text:
WASHINGTON — Homeowners around the country are scrambling to refinance their mortgages at the lowest rates since the early 1960s as the economy staggers through what's likely to be the worst recession in decades.
Mortgage brokers are already reporting a surge of calls from borrowers trying to take advantage of the Federal Reserve's extraordinary actions this week.
The central bank, aiming to free up lending and jolt the economy back to life, on Tuesday cut the federal funds rate from 1 percent to a target range of zero to 0.25 percent and pledged to keep funneling money into the market for mortgage investments.
On Wednesday, some mortgage brokers were quoting mortgage rates of close to 4.5 percent for people with strong credit and hefty down payments.
"This is beautiful, oh my gosh!" said Patti Mazzara, a mortgage broker in the Minneapolis suburb of Edina, who was surprised when she looked up rates and found them well below 5 percent, down at least three-quarters of a percentage point from earlier in the week. "This is a whole new game now. Hopefully it's going to give people some relief."
The national average rate on 30-year, fixed mortgages was 5.06 percent on Wednesday, according to financial publisher HSH Associates — the lowest since the 1960s and down from 5.3 percent Tuesday.
It was the best news in months for anyone looking to lock in a 30-year, fixed-rate mortgage. But it was not expected to be a cure-all, and borrowers already in danger of foreclosure probably won't be able to take advantage.
"It's a call to action for homeowners looking to get out of adjustable-rate mortgages," said Greg McBride, senior financial analyst at Bankrate.com. "Unfortunately, it's not an equal-opportunity party."
Analysts say the Fed's moves to buy up mortgage debt are designed to reduce the an unusually large difference, or spread, between mortgage rates and yields on government debt.
In recent years, there has been about a 1.8 percentage point difference between the yield on a 10-year Treasury note and 30-year mortgage rates, but gap currently hovers around 3 percentage points.
Falling interest rates mean Americans could suddenly find billions of extra dollars in their pockets at a time when consumers have sharply cut back on spending amid rising unemployment and declining household wealth. But many experts believe that the interest rate cuts alone won't be enough to jump-start the economy.
"It's a tall order to get (people) to go out and spend again," said Joseph LaVorgna, chief U.S. economist at Deutsche Bank. "That's why you also need a stimulus."
President-elect Barack Obama's advisers are currently contemplating an economic recovery plan that could cost as much as $1 trillion over two years.
Meanwhile, government data to be released Thursday is expected to show that new claims for unemployment benefits dropped last week but remain near a 26-year high, and a monthly forecast of economic activity is forecast to fall for the second straight month in November, in two signs of a deepening recession.
The Labor Department's tally of initial jobless benefit claims for the week ending Dec. 13 is expected to drop by 15,000 to a seasonally adjusted level of 558,000, according to a survey of Wall Street economists by Thomson Reuters.
Last week, the government said claims jumped by almost 50,000 to 573,000, the highest level since 1982, though the labor force has grown by about half since then.
Later in the morning, the New York-based Conference Board's index of leading economic indicators is expected to fall 0.5 percent, according to the consensus estimate of economists surveyed by Thomson Reuters. The index posted a 0.8 percent decline in October.
The index is designed to forecast economic activity in the next three to six months based on 10 economic components, including stock prices, building permits and initial claims for unemployment benefits. And Freddie Mac, the mortgage company, is also scheduled to release its weekly survey of mortgage rates Thursday.
Wall Street stocks finished moderately lower Wednesday, as further signs of economic deterioration dampened investors' earlier enthusiasm about the Fed's record interest rate cut.
Stocks declined in the early going after a larger-than-expected loss from Morgan Stanley offered fresh evidence of the sizable obstacles the battered financial industry still faces. The company posted a loss of $2.37 billion, or $2.34 per share, for the fiscal fourth quarter. The report came a day after rival Goldman Sachs Group Inc. posted its first quarterly loss since going public in 1999.


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If you try to swap users on a laptop, with Dynamics CRM installed in Offline Access mode, it will give the error above; searching gave me this page from the Chinese Dynamics CRM team, so I'm just going to repeat it here:
C:\>osql –E –S localhost\CRM
1> drop database mscrm_msde
2> go
1> quit
Basically, you connect to the SQL Server on the local computer, and delete the Offline Access database, allowing you to reconfigure as normal. Note that this won't let you reconfigure the user as "online only" – the new configuration will automatically be Offline Access.
Secondly, this works even if the user is not Local Administrator on the computer.

subset: commoncrawl


text:
Please read description carefully.
Do not base your order on the picture presented.
Features of the Brewer Basic Exam Table:
Brewer's Basic exam table offers a reliable, patient-friendly and user-friendly experience. Its classic design adds sophistication to any health care facility while providing patient comfort and abundant functionality.
Orders with standard colors ship within 7 days. All other colors ship within 14 days. (See PDF).
Medex SKU: BRW-4000-03-L


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Both Labor and the coalition have ruled out nuclear-powered submarines as replacements for Australia's ageing Collins subs, indicating the issue is dead in the water for now.
Opposition defence spokesman David Johnston has rejected suggestions by some of his colleagues that Australia consider the nuclear option.
"Nuclear submarines are not coalition policy and they are not on the table for us to be examining," he told ABC radio on Monday.
Australia did not have the capacity to build and operate its own nuclear reactors and would have to rely on allies, including the United States or United Kingdom.
"We are in no position to make assumptions that we would have access to such technology," Senator Johnston said.
However, the idea does have some support on both sides of politics.
Former Labor defence minister Joel Fitzgibbon said it was a mistake for Labor to rule it out.
There should be a discussion about every option that might deliver the capability Australia needs in a timely manner, he has said.
Former coalition defence minister Peter Reith also says nuclear subs should be considered.
"Nuclear submarines are top-quality kit so let's find out whether we can afford them, how much they cost to run, manning issues and the like," he told The Australian Financial Review on Monday.
"The Americans opened the door some months ago and for financial and strategic reasons we should at least examine the option."
The debate on nuclear submarines reopened in October when the conservative think-tank, the Centre for Independent Studies (CIS), released a study calling for reconsideration of the nuclear option.
Nuclear boats would be far more capable than conventionally-powered vessels, it said.
Leasing eight of the latest Virginia-class submarines from the US would also be cheaper.
Australia has six Collins boats which are expected to reach the end of their service life by 2025.
The 2009 Defence White Paper proposes they be replaced by 12 new and more advanced conventionally-powered submarines which would be made in Australia.
In the CIS study, analyst Simon Cowan said leasing up to eight Virginia class subs from the US would cost $24-27 billion, which was competitive with proposals under consideration for conventionally-powered boats.
Nuclear boats offered far greater range and endurance, a higher top speed, more weapons and better sensors, he said.
As a result, a fleet of eight could do the job the government envisaged for 12 conventional craft.
"The nuclear-powered Virginia class is an altogether better submarine than any diesel-powered Collins class replacement might be," Mr Cowan said.


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- This event has passed.
Guided Tour of the Barrio de Tubac
January 14, 2015 @ 3:30 am - 5:00 am$10
Special tour by local experts of the Spanish colonial archaeological site just south of the Park which preserves the remains of the original Tubac town site, including residence foundations, plaza area, refuse area and partial irrigation ditch. Meet at the Park's Visitor Center. Tour involves a walk of about 1-1/4 miles. The Archaeological Conservancy protects this site and participants are asked to sign 'An Acknowledgement of Risk Factors' before entering. Wear walking shoes, sunscreen and hat. $10 fee includes admission to tour the Presidio Park. Tour limited to 15; reservations encouraged, 520-398-2252 or email@example.com.


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"The right kind of Christian" is hard to define
Except that his views are exactly like mine.
He believes in the bible (the parts that he's read—
While the wrong kind of Christian reads others instead)
The right kind of Christian will vote as I vote
She's certain which issues are issues of note.
She sees every issue the way that I see
While the wrong kind of Christian is different from me.
The right kind of Christian has made up his mind
He's thinking like Jesus, I think you will find;
Let's hope that the vote goes the way He would choose
And pray that the wrong kind of Christians will lose.
An article in CNN's Belief Blog today asks whether Obama is "the wrong kind of Christian"; both within the article itself and within the comments, it is clear that the only agreement on what "the wrong kind of Christian" is, is that it includes all Christians who are not like oneself. "Love thy neighbor" cannot coexist with "I did not come to bring peace, but a sword", when it comes to foreign or domestic policy. As always, one's Christianity is a Rorschach test.
What is sad, but not surprising, is that each side (and there are many sides) points to the bad they see in other (self-labeled) Christians as evidence that the others are not "real" Christians, never as evidence that "real Christians" might sometimes do bad things. "Christianity" gets to be all the good stuff, and none of the bad, even when what is good and what is bad varies from person to person.


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Ladenburg Thalmann Financial Services (LTS) said Wednesday that it had agreed to acquire Securities America from Ameriprise Financial (AMP) for $150 million in cash in a deal that the company said should close by year-end 2011.
In addition to the initial cash payment, Ladenburg Thalmann said in a news release that it may make additional cash payments to Ameriprise should "certain performance targets" be met by the independent broker-dealer during 2012 and 2013.
In a joint interview, Ladenburg President and CEO Richard Lampen said those targets had to do with "certain growth metrics" from Securities America, while Securities America President Jim Nagengast (left) said that he and his senior management team will remain with the Omaha-based firm after the transaction, and that the news of the acquisition had been "extremely well received" by both Securities America representatives and employees.
"The most important thing" to Securities America management, Nagengast said, was that there would be "no disruption to our advisors. We've achieved that, and more," while noting that with the acquisition, Securities America will be aligned with a "strong business partner that understands the independent space" and that has a "commitment to our advisors and to our leadership."
As for Ladenburg's interest in Securites America and its 1,700 reps, Lampen said that "in April, when we learned one of the elite companies in the business had become available, we jumped on it," calling the acquisition a "great growth opportunity." He promised that Securities America would be run as a stand-alone business, similar to the way Ladenburg runs its two existing IBDs, Triad Advisors and Investacorp.
"The real success we've had" with those broker-dealers, he said, is that they are "standalone companies with their own cultures, run by their own longstanding management teams," and pledged to "continue to support" that approach once the Securities America deal is finalized.
Lampen also said Ladenburg was impressed by Securities America's capabilities, particularly in technology and practice management, that could collectively benefit its other BDs, while Nagengast said a benefit to Securities America reps would be gaining access to Ladenburg's and its existing BDs' strengths in advisor-friendly trust services, investment products and asset-management expertise.
Ladenburg's commitment to the independent advice space, said Lampen, is evidenced by the fact that "Ladenburg has done three of the five biggest acquisitions in the space," and suggested that growth in that space will continue over the next five years.
Motives for the Deal; Next Steps
Philip Palaveev (left), who studied the independent broker-dealer community in his days as a consultant at Moss Adams and who is now president of Fusion Advisor Network, called the acquisition "not a normal strategic move" that was "forced by the disaster" of Securities America's private placement woes. The "massive amount of the settlement" resulting from the sale of fraudulent Reg D securities "forced Ameriprise to sell; this was borne out of necessity" and represented "the best deal they could find, not necessarily the best strategic move for the firm."
Palaveev says his first reaction was to "look at Ladenburg's financial statements…the entire company combined has $9 million in cash, but they're writing a $150 million check to Ameriprise." More specifically, he said "This is Dr. Frost acquiring Securities America," referring to Dr. Phillip Frost, Ladenburg's principal shareholder and chairman; according to the news release announcing the deal, "the transaction will be financed by an affiliate" of Frost.
One of the big questions is whether Securities America will be able to retain its 1,700 representatives (that number is down from the 1,850 reps that Securities America reported in the 2011 Investment Advisor Broker-Dealer Directory). With the newly announced acquisition, Palaveev wondered, "will Securities America reps feel like they're jumping from the grill to the flame?"
On the other hand, Palaveev points out that following Ladenburg's acquisition of Triad Advisors and Investacorp, "they didn't seem to lose any advisors; what you hear is that they leave them to run the operations as they were." However, he wonders whether in the Securities America Case, "if you acquire BDs that were in trouble and leave them alone, will they get in trouble again?"
Disclosing that his firm is in the process of recruiting some Securites America reps, Palaveev wondered about the benefits of a larger network of BDs. There is an advantage, he said, "but only if they negotiate together; that dynamic will be interesting to watch."
The next step, he said, will be Securities America advisors :making up their minds—what are they being offered, what story are they being told? We'll see in the next couple of months."
In a statement on the acquisition, Ladenburg said that based on the trailing 12-month period, the combined company would have had approximately $675 million in revenue, a total of 2,700 independent FAs and approximately $70 billion in total client assets.
With the acquisition, Ladenburg's footprint in the IBD space becomes much larger. According to Investment Advisor's 2011 Independent Broker-Dealer directory, adding Securities America to Ladenburg's existing independent broker-dealers—Investacorp and Triad, would give it a total of 2,771 reps, and $616 million in revenue (as of year-end 2010).
Just ahead of the Securities America sale, parent company Ameriprise Financial agreed earlier this month to an $80 million class-action settlement involving the sale of allegedly fraudulent investments. Once U.S. District Judge Royal Furgeson in Dallas had signed off on the final settlement approval in the case of Bilitteri vs. Securities America, experts concluded that Ameriprise would have an easier time selling the embattled broker-dealer.
"We are very pleased to put this matter behind us," said Janine Wertheim, president of Securities America Advisors, in a statement released earlier this month. "Although thousands of people and companies were harmed by the alleged fraud committed by the principals of Medical Capital and Provident Royalties, investors who purchased these programs through Securities America will receive a meaningful return of their investment."
On March 18, Furgeson initially rejected a class action settlement by multiple claimants who said they had lost $400 million in gas investments from Provident Royalties LLC and medical receivables debt from Medical Capital Holdings Inc. that were sold by Securities America reps. Both companies have been charged with fraud by the Securities and Exchange Commission. Both are also in receivership.
Earlier this year when announcing strong first-quarter results, Ameriprise said that it was looking to sell Securities America. Results of $241 million, or earnings per share of $0.94, versus net income of $226 million, or $0.85 a share, in the prior year included an after-tax charge of $77 million, or $0.30 a share, for the Securities America legal matter. Excluding the charge, the company would have seen EPS of $1.35.


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A 10-year-old boy was told by a priest to make himself less attractive so as not to be a target for sexual abuse, a royal commission has heard.
The Royal Commission into Institutional Responses to Child Sexual Abuse has also heard that Christian Brothers pimped boys out to a visiting photographer at St Joseph's Farm and Trade School, Bindoon, in the late 1950s.
A witness known as VV on Tuesday told the commission in Perth that a Christian Brother who raped him suddenly announced he needed to confess his sins.
"Then Brother Parker came back and said I needed to see Father Gerard. Father Gerard sat me down and told me what we were doing was very wrong, and that I should make myself less attractive," VV said.
"I should stop leading Brother Parker on, because it was a sin. He told me it was my fault, all the while he sat there sucking a cigar, blaming a child for being assaulted."
He said boys were also sent out on picnics with a local photographer, who was known to abuse boys. Boys were also promised parcels of land by brothers who used the inducement to groom them.
When VV – an orphan in care since the age of four in England – arrived at Bindoon aged nine, he was the youngest there and below the 10-year age requirement for the school.
Soon after arriving, he was raped by Brother Christopher Angus. After the attack, VV was dumped in a 44-gallon drum of water. "He said words to the effect of 'clean yourself up'," VV said.
He was also savagely beaten numerous times, and has lost hearing in his left ear.
Meanwhile, VV's mother tried repeatedly to find him in England.
"She was told I was put into a good home in Australia, that I was cared for and loved and that I would receive an education," he said. "She never gave permission for me to go to Australia."
VV never saw his mother again.
Years after he left Bindoon he was offered $20,000 compensation by the Catholic Church's professional standards office, which later upped it to $40,000 when VV said he found it insulting.
"This meeting was very intimidating," VV said. "The brothers were not approachable or welcoming and I felt intimidated. I felt like a child again, trying to defend myself."
The hearings continue.