits accruing in a given year -- the so-called normal cost -- equaled 11.96 percent of employee payroll, while the cost of amortizing unfunded liabilities from prior years equaled 3.35 percent of payroll, for a total ARC of 15.31 percent. But the correctly measured normal cost, using a 4 percent discount rate, the approximate yields available until recently on U.S. Treasury securities, is 31.33 percent of payroll. Likewise, the use of the correct discount rate raises the amortization costs to 13.95 percent, for a total ARC of 45.28 percent of employee payroll. Similar, and often larger, cost adjustments would apply to public pension plans around the country.
The use of the correct market valuation also reveals the true value of public employees' pension benefits and of their total compensation. Normal costs discounted at a riskless return approximate the current value of pension benefits to public employees; netting out the employee contributions reveals the effective employer contribution. For most public employees, the correctly computed employer contribution far exceeds even the most generous private-sector employer contributions to defined contribution pension plans. For example, Florida public employees recently were required to contribute 3 percent of pay toward their pensions (previously they had made no contributions at all). If the true normal cost of pensions is roughly 31 percent of salaries, as indicated by the Milliman study, the net effective employer contribution is 28 percent of pay. Part of that contribution is made upfront, with the remainder in the form of a guarantee that full benefits will be paid even if the upfront contribution plus accrued investment earnings proves insufficient. This 28 percent employer contribution vastly exceeds the contributions made by private employers; according to the Bureau of Labor Statistics, the median private-sector employer pension contribution was 3 percent of pay, and 90 percent of employers contributed less than 6 percent.9
Simply put, public-sector pensions are significantly more generous than private-sector plans, more than sufficient to make up for the small salary penalty suffered by state and local government employees compared with private-sector workers with similar education and experience. It is highly unlikely that public-sector defined benefit pensions would continue in their current form if these cost levels were reported in a transparent manner and required to be funded.
Given the potential importance of these results, it is worthwhile to explore objections to the market valuation approach. To economists, discounting pension liabilities at the interest rate appropriate to the riskiness of the liabilities seems obvious, so much so that they sometimes fail to adequately explain their rationale to non-economists and defend against seemingly reasonable objections. The following sections discuss and rebut common counterarguments to the market valuation approach.
Does Market Valuation Make Unrealistic Assumptions About Asset Holdings?
Perhaps the most common objection is that the use of a risk-adjusted discount rate is appropriate only if pensions were to invest in riskless assets, which they do not and will not do. According to that objection, market valuation is simply unrealistic. For example, writing in Governing Magazine, Gerard Miller said, "Pension funds are not going to invest their entire portfolio in 3 percent Treasury bonds right now -- or ever -- so the risk-free model is not even descriptive of reality and has little normative value."10
This objection misses the point of market valuation, which is that the value of a liability is distinct from the manner in which it is funded. Market valuation need not, and does not, make any assumption about how the pension assets are invested, precisely because the investment of the assets does not affect the value of the liability.
A relatively simple example demonstrates that market valuation does not ignore the reality of pension investments. In fact, market valuation precisely measures the cost of the investments required to actually pay the plan's liabilities. The problem is that those required investments go beyond the assets held by the plan. As discussed below, options must also be held.
Consider a pension that owes a guaranteed lump sum payment of $1 million in 15 years time. Under standard actuarial accounting rules, if the plan invests $301,194 today -- the current value of $1 million discounted at an 8 percent interest rate11 -- it can call itself fully funded. But according to market valuation, this riskless payment should be discounted at a riskless interest rate. If the riskless return is 4 percent, the true value of the liability is $548,812. To truly be fully funded, the pension plan must contribute almost twice as much upfront as is required under the actuarial approach. It is understandable that most pension stakeholders prefer the actuarial approach.
But which approach is right? If the pension's assets have an expected return of 8 percent, investing $301,194 will deliver an expected payoff of $1 million in 15 years, which may seem sufficient to fund the plan's $1 million liability. Unfortunately, that is not the case.
The problem is that investment in assets with an expected return of 8 percent involves significant market risk, implying that the portfolio's value after 15 years will almost surely not equal $1 million -- it will end up being higher or lower than the desired amount. Assuming a 13 percent standard deviation of annual returns, the initial investment has a 42 percent probability of exceeding the $1 million goal and a 58 percent probability of falling short.12 A plan that has less than a 50 percent chance of being able to meet its obligations is not fully funded, given that the benefits must be paid 100 percent of the time. That mismatch exposes the fallacy of current accounting rules.
In reality, neither overshooting nor undershooting is what the plan is looking for. If it overshoots, some initial money was wasted upfront. If the investments come up short, by contrast, the plan won't be able to pay what it owes and must turn to the taxpayer for a bailout. However, there are financial products -- called options -- that provide a solution. A call option allows the pension plan to sell off any surplus if the plan's investment turns out to be worth more than $1 million. The proceeds of that sale can be used to offset the cost of the initial investment. Likewise, a put option can be used to top up the difference between the assets' actual value and $1 million if the investment comes up short. So the plan will always be able to pay exactly the promised $1 million, with no wasted money, if it invests $301,194 in safe assets and sells a call option to dispose of any surplus and purchases a put option to cover any shortfall.
That means that the true cost of fully funding the $1 million future liability -- meaning, funding it so that it is guaranteed to be paid without recourse to a taxpayer bailout and without any wasted surplus -- is the $301,194 initial investment minus the $11,436 proceeds from selling the call option, plus the $259,053 cost of purchasing the put option. The net cost is $548,812, precisely the same as if the liability had been discounted and funded using the 4 percent riskless rate of return.13
This result is known as "put-call parity" and reflects the fact that market-based valuation methods produce the same end result even if they calculate that result using different methods.14 The same $548,812 value would emerge under any assumption about the investment choices made by the pension plan, provided that the cost of purchasing the put option and the proceeds of selling the call option were properly included.
When economists say that the true value of the liability is $548,812, they are not assuming that the plan invests in safe assets that yield a 4 percent return. As we have seen, the same $548,812 value arose from a computation that fully recognized the plan's actual investment in risky assets that yield an 8 percent expected return, but that also accounted for the purchase of a put option to insure against shortfalls and the sale of a call option to dispose of surpluses. Of course, the plan won't actually purchase the put or sell the call, but that simply means that the plan is not fully funded and the cost of the implicit put option is being imposed on taxpayers. If the plan invests $301,194 in the risky assets and stops there, the taxpayers are left with the obligation to make up the potential shortfalls, offset by the right to claim the potential surpluses.15 Because that obligation has a cost of $259,053 while the offsetting right has a value of $11,436, a plan that simply invests $301,194 in the risky assets has left taxpayers on the hook for $247,619. The $548,812 value is the true cost of the liability, the amount invested by the plan plus the underfunding imposed on the taxpayers.
This example shows that market valuation does not ignore the investments that public pensions actually make. Rather, market valuation fully accounts both for their expected returns and for their risk, and reveals the hidden liability imposed on future taxpayers who may have to bail out an underperforming pension fund. Market valuation also accounts for the possibility that future taxpayers may be able to claim a surplus from an overperforming fund, for instance, by reducing government contributions.
Why does it cost $259,053 to buy the put option that protects against shortfalls when only $11,053 can be obtained from selling the call option that gives up the investment surpluses? The reason is that the value of a dollar paid or received depends on what else is going on in the world at the time. A pension fund is likely to generate surplus dollars in strong economic times, when incomes are high and jobs are plentiful, meaning that people will not pay as much for that dollar as if it were paid when times were bad and money was hard to come by. As Washington state's actuaries noted regarding their plan's financing, "Weak economic environments were correlated with weak investment returns. Lower investment returns created the need for increased contributions at a time when employers and members could least afford them."16 In other words, when it rains, it pours: The taxpayer guarantee to pay full pension benefits is likely to be needed in times of high unemployment, low tax revenue, and other pressures on state and local budgets. That is, taxpayers will be asked to pay at the time that they are least able to do so.17
The market value of the liability illustrates the lowest cost at which a guaranteed benefit can be guaranteed to be paid, without recourse to additional taxpayer funds. Current pension accounting rules rely on a potential taxpayer bailout to lower measured funding costs, but never reveal the importance of this potential recourse to taxpayers, nor discuss its costs. The cost of the put option in the illustration above represents the value of the contingent liabilities that have been placed on future taxpayers based on funding decisions made today. This cost is not a worst-case scenario; rather, it represents the price that future taxpayers would willingly pay to rid themselves of the risk of being called on to make good on promises that were made by, and should have been paid for, by today's taxpayers.
Do Long Time Horizons Reduce Risk?
It is often argued that government, because of its supposedly longer time horizons, does not have to worry about year-to-year fluctuations in asset returns. That argument is based on the idea of "time diversification," which holds that the risk of investments like stocks declines over longer holding periods. If the government is perpetual, it can focus on the long term and ignore shorter-term risk. For instance, the actuarial firm Segal states:
.. . the longer time horizon of DB plan allows the DB plan to diversify along the time axis as well. A retired DC member must choose less and less risky assets as he or she ages in order to be certain the DC member can draw a steady income. This means he or she must accept a lower return as the member ages. Alternatively, an ongoing DB plan can spread the investment risk over a population of both young and old members.1
Most financial economists believe that Segal's statements about diversifying over time are simply wrong. Indeed, the results of a simple Internet search on time diversification will often pair it with the words "fallacy," "myth," and other such hints that caution should be used in applying the theory to multi-billion-dollar investments. Even the investment firm Vanguard -- well known as an advocate of buy-and-hold investing -- states that "there is little evidence to support the notion that time moderates the perceived volatility inherent in risky assets."19
Why is that the case? Actuaries rely on the fact that the standard deviation of annual returns -- a common measure of investment risk -- declines over longer holding periods.20 If stock returns have a standard deviation of 20 percent over one year, the standard deviation of the annual rate of return declines to 8.9 percent for a five-year investment. The standard deviation falls to 6.3 percent for a 10-year investment and 4.5 percent for a 20-year investment. It therefore appears that an entity with longer time horizons can reap the high returns from equity investment with only a fraction of the risk.
But here's the error: The effects of compounding trump the effects of lower risk. For example, an investor who holds stocks for one year and receives a return one standard deviation below the mean ends up with around 19 percent less wealth after one year than someone who received the average return. But over five years, an investor who received an annual return one standard deviation below the mean ends up with 35 percent less wealth. Over 10 years, the shortfall is 45 percent. As the holding period becomes longer, the standard deviation of annual returns declines, but the standard deviation of the total return -- that is, the actual end values relative to the initial investment -- grows larger. Unfortunately, it is the total return that matters. This explains why guarantees against low market returns, such as put options, actually grow more, not less, expensive as the time horizon is lengthened.21
Is Government Different?
Some analysts also argue that the standards applied to private-sector firms and private financial markets do not have to apply to government, which is fundamentally different from other financial actors. Although that view appears reasonable at first glance, it falls apart under scrutiny.
A comparison to private corporations is helpful. One of the insights of financial economics, in particular the Modigliani-Miller theorem of corporate finance, is that a corporation should be analyzed from the standpoint of the individuals who participate in it, principally stockholders and bondholders. Similarly, government should be analyzed from the standpoint of the citizens who participate in it. As the Congressional Budget Office has pointed out, "The government does not have a capacity to bear risk on its own."22 Rather, government transfers risk between different stakeholders, including taxpayers, public employees, investors in government debt, and beneficiaries of government programs.
To realize the truth of that statement, we merely have to look around us: All over the country, taxpayers are contributing more to pensions, other programs are starved of revenue, and bondholders are beginning to worry about the safety of their investments. It is those individuals, not "the government," who pay the cost of the market declines that have hit pension investments. The implication of that, as the CBO has argued in contexts ranging from student loan guarantees, to bank deposit insurance, to guarantees against market risk for Social Security personal accounts, is that governments generally should value risk the same way that their stakeholders do, using market prices. This explains why, in a recent analysis widely taken as a confirmation of the market valuation approach, the CBO noted that:
By accounting for the different risks associated with investment returns and benefit payments, the fair-value approach provides a more complete and transparent measure of the costs of pension obligations. . . . The fair-value approach also gives a more complete picture of the costs of changes in policy, to the extent that such changes would affect pension benefits (and possibly wages) for current employees.23
Economic theory does reveal some instances in which government can ignore risk, namely when those risks are both small and uncorrelated to the government's other assets and liabilities.24 Of course, the market valuation of that risk would also be zero. For example, something like building a public university might qualify. The investment of billions of dollars in equities and other risky assets is an entirely different story. Despite the prevailing story that government can ignore risk, the academic research undermines this claim.
Robert Merton, the 1997 winner of the Nobel Prize in economics, wrote:
the conventional actuarial practice of using the expected return on the assets of the pension fund to determine the discount rate for valuing pension liabilities systematically understates their value by large amounts. . . . Furthermore, because larger expected return on assets generally implies that the assets have greater risk, the pension fund that invests in riskier assets will have a lower actuarial valuation of its pension liabilities and thus a lower required contribution rate. This process not only distorts the economic valuation of pension liabilities, it creates incentives for more risk taking in the pension fund.25
The long and short of it is that if you want to fully fund a guaranteed future payment, the price of doing so is the riskless rate of return. Can a future liability be funded at lower cost by making it non-guaranteed? Of course. Likewise, a guaranteed liability could be financed at lower cost by holding risky assets and imposing on taxpayers the obligation to step in to top up the fund if it falls short of their goals. As explained above, the cost savings to the plan would then be exactly offset by an increase in the taxpayers' costs. But neither of those are what public-sector pensions purport to do. They claim to fully fund future benefits that are without risk to the beneficiary. The cost of doing that is almost inescapably given by the riskless interest rate.
Put simply, current public pension accounting rules cause the plans to promise too much, contribute too little, and take too much investment risk. To understand the real cost of state and local pensions, we must turn to market valuation.
1 Author's calculations from Public Plans Database.
2 Id.
3 Pew Center on the States, "The Widening Gap: The Great Recession's Impact on State Pension and Retiree Health Care Costs," Apr. 25, 2011.
4 Brown and Wilcox discuss legal protections for accrued pension benefits in Jeffrey R. Brown and David W. Wilcox, "Discounting State and Local Pension Liabilities," American Economic Review, vol. 99, May 2009.
5 David Wilcox, testimony before the Public Interest Committee Forum sponsored by the American Academy of Actuaries, Sept. 4, 2008.
6 Joshua Rauh, "Shortfall for State and Local Pension Systems Today: Over $4 Trillion," Everything Finance blog, Oct. 6, 2011, available at http://kelloggfinance.wordpress.com/2011/10/06/shortfall-for-state-a nd-local-pension-systems-today-over-4-trillion/. For more details of the method, see Robert Novy-Marx and Joshua D. Rauh, "The Liabilities and Risks of State-Sponsored Pension Plans," Journal of Economic Perspectives 23(4), Fall 2009.
7 As of 2009, total outstanding state and local debt equaled $2.9 trillion. Bureau of the Census. "State and Local Government Finances Summary: 2009," issued Oct. 2011.
8 Robert S. DuZebe, "Study Reflecting Impact to the FRS of Changing the Investment Return Assumption to One of the Following: 7.5%, 7.0%, 6.0%, 5.0%, 4.0% and 3.0%," Milliman, Mar. 11, 2011.
9 Bureau of Labor Statistics. National Compensation Survey. Savings and thrift plans: Maximum potential employer contribution, (1) private industry workers, 2010, available at http://www.bls.gov/ncs/ebs/detailedprovisions/2010/ownership/private/table28a.txt.
10 See http://www.governing.com/columns/public-money/col-pension-puffery.html.
11 Throughout the example, I calculate current values using continuous discounting. The current value equals the size of the future payment divided by the exponential of (r*n), in which r is the annual discount rate and n is the number of years until the future payment will be made.
12 The reason for this is that stock returns are skewed, causing the mean return to exceed the median return.
13 The listed numbers contain a $1 discrepancy, reflecting rounding error.
14 H.R. Stoll, 1969. "The Relationship Between Put and Call Option Prices." The Journal of Finance 24 (December): 801-824.
15 In some pension plans, surpluses are partially credited toward benefit increases, while in other cases informal political pressure arises during good economic times to increase benefits. See Richard J. Aronson, James A. Deardon, and Vincent G. Munley, "Public Employee Defined Benefit Pension Systems: The Impact of Explicit Surplus Sharing Contracts and Stakeholder Influence on Investment Strategies," Public Choice 140 (1-2), July 2009.
16 Office of the State Actuary. "Washington State 2009 Actuarial Valuation Report." Oct. 2010; and Office of the State Actuary. "2010 Risk Assessment: Moving Beyond Expectations." Aug. 31, 2010.
17 This approach is used to value public pension liabilities nationwide in Andrew G. Biggs, "An Options Pricing Method for Calculating the Market Price of Public Sector Pension Liabilities." Public Budgeting and Finance, Fall 2011.
18 The Segal Co., "Public Employees' Retirement System of the State of Nevada. Analysis and Comparison of Defined Benefit and Defined Contribution Retirement Plans," Dec. 14, 2010.
19 Vanguard Investment Counseling & Research, "Time Diversification and Horizon-Based Asset Allocations," 2008.
20 The standard deviation of annual returns for each holding period is equal to the single-year standard deviation divided by the square root of the holding period.
21 Zvi Bodie, "On the Risk of Stocks in the Long Run," Financial Analysts Journal, May-June 1995.
22 Congressional Budget Office, "Estimating the Value of Subsidies for Federal Loans and Loan Guarantees," Aug. 2004.
23 Congressional Budget Office. "The Underfunding of State and Local Pension Plans." May 2011.
24 Kenneth J. Arrow and R.C. Lind, "Uncertainty and the Evaluation of Public Investment Decisions," American Economic Review, Vol. 60, 1970.
25 Robert C. Merton, Introduction to Pension Finance, by M. Barton Waring, Wiley Finance, 2012.
Friday, February 17, 2012
PENSION: (National) Understanding the true cost of state and local pensions
Posted by Unknown at 2/17/2012 04:49:00 PM
0 comments:
Subscribe to: Post Comments (Atom)


text:
Just wanted to link to some posts and information I found interesting.
First off Happy Hospitalist did a grand job using the Six Degrees method linking the posts of Grand Rounds 4:37 to himself. Check it out.
Second If you don't know about the SixDegrees.org, the charity charitable initiative that Kevin Bacon started in partnership with Network for Good, you may want to check it out. Either make your own charity badge (see mine on the left side-bar, bottom) as I raise money for the Arkansas Food Bank. Or add your charity to the Network for Good list.
Third Paul Levy posted "Terrorism Near and Far"
A riveting presentation today to our Board of Overseers. First was Diane Covert, freelance photographer and creator of "Inside Terrorism: The X-Ray Project". This is an exhibit which uses actual X-rays and CT scans from two large hospitals in Israel to explore the effects of terrorism on a civilian population.
Fourth Did you see this post at MedGadget on the New Luke Arm? Wow, I wish I could have helped develop this (wish I was smart enough). I always wondered if we would get to this point during my life since watching the Six Million Dollar Man as a kid. Wow!!!
Fifth Check out the x-rays of the Appendicolith over at Scalpel. I don't recall ever seeing one as large or as clear as this one. Impressive!
Sixth Dr Rob Oliver, Plastic Surgery 101, has a nice post on Malignant Hyperthermia and the recent patient death in Florida.
Seventh Fat Doctor's son had to have eye surgery this week. She shares the video of the surgery with us here.
Eighth Did you catch this "My Bloodsucking Visit to a Leech Clinic" posted May 23, 2008 by Canadian Medicine? [via Kevin,MD] Let me refer you back to my post on Leeches.
Ninth Don't forget that tomorrow night, Dr Anonymous will be hosting Dr Gwenn O'Keeffe on his Blog Talk Radio show.
Tenth And the "Peace Globe Movement" in the blogosphere. This is a simple idea brought forth by Mimi Lenox back in the fall of 2006. Mimi was even a guest on The Doctor Anonymous Show Number Eleven back on October 25, 2007.