text:
Now Cyprus, like Spain, requires a bailout for its banks.
Technically, they are the fourth and fifth nations to do so and one cannot help thinking there is developing a rush to join the queue.
Precise numbers cannot yet be put on the amounts required. Spain initially said 'up to 100 billion Euro', but two private consultancies have suggested a 'mere' 62 billion might do the trick.
Spain's woes are largely because of the collapse of a massive housing bubble built on a grotesque lending bubble. Cyprus is blaming losses on the write down of debts of the Greek banks. If write downs are required elsewhere, which seems inevitable, 'contagian' seems the appropriate word.
The central banker's central bank, the Bank for International Settlement, issued its annual report while Henry was flying to Italy, tricky bastards. But this is the highest authority in global central banking, whose advice should not be ignored.
The key point: 'The world is watching the crisis gripping the euro area with trepidation for the spillovers this year may have. But at its root the European crisis is a potential harbinger, a virulent and advanced convergence of the problems to be expected elsewhere if policy fails to break the vicious cycles generated by the global weaknesses we describe in this Report ¢ sectoral imbalances, excess leverage, public overindebtedness and overburdened central banks'.
There is much to be pondered in the BIS account of the prolonged and intractable global crisis and what needs to be done. Here is the link.
Evidence of any real concern about the continued, apparently worsening, Eurozone crisis, is far from evident in the delightful Italian city of Prato. 'Not many readers of the BIS Annual Report', asserts Mrs T.
Men sit around in the squares dazed by the sun and in front of restaurants, but that is normal in this part of the world in summer.
Perhaps there are less tourists than usual but, as previously reported, the trains were crowded on the weekend. Obviously the train fares are underpriced, or many more would be walking.
Yesterday afternoon the supermarket was crowded with people quickly filling the large wheeled baskets provided to facilitate the efficient smash and grab shopping that seems normal here. (Food too cheap?) Do not get between a tomato and a busy housewife or you are likely to need medical attention.
The bus drivers and passengers have been kind to Henry and Mrs Thornton. Here is the latest account of our intelligence gathering.
Like the rerun of a much-loved movie, say The Great Gatsby, serious thinkers are becoming increasingly concerned at the rerun (or continuation) of the Global Financial Crisis. This time Australia will share the pain as easy wasteful spending is no longer an option.
Apart from loss of jobs and downward adjustment to standards of living, when Ben Bernanke stops buying, it will be too late to quit the risky asset markets.
'The latest poll of Morgan Stanley's top clients from across the world says it all' says Ambrose Evans-Pritchard of the Telegraph.
'Chief economist Joachim Fels tells us that not a single investor at the bank's Florence forum thought the world economy would rebound with any strength later this year.
'Just a quarter expect a return to trend growth. Some 57pc think there will be no escape from the "twilight" conditions afflicting the western world, and 20pc expect an full-blown global recession. That is a remarkably bearish set of views. Yet the same investors are overwhelmingly bullish on stocks and property'.
'Four fifths think equities will gallop on upwards over the next year. Complacency is rife. "It became very clear ¢ and many investors were quite explicit about this ¢ that markets are lulled by the lure of liquidity resulting from negative real interest rates and global QE," said Mr Fels'.
Another guru said markets seem to think they are in a "no-lose" play: if the economy gains traction, stocks will rise: if it doesn't, central banks will pump in more money.
This thinking 'overlooks a nasty possibility that the Fed will start to wind down QE before the US economy has fully recovered'. As previously reported, 'the minutes of Fed's 19-20 March meeting shows growing worries about a new asset bubble, a worry shared by the BIS and the IMF: "A number of participants remained concerned about the potential for financial stability risks to build".'
Seem familiar, gentle readers?
Evans-Pritchard cites a paper presented earlier this year in which former Fed Governor Frederic Mishkin and three colleagues discussed 'Fiscal Crises and the Role of Monetary Policy', and the coming 'Crunch time'.
This paper shares concerns expressed here in early February, when Henry also wrote of a coming 'global crunch'.
Mishkin et al warned that the Fed could struggle to extract itself from QE from 2014 onwards. The longer it goes on, the more dangerous it becomes.
It argued that rising long rates could lead to a bond market rout, inflicting big losses on its $3 trillion portfolio. This could "wipe out" its capital base several times over.
Mishkin said the Fed is badly exposed because it has stretched the average maturity of its bond holdings to 11 years, and the longer the date, the bigger the losses when yields rise. Trouble could compound at an alarming pace by the middle of the decade, with yields spiking up to double-digit rates by the late 2020s.
'By then Fed will be forced to finance federal spending directly to avert the greater evil of default. By then, the US really will be facing the sort of hyperinflationary denouement long-feared by QE sceptics.
'Just to be clear', Evans- Pritchard notes, 'this is the Mishkin concern, not mine. I think exit risks are greatly exaggerated. The Fed extracted itself from Great Depression policies without any losses, and such losses are in any case irrelevant'.
Today the OZ brings us the thoughts of a visiting guru, the OECD's Adrian Blundall-Wignall, under the headline 'Currency war, quantitative easing sowing seeds for new GFC'.
Clearly the best global guru's are wringing their hands in concert, but Blundall-Wignal was unusually frank for an international econocrat.
"Australia is in a very unfortunate position," said Mr Blundell-Wignall, speaking at a business forum in Sydney yesterday run by the Institute of Chartered Accountants.
"Having done the right thing, having no capital controls, Australia is now facing the whole avalanche of world investors seeking out Australian assets."
Australia was being forced into the position of having low interest rates otherwise a rising currency would kill the economy, Mr Blundell-Wignall said.
And there is more.
'Quantitative easing had created a gigantic bubble in global bond markets, whose bursting would cause enormous damage, and had pushed equity markets "above fair value", he said.
"The idea we can have free or cheap money forever is ridiculous," he said, suggesting that quantitative easing had helped restore global banks to profitability without fixing serious flaws in the global banking system.
'Mr Blundell-Wignall's prognosis for Europe was dire. "The south (of Europe) is being absolutely cremated," he said, noting that youth unemployment in Spain and Greece, for whom the euro was an economic straitjacket, was now 56 per cent.
'He predicted widespread emigration from southern Europe if the eurozone held together, just as the Irish had left Ireland during the 100-year currency union from 1820 with Britain, then a much richer country'.
Australia's deflating economy
Today's headlines support the gloomster from Paris, and Henry, as it happens.
'Resources boom falls to earth', says the AFR.
'Treasury rings alarm on surplus'.
The problem for investors is when to reduce their bets on risky assets. The large downward correction could come at any time, but this includes more than a year from now. Henry's tactical approach is to choose levels of relevant share prices or indices in which he would be happy to quit said assets, and begin to lighten off progressively and systematically as markets rise toward those levels.
Obviously, this assumes that the correction will not come quickly, but if this is wrong it will be short commons for the Thornton family.
'Gonski school cash splash adds up to a problem' says the front page story on cash for schools in the Australian.
'SOME schools will receive so much money under Labor's proposed Gonski school funding reforms they will not know how to spend it and, in other cases, will not be able to buy the resources needed to make the crucial difference in students' education.
'Prominent education experts in two states have called into question how the National Plan for School Improvement will deliver appropriate accountability and oversight for schools, particularly in small and remote institutions where students will receive multiple disadvantage loadings under the scheme'.
Like the previous 'GFC cash splash' for schools, lack of money is not, repeat not, the cause of our schools failing to match best global standards for literacy and numeracy. And not in children acquiring a fierce desire to compete in an increasing global marketplace, either, I suspect.
In Henry's view - fostered by memories of his own schooling in the distant 1950s, plus close attention to his children's schooling in the 1990s and 2000s - there are three reasons for Australian children's suboptimal learning.
The first concerns quality of teachers. When Henry was a lad, most teachers, especially in primary schools, were women. In those distant days, opportunities for women of talent were far fewer that they are now, so Australia had very high quality teachers and nurses, the two professions women were encouraged to join.
Sadly, as a perhaps unexpected implication of women becoming corporate and government leaders, and climbing heirarchies previously denied them, the pool of talented women available to teach others is limited. How to remedy this problem is hard to see, although Henry would if asked suggest that older workers of either gender retrenched in their middle fifties be retrained as teachers should they show appropriate aptitude and willingness. The union might be a problem of course, but where there is a will there would be a way. Worth a try in one state, Mr Naphthine?
A second factor is culture within the schools. After a good performance in year five, Henry's first spelling test in year six was a disaster, with twelve mistakes. Henry was given the strap and sent into his previous classroom to tell his year five teacher, who dismissed his by saying 'get back to your hutch, rabbit'. Henry's performance at the next spelling test was much improved.
A second act of what now would be called brutality came in year twelve. 'Hands up those who want to apply for a Commonwealth scholarship' said the class teacher. Henry's hand went up, even though he had no great knowledge of what said scholarship might involve. "You, Henry!' exclaimed the teacher, 'don't waste our time'. Naturally, a challenge like that could not be resisted, so the young Thornton insisted on applying, and surprised everyone by winning one, which he declined as by then he had a job.
Nowdays, of course, kids cannot be given the strap, nor one assumes can they be ridiculed in front of their class, although in the case of Henry's eldest child, he was given a pretty vigerous serve in the presence of his parents by one feisty teacher at his private school. Again, Henry does not propose turning back the clock to again allow beatings or ridicule to enter the curriculum, but it is undeniable that the classroom is a far softer and gentler place than it once was, perhaps past the optimal line for gentleness.
Third is the culture of parents. Now many parents strive to be 'friends' of their children, allowing a lot of time playing computer games, texting friends and generally promoting 'sensible work-life balance', rather than insisting on home-work (and supervising this at the kitchen table) and limiting the amount of happy relaxed leisure time. Schooling, like work, is an important part of a person's life, and should be treated as such from the get-go.
Henry has not studied this matter closely, but has somehow absorbed from friends, including recent immigrants from Asia, and from exchange students from China living with the family, some important impressions. In summary, in all three catagories discussed above, those Asian nations that lead Australia in numeracy and literacy, and in will to win, schools and parents take an altogether more serious approach. Despite larger classes, supposed more rote learning and generally tougher regimes at home and schools, Asian kids outperform their Australian counterparts. This of course shows up here too. Simply look at the names on the lists of the highest-achieving students in each state's year twelve exams.
I rest my case, but welcome comments.
Contact Henry here.
The follow-up, from the Oz.
'Don't worry, be happy', says the Economist, which also asks why global share prices are booming.
It is not an economic boom, because growth is tepid.
Supporting this conclusion are the facts that emerging stock markets are flat and commodity prices are low - in fact the dreaded 'D' for deflation word is being bandied about.
Nor is it due to a surge in profits. First quarter results for S&P companies exceeded expectations because of careful management of expectations - Mr Swan, Australian Treasury, please take note.
But, compared with the first quarter of 2012, S&P profits are up by only 5 %, clearly not boom time results.
The Bank of Japan's deflation busting monetary policy is 'perhaps the most popular explanation' and, supporting this explanation, Japan's Topix share mrket index is leading the global share boom - see graph.
The BoJ's expansive monetary policy is just the last in the line of extreme developed country monetary expansionn. and 'Such programs push down bond yields and encourage investors to buy risky assets'.
Courtesy The Economist
Henry's research into monetary policy and asset inflation - using 145 years of US data - shows that expansionary monetary policy is strongly related to asset inflation and that this effect is at its strongest when goods and services inflation is held down, as it is now by the weakness of global growth and subdued goods and services inflation expectations. (The paper reporting this research is still being reviewed but is now available at SSRN.com.)
The Economist concludes on an optimistic note.
'... because of the unappealing nature of likely bond and cash returns, it would probably take a shock to derail the equity rally in the near term. Such a shock could be economic (a sudden surge in inflation that prompted a change in monetary policy, say) or geopolitical (a wider war in the Middle East, for example). But for now, the bulls see no need to worry'. Read on here.
A more worried view comes from the Financial Times, via the AFR. The headline is 'Those partying with US Fed's easy money will wake with a hangover'.
'The adage ōdonÆt chase a rallyö is a core principle of investing, but such advice counts for little at the moment as equities advance further into record territory in a year that has already generated a gain of more than 16 per cent for the US S&P 500'.
This market shrugs off poor data and 'partying like its 1999, while flirting with the danger that when the music stops the consequences of having brought anyway near the top are likely to be brutal and swift'.
So, feel free to choose your strategy, gentle readers. Henry's money is (still) on current momentum, but this week will include sincere efforts to test this proposition, as the FT's conclusion is surely correct.
And Ben Bernanke is speaking again this week, as he attempts to bring the excessive monetary expansion to an end without a bloodbath in the markets.
Budget week has come and gone, though it marks the real beginning of the near four month election campaign.
While budgets in the Howard-Costello government were uniformly conservative - ie underpredicting revenues - the Rudd-Gillard-Swan governments have suffered the opposite affliction, which is to overpredict revenues.
Over-optimism about revenues leads quite directly to overambitious spending plans. Plus, of course, a genetic disposition to spend other people's money on do-good schemes, which is fine if the budget allows that.
The great unanswered question is the extent to which the various predictions of revenues were provided by Treasury and the extent to which they were 'influenced' by the Treasurer. Henry heard one gruff oldtimer on ABC radio saying, with apparent authority, that the only estimates that are pure Treasury are those produced immediately before Federal elections.
Judith Sloan has tackled this matter at length in the Weekend Oz, and allocates blame mostly to the Treasurer, though Treasury has not enhanced its dwindling reputation either.
Henry's contribution from earlier this week is here - take pains to consider 'realistic worst case', comrades.
The budget battle is well and truly underway. 'Super funds lash Abbott 'betrayal' screams the AFR's front page. But Geoff Kitney says 'Anti-Abbott tactics misfire'.
The SMAge is, as usual, all over the place, but Peter Hartcher points out that 'The federal budget has prompted a good measure of old-fashioned responsibility on both sides of the political fence'.
Paul Kelly says 'The Great Abbott Scare campaign now begins in earnest'.
To Henry, the glum faces of the Prime minister and Treasurer during Tony Abbott's speech told the story.
This was the best budget reply speech Henry has seen since he began taking a serious interest in budgets in 1960, when Bob Menzies' credit squeeze neaarly ruined the family business
Records fall as US stocks soar, while the Australian dollar continues to slide.
'Thank goodness for the funds put into the US market' Henry tells Mrs Thornton.
'You're only as good as your latest play', Mrs T replies. 'That gold bar is not doing so well'.
'That was insurance, and the global crisis is not over yet'.
Treat of the week
It started as follows: 'In the commercial world that I have grown up in, eight elements of leadership must exist if you are to bepart of a high performance team. Intellect and skill are a pre-requisite, but these two characteristicsalone will not achieve your objective.
'Leaders must have a set of principles which recognise that people are your most important asset. Theseprinciples are not exclusive but they have certainly helped me, and enabled me to test my principlesagainst othersÆ actions.
VISION ¢ do you paint a picture of your objectives and are they shared?TRUST ¢ you will only be trusted if you trust othersINTEGRITY ¢ do you show courage and promote courage in others?PARTICIPATION ¢ are you building adult relationships?LEARNING ¢ are you tapping into peopleÆs discretionary effort?DIVERSITY ¢ have you confronted your own biases and prejudices?CREATIVITY ¢ do you know where the pockets of creativity lie?COMMUNITY ¢ have you created a healthy environment?
'The other characteristic which must be present is a clear understanding of how to manage the capitalof an enterprise which, for a time, you are the steward. That means that you must understand thetime value of money, so that a dollar you have to invest today is worth more than a dollar a year fromnow or at least equal in value.
'In business you must earn above your weighted average cost of capital, that is, debt plus equity. If thatcost is competitive and realistic, then your enterprise will generate a cash flow which can be discountedto determine todayÆs value of future cash flows and the economy as a whole is the beneficiary.
'I have a strong belief that economies that incentivise business to generate consistent added valuethrough profitable endeavours will grow, jobs will be created, and the tax revenues will increase forthe community as a whole'.
Read on here.
Image of the week
Courtesy The Oz
Another budget has come and gone, and Tony Abbott's reply has acknowledged the dire budget situation and outlined his 'road to surplus'.
Mr. Abbott's speech has been well received, and his approach of keeping Labor 'saves' to help with the immediate budget crisis is good politics. Also, by avoiding a sudden lurch in fiscal policy, sensible economics.
The glum looks on the Labor frontbench showed the extent to which they are well aware of the trouble they are in.
The biggest news of the day, however, was the 'debt warning' expose by Don Argus, AC, arguably one of Australia's greatest business leaders.
The Don, as he is called in Henry's circle of friends, has taken the trouble to assemble information on debt owed by government, households and business - the three legged stool of debt. Data for both the USA and Australia is assembled, and naturally it is not a pretty picture.
Incurring debt is borrowing from the future, and repaying debt, as any honest enterprise or individual must do, imposes slower growth as repayments are made, unless the debt is used productively.
Rather than trying to summarise the Don's argumants, I invite readers to look for themselves.
Here is the link.
Alan Kohler has picked up on the Don's analysis also, and reviews Tony Abbott's budget reply here.
More economic news later.
This year's promised surplus has long ago evaporated, and we learned last night that the detioration is of the order of $20 billion. Blimey, comrades, what were they smoking?
In what is possibly his final performance as Treasurer, Wayne Swan showed a greater degree of sober realism than ever before, though many economists believe the risks to current forecasts are still biassed to the downside, and that current 'realism' is still not total.
One assumes there is some hard thinking going on within Treasury. In Henry's day as a forecaster, it seemed logical to consider what we called 'realistic worst cases' as well as 'best guesses'. Even a modest application of such an approach might have prevented the fiasco of Labor's entire time in office. While budgets in the Howard-Costello government were uniformly conservative - ie underpredicting revenues - the Rudd-Gillard-Swan governments have suffered the opposite affliction, which is to overpredict revenues.
Over-optimism about revenues leads quite directly to overambitious spending plans. Now the overspending has been encouraged by desire to make life as difficult as possible for Tony Abbott's government, or at least that is one plausible theory going about.
The great unanswered question is the extent to which the various predictions of revenues were provided by Treasury and the extent to which they were 'influenced' by the Treasurer. Henry heard one gruff oldtimer on ABC radio this morning (he missed his name) saying, with apparent authority, that the only estimates that are pure Treasury are those produced immediately before Federal elections.
If the one lesson from this experience is that 'realistic worst cases' should be built into forecasting exercises, it will be useful.
But of course, the deficient revenue projections and overambitious spending plans will have far larger consequences - a major set-back to Labor's reputation as economic managers, unnecessary pain when the consequences of overspending has to be unwound, confusion and unhappiness all round.
Readers will already be sick of the budget chatter, and Henry will highlight only a few key points.
* A deficit of almost $20 billion, and not much lower next year.
* Economy forecast to resume trend growth (3 %) in fiscal 14-15, with unemployment reversing current uptick. (What if commodity prices fall further than now expected, comrades, or growth slows further?)
* Key 'Labor' spending initiatives announced but virtually unfunded, leaving the next government to cancel the programs or implement Labor's excessively ambitious policies.
* Spending increasing at Banana Republic rate, despite revenue dropping like a stone, (relative to inflated forecasts).
* Revenue fall, 'completely unforseeable' says the Treasurer.
Blaming Treasury, naturally. Has no-one told the Treasurer about risk management?
Sid Maher, Political correspondent concludes: 'WAYNE Swan has moved to entrench Labor's stamp on the nation beyond a predicted election defeat and set a political timebomb for Tony Abbott'. Read on here, but Bill Leake's cartoon tells this story.
courtesy The Oz
'Targeting Tony the last shot in [Labor's] locker' is Paul Kelly's verdict.
He maintain's the 'bomb' analogy and offers the likely next PM a warning: 'If Abbott merely channels Labor, then he forfeits his flexibility as prime minister. But by rejecting much of the Gillard-Swan spend-and-save edifice, Abbott puts immense pre-election pressure on himself to reveal his own tough savings agenda.
'Beneath its Abbott trap, this budget runs a huge economic risk. Faced with revenue shortfalls, a budget blowout and a hazardous transition to non-resources growth, Labor has pressed the button on big and iconic spending initiatives out to 2020, designed to warm ALP hearts in the coming wilderness. It is a dangerous step. Swan assumes the economy stays buoyant, unemployment lifts only gently, revenue growth is firm (forecast at 7.3 per cent for next year) and the budget returns to surplus in just three years during 2015-16.
'Such optimism is heroic, and mocked by Labor's record, but the party is unlikely to be in office to be held accountable for another round of false optimism'.
You will access a nice video discussion when you hit the link to Paul Kelly's piece. Will save you lots of reading.
Henry's plan to repair the budget remains intact. Indeed, such a plan is needed more than ever.
And Henry recommends Laura Tingle's stirring summary: 'Wayne SwanÆs sixth budget owes much to the scorched-earth tactics used over the centuries by the Russians retreating to Moscow in the face of a numerically superior enemy.
'At considerable cost, the Russians would systematically destroy their own land as they lured the enemy to follow them into country devoid of sustenance.
'In what is without doubt a courageous and highly unorthodox election-year budget, Labor has opted to look beyond election defeat, removing ōeasyö savings from the CoalitionÆs armoury and giving the government the best chance of reducing another deficit: its deficit on economic credibility in the race to September 14. At the same time, it is a strategy that locks in its legacy reforms in education and disability'.
Read on here, and do not miss the video.
Only four months to go, then we get to express our opinion in the most emphatic way possible.
Partial economic indicators for Chinese economic activity were largely in line with expectations during April reports the economics team at nab. 'However, we are yet to see signs that real activity is picking up significantly, although monetary expansion has been much more rapid. Nevertheless, we have left our growth expectations for 2013 unchanged at 8 %, although we continue to view the risks as skewed to the downside ¢ sub-8 % growth this year is looking increasingly likely.
'But even with the growth outlook turning more moderate, expectations for the Chinese economy ¢ and the currency ¢ have encouraged capital inflow since late last year (spurred on by quantitative easing by major central banks). These factors are creating a quandary for policy makers who have become increasingly concerned over building inflationary pressures and (arguably unsustainable) expansion in system credit. Consequently, this has added to the uncertainty surrounding the likely path of macro economic policy in China'.
(See earlier report here.)
Budget update
The journos and talking heads are just about locked up by now, it being 4 PM. The lock-up is a quaint but totally unnecessary custom when all the key features have been comprehensively leaked already.
'Plotting a path to surplus' seems to be the predominant theme, but 'restoring surplus without mindless austerity' seems to be the sub-theme. Also '[try to] re-establish some credibility with the voters', while 'leaving landmines for Tony Abbott'.
What fun it all is, and such a waste of the time of high quality thinkers. (Who they might be I leave to the readers.)
The Lucky Culture and the Rise of an Australian Ruling Class
Last night Henry had the good fortune to hear Geoffrey Blainey launch Nick Cater's new book with the catchy title, and implied homage to Donald Horne.
The large hall at the Rendevous Hotel in Flinders Street was packed to overflowing by members and friends of the IPA and the Liberal book club.
This book will be a best seller, and may even be influential.
Here is a video of Geoffrey Blainey's introduction.
Henry will review it when time permits, but you can be sure it will be reviewed by the Australian, where Nick Cater is a 'senior editor', currently shaping the paper's opinions.
Lovely quote on the back page: 'The secret to Australia's good fortune is not found in its geography or history. The key to its success is the Australian character, the nation's greatest renewable resource'.
The Howard-Costello government turned a budget deficit into a surplus in a year, then run nine more budget surpluses, reduced income tax five years in a row, paid off Labor's $96 billion in debt and accumulated assets, with net debt becoming minus $44bn.
This summary is provided by Henry Ergas, who goes on to point out that: 'Average real male earnings in 1995-96 were only 2 per cent higher than in 1982. In John Howard's period as PM, they rose 47 per cent. That didn't stop jobs growth, however, with unemployment falling to its lowest level since 1974.
'Middle-income earners were great winners, with Australia recording the highest growth rate of median income in the advanced economies after Ireland (which started from a much lower base and whose success was illusory). And strong employment growth, underpinned by increased labour market flexibility, not only spread prosperity but also proved the best form of welfare.
'In the early 1970s, fewer than 5 per cent of the working-age population received social security benefits. That proportion rose steadily to 26 per cent in 1996. Under John's government, however, it fell to 16 per cent, while the share of households mainly dependent on government benefits nearly halved to 12 per cent'.
Read on here, and if you can put up with David Koch spruiking a safe car website, you will get a fine pre-budget video to set you up for tomorrow night's econothon, Mr Swan's likely swansong.
The AFR presents a photo of five leaders of business groups grinning like very happy folk whilst complaining about 'budget chaos'.
Michael Smith reports: 'AustraliaÆs four [there were two from the BCA] peak business groups have come together to demand an end to budget ōchaosö, calling for a credible return to surplus and an overhaul of tax, carbon and workplace policies.
'In a rare united front, the business groups warned that the Gillard government had misread the post-global financial crisis challenges confronting the country and expressed concern that TuesdayÆs federal budget would slug industry with higher taxes to fund election promises.
'Business Council of Australia chief executive Jennifer Westacott told an unprecedented round table discussion with The Australian Financial Review that LaborÆs budget strategy was in ōdisarrayÆÆ and called for an audit on the size, scope and efficiency of government'.
Courtesy AFR
Business is 'concerned and alarmed', says the nation has become 'complacent', wants faster progress on IR reform and expects a mini-budget if the Coalition wins government.
Trouble with this otherwise exemplary plan, is that a new government will need a new narrative if people are going to cop the pain of a serious reform process.
This will take time, and the pre-election jostling and name-calling will contribute only marginally to the establishment of a more frugal, pro-growth agenda.
Fixing the budget will be a hurculean task, and is likely to take at least a year of hard grind. When the budget is again on an even keel, with a path to meaningful surplusses clearly established, people may be ready for further reform.
More here in the latest Saturday Sanity Break, including a link to the latest RBA report on the economy.
From the business coalface.
'Business conditions remain very difficult', reports NAB, 'and confidence stumbles after showing signs of recovery earlier this year. Despite less negativity in retail & manufacturing, activity still very poor and labour market showing new signs of weakness. Also no sign of upward momentum ¢ with forward orders, capacity utilisation and employment all very subdued and weaker. TomorrowÆs Budget to show lower growth forecasts and a fiscal position still retarding growth. We still expect one more cut (November) but could come earlier'.
The Great Gatsby
The US opening at the weekend was strong, with revenues a bit over US$ 50 million.
More comment here.
It was a big week for economy watchers and policy makers, with more to come. Another rate cut, taking cash rates below what during the GFC was described as 'emergency levels'.The RBA issues its detailed economic overview, 'warning of "considerable uncertainty" over government spending, while acknowledging that its own interest rate cuts could spark a destabilising jump in housing prices'. Budget frenzy reaches its seasonal crescendo, with those confident about the outcome of the forthcoming election are calling the Treasurer's swansong.
In recent weeks first the Treasurer revealed tax receipts were $7 billion below forecasts, then the PM said the number was $12.5 billion and two days later the Finance Minister said the number was $17 billion.
What the **** is going on comrades? Is Treasury so incompetent that they have issued three new forecasts in three weeks, and two in two days?
Or is the government's tin ear that is responsible? Or is it the frenzied 'new day, new policy' that has reduced budget preparation to a sick joke?
All will be revealed - possibly, because even Swannie is probably not fully up to speed on all this - next Tuesday and it will not be a pretty sight. Readers should brace themselves for deficits as far as the eye can see, putting Australia into the same class as other developed nations. With rate cuts into the danger zone, and more expected, we are in danger of joining the inflationist party of the major central banks.
It has become the rule in Australian politics not to leave anything in the cookie jar for one's opponants. The Gillard guv'mint has set new standards, imposing a massive debt as well as an empty cookie jar. Here is a slightly satiric account of those at the top contributing personally to the process, from May Day 2013.
Here is a link to the RBA's sober report, which should only be read with a bottle of one's favourite tipple at one's side.
On the politics of the budget, Dennis Shanahan says 'Despite Julia Gillard's successful spiking of ambitions to restore Kevin Rudd to the leadership in March, there are Labor MPs who believe a resentful reaction to the budget and a steady diet of internal polling showing wipeouts will turn cold panic into an active hot panic.
'The Liberal Party is factoring in the possibility, albeit remote, that Tony Abbott could be facing someone else at the election - and not necessarily Rudd'.
Geelong easily won the battle for the top spot in last night's shootout against Essendon at the oddly named stadium with the roof. Hawthorn vrs the Swans (no relation to the Treasurer one is quick to note) should be another ripper game and Henry sadly has to wait until Monday night to see Caaarlton! take on the Saints. This looms as a danger game and one hopes not to be so exhausted from barracking that one is weakened for the budget presentation.
The Great Gatsby - coming soon
'Few will be shocked to learn that LuhrmannÆs version of FitzgeraldÆs short, spare, near-perfect novel is long, gaudy and flawed' says Tim Walker of the Independent. 'If you donÆt care for his previous films, youÆll find little in the way of pleasant surprises here. But if you can abide the AustralianÆs lurid, hyperactive style, then there is much to admire nonetheless'.
Tim later refers to 'LuhrmannÆs stonking lack of subtlety', which must be retained for all Australians abroad, and in Australia for Prime ministers and Treasurers.
A high Treasury official once told a meeting in Paris, the OECD as I recall: 'Let me, in my blunt Australian way, call a spade a bloody shovel'.
His successor with be able to improve on this with: 'Let me, with my native "stonking lack of subtlety" tell it like it is'.
And here is an advertisement including a long trailer.
No! (Yes, its called No!)
Fiona Prior reviews this political thriller.
'If you havenÆt seen No and you enjoyed Ben AffleckÆs Argo then do make the effort. Similar to Argo, No presents such an unlikely history-driven tale you will delight at the richness of realityÆs twists and turns. No celebrates yet another victory of the against-all-odds, slightly insane long shot over what appear to be the most controlled of situations ¢ the political strong-hold of PinochetÆs brutal, right-wing dictatorship in Chile, 1988'.
Image of the week - Prudent budgeter
Courtesy Telegraph
A reader suggests tht Mr Swan be reminded of Mr Micawber's famous recipe for happiness:
"Annual income twenty pounds, annual expenditure nineteen [pounds] nineteen [shillings] and six [pence], result happiness. Annual income twenty pounds, annual expenditure twenty pounds ought and six, result misery."
(Charles Dickens, David Copperfield)
More of the wit and wisdom of Charles Dickens here.


text:
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Weight Watchers at Work
Wednesday, February 13, 2013 12:15 PM - 12:45 PM
Cost: $39.95 per month
Health & Recreation, Meetings
Kimberly Ruliffson 701.777.0210
Website: und.edu/health-wellness/workwell/programs/weight-watchers.cfm
Energy and Environmental Research Center Lewis and Clark Room
15 N 23rd St.
Grand Forks, ND 58202
Program Information
Registration and Method of Payment: Members will enroll/use the monthly pass for $39.95 per month. The pass includes four weeks of meetings and e-tools.
The four weeks start on the date of purchase of the monthly pass.
Monthly passes are purchased online. See the tab to Enroll at a UND location.
The participants will need to enter: Merrifield, Medical School or EERC as the address (during the on-line registration) to differentiate the UND meeting location.
Payments can be made by credit, debit, Paypal, or pre-paid credit card. Checks and cash are not options.
Weight Watchers will use a recurring automatic billing system therefore payments/memberships can only be cancelled on-line (or by calling or e-mailing Weight Watchers directly).
Attendance Requirements and $50 Return at UND:
Download the Attendance Log
The EERC and Merrifield locations are open, but the Medical School location is closed until more members join. If you have paid and the meeting is not open yet, please attend another meeting to get your attendance so that you can get your $50 return from Work Well.
Work Well will offer a $50 return up to three times a year for each UND staff/faculty member who is enrolled and who meets the attendance criteria:
Attendance through the entire meeting is required for 80% of meetings for 17 weeks from your start date in order to qualify. You will need to have your leader sign the attendance log and then you will need to submit to Work Well (Mail Stop 8365) in order to get your reimbursement processed.
For example, if you buy your monthly pass (registering under the EERC location) by December 18th, you will need to attend 14 of 17 weeks at any location until the week of April 8th, 2012 in order to qualify for the return.
Enroll at a UND location
Here is the link to enroll at a UND location. Anyone is welcome and you can join at any time!
Step 1: Call 866.204.2885 to cancel your current e-Tools accounts before logging in to purchase a Monthly Pass. Ask them for your username and password if you don't remember it, because you will need it for the new registration.
Step 2: Go to this URL: https://wellness.weightwatchers.com/employees/employeelogin.aspx
Click "New Registration". Use the same username and password that you have used for your e-tools. If you don't remember, call the 866-204-2885 number.
Enter the below:
UND Company ID: 51263
UND Company Passcode: WW51263
For "Company Address", please enter one of the following:
Merrifield Hall, 276 Centennial Dr.
EERC, 15 North 23rd St.
Medical School, 501 North Columbia Rd.
This is based on your preference for meeting location at UND.
Enter 58202 as the zip code
Click that you are interested in an At-Work Meeting and the acknowledgement.
Choose the location: UNIV OF ND
Step 3:
If you are re-enrolling into an At-Work meeting choose: Returning To weightwatchers.com or currently using our Community?
You will re-enter your username and password so that your e-tools continue to move with you.
Continue through the questions and purchase monthly pass then print off the temporary pass.
OR if you are new to Weight Watchers, you will enter all data fields.
Step 4:
You must ATTEND THE MEETINGS (not just weigh-in) to be eligible for the $50 Work Well return. Please print the attendance log and complete. Mail it to Work Well (Mail Stop 8365) after your 17th week to recieve your $50 return. Contact Kim Ruliffson (email@example.com) to recieve the form if you cannot download it.
For questions or problems logging in please contact our customer service department team at 866.204.2885.
For questions regarding Weight Watchers at UND, contact the Coordinator of Work Well, Kim Ruliffson at: 701-777-0210 or email@example.com.
"Weight Watchers is very convenient. It has eliminated all excuses I had for not previously joining. It also gives me a built-in support group since I am surrounded by co-workers that I interact with on a daily basis. I have lost 22 pounds in the first session and hope to lose another 20 pounds in the next session. If I can do it - so can you!" - Anonymous Participant
"It motivates me so much to see people I work with do so well. This program is such a good fit for the UND community!" - Kristen Peterson
"My new blood work shows a 48 point decrease in cholesterol because of eating better, the Work Well Fruit and Vegetable Challenge, plus Weight Watchers at Work at UND. There is no talk this time of cholesterol medication from my doctor, plus all of my blood work is just great!" - Anonymous Participant
For questions or problems logging in please contact our customer service department team at 866.204.2885.
For general questions about the program at UND, contact Kim Ruliffson, Coordinator of Work Well at: 701-777-0210 or firstname.lastname@example.com
Parking InformationUnless special parking arrangements have been stated above, off-campus guests for this event may use the pay-as-you-go option in the Parking Ramp (corner of 2nd Ave N and Columbia Road), the Visitor Lot (off Centennial Drive), or a Parking Meter. Parking in any other parking lot on-campus requires a parking pass which can be purchased directly through UND Parking Services, Twamley Hall Rm 204 (M, W-F 8:00 AM – 4:30 PM and Tu 9:00 AM – 4:30 PM).
Other Events on This Day
- "Bridges of North Dakota" Exhibit (All Day)
- Ski UND (5:30 AM)
- Muscle Pump (6:15 AM)
- Morning Reformer Pilates (6:15 AM)
- Workshop: Creating Surveys with Qualtrics - Intermediate (9 AM)
- Basic Computer Class - Drop-In Computer Help (10 AM)
- UND Women's Golf at Northern Arizona (10 AM)
- Career Crash Course: Interviewing Techniques (10:30 AM)
- UND Women's Golf vs. Northern Arizona The Lumberjacks (12 PM)
- Crock Pot Cooking (12 PM)
- On Teaching (12 PM)
- Powerhouse Toastmasters Club Meeting (12:10 PM)
- Very Gentle Yoga (12:10 PM)
- Career Crash Course: Interviewing Techniques (12:30 PM)
- New Employee Orientation (1 PM)
- Cancelled: ZUMBA (4 PM)
- Classic Rock Cycle (4:15 PM)
- Spring Break Boot Camp (4:45 PM)
- Cardio Kick! (6 PM)
- Ash Wednesday Worship (6 PM)
- (editor's pick)Art & Democracy Film Series (7 PM)
- Ozier Muhammed (7 PM)
- Hip Hop (7:15 PM)
- CoreCycle (7:15 PM)
- The Vagina Monologues (7:30 PM)
- Yoga Strength (8:45 PM)
Login or Sign-Up to leave comments.

subset: commoncrawl


text:
I was running a bit late, and I really wish I could have spent just a little more time riding East into the sun...
How Was Your Ride Today? - Week of August 31st
Submitted by Julie Gregg on
My ride seems long ago and a blur, what's with Mondays? hard to get my head on straight, feels cross threaded!! hahha
Cleaning: 16ht avenue + deerfoot crossings
Submitted by mikewarren on
Better late then never, I suppose, but just in time for re-sanding the 16th Avenue sidewalk on the north side has been swept (you're technically not allowed to use this at all but it's better than going down the switchbacking pathway if you're eastbound).
Also, the pedestrian overpass over Deerfoot between 16th and 32nd has been pressure-washed.
Why they did this now and not two or three months ago is beyond me.
mike at mike dash warren dot com
Where's the sun?
Submitted by Jaykay65 on
Beautiful sunrise this AM! I was only able to see the first 1/16 or less of the glowing orb before I dismounted my bike at my workplace this morning. I am afraid that I will either have to be late for work or by the end of this week I may be arriving pre-sunrise. Sad! :-(
Pearce Estate open again
Submitted by Roger on
At least it was this morning. I'm cautiously optimistic the major roadwork is done.
Stampede Grounds restrictions
Submitted by ride on
Crossing through the Stampede grounds on a ride yesterday with my wife, I was met by a man in a golf court who told me that, due to the World Skills Competition taking place there over the next two weeks, they're asking cyclists and pedestrians to stick to the main paths and not enter into spaces between buildings & tents.
My route was from the east side of the Elbow River, around the south side of the Saddledome, and then across McLeod Trail on the LRT overpass, and the guy had no problem with that trajectory.
Like being wrapped in a blanket
Submitted by pinkrobe on
I stepped outside today to be greeted by a glorious warm morning. Simply glorious! The sun, a hazy red ember, hung above the horizon. The wind was absent and traffic flowed. Only one bike salmon this morning...
This weekend saw me riding
Submitted by scottmeyers on
This weekend saw me riding around with my little cousin and then I hit the country roads for a while. Monday morning rolled around and I had an afternoon of errands ahead of me that required the car so I drove to work. The rest was much appreciated and Today was Awesome! I had a tonne of snap in my legs and the weather just made me want to head right past the office and keep on going... Sadly I sit at my desk and comment... :(
First ride to work in 6 weeks
Submitted by Cword on
and it was great! Although it was also the toughest ride to work I can recall, my lungs and leg both protested this return to racing to work.
I was away on vacation for most of the summer, only occasionally, casually riding the Strida I took along with me.
I thought of Bike Calgary often while visiting various parts of Europe and watching bikes, scooters and ebikes mixing on the wide variety of infrastructure over there.
It's good to be back
Human shield
Submitted by pinkrobe on
I had to use a pedestrian as a sort of human shield today. There's a dual left turn from 12 Ave. SW onto 4 St., and until the sinkhole is fixed I'll take the rightmost of the two lanes. Regardless, I'm approaching the turn and I see the walker entering the crosswalk. I slow down and wait, and what should appear in my peripheral vision but a big-ass blue truck at my shoulder. If the ped wouldn't have been in the crosswalk, I would have been pushed out of the lane for sure. I took the lane, the truck pulling up behind me. I flew down 4 St. like the wind and didn't see that big blue truck again.
Traffic volume was WAY up today. Be careful out there.
Traffic volume was WAY up today.
Submitted by NW_Tri_and_Bike on
For sure... I really noticed it on 64th Ave... I think it's time to spice up my route a bit to avoid some of the traffic on the way in to work.
64th volume
Submitted by seanyyc on
Sure is. 64th and Deerfoot overpass is extra fun now.
City fixed something!
Submitted by jpk on
To my happy surprise, the city fixed some big wheel eating potholes on Odgen road southbound under Deerfoot/50th ave yesterday. Nice to be able to keep closer in to the curb and play nice with the transports turning onto 50th.
More bugs...
Submitted by shockingTemple on
I am noticing more bugs these days...yuck or yummy? :)
The weather is great and there are at least double the number of bikes parked in the racks at the office these days. Great to see!
Friendlier than some drivers..
Submitted by jondub on
I was riding through 12 Mile Coulee on my way to work this morning and came face to face with a juvenile bull moose, which was a first for me. He kindly got off the path and let me pass.
WOW! Very cool!
Submitted by Julie Gregg on
WOW! Very cool!
Submitted by NW_Tri_and_Bike on
sometimes meet me on my ride in... I also saw a whole family of foxes on Nose Hill too
Didjer heart skip a beat or 2
Submitted by gyrospanner on
Mine would have! Even a yearling moose is pretty big!
My only claim to fame for the ride home was seeing a police car under the Crowchild bridge doing surveillance over in the Lawrey Gardens area ....
I dunno' check tonight's news....
It's 29 degrees and...
Submitted by NW_Tri_and_Bike on
10 minutes to go...
Last day this week
Submitted by pinkrobe on
As we coast toward Autumn and its dark mornings, I relish these days of dry roads and crisp morning air.
Apparently I was really fast this morning, as my wife commented on my speed twice. And then we got on our bikes and rode to work!!! Nyuk nyuk nyuk... In all seriousness, it's time for the 53x17...
I just have to get it off my chest...
Submitted by scottmeyers on
Dear Pedestrian and fellow path way user,
When I ring my bell I am doing it becasue it is required of me. I do not ride with a bell because it looks cool, or makes me faster, or is all of the rage at American Apparel. So when I approach you from behind and I give it a ring, all it means is that I am catching up to you and when I slow down and stay behind you I am not doing it becasue I am checking you out, or becasue I am practicing a track stand, It is becasue that 90 degree corner ahead of us is blind and would pose a danger to you, your kid, any on coming users, and myself if I were to pass you. So when I give you that second little ding, it just means that I am there and don't be startled that I am passing you. More importantly don't give me hell for being courteous and don't call me aggressive when I ask you why ringing my bell is so offensive and a problem... I am doing what the authority says I have to. I am trying to learn from any possible mistake that I may have made. Instead you have made me want to ditch the bell and ride like your hyperactive child possessed. I won't becasue that is not in my nature. I just want to learn and adapt to your unpredictable nature and maybe pass this knowledge on to the other riders out there.
I beg you please divuldge the magical number of rings and the appropriate distance at which to indicate my presence so I do not have to re-live this experience again.
The alien in his space ship. (aka guy on a bike)
A quote.
--When I am a motorist I hate pedestrians. When I am a pedestrian I hate motorist. But regardless of my mode of transportation, I always hate cyclists--
BTW Scott
Submitted by Julie Gregg on
I can relate, I had a situation on Monday coming home that I am too embarrassed to share because I ended up being this ranting woman with a bike, one young (19 yr old?) told me to calm down before I had a stroke!! This all out of a dispute over me ringing my bell.......I agree, send your letter to the papers, maybe a few pathway users will read it and get the message.
My situation also escalated
Submitted by scottmeyers on
My situation also escalated it ended up with me yelling only ring your bell once or she will scream at you towards some other riders and her saying something about taking some sort of drug which I can only assume is designed to calm you down. Perkacet or something. I love responses like this. Where the solution is take another pill. In my opinion that is the root of all of this. Use the self checkout lane to buy your drugs to calm you down so you can deal with driving in a car being stuck in a drive-through lane talking to a scratchy voice speaker trying to make your fast food order. It is sad and I am guilty of it too but we are really becoming social neanderthals. We cannot interact with each other constructively with out telling the other party to take more drugs... Maybe if we weren't so dependent on Chemicals for health, synthetically produced food ready in five minutes, the fastest means to get home (a false assumption that it is a car) and instead we talked to the high school kid in the check out, walked up to the coffee counter, and grabbed some extra sleep when weren't feeling well, maybe we could effectively communicate with one another.
I have just been thinking a lot with the events of the week in Toronto and my own personal experiences.
Submitted by Julie Gregg on
your last line: "I have just been thinking a lot with the events of the week in Toronto and my own personal experiences."
me too.
Personally I am a health food nut (sort of) and even make my own yogurt so I have no excuse, no chemicals in my system (and yes tequila is a natural food!). It's all about attitude, my own behavior on Monday is very regrettable and only I can be in charge of my own reactions to others' lack of education or savy. My goal now is to see the face of a friend on everyone that ticks me off, that way I hopefully will handle things differently. Trying to get tolerance by giving tolerance. Or at least prevent my blood pressure from SOARING!
send it to the herald
Submitted by umgray on
scott, please send this to the herald (letters) as it is truthful and it has a sense of poetic justice.
Submitted by scottmeyers on
In Sunday's Herald
Submitted by Oggie on
Scott, your letter was in today's Herald, September 6. Congrats.
Sweet, they should probably
Submitted by scottmeyers on
Sweet, they should probably hire me now ;)
Submitted by NW_Tri_and_Bike on
I wounder how fan mail you'll get for this. My personal fave is the folks who do a 180 degree swivel towards you as you try to pass and then say all sorts of things...
different kinda' ride
Submitted by Julie Gregg on
so I stayed downtown after work and had a couple of margueritas...then time to head home remembered the 6 cobs of Taber corn I bought at noon and stowed in my back pack, corn is surprisingly heavy....then there was this big wind and debris flying around, strange, I was unusually relaxed .....moral: drink tequila
tequila will make you
Submitted by critninja on
tequila will make you strong!
when i see an adult on a bicycle, i do not despair for the future of the human race.
- h.g. wells
... and
Submitted by scottmeyers on
...sometimes invincible... or so I think...
Booze kills Energy!
Submitted by gyrospanner on
I find that the first one or two after-work drinks take about 10% of my energy away (about 2 or 3 km/h)and then any thing more is precipitous, like another 10% per drink.
It kinda' imposes a certain level of self-discipline on you! Notwithstanding all that, it isn't a coincidence that the shelf I keep my riding gear on in the basement is right beside my beer frij' ......
Cheers X (4 or 6)
The few times [LOL] I've
Submitted by pinkrobe on
The few times [LOL] I've headed home after a pint, the flats are fine, it's the hills that do me in. Going up, it's like a slap in the face - why am I breathing so hard and why do my legs hurt? On the way down, the reduced reaction time means that I have to concentrate - really hard. Definitely a good time to take a slow bike, and remember to aim for lawns, not shrubs.
Submitted by ride on
I got out of work just as the Pacific cold front was hitting down. First I got to experience a sand-blasting treatment as the raging torrent of wind in front of the TransCanada PipeLines building tried to knock me off my bike. Then, arriving at Sien Lok Park, I had to pass through a streaming cloud of dust ripping off the Waterfront construction site. I fled down Waterfront Avenue, and easily got the speed up to 40 km/h on my fixed-gear bike. I was enjoying the speed, but extra alert as I got to the foot of McLeod Trail, expecting a motorist to pull out into my path; they under-estimate my speed even when I'm riding slowly).
holey! crosswinds!
Submitted by critninja on
those winds were a real challenge when i rode over to the polo court tonite. i have a front wheel cover amd the wind was having fun trying to toss me into the ditch.
while polo'ing - the winds came up again and almost knocked me off - this time for real! most of the other players were also having a hard time hanging on to their bars. the gusts got so fierce at one point that we were all howling and laughing and merely hanging on.
pretty magical really. i love riding my bike!
when i see an adult on a bicycle, i do not despair for the future of the human race.
- h.g. wells
Front wheel covers
Submitted by Jaykay65 on
I was thinking of all of you with wheel discs and covers as I was being pushed around in the open spaces with no protection along Country Hills Blvd. It was blasting me off track on my ride home last night and I was wondering how you all made out. Hopefully you are all alright.
I was also thinking of anybody who had to ride due south into that wind. I do for about 1.5K but through the subdivision so it was fairly sheltered. Poor Matt from work had to ride from the airport with a southerly heading, straight into that beastly wind last night. The guy was absolutely beat today. Kinda looked like he lost his battle with ma nature and could have used a peleton to help get him home.
Oh well it was good training for him when the northerly winds start to kickup on the morning rides, in about six to eight weeks. :-P
An obvious warning?
Submitted by Halcyon on
Lots of branches down on trails in the trees this morning.
Saw a falling star while heading for the south end of Glenmore reservoir though.
Great Week of riding
Submitted by Jaykay65 on
and it was topped off today.
Went to work a little later than usual, only about 10 mins, but I saw four other cyclists!
You scoff and say "that you see four other cyclists in a block..." Well on my 6KM in the north when I see one cyclist, I am thrilled. Well today to see four was absolutely _________ (fill in blank yourself) amazing!
Y'all have a good weekend!
very quiet saturday pathways
Submitted by critninja on
yesterday, we (me, boy, girliefriend, girliefriends boy, girliefriends friend, my friend, my friends girl) hit the pathways, leaving edworthy with our destination set as the glenbow museum. although the headwind going east was a little tough, the pathways were almost empty and really quiet. the only congested area we encountered was eau claire where there was some kinda bbq ccokoff going on. smelled incredible!
once we arrived at the glenbow, we were disappointed to find that all the exhibits we (the kids, really) wanted to view were closed - :(
so, we turned around, tailwind apushin', back to edworthy for some bbq burgers, vino, and bocce.
this day helped to solidify my theory/practice about long weekends - stay in the city on the long weekends because the city empties out and you can have it all to yourself!
when i see an adult on a bicycle, i do not despair for the future of the human race.
- h.g. wells
so true
Submitted by Julie Gregg on
long weekends IN town are the best!
Submitted by umgray on
So in order to reduce the carbon footprint my wife and I decided not to bring two cars today for the canoe on the Bow (we usually take two and use one as a shuttle) instead we brought the Dahon strapped into the canoe (a fine accessory) and at the end of the trip - I unfolded the bike and rode the path along the bow to the truck in bowness and drove back to pick up my wife and canoe.
Upper body workout canoeing and legs and cardio on the bike ride. Not a bad day at all...no rafters this morning so it was even more enjoyable of a paddle.
sounds like fun...
Submitted by NW_Tri_and_Bike on
I was at Bowness park and saw a few kayakers launching... too many in the rafting crowd have a poor understanding of the safety regs.
Submitted by ride on
Even lower carbon footprint: two years ago I saw a guy near CAOC pedalling westward on the bikepath towing a wooden kayak on a trailer. His plan was to ride to Bowness, lock the bike to a tree, then paddle down-river to near his home (I think he lives in Sunnyside), then finally take the no. 1 bus to go fetch his bike.
Submitted by umgray on
It is my next DIY project a wheel based trailer for a 16 foot canoe on my dahon. I have seen some rude DIY projects but nothing that really impresses me. The issue is the fact that the wheels need to be also 16" to 20" and that the long extension pole that would attach to the canoe would have to be some form of telescopic quick release so it can become compact. The wheel axels and unit below that the canoe attaches to would also have to be collapsable and compact so that it could fit in the canoe with the bike and not weight over 40 pounds.
Any industrial design students need a school project?


text:
Find an Internship or Volunteer in San Pedro, California ( CA )
If you're looking for internships or volunteer work in San Pedro, California or even to get a summer job, you've come to the right place! With over 30,000 around the county, chances are that GrooveJob.com has the right job for you and wants to be your only source for finding internships and volunteer positions in San Pedro, California.
We've got plenty of intern and volunteer work in San Pedro, California. Check out the list of employers below who have positions in San Pedro. Remember to check back with Groovejob.com on a regular basis. We add new internships and volunteer jobs listings to our database every week, so you'll find new opportunities every time you check back with us.
Browse by Employer (Click On Logos) | ||
Click for Intern or Volunteer at Global Citizen Corps | Click for Intern or Volunteer at INROADS | |
Jobs by Title | Location | Company | Posted |
Information Technology Internship Munchkin, Inc.2013Summer Internship Program Information Technology Company Description Founded in 1991, Munchkin, Inc. is an innovative... | Van Nuys, CA | 5/17/2013 | |
Production Coordinator Intern …Entertainment Industry through television, feature film, and celebrity events. Production Coordinator Internship (Min 3 days per week,... | North Hollywood, CA | 4/26/2013 | |
Investment Banking Summer Analyst Intern …presentations, drafting industry reports and developing financial models. QUALIFICATION Analyst Intern candidates should have a... | Santa Monica, CA | 4/14/2013 | |
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Summer Internship -Information Technology Requisition #: 55164 Job Title: Summer Internship -Information Technology Country: United States State: California City: San Dimas... | San Dimas, CA | 5/12/2013 | |
Engineering Intern Job Engineering Intern -01131203 Description Key Role: Serve as an engineering intern supporting the Advanced Research and Development... | El Segundo, CA | 5/16/2013 | |
Sports Media - Intern - Summer 2013 - Audience Development …Assist in the implementation of Social Strategy.Generate new ideas by tracking evolving market trends, social trends, and competitive... | Playa Vista, CA | 5/16/2013 | |
Sports Media - Intern -Summer 2013 Undergrad-Digital Production Work directly with the editorial staff of our website on editing stories, writing blog posts, creating/developing content ideas, writing... | Playa Vista, CA | 5/16/2013 | |
Sports Media - Intern - Summer 2013 Graduate - Product Manager Grow and develop new and existing online sports initiatives. Generate new ideas by tracking evolving market trends, technology trends, and... | Playa Vista, CA | 5/16/2013 | |
Professional Sports Team - Fan Development Intern …must be eligible to receive college/university credit for their time served. This internship is unpaid. Hours will vary depending upon... | El Segundo, CA | 5/15/2013 | |
Professional Sports Team - Database Marketing Intern …or university is required; you must be able to furnish proof from your college or university that you will receive credit for this ... | Carson, CA | 5/15/2013 | |
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Sports Merchandising Company - Internship -Paid Design and Production …printing, cutting and mounting. If you are interested in being considered for an Internship , please apply and submit your resume... | Marina Del Rey, CA | 5/7/2013 | |
Paid Sales Internship in Los Angeles - Fortune 300 Company Requisition #: 58866 Job Title: Paid Sales Internship in Los Angeles - Fortune 300 Company Country: United States State: California City:... | Culver City, CA | 5/4/2013 | |
Pro Sports - Social Marketing Intern You will assist with day-to-day operations, client facing projects, and be part of building a digital entertainment... | Los Angeles, CA | 5/13/2013 | |
Culinary Intern /Extern Culinary Intern /Extern Job Title: Culinary Intern /Extern Job Type: Seasonal Location: Beverly Hills, CA Job Description: Manage all... | Beverly Hills, CA | 5/13/2013 | |
Golf Association - PJ Boatwright Handicap Research Intern …skills Additional Comments: A confidentiality agreement will need to be signed by the intern indicating that all data and research... | CA | 5/13/2013 | |
Intern -General Liability Job Title: Intern -General Liability Company: The Vons Companies Inc. Country: US State/Province: California City: Arcadia Position... | Arcadia, CA | 5/13/2013 | |
Sports Marketing Company - Logistics Internship /Assistant Race Coordinator Job# 453217749 Duties and Responsibilities: The Logistics Internship /Assistant Race Coordinator is responsible for assisting the... | Agoura Hills, CA | 5/3/2013 | |
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A collection of news and information related to Saint Mary's Gaels published by this site and its partners.
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Loyola continues playoff run with win over McDonogh in boys lacrosse
The No. 4 Loyola boys lacrosse team is on to something special in the Maryland Interscholastic Athletic Association A Conference playoffs. More proof came in Tuesday's semifinal against No. 2 McDonogh. The Dons, who were seeded sixth, won the...Tags: Johnny Unitas, Lacrosse, Sports, Jack Crawford
Roundup: No. 1 Lakers finish perfect regular season in lacrosse
Johns Hopkins-bound Shack Stanwick had five points (two goals, three assists) and No. 1 Boys' Latin completed a perfect regular season in boys lacrosse Tuesday with a 13-8 win over No. 5 St.Paul's. The Lakers finish the regular season with an overall...Tags: David Jones (football), Johnny Unitas, Lacrosse, Sports, Track and Field
Varsity roundup: Hereford edges Catonsville in District VI girls lacrosse title game
Lacey Aghazarian scored with 1:50 left in the second overtime period to give Hereford (11-4) a 13-12 victory over defending-champion Catonsville (13-2) in the Baltimore County District VI girls lacrosse championship game at Franklin High. Aghazarian's...Tags: Loyola Greyhounds
Varsity roundup: Cavaliers girls top Sailors in sudden death in girls lacrosse
Alex Puller scored her game-high fifth goal and the game-winner with a minute left in sudden-death overtime as No. 14 Archbishop Spalding beat No. 13 Mount de Sales, 12-11, in an Interscholastic Athletic Association of Maryland A Conference tournament... -
Digest: North Harford girls upset No. 2 St. Paul's in lacrosse
North Harford's girls lacrosse team upset No. 2 St. Paul's, 12-11, on Tuesday, bouncing back from a defeat in the conference division title game last week. The Hawks (8-2) lost to No. 3 C. Milton Wright, 12-10, in Thursday's Upper Chesapeake Bay...Tags: Sports, Lacrosse, Baseball, Francis Scott Key
Varsity roundup: No. 15 Mt. St. Joe stays hot, beats No. 2 Gilman in baseball, 4-3
No. 15 Mount St. Joseph's baseball team has been playing much bigger than its ranking. After upsetting No. 1 Calvert Hall on Tuesday, the Gaels beat No. 2 Gilman, 4-3, on Thursday. The Gaels (12-9, 7-5 Maryland Interscholastic Athletic Association A...Tags: Cincinnati Reds, Baseball, Sports
Roundup: No. 2 Glenelg tops No. 12 Howard in softball
This time, the No. 2 Glenelg softball team didn't wait until the seventh inning to issue the knockout blow against No. 12 Howard. Mandy Bendix and Faith Kujawa each delivered a two-run home run in the bottom of the sixth inning Friday, breaking open a...Tags: Loyola Greyhounds, Baseball, Sports
National women's lacrosse: No. 19 UConn upsets No. 7 Notre Dame, 10-7
No. 19 Connecticut took a 6-4 lead into halftime and never relinquished it, upsetting No. 7 Notre Dame at home, 10-7, in women's lacrosse Sunday. The Huskies (13-1, 5-1 Big East) won all their home games in a season for the first time in program history....Tags: Villanova Wildcats, Sports, Notre Dame Fighting Irish, America East Conference, Stanford Cardinal
Varsity roundup: Mt. Hebron girls hold off Glenelg in lacrosse, 8-6
Chachi Kelehan's open-net goal with 38 seconds left to play gave the Mount Hebron girls lacrosse team the cushion it needed to hold off Glenelg, 8-6, in a game played at Cedar Lane Park. Kelehan got the shot when Glenelg goalkeeper Megan Taylor (15...Tags: Joe Flacco, Sports, Lacrosse, Baseball
Digest: Booth named Loyola men's assistant coach
College basketball Booth named Loyola men's assistant coach Former Maryland basketball star and assistant coach Keith Booth, who has spent the past two years as an assistant women's coach at Loyola, was added Tuesday to the men's staff by newly...Tags: Towson Tigers, Field Hockey, Sacramento Kings, Cornell Big Red, Sports
Roundup: No. 7 Syracuse men hold off No. 5 Cornell, 13-12
No. 5 Cornell missed a shot with 20 seconds left that would have tied the game, and host No. 7 Syracuse held on for a 13-12 win Wednesday night in men's lacrosse. It was the first time the Orange (8-2) has beaten the Big Red since 2010. Cornell (10-2)...Tags: Stanford Cardinal, Colleges and Universities, Syracuse Orange, Cornell Big Red, Frostburg State Bobcats
Roundup: No. 5 Gilman tops No. 1 Calvert Hall in baseball
Gilman junior Joe Smeton drove in three runs on two hits and pitched a solid 51/3innings to lead the No. 5 Greyhounds to a 9-4 victory over No. 1 Calvert Hall in a Maryland Interscholastic Athletic Association A Conference baseball game Tuesday....Tags: Loyola Greyhounds, Sports, Baseball
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Part number: 707020
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text: Main Content Senate Bill 0558 (2011) rss friendly link printer friendly Sponsors Steven Bieda - (primary)Rick Jones, Tory Rocca, David Robertson, John Gleason, Tonya Schuitmaker, Jack Brandenburg, Thomas Casperson, Judith Emmons, Michael Green, Vincent Gregory, Goeffrey Hansen, David Hildenbrand, Hoon-Yung Hopgood , Mark Jansen, Michael Kowall, James Marleau, John Moolenaar, Mike Nofs, John Pappageorge, John Proos, Randy Richardville Categories Family law, paternity; Civil procedure, other Family law; paternity; acknowledgment of parentage; allow to be set aside under revocation of paternity act. Amends sec. 7 of 1996 PA 305 (MCL 722.1007) & repeals sec. 11 of 1996 PA 305 (MCL 722.1011). TIE BAR WITH: SB 0557'11 Bill Document Formatting Information [x] The following bill formatting applies to the 2011-2012 session:- New language in an amendatory bill will be shown in BOLD AND UPPERCASE.- Language to be removed will be stricken.- Amendments made by the House will be blue with square brackets, such as: [House amended text].- Amendments made by the Senate will be red with double greater/lesser than symbols, such as: <<Senate amended text>>. (gray icons indicate that the action did not occur or that the document is not available) Documents Senate Introduced Bill Introduced bills appear as they were introduced and reflect no subsequent amendments or changes. As Passed by the Senate As Passed by the Senate is the bill, as introduced, that includes any adopted Senate amendments. As Passed by the House As Passed by the House is the bill, as received from the Senate, that includes any adopted House amendments. Senate Enrolled Bill Enrolled bill is the version passed in identical form by both houses of the Legislature. Senate Fiscal Analysis COMMITTEE SUMMARY (Date Completed: 9-6-11)This document analyzes: SB0557, SB0558, SB0559, SB0560 FLOOR SUMMARY (Date Completed: 11-10-11)This document analyzes: SB0557, SB0558, SB0559, SB0560 ANALYSIS AS REPORTED FROM COMMITTEE (Date Completed: 9-21-11)This document analyzes: SB0557, SB0558, SB0559, SB0560 ANALYSIS AS PASSED BY THE SENATE (Date Completed: 12-1-11)This document analyzes: SB0557, SB0558, SB0559, SB0560 History(House actions in lowercase, Senate actions in UPPERCASE) Date JournalAction 6/30/2011SJ 61 Pg. 1938REFERRED TO COMMITTEE ON JUDICIARY 9/8/2011SJ 65 Pg. 2083REPORTED FAVORABLY WITHOUT AMENDMENT 9/8/2011SJ 65 Pg. 2083COMMITTEE RECOMMENDED IMMEDIATE EFFECT 9/8/2011SJ 65 Pg. 2083REFERRED TO COMMITTEE OF THE WHOLE 11/10/2011SJ 91 Pg. 2572REPORTED BY COMMITTEE OF THE WHOLE FAVORABLY WITHOUT AMENDMENT(S) 11/10/2011SJ 91 Pg. 2572PLACED ON ORDER OF THIRD READING 12/1/2011SJ 94 Pg. 2678PASSED ROLL CALL # 723 YEAS 37 NAYS 0 EXCUSED 1 NOT VOTING 0 12/1/2011HJ 96 Pg. 2721received on 12/01/2011 12/1/2011HJ 96 Pg. 2721read a first time 12/1/2011HJ 96 Pg. 2721referred to Committee on Judiciary


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US: Constellation Brands raises FY earnings target, Q3 sales drop
By just-drinks.com editorial team | 6 January 2011
Constellation Brands has raised its full-year earnings guidance, despite suffering a 2% drop in net sales in the third quarter.
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Constellation Brands has raised its full-year earnings guidance, despite suffering a 2% drop in net sales in the third quarter.
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Constellation Brands has reported a mixed start to life as a streamlined wine, beer and spirits operator in North America. Here, just-drinks exmaines the Robert Mondavi winemaker's first quarter-results and looks at the market reaction.
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Constellation Brands has posted a marked fall in net sales in its first fiscal quarter results, but has highlighted the sell-off of its Australian and UK wine business for the decrease.
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SOURCE Robert Weiner Associates and USATF National Masters Media Committee
USA 1984 Olympic Flagbearer and 3-Time Olympian (1964, 1968 and 1984) Ed Burke Sets World Record to Open USA Masters Indoor Track & Field Championships at Prince George's Sports & Learning Complex in Landover, Maryland; Meet Continues Through Sunday with Ten Olympians, 30 World Champions Among Record 1044 Entrants
LANDOVER, Md., March 22, 2013 /PRNewswire-USNewswire/ -- Edward A. Burke, 73, Los Gatos, CA, this morning capped an athletics career spanning 6 decades and 3 Olympic Games separated by 20 years, by setting An American and world indoor record in the Men's 70-74 year old 35 pound ("Superweight") Throw to open the 2013 USA Masters Indoor Track & Field Championships at Prince George's Sports & Learning Complex in Landover, MD. The meet continues through Sunday with ten Olympians and 30 World Champions among 1044 entrants, a record for any U.S. indoor masters track meet.
1984 Olympic Flagbearer, 3X Olympian, Ed Burke, Los Gatos, CA sets M70 Superweight world record in Landover, MD at USA Masters Track & Field Championships; Photo by Bob Pates, USATF – Link to Photo <PHOTO: www.weinerpublic.com/20130322.jpg >
Upon making the USA Olympic team in 1984 at age 44 and competing in the Hammer Throw, Ed Burke was selected to be the USA team flagbearer at the games in Los Angeles. Burke was the first ever U.S. Olympian to participate in Olympic Games 20 years apart, after finishing 7th place in the 1964 games in Tokyo. He also won the 1968 USA Olympic Trials Hammer Throw while nursing a shoulder injury and then represented the USA finishing 12th place in the Mexico City Games.
Burke's throw of the 35 pound weight was 37 feet, 11 1/2 inches (11.57 meters), eclipsing the previous world indoor record of 34 feet, 9 inches (10.61 meters) set in 2006 by Robert Ward in Boston, Massachusetts. Earlier in the morning, Burke just missed the world record in the 16 pound Weight Throw. Last summer, Burke smashed the world record in the outdoor 16 pound Weight Throw.
Also setting world records during the first morning of competition were Orville Rogers, 95, of Dallas, Texas with a time of 2:24 in the 400 meters and Anthony Palazzo, 85 of Providence, Rhode Island with an American record and world best in the 25 pound Superweight Throw with 20 feet 1 ¾ inches.
The 2013 USA Masters Indoor Track & Field Championships has attracted a record number of 1,044 masters athletes ages 30-95 from 47 states and 14 countries and continues through Sunday afternoon at Prince George's Sports & Learning Complex. Events go from 8AM-6PM Friday and Saturday and 8AM-2PM Sunday.
Spectators are welcome and are free.
CONTACTS: Bob Weiner, USA Track & Field National Masters Media Chair 202-306-1200, 202-329-1700, email@example.com; Eric Braschwitz, member, National Masters Media Committee 919-349-0694.
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