text:
THE DAILY IBM I'll (KMX.
Daily Paper $10'a Year. "Let our Just Censure ^li^^^^^^^^^^^^ Attend the True Event'"" Tri-Wcekly $7 a Tear.
BY J. A. SEL?Y. * COLUMBIA. S. C., TUESDAY MORNING, OCTOBER 3,' 1865. Y<fc. T-NO *ft? fl
Daily Taper, six montlts.'.$3 OU
Tri-Weekly, " ' " . <5 50
Single cepi?s 10 rents.
Insertud at il per square for th? first in?
sertion, and 75 cents for each subsequent.
iB-rSpccial r.oticos 15 cents a line.
The Military Commission assornl-Jed
at 10 a. m., yesterday, and con?
tinued the trial of the late rebel
Captain Henry Wirz. All of the mem?
bers of the Court.wore present, also
tliQ Judge Advocate, and Mr. Schade
for the prisoner. The reading of
Thursday's proceedings Was conclud?
ed at 11.45 a. m., when the prisoner
was brought into court, and resumed
his place on the sofa. A greater num
of ladies were present than ou any
former day.
Judge Advocate Colonel N. P.
Chipman informed tho Court that he
had received a letter from Mr. "Baker, .
one of the accused's counsel, who
stated that he would not be present
to-clny, and that Mr. Schade, ids
associate counsel, would conduct the
trial on the part of the accused.
After the usual testimony as to tho i
horrible treatment of the prisoners
had been gone throngh with, and |
Sergeant John W. Cray.' of the j
Seventh Indiana Cav.dry, had testi- ]
lied, the prisoner, Wir/., raised him- \
self on his hand and knees on the !
sofa, and, addressing the witness,
said: "You did not seo me there!"
Tito Judge Advocate here asked the |
accused to rise to his feet, so that the ;
witness cotild see him. This thepri-i
soner, with apparent agony, succeed- I
cd in doing, when lie again addressed !
the witness, saying: '.'You never saw
me there. Look good!' Make sure.*'
The witness, hesitatingly, .'aid he bc- j
lieved he was tho man. The prisoner
here beeam? perfectly frantic, and ap- j
peared to be in agony from'head to I
foot, when tiie counsel mid the guard >
induced him to lie seated, the counsel. 1
Mr. Scha'de, telling him it would be j
all right. Tlie acense'd (drawing 1
quick and heavy breaths) replied ?
hysterically: "I know it will, but, O, ?
Clod!" He was here handed his bottle
of stimulants, cud given a drink of i
water, and the prison .doctor, Mr.
Ford, sent for. The accused was taken
into au adjoining room.
[ Washington Cor. Ncc York Times.
Ajj. persons holding claims for HOUSES ''
purchased fur Gen. Hampton's eaval- j
ry, in February last, w-11 present their
vouchers on or before ?lie ?-~ tl i October
next. Vouchers mav bc left with THEO.
STARK, Esq. JOHN ?. SLOAN, j
Sent 2U 4 Quartermaster-Gen'l, S. C.
J > Sept 2G
"XXTHOLESALE dealers in GROCERIES.
Vt WINES, LIQUORS a:ul ??ECAES.
Especial attention paid to the purchase and
sale of COTTON. 3IEROMANDI/.E ?nd
PRODUCE. Gervais str-ej. b rtweeu ."?iain
and Assembly, opposit State House.
Sept 2.i Imo
LOT AND BPJCKPORSiiLE. '
THE ttndersigned offers for sal :hisLOT,
containing three-quarters of an acre,
and about 120,000 tirst-quality BRICKS.
Sold cheap, if applied for immediaterv. Ap
plv to JOHN McCULLY or E. J. ARTHUR.
Sept. 28_
At Home Again!
1M TOB TA XT TO Ml 1. L 0 IVNETiS.
IW ILL PATCH, ALTER and REPAIR
STEAM BOILERS, within fifty miles of
this place: also, do any heavy or particidar
MILL FORGING. I may he" lound by ap
plying at this office. S. J. PERRY.
Sept 24__
Wagon for Sale.
AN excellent Iron-axle FOUR-HORSE
WAGON, with body, all in good order.
Am.lv at TOWNSEND A NORTH'S Book?
store". - Sept .il? Vi
House to Rent.
A part of a good and commodious
?Sft HOUSE in a pleasant location. Pos
JSuLsession given immediately. Apph ai
the residence of the undersigned, Winn
street, near the Charlotte Depot.
Oct 1 2 WM. SHEPHERD.
For the Legislature.
JOHN H. KINSLEIt,
W. ll. TALLEY. Got 1 1
For the Legislature.
Thc following gentlemen arc suggested
as lit persons to represent Richland Dis
trici in the nest General Assembly:
Sept 2S .*
The many friends of E. J. ARTHUR, m
consideration of his past valuable serrices,
beg leave respectfully to nominate him for
re-election to tho ofticc of SENATOR from
Richland District, at the ensuing election.
Sept 27
For Congress.
Wc are au'Jiorizcd to announce JAMES
FARROW, Esq., of Spartanburg, as a can?
didate to represent, in thc Congress of the
United States, the Fourth Congressional
District, comprising the Districts of An?
derson, Picken?', Greenville, Laurens, Spar?
tanburg, Union, York and Chester.
Sept MO_"
The friends of GEO. D. TILLMAN. Esq.,
respectfully announce him a candidate for
CONGRESS, at the ensuing election, in tho
Third District, embracing Orangebnrg,
E<ige?ie?.d, Lexington, Abbeville, Newberry,
Richland and Fairfield. Sop't 28*
To thc Voters o? Orangebarg, Eil~r
?lcld, Abbeville, JTcvrbCrry, Lexing?
ton, ii.iclil.md and Fairfield..
FEIVLOW-CITIZINS: Alter much hesitation,
? have consented to bc put in nomhiation
for vi nu- Representative hi thc Congress <>f
thc United States. I publish this card, be?
cause the District is so large and the time
b'efore th? election so short ;hat I could
not. ir' 1 desired, canvass the Distiictf. 1!' a
canvas** were possible, however, I do not
think it becoming or desirable*. In my
judgment, t ! i i is no time for a scramble for
office. It seems to mc that no one proper?
ly impressed with thc solemnity of the
crisis, and thc delicacy and importance of
the duties to be discharged, could seek thc
position merely for tho gratification of per?
sonal ambition. For myself, I declare that
I have no wish but to serve the State.
In 17.SS, South Carolina, through a con?
vention of her people, became one of thc
United States. She remained amcrnbero!
! the Union until December, IS!}.'), when,
I through another i onvention of her people.
: she repealed tho Ordinance of 17.SS, seccd
' ed from the United States, and with vcr
I tai:? other sister Statescntered intoanothei
government known aa the Confederate
Government. We believed that we had tin
1 right to secede and. tbat.'onr security re?
quired its exercise in co-operation with otu
Southern sisters. South Carolin;., in 1M52
proclaimed by solemn ordinance the righi
of secession. It had long been thc scttlei
opinion of thc State that she was sovcreigi
and entitled to all the rights of sovereignty
j she asserted self-government in ord?r ti
1 .--..cure lier institutions and principles fron
i great evils, believed to bc imminent. Sc
i cession was in thc nature of a proceedin.?
I quia liiiui. lt was conceived in the spirit <>
j self-preservation-not to injure others bu
to save ourselves. It cannot bc necessary
to sav that J am otic of thos? who believi
that it was an honest effort for honorabli
purposes. The United States Governnicn
denied thc right of secession and wager
war upon the Confederate States, whiel
I stood upon thc defensiv.'. A terrible WK:
i of invasion and di solation followed, au<
finally the Confederate States vere over
whelmed by force of numbers and dissolved
At the end of the war the State ol' Souti
Carolina found thc Confederacy broken np
her citizens who survived thc terribh
ordeal exhausted ami impoverished, hoi
instit niions destroyed, and the whole cont:
try occupied by thc military forces of tin
United states." Under these painful cir
enmstances, the President of the Unitci
States invited the States lately composing
the Confederacy to re-organize their gov
ernments and restore then: connection witl
the Constitution and Government of Un
United States, upon certain conditions-, th<
principal of which was an acquiesence i:
tho abolition of slavery, which had beei
accomplished by the i?ilitaiv authorities
Thc State, wisely in my judgment,respond
ed favorably to tho invitation. It is trm
that the mere issue of battle does not prov?
right any more than did the old "wager o
battle;" but it -Iocs prove power which can
not l?e disregarded. A Provisional ('.over
nor was appointed, who called another con
vention Of the people, which has latch
repealed tho Ordinance of S. cession, ant
by an article in the St-ile Constitution
recognized the abolition of slavery and pro
hibited its re-< stablisluncnt. By repeal
ing that of Secesi?n, the Ordinance o
1788, through which South Carolina be?
came' a member of tho Union, waa ijm
facto revived, and we are thia day in tin
Union precisely as we became in 178M, and
remained up io 1860.
Wc are now in a very anomalous position.
Relying upon the good faith and patriotic
intentions of the President of thc United
States, we have done all that was required
of us to restore our old relaftons to the
Constitution and the Union; but stilt we
have not been received into fellowship at
Washington. That important part of thc
plan of reconstruction remains yet to bc
accomplished. It is understood that a
party will oppose thc President's plait of
reorganizing tin- States and giving to tlumi
equality of rights, and will insists upon still
farther despoiling and crushing the States
of the South as conquered provinces. This
radical fanatical party opposed our leaving
the Union, and nowtliey oppose our return?
ing to it. When we were in the Union, they
abused us on account of slavery. They
waged war upon us because we triad to
separate from them, and now that we pro?
pose to return without slavery, they ?til!
object. In this emergency, tin-state need*
the Resistance of all h-.r true men. Much
remains to bc dene, and not thc lca>t is tu
secure a prudent, faithful and patriotic
representation in Congress, to assist and
forward the work of restoration which the
State has e immcnced. 1 arrogate not tu
myself litiiess to form part of such a rep?
resentation, bat friends have urged me for?
ward, cud if yon are willing to try mo, I
will give my best efforts.
In some respects, we are at the beginning
of our policy, as if wo were a new State
abie.it to assume new relations with our
sister States; but we must never allow our?
selves to forget that in other respects we
are an old State-a State having antece?
dents a name to maintain and a history to
preserve. Whatever may betide us in thc
uncertain future, the past, at least, is se?
cure. South Carolina has never swerved
from the path of honor, as she conceived it.
Wo have a record of which none need be
ashamed; and when any apostate son
bois disclaims or disparages it, -may she
eas; him ont as unworthy of her. Tin
devotion of every true sou ol'the State
adheres in adversity as well as in pros?
perity -is lov-t! through evil as well as
through good report; and in thc midst of
thc greatest misfortunes^"sticketh closer
thay a bi-otlu-r."'
A.tur the delegations from the Southern
States ?hall have been received into Con?
gress, many do!ieat?*and hupoitant duties
will devolve upon them, especially in refer?
ence to the freedmen of tba South, and the
control which Congress, or a party in Con?
gress, may desi:-* >tir t.i ri'Iso over
them. It may not be improper, in this
connection, to say that, whilst I have ap?
proved the course of the State in seeking
to restore her obi relations with the Govern?
ment of thc United States, it has been upon
the faith and expectation that the State, as
soon ai reconstructed, is to lun e entire
<- )e.h-ol of the whole subject o? her domes?
tic affairs. The State, and the State alone,
must bo left to decide to whim she will
give the right of suffrage or omer political
rights. A new code n&ir mus? b? enacted
to ] rotect and govern the popdation lately
made frc-,'-to prevent idleness, vagrancy.
: pauperism saud erimo. lani soi prophet
? enough t.> foresee whether we ran succeed,
but i solemnly believe it will !>? impossible
to live in tho country at all unies the State
? has e\e!usive""contv.>l of the wlolc subject.
I have lope that thiswillbc permitted,and
i t hink it is ia accordance wth our inte?
rests and true policy t > su:;:".ii thc Presi
dent and thc democratic pa'ty in their
efforts to restore tho states r thru' posi?
tion of ?equality and to giro $unu conni
rights in the Government.
With these views, if the voters of the
District think that I can serve them or the
Stat-.- in this critical emergencj, 1 will do
my best for them; but 1 have JO high a
sense of my own incompetency iud of thc
.diHiculties and responsibilities i the posi?
tion, to solicit it br a personal Mnvass.
SAMUEL MiGOWAN.
Ai..-'.::vit.:.r. C. ii., Sept. 27, 1H5.
I> ASKETS CHAMPAGNE Heidsiek.
A hue lot of MISSES' SHOES.
Ali as sortment of TOYS, CANDIES, Ac. At
T\ irv n >iJ f v -i , ; rv i,. 'I SA -J
Oct 1 2 One door North of Market.
Security Insurance Company of
New York.
KISKS taken at reasonable rates bv
EUTSON LEE * CO., Agents,
Sept 21 J6 Assembly street.
Court of Common Meas and General
Sessions, Richland District.
COLUMBIA, s. C.-, SEPTHMBKR 2'.?, is<;:,.
nnHE Jurors summoned forOctober Tenn
I aro excused from attendance.
By ..riler: 1>. B. MILLEU.
Sept .ll) C Clerk of Court.
Railroad Iron, Mill Iron, F?ncing
TITHE Petersburg Iron Works aro pre
JL pared to furnish every description of
thc above named at Northern prices. Or?
ders ?itt with W. A. HARRIS, Agent, or
JACOB LEVIN, Auctioneer and Commis?
sion Agent, will meet with prompt atten?
tion. Sept 9 ila
THE undersigned, having just complot?e
COMMISSION SALES-ROOMS, situah
adjoining the ('our House, is prepared
Having seemed the services of Mr. C. F.
?.>r Jii- ^ualificationf" n this line of busbies
faction in all transar entrusted to his (
As soon as the nee? ?ary arrangements c
tem of REGULAS W, EELY SALES, which
sons desirous of disp; ing of MEECHAND
usic! Music!
1 AAA CH< >I; r- ^TEW and POPULAR
AA/V/V./ PIECES for thc Piano, com?
prising Songs, Waltzes, Polkas, Schot?
tisches, Quicksteps. Marches, Ac.
INSTRUCT!. !N 1 ?OOXS fi >r Piano, G nitar,
Melode?n, Elute, Organ. Violin, Ac.
We are abundantly prepared tt> wholesale
to teachers, merchants und others. C;?-sh
orilers will receive prompt attention. Cata?
logues ?timis!.ed on application. Address
T< ) \V S S ! : N D'& Nt HIT i 1.
Si pt '?'_".ouksellcr*.
FROM ray st?hle, on Wcdnesdav
Zr^-l night, thc 27th September, a small
X3.SAY MARE, ?ri rair order: had hal?
ter on; just broke ti? ride; four M ats old;
handsome; trots rough. I !\opo some kind
friend will take her np, and take the thief.
1 will pav we'll for trouble, ?Vc. .
Cedar Creek. Richland District, S. C.
SCS" Winnsboro News publish thr ee times
int*, semi bili to this office Sept :>ii
FROM my premises, t>n the i'd
nstnnt, a medium-sized Dav Mure
_MULE, blind it. right eye and both
tore neufs split. She was taken by a black
man namSd Jerry, formerly n slave of Mr.
John"Beard, of this place, -?is right arm
is artificial, and he wears u glov? eu the
hand. 1 suppose him to be about Charles-"
Lon. S. C., or Augusta, Ga. i will give
a reward '?d FIFTY DOLLARS for his
arrest and delivery to proper antuonty, and
a liberal reward ?'wr the recovery o? the
Hi??o. S. ?SLOAN,
Sept 22 10* Columbia, s. c.
Fifty Dollars Reward. -
STOLEN from me a line BAY
HOUSE, supposed to h.- between
14 r.nd I") hands' high, large dish
face, star in thc forehead, left eyc
I lash torn off, which keeps his eye-ball fret
. ted and has caused a sp<:t in the eye-yet
? his sight is good; one hiiuVfool ?vhite, a
' small wind-gall on his withers, a large
, neck, thin body, very dark mane and tad.
j Any person knowing oT such a horse vnll
i please address mc at Chick Springs, Grccn
i ville District, an I I will sen?! for the hors.
and send thu reward,
j Scpt27S* HARRINGTON HAWKINS.
j J. M. BlaKely and G. ?. Copeland
HAVE this day entered into copartner?
ship, for the purpose of transacting a
I general COMMISSION BUSINESS, under
I the style and name of BLAKELY A COPE
i LANI). Thev will give their best attention
to the sah- and purchase of COTTON, as
! well as other things- consigned tb their
caye. Thev have ample store*room and
i will take charge of cotton, and sell hera,
I Charleston ;>r New York, as may be desired.
'Store and office on Main street, comer of
' Bonndarv, near Cotton Town. Columbia, S.
I 9SB " Charleston < oMrweopy six limes and
forward bill to this office. Sept 21
CONSTANTLY on hand, and at the-LOW
.' EST MARKET PRICES, ; tine and
varied assortment of
Bes ; ] it ) URI 'ON WHISKEY bv the barro!,'
gallon or bv bottle.
"Assembly street, opposite Cathedral.
Sept ll ' Imo
Ly is???? & W?m,
?Auction and Commis'n Merchant?
HATING built a large Store-house in tho
, most central part of the city and.con?
venient to the different Railroads and
Hotels, solicit consignments of COUNTRY
PRODUCE and MERCHANDIZE generally.
We promise faithful and prompt attention
to all who may favor us with their ship?
ments for sair, forwarding or storing.
Hen. T. C. PERRIN, Abbeville, S. C.
H. T. PEAKE, Ksq.. Charleston, S. C. *
RUFUS M. JOHNSTON, Esq., Cohunbi?:
Gor. 15. F. PERRY, Greenville, S. c.
aar Abbeville Tiuuetin, Greenville Enter?
prise, Newberry Herohtl, Winnsboro Netas
and Anderson itdeUigencercopyancc a wet k
for three months. Sept 23 stu.'ir.io
?Kit BUSK!
I his large and commodious AUCTION AND
.>d above bia NEW STOKE, on Hain street,
to sell all kinds of MERCHANDIZE, REAL
LES, etc., etc., either at AUCTION or PRI
HARRISON, so long and favorably know:;
8, he thinks lie caji guarantee perfect satis
an be made, he designs inaugurating a svs
wffl present RAKE FACILITIES to all -p?i
IZE, etc., at auction. Oct 1
New Store
THE subscriber:* hawe just received, di?
rect fro.il New York, a full supplv of
Ladies' and Geht's FALL and WINTER
GOODS, of all kinds, suchas CALICOES,
DELAINES, MERINOES, FLANNEL. Bal?
moral Skirts. Ladies" Cloaks, Long cloth,
I Linen, Handkerchiefs ?nd Fancy Dres*
Goods, Ac.
. GENT'S WEAR -Clothing, Hats, Caps,
! Boots, Shoes, Under-shirts, Ac.
A good assortment of CROCKERY and
j GLASS-WARE. .
I Citizens and persons generally wonldM*
; well to give us a call before purchasing
I elsewhere.
Sept K5 lue. p. LYONS A CO.,
I Corner Asst-mblT and Wnnhiagtoa st?.
: ib Sx SLI?E,
: At kif Nev Store, WasJiington Street, just
Opposite tit? O'd Joil.
IV'' '''' l'0(,!)S' ( ^oreH auu Mourning,
Plain, PUidSand Striped ALPACAS.
; LUSTllF.S and DELAINES.
Also, CALICOES. -TWEEDS.-Ac.
BROADCLOTHS amPVASSlMEUES.
CRASH, for Towehmg.
LINEN SETTS, with ar.d without Lace,
and with Mourning Edges.
Black Silk and Colored Silk Cravats.J .
Elastic Garters, Men's Buck Gloves.
Ladies' Gauntlets and Gloves.
Embroidered Handkerchiefs.
Linen Cambric Handkerchiefs, for Eadie?
and Gentlemen.
Fancy Heir Not*, for Waterfalls, and
plain Silk Nets.
Hair Brushes and Combs.
(?cut's Lim-;: Collars. Se nt Papers.
Irish Line--., ..f all qualities.
Longcloths, Ladies Undcrvests.
Kubher. Coafcand Yest Buttons.
, Gent's Half Hose, of exceRent quality.
alon's fins Felt Hats, black and colored.
Colored Woolen Shirts and Drawers.
Corsets, China Dolls i-f all size*.
Hoop skins. Perfumery.
Castile Soe.", Suspenders.
I Head Handkerchiefs,
i. Fancy i/r'-ss Buttons.
; Belts*of every variety. Belting Ribboa
: Scissors, Tooth and Nail Brushes, A?.
White and Brown SUGAR.
Green and Black TEA. COFFEE.'
Starch, Soap, Candles.
Molasses, Brooms, Ib-n-in^s.
Sardines, Matches, Blacking.
' Ruta Baga Turnip Seed, Ac._Sept 20
SPECK & POt?CK,
General Commission Merchants.
}>b'.in street, 2d door from. Assembly.
WTI' respectfully solicit a share of the
T? Ipubhc patronage. All business en?
trusted to us will receive'prompt and per?
sonal attention. We have now in store aa
assortment of DRY GOODS, CLOTHING,
PERFUMES, kc Also, Groceries, Provi?
sions, such as Sugar, Coffee, Tea. New Or?
leans Molasses. Cheese. Crackers, Brandies,
Vines ami Liquors, Sogars, Ac.. Ac, all of
which wa oller either at wnolesale orrota-'b
Sept 7
Mounce & Calhoun,
CORNER Gervais ami Gates streets,
(near S. C. and G. A C. R. h. D?p?ts.)
Columbia, S. C.. receive and forward all
duds of Merchandize, Tobacco, Cotton and
ill Produce, dr store Hie same. Parties
.onsigning to us will lind their freight
ihipped with despatch from Orangeburg,
Uston, Winnsboro or other points, by wa?
gra, during the breakage- on said roads.
Ye keel) two two horse wagons for city
Rr.KKnr.NCEs.-J. G. Gibbes, Edwin J.
icott, Columbia; Johnston, Crews A Co.,
Charleston; Linton & Dowty, Augusta, Ga.;
Vm. Tavlor ? Co.. Montgomery, Ala.: Cox,
Iraynard A Co., Mobile, Ala"; W. A. J.
finney. Danville, Va.; Robert Lumpkin,
Uchmond, Vj-. Sept 14 Imo*
xml | txt


text:
Is the U.S. stock market expensive? To answer the question, we need to get precise about what we mean by "expensive." Expensive relative to what? When valuation bears say that the stock market is expensive, they usually mean "expensive relative to the past." They take charts of normalized valuation metrics–Shiller CAPE, Price to Sales, Price to Book, Market Cap to GDP, Q-Ratio, and so on–and point out that the current value is higher than the average value.
OK, but so what? Most of us already agree that the stock market is expensive–again, relative to the past. If the choice were between investing in the 2014 market, and investing in the "average" market of the pre-1995 period, I doubt that very many informed investors would choose 2014. The typical market before the tech-bubble was priced to offer very attractive returns, with a median P/E of around 13 times trailing earnings. The current market, at around 17 times trailing earnings, is priced much more richly. But this doesn't mean that the current market is priced incorrectly. It doesn't mean that a mistake is being made, and that you should therefore hunker down in cash and wait for the situation to get "corrected." There's an excellent chance that nothing is going to get corrected, that you're going to wait in vain forever, because nothing is wrong.
Yes, the market is expensive relative to the past, but why shouldn't it be? If markets are efficient, then equities cannot remain priced for historically attractive returns while all other asset classes are priced for historically unattractive returns. In such a scenario, every rational investor will choose to hold equities. But, as a rule, someone must always be found to hold the other stuff–including the cash. Equity prices will therefore get pushed up and implied returns pulled down. The market will seek out a new equilibrium in which relative valuations are more congruent with each other, and where it is easier to find a willing holder of every asset.
Right now, cash and bonds are offering historically unattractive returns. That condition is unlikely to change any time soon. Granted, as the economy picks up steam over the next few years, the Fed will tighten. But it's unlikely that the Fed will tighten by very much. Maybe by a couple hundred basis points, but nothing that would provide an independently attractive return to savers.
The U.S. economy is a mature, aging economy with very little population growth. Relative to the past, it has a much smaller "future" to build for, and much less in the way of new, genuinely innovative things that it can build. For this reason, the U.S. household and corporate sectors have little reason to invest and expand credit at the paces that characterized prior historical eras.
Over the next several years and decades, the Fed will likely find it difficult to ensure that adequate levels of investment and credit creation take place to match the desired level of savings in the economy. The only variable that it can adjust to achieve the required balance is the interest rate, and therefore the interest rate is almost certainly going to remain low relative to history. If you disagree, just look at what the market is saying: the 10 year treasury is at 2.65% for a reason.
The Last 20 Years
Stocks have been expensive relative to the past for pretty much the entirety of the last 20 years. The expensiveness coincides very neatly with the time when the low interest rate regime initially began. The biggest mistake that valuation bears have made is to interpret this expensiveness in moralistic terms, as some kind of "scandal." It's not a scandal. It's the expected outcome of a properly functioning market.
Some have suggested that the Federal Reserve is unfairly "punishing" savers by setting interest rates at a low level. But this is empty rhetoric. Savers do not have a right to get paid to sit on risk-free bank deposits. When the economy is overheating, the Fed may choose to create an interest rate environment that rewards them for sitting on bank deposits rather than spending and investing and making the overheat worse. But this reward is not a right, just like the reward of a low borrowing cost that the Fed sometimes affords to those that do choose to spend and invest, when economic conditions call for it, is not a right.
From 2003 to 2008, valuation bears typically focused on two themes: the first was the rising level of instability in the U.S. economy, expressed most vividly in the housing bubble, the second was the market's elevated valuation. They got the first theme right, but the second theme wrong. Unfortunately, they interpreted the 2008 plunge as confirmation that they were right on both themes. The experience has given them the misplaced confidence to stubbornly fight the tape, to continually bet on a repeat of 2008, even when there's been little reason to expect one.
Let's be honest. To the extent that you, the reader, are a valuation bear, you probably got the cyclical economic call right, and you deserve credit for it. But you got the valuation call wrong. That's why you avoided the crash, but were then unable to participate in much of the bull market that has subsequently ensued. If you had focused simply on the cycle itself, and ignored the "overvaluation" bit, you would have been much better off. Not just from 2009 to now, but from 1995 to now.
Anchoring and the Sunk Cost Fallacy
To return to the issue of interest rates, we can find periods in history–say, the 1910s or the 1940s–where cash and bonds yielded very little while stocks were cheap, priced for very high returns. But we're not living in the 1910s or the 1940s. There's no reason to use the cautiousness and irrationality that investors exhibited in those periods as a guide for what's likely to happen now, in the year 2014. We need to give markets some credit–they are capable of evolving, progressing, becoming more efficient over time. Over the last 100 years, they've evolved immensely. Easy arbitrage opportunities, whether across asset classes, or inside them, have become much fewer and farther between.
Over the last 10 years, cash has returned roughly 1.5% annually. Over the next 10 years, those on the sidelines will be lucky to see cash match that average return. Who is the person that is going to opt to hold cash at a long-term return of 1.5% if stocks are priced to return their historical average of 10%? Certainly not me. Certainly not you. Not even the valuation bears. But then who? In the year 2014, is there anyone historically misguided enough to think that hunkering down in cash in such an environment is the right answer? In 1917, or 1942, a sufficient number of those people may have existed, enough to create an arbitrage opportunity for the rest of the market. But very few exist now. And therefore investors should not expect, as a matter of course, to be offered the historical average, 10%, in exchange for taking equity risk. It's not a realistic expectation.
To use the market's valuation relative to the past as a criterion for investing is to fall prey to the behavioral bias of anchoring and the fallacy of sunk cost. Who cares if stocks offered a better return in the past than they currently offer? All that matters is what they are offering now, and what they are likely to offer in the future. We select from the options that are there, not from the options that used to be there, and especially not from the options that we think "should be" there in a moral sense.
I'm all for the idea of going into Europe, or Japan, or even cautiously into the mess of the Emerging Markets, to try to find better equity bargains than currently exist in the U.S. Likewise, I fully support efforts to try to identify and exploit the hidden forces that might eventually cause U.S. stocks to fall appreciably, so that they offer more attractive returns. But "valuation relative to the past" is not one of those forces.
Asset Supply: The Expensiveness is Not Only a Function of Implied Returns
An issue that often gets neglected, but that is crucial here, is the issue of asset supply. What is the total supply of cash in the market? What is the total supply of credit? What is the total supply of equity? The prices required to attract the needed holders of each asset class, and thereby move the market towards equilibrium, depend not only on the relative implied returns, but also on the relative amount of each asset class in existence–how much there is that needs to be held in investor portfolios.
To briefly review, the "supply" of equity is the total dollar "amount" of it in existence–the total shares outstanding times the market price. The relative supply of equity is the total dollar amount of it in existence relative to the total amount of cash and credit in existence. That relative amount matters because the three asset classes take up space in investor portfolios, and investors have preferences for how much space each should take up–what "percentage" of their overall portfolios each should represent. They seek out certain exposures. How much exposure they seek out is a function of all of the familiar variables that drive market outcomes: sentiment, confidence, mood, valuation, culture, demographics, past experience, reinforcement, social, environmental, and market feedback, and so on. If you flood the market with new cash and credit, and nothing else changes, equity prices will experience upward pressure, unrelated to any of these variables, because investors will attempt to allocate the new "wealth" in accordance with their allocation preferences. The amount of equity exposure they want isn't going to fall just because new cash and credit have been shoved into their portfolios for them to hold. Therefore, equity prices will get pushed up.
Right now, there's a very large amount of cash and credit in existence. It's been building up in the system for over 30 years. At currently high market prices, the relative supply of equity, and therefore the aggregate portfolio exposure to it, is roughly in line with normal levels, despite the large amount of cash and credit in existence. However, if you were to pull the market down substantially, so as to bring the implied return back to its historical average–say, 10%–the relative supply of equity would fall well below normal levels. But at an implied 10% return, the portfolio demand for equity exposure would be much higher than it is now–despite the much lower relative supply. The result would be a supply shortage that pushes equity prices right back up. For a related discussion of some of the allocative forces underneath the market's seemingly relentless upward pressure, I highly recommend Josh Brown's recent viral hit, The Relentless Bid, Explained.
Citing a number of different normalized valuation measures, John Hussman recently estimated that that the U.S. equity market is more than 100% overvalued, that it needs to fall by more than 50% just to offer normal historical returns. But even if John is right in this conclusion, it doesn't matter–the market isn't capable of sustaining a 50% fall in the current environment.
Sure, the market could fall by 50% in a temporary panic, unrelated to valuation, as it did in late 2008 and early 2009. But for it to drop by 50% in a long-term valuation re-rating, a move that actually sticks, investors would need to undergo a sea change in portfolio allocation preference. They would need to want their equity exposures reduced to the record lows of the early 1980s, a period when the competition–cash and bonds–was yielding double digits. Right now, the competition is yielding virtually nothing.
A scenario where stocks offer normal historical returns, where cash and bonds offer nothing and a few hundred basis points respectively, and where investors choose to keep their stock exposures at generational lows, not for a couple of quarters as they work through a panic, but for the long haul–for years, decades–is too unrealistic to even be worth discussing. Definitely not a scenario that anyone should be betting on.
Once we agree that the stock market is expensive, and that it should be expensive, the next step is to consider whether it's as expensive as these "normalized" valuation measures suggest it to be–whether it's at a clear extreme that cannot be justified by reference to the secular drop in interest rates and the favorable supply dynamics. I say that it is not–at least not yet. In the coming weeks, I intend to write more on some of the reasons why.

subset: commoncrawl


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Gary Patterson was named the top coach in the country in an ESPN The Magazine poll of 55 college coaches. Patterson, in his 11th year at TCU, was the choice of 23.1 percent of the voters (11 head coaches, 44 assistants). Alabama's Nick Saban received 19.4 percent of the vote.
"Obviously, I take it as a compliment to my group [of coaches] and for TCU and Fort Worth," Patterson said. "We're only as good as our last game, but I appreciate it."
Patterson is 98-28 since moving from defensive coordinator to head coach before a bowl game in Dec. 2000. The Frogs average final ranking of No. 5 the last three seasons leads the nation. TCU opens the 2011 season at Baylor at 7 p.m. Sept. 2.
-- Stefan Stevenson
For TCU football news and updates on Twitter follow @FollowtheFrogs


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You are here
Home > Office of the Secretary-General of ITU > Activities
On Friday 16 May 2014 ITU celebrated World Telecommunication and Information Society Day, marking 149 years since the establishment of the ITU on 17 May 1865.Under the theme 'Broadband for Sustainable Development', Secretary-General Hamadoun Touré recognized the role of ICTs in advocating a post-2015 sustainable development agenda through their ability to deploy smart solutions to achieve economic growth, social inclusion and environmental balance. "Broadband connectivity is a critical element today in ensuring that ICTs are used as effective delivery vehicles for health, education, governance, trade and commerce, in order to achieve sustainable socio-economic growth," said Dr Touré.UN Secretary General Ban Ki-moon echoed this sentiment in a message to attendees, saying, "ICTs are powerhouses of the global economy, offering solutions for sustainable economic growth and shared prosperity."During the event, Dr Touré presented the World Telecommunication and Information Society Award to Paul Kagame, President of Rwanda, Park Guen-hye, President of the Republic of Korea (represented by Choi Mun-Kee, Korea's Minister of Science, ICT and Future Planning), and Carlos Slim, President of the Carlos Slim Foundation. The distinguished laureates were recognized for their commitment in promoting the role of ICTs in the global economy and efforts in highlighting broadband connectivity as a means to achieving sustainable development
ITU Secretary-General Hamadoun I. Touré
speaking at WTISD 2014.
ITU elected officials and World Telecommunication and Information Society Award recipients at the WTISD 2014 awards ceremony.
(L-R) Brahima Sanou, Director, ITU Telecommunication Development Bureau; Houlin Zhao, ITU Deputy Secretary-General; Carlos Slim, President, Carlos Slim Foundation and Chairman, Grupo Carso; Paul Kagame, President of Rwanda; Hamadoun I. Touré, ITU Secretary-General; Choi
Mun-Kee, Minister of Science, ICT and Future Planning, Republic of Korea; Malcolm Johnson, Director, ITU Telecommunication Standardization Bureau; François Rancy, Director, ITU Radiocommunication Bureau.
© ITU All Rights Reserved


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Accessories, accessories, accessories! As much as I love accessories, I think that I don't have enough. Well, recently a jewelry and accessories company called Pretty Girl Glam sent me some accessories – earrings to be exact! I first learned of Pretty Girl Glam through my friend Trina (The Baby Shopaholic) at Blogalicious 11. When I saw the earrings she was wearing the first day of the conference I had to know where she got them and she told me about Pretty Girl Glam. I visited their site and saw many more pieces that I really liked. And you know what was even better than the jewelry? The prices. Their pieces are so affordable! If you don't want to spend a lot on trendy pieces, this is a great site to do your accessories shopping. Check out this vlog on the pieces that I received courtesy of Pretty Girl Glam (the 3 pieces above are all pieces currently on the site that are on my wish list):
The name of the boutique in Florence, Alabama where my sister bought the ring is Jewell's Accessories Boutique.
*The earrings in the video were provided to me by Pretty Girl Glam, but as always, the opinions are my own.


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Sleaford Town Boys Under-13s 6
Nettleham Under-13s 2
TOWN Under-13s opened their second game of the season with another very positive start, working the ball well and pressing hard with testing through balls by David Walkington and Roland Nye.
Although Nettleham's defence cancelled out attacks by Ethan Wright and Owen Park, Kieran McGuire opened up the scoring after 12 minutes from a fine cross from Nye.
On the counter, Nettleham also pressed hard and they found a way through to level the score just minutes before half time.
During the second half, James Hebden and Dan Gee stood firm in Sleaford's defence and Jack Broughton and Wright worked hard to hold the ball in midfield.
Harry Dean, moving from central defence to a centre forward position, combined well with Park and both players showed strong determination, maintaining the pressure on the Nettleham defence.
Dean repeatedly broke through and he went on to score the season's first hat-trick.
Nettleham again found a gap in Sleaford's defence to pull one back, but further goals from Walkington and James Whitaker, the latter a sublime lob from 25 yards out, secured the game.
Town's man of the match: Lewis Brockington, who made a number of key saves to keep Sleaford ahead.
Sleaford Town U13: Lewis Brockington, Elliot Hoy, Daniel Monteiro, James Whitaker, Harry Dean, Owen Park, David Walkington, Zac Willmont, Roland Nye, Ethan Wright (capt), Kieran McGuire. Subs (all used): James Hebden, Daniel Gee, Jack Broughton.


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More than a Bible you listen to, the King James Version Audio Bible is an experience that helps you enter into God's Word... so God's Word can enter into you.The book of Exodus from the poetic, classic King James Version of the Bible has been digitally produced to bring the Bible's stories to life. Performed by Broadway, television, and film actor and director John Rubinstein, this vivid recording will help you hear God's word again... for the first time.
Public Domain (P)2011 Zondervan
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"Great Listening!"
This audible bible on the book of Exodus was just what I needed. It was was a great read. Having a vision impairment makes this format so accommodating. Thanks.
Moses and all the history in this book makes one appreciate the "sum of it's parts."
Always, it gives one the hope that even when one faces great adversity "God" is still in control!!! Pharaoh and his hard heart toward God, Moses and the children of Israel.
I actually listen at different intervals and on different days.
Report Inappropriate Content
If you find this review inappropriate and think it should be removed from our site, let us know. This report will be reviewed by Audible and we will take appropriate action.


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Chuckman Reviews (ZX Spectrum)
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100 point score based on reviews from various critics.
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Our Users Say
Critic ReviewsMobyRanks are listed below. You can read here for more information about MobyRank.
Sinclair User (Jun, 1984)
Instructions to games which appear on-screen should be clear and uncluttered, especially if they are there to act as some inducement to play. In Chuckman from Add-on for the 48K Spectrum they are guaranteed to give you a headache if you look at them for too long, as the densely-worded page is backed by a multi-coloured checkerboard which flashes and changes about twice a second.
Crash! (May, 1984)
This is supposed to be based on the arcade game with a few differences, but I think they've forgotten the arcade game and developed an entirely new one. The map facility is very good showing you about six times what you see when actually playing. The task is quite formidable, monitoring energy levels and avoiding pitfalls and boots. The scrolling action of the maze works very smoothly, and Chuckman is animated very well. There is no sound while playing, only when killed, something which may appeal to parents. A game that can be recommended.


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My website has been re-pointed to WordPress using nameservers and this has affected the email from the original host site. I am no longer receiving emails to my Google account.
Does anyone know if WordPress can/will/is able to restore my email address using IP addresses? If not, how can I go about fixing this problem? Thank you.
The blog I need help with is proofedbylinds.co.uk.


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2017 Marks the 20th year of my business, Foma Publishing. It's been a long and winding journey, with extreme ups and downs, joys and woes. And I wouldn't trade the experience for anything in the world. It's my journey. The good, the bad and the ugly.
Recently I find myself, through study and effort of self-improvement, reflecting deeply on these past 20 years as a business owner. In search of the next foothold in my advancement, I have joined an elite group of entrepreneurs being led by a mastermind marketer in his "inner circle".
As a result I've been flooding my mind with information both on the subject of business and personal development. (After 20 years I can confidently say they clearly go hand in hand.)
It's my intention to start sharing my business journey more here on my blog. My hope is that it might inspire and encourage others to start a business or make the effort to advance an existing one.
You might be wondering about that sub-title "Life's Battlefield Is In The Mind" and I'll get to that in a minute. But first I want to quickly talk about what got me here. It has to do with thought and focus…
If you haven't seen my post about the "101 Reasons To Blog" that I recently shared, I highly suggest you give it a quick read and consider securing your personal name as a website domain, (i.e. KeithNickel.com), and start blogging. Even if you do it privately. (Yes, you can publish a private blog that only you and anyone you give permission can see.)
There's a reason everyone is blogging or talking about it these days. But it's not exactly what you might think. The "101 reasons" list is a compilation of what people from around the world are saying. And honesty, it's all true! Of course it's going to be different things for different people but the overall takeaway here is that it will help you organize your thoughts and ideas, which in result will help you in whatever it is you are doing. Welcome to the 21st century, It's the journal 2.1!
The purpose of keeping a journal is for yourself. It's not about being a great writer, or even sharing publicly necessarily. It's more for the self-reflection and discipline of thoughts and ideas. However, I've found that there is something about the organization of a blog through category, tags and timeline, that helps accelerate the cathartic experience keeping a journal creates. It seems somehow making it public also speeds this benefit along.
I don't think it should take place of pen and paper by any means. I highly recommend keeping a good old-fashioned diary as well. I've read and seen more than one great thinker suggest that we should do all our creative thinking with pen and paper to avoid distraction and laziness. I think one of them was the professor of computer science at MIT. (I don't remember exactly.) In fact this post and the idea to share more of my entrepreneurial journey here on my blog, actually started in my journal book.
OK, so what's with the weird subtitle? "Life's Battlefield Is In The Mind"
Think about this:
1. Your mind creates your thoughts
2. Your thoughts govern your beliefs
3. Your beliefs guide your actions
4. Your actions create your life
What are you doing to guard the gateway of your mind? I'd love to hear your comments below!
Keith Nickel
P.S. if you are interested in getting started with your own blog and would like a 2 year jumpstart avoiding all the technical overwhelm involved in doing it the right way, let me know and I'll hook you up with a huge discount on our "Online Publishing Suite".


text: Unlike most set of soldiers' letters, the Charles Merriman papers do not consist of personal correspondence, but rather of military forms and letters dating principally from Merriman's captaincy of Co. F, 1st U.S. Sharpshooters. The collection is valuable for gaining an appreciation of the paperwork required of a unit in the field, and of the close accounting practices required of officers to track military property and stores issued to their care. The last item in the collection, chronologically (folder 7), is dated at Merriman's home in New Hampshire, suggesting that nearly three months after mustering out, Merriman was still filing reports and forms to help the government track down some missing tents.


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London event sponsored by Lloyd's List
Evergreen Group Chairman Dr. Y. F. Chang received the 2006 Lifetime Achievement Award from Lloyd's List on February 23 in recognition of his many accomplishments in world transportation and trade. The honor particularly highlighted his rise from Third Officer on a small cargo vessel to become head of one of the world's leading container shipping and international transportation corporations.
Lloyd's List Editor Julian Bray presented the award at a banquet held at the opulent 17th century Banqueting House in Whitehall. Dr. Chang, who traveled to London from Taiwan for the event, said:
"For me, this award has one strong message, that is, dream and dare, coupled with integrity, respect for others and a commitment to doing the best possible job. These are qualities and attributes that have guided me throughout my career."
He added, "In the course of my professional life, failure has never been an option. For all of those now starting on their own careers, especially those who are choosing a life at sea as a starting point, I wish you a full and successful life.'
The award noted that Mr. Chang "by hard work and a great deal of innovative thinking and enterprise, has created a huge fleet that is characterized by high standards of maintenance and excellent crew facilities. He is still a seafarer at heart."
Evergreen started with just one secondhand tweendecker in 1968 and only took delivery of its first newly built ship in 1972. Worldwide containership service commenced in 1975 with a standard of newly built and specially designed vessels for each new trade route entered by the carrier. In 1984, Evergreen launched Round-the-World service with 24 new ships sailing eastbound and westbound around the globe linking Asia, North America and Europe.
"More than I would like to admit, putting myself on the shipping map has been no simple task, said Chang. "As I reflect on the thrills and spills of my life's odyssey, weathering countless storms, going against all odds, I take heart that I have emerged battered but unbowed."
Under Dr. Chang's leadership, Evergreen has taken ownership of Italy's Lloyd Triestino, soon to be Italia Marittima, and established just four years ago UK-flag Hatsu Marine Ltd. The company has also diversified into non-maritime sectors, most notably establishing EVA Airways, an international airline that places equal emphasis on passengers and cargo and is now ranked among the top ten air cargo carriers. The group operates more than 150 sea-going ships in myriad world trade routes.


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Wigan Athletic - Super Catt the Skipper
Wigan Athletic stand in skipper Lee Cattermole understands the importance of the unbeaten run Latics are now on though he feels the lads need to start winning games as well as drawing.
Fantastic display yesterday from stand in skipper Lee Cattermole
Yesterdays match at Newcastle saw Catt captain the Latics with both Melchiot and Heskey being out injured and a captains performance he produced maintaining his defensive duties once Boyce had been sent off and battling to ensure that a result was achieved, he told the official site:
'In the league we're unbeaten in three games and that's a good achievement, but we need to start making three points.
'If Camara's chance goes in then it's game over and three points in the bag. But it wasn't to be.
'I thought in the first-half we started really well. We started getting a couple of injuries and ending up being on the back foot towards the end of the half.
'But we came out in the second-half and started well pressing on again. The sending off changed the game and made it hard for us, but we battled on and in the end got a good result.'
On Boyce`s sending off Cattermole was being very diplomatic saying that he explained to referee Andy Marriner that Boyce had got the ball, he continued:
'From my view I clearly saw him get the ball. We explained to the referee but he had already sent him off and couldn't do anything about it. You've just got to take it on the chin and get on with it.'
With Latics falling behind with just five minutes to go Cattermole could have been forgiven for thinking his first stint as Latics skipper was going to end in defeat but up stepped former Newcastle player Titus Bramble to silence the boos from the home crowd and make Cattermole a very happy man, he said:
'It was nice for Titus to score against his old club. He was getting jeered a few times during the game so it was good for him to get the final laugh at the end.'
Captain Catt, nice one
Vital Latics - Bringing you the stories
It's easy to join us at Vital Latics to register , simply click the link and enjoy getting involved


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Painted and Parcel-Gilt Italian Mirror
More questions? Get in touch
Mirror, having a rectangular spotted mirror plate, surrounded by distressed painted and parcel gilt frame, of pierced scrollwork.
WIDTH: 41½ in | HEIGHT: 69 in | DEPTH: 2 in
Shipping Estimate: $400 | White glove
Domestic shipping within the 48 continental states is quoted on each item via FedEx or White Glove delivery.
International shipping can be arranged upon request.
Delivery times will vary depending on the locations of origin and delivery, packing requirements, and the method of shipping used.
Once your order is processed, you will be notified of shipping status and given an estimated time of delivery.
We accept payment by Visa, Mastercard, American Express, and Discover through our secure portal. We also accept payment via check, money order, or wire transfer. All payment options are available at checkout.
CONDITION: Minor wear consistent with age and use.


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Bookstores Are So Punk Rock
Independent bookstores are so punk rock. They're anti-establishment. They're full of misfits. And people keep pinning them with the Sex Pistols' slogan, "No Future.
In Praise of Library Workers
These are portraits of just a couple of the people who make the San Francisco Public Library the exceptional place that it is.


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GRAND RAPIDS, Mich. (WOOD) — A same-sex couple is suing Michigan and Kent County, saying their New York marriage should be recognized.
Bruce Morgan and Brian Merucci got married in New York in 2013. They live in Kent County and want their home listed in both their names as a couple.
But according to their suit, when they went to the Kent County Clerk's Office, they were denied because Michigan does not recognize same-sex marriages.
In March, a federal court judge found Michigan's 2004 constitutional amendment banning same-sex marriage was unconstitutional, allowing weddings for same-sex marriages in Michigan. But after about 300 were performed, the 6th Circuit Court of Appeals issued a stay on the judge's ruling.
The state won't recognize those marriages until the matter works its way through the appeals process and is settled for good. That case hasn't yet been resolved, but no matter the outcome, it would not apply to marriage licenses issued in other states.
Merucci and Morgan's suit, filed Wednesday, says the couple has been together for seven years and lived together since 2011.
Morgan has an inoperable brain cancer. According to the suit, the pair wants to make sure that they have the same spousal rights as any opposite-sex couple during Morgan's treatment, and in case he doesn't survive. They also want to make sure their joint property is protected.


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1840 Farm is proud to offer our family's handmade items for sale in our Etsy shop. We invite you to stop by for a visit and welcome a little of 1840 Farm into your life.
You can visit The 1840 Farm Mercantile Shop on Etsy and view our complete collection of products.


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Yes I do believe
In life after this
If what I have been taught
Of heaven and hell is true
Then my whole life
Is in vain
If I must suffer
In hell
For wrongs committed here
If it is I who's hurt
Who pays for my every mistake
Do I not have claim
To this soul I house
And if it is so;
And I do all that's needed
To enter the pearly gates
Can I choose to not stay?
If I live "right"
And by the book
Can I in the end
Choose extinction
And not eternal life?
Or is there a spell to kill a soul?


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Roses bloom on flying trip to Mallow
ON last Saturday afternoon I was surrounded by beautiful roses.
No, I was not in my neighbour's colourful garden but down town at Mulls Bar to greet the Cork Rose entrants along, with 2014 Cork Rose Anna Geary, who stopped off in Mallow during a mystery tour throughout the Rebel County raising money and awareness for 'Friends Of A' charity.
The Roses were accompanied by escorts for their short stay in Mallow.
Chief organiser of the event Bernadette Moloney thanked all those who came and supported the efforts of the roses.
Friends Of A's aim is to raise money to fund ongoing research into cranial aneurysm research in memory of the 2010 Texas Rose of Tralee, the late Adrienne Hussey.
Friends of A work closely with the CABER team at the University of Limerick who have extensine history in aneurysm research, and in diagnostic rupture behaviour involving the use of both solid and fluid mechanics tools, and has been involved in recent international studies of blood flow behaviour in cranial aneurysms.
Later on the mystery tour, in Geary's Bar in Charleville, ten balloons were released in memory of Adrienne Hussey.
At present Cork Rose entrants and their escorts are training for the Rose of Tralee 10km run for various charities. The Mystery Tour began in Cork City and ended in Charleville, where Eric Griffin acted as host for a special evening.
For more information on the Friends of A charity, log on to http://www.friendsofa.ie.


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About Me
This page gives me an opportunity to formally introduce myself to you. I'm Reid Tillery, your host here at Key-Largo-Sunsets.com.
My Goals for This Web Site
I want to showcase Key Largo in such a way that you can get the information you need to better enjoy your time here, whether you're a visitor or a resident.
To do that, I'm determined to explore every little backwater on this island, snorkel every reef, and investigate all sorts of other things such as hotels and restaurants that you'll need to know about in Key Largo.
Since I live in north Florida, and not in Key Largo, I'm not a conch or what you'd call a Key Largo insider. But sometimes, I've learned, it takes an outsider seeing things with fresh eyes to showcase any particular place and the people who live there.
Key-Largo-Sunsets.com is a work in progress. It's not complete now, and I don't know if I'll ever consider it complete. As I learn new things about this island, I'll share them with you. That process, I suppose, could go on for as long as I do.
Why I Do This
Of course, web advertising revenues also play a part, so money does factor into the mix. But the key thing is I love what I'm doing here. And the way I see it, if you pay your way by doing something honest and decent, and it's what you love...well, that's the ultimate in financial success.
Few things are more rewarding and challenging to me than investigating an interesting topic, finding out everything I can about it, then reporting those findings to others who may also be interested in it. When I'm not doing that, I'm usually thinking about doing it.
As a writer, I wanted a project I could really get into. The idea of writing a web site about Key Largo came to me when I realized that in so doing I could spend time researching and writing about many things I've enjoyed over the years--clear-blue ocean waters, SCUBA diving, snorkeling, fishing, eating in good restaurants, and staying in nice hotels.
What's more, the project would demand that I spend a good bit of time in Key Largo, swimming in its waters, watching its sunsets, feeling its balmy breezes, and getting attuned to its island rhythm.
"It's a tough job," I thought to myself, "but somebody has to do it." :-) So, in September of 2010, Key-Largo-Sunsets.com went from an idea to a reality.
Accompanying me on periodic jaunts to Key Largo is my wife, Sue. We've been together a long time. In fact, we first met in 1970 while students at The Florida State University. Sue was here on a student visa, newly off the boat, having been born in England and reared in the wilds of Africa. She reminded me in some ways of Joy Adamson's character in the movie "Born Free." Her soft, gentle ways and her English accent stole my heart away, and a year or so later she honored me with her hand in marriage. Since that time, we've trekked to many places together. Now she joins me on trips to Key Largo, so you'll see her picture here and there throughout this site.
My Background of Experience
During those growing-up years, I came to love those things about Florida. But I didn't know just how much I loved them until I no longer had them. An extended absence from my home state--while living in Wyoming and Georgia--made me appreciate this old limestone peninsula even more upon my return.
While I was still in high-school, the clear Gulf-stream waters of the Palm Beaches made me want to learn SCUBA diving. So, at age 16, right after I got my driver's license, I got my first SCUBA certification--from the West Palm Beach YMCA. Since then, I've dived years on and years off, taking a re-cert course here and there as new equipment came along (buoyancy compensators, octopuses, dive computers, and so forth) and I felt the need to keep up.
Sand In Your Shoes
Here's hoping, welcomed web-site visitor, you come to Key Largo and end up with shoes slap full of sand.Reid Tillery, November 2010
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Cox College RN programs
Think about what career is best suited for you, and where you want to study. Request more information now.
Think about what career is best suited for you, and where you want to study. Request more information now.
Think about what career is best suited for you, and where you want to study. Request more information now.
Get info about Cox College RN programs, and registering for elective seminars and lectures. Which college degrees give you the best chances of finding employment after graduation? You can enter nursing with either an associates degree or BSN. As a licensed vocational nurse (LVN), you may provide patient care under the supervision of a registered nurse (RN). Concentrating on Cox College RN programs, for example, you may gain an advantage in job recruiting on-campus. Check with the RN department for course registration deadlines, and registered nurse program requirements. Please use the form above to request admissions info for Cox College.
To become a Registered Nurse(RN), you will be required to take courses in medical terminology, patient care and life sciences. Although associate degree programs provide students with adequate nursing training, a bachelor's degree provides greater clinical exposure and a stronger general education. A 4-year BSN program allows students to study specialized areas of nursing, including pediatrics, geriatrics and mental health nursing. An RN has to cope with more responsibility, and must oversee the work of LPNs and CNAs under their supervision. If you wish to continue advancement, a masters degree and several years of experience as a nurse, may qualify you for the Nurse Practitioner (NP) credential. Nursing job openings are projected to grow 16 percent over the coming decade, much faster than the average for all occupations. The average salary for nurses with an Associates degree was $43,700 in 2017, while nurses with a Bachelors degree earned $67,490 per year.
Certification requirements include board certification by the American Nurses Credentialing Center (ANCC) and the American Academy of Nurse Practitioners (AANP). The license period varies by individual state, but is usually valid for either two or three years, at which time you'll need to renew. Registered nurses (RNs) are not required to be certified in a particular specialty by state law. For example, it isn't necessary to be a Certified Medical-Surgical Registered Nurse (CMSRN) to work on a hospital Medical-Surgical (MedSurg) floor, and most MedSurg nurses are not CMSRNs. To keep your license current, you must take continuing education courses, and renew your license every few years. There are a fixed number of credits that each state requires, and if you work in a hospital facility, these courses may be offered on-site. Beyond major requirements within the RN department, you may consider Elizabeth City State University biology dept as a complementary elective to your primary course of study.
Intensive Care Unit Travel Nurse (RN) (ICU)
Tailored Healthcare Staffing
Graduate from an accredited school of Nursing, BSN preferred. We are one of the nation's fastest-growing travel nursing agencies, for good reason.
5 hours ago RN-LPN- Durand
Accurate Home Care
The RN/LPN will perform a variety of direct nursing services to care for and help their patients maintain the highest level of performance and independence..
4 hours ago RN - Pediatric ICU (12HR)
John Muir Health
Graduate of an approved nursing program. Current license to practice nursing in the state of California. RN - Pediatric ICU (12HR)..
1 hour ago Registered Nurse / Licensed Vocational Nurse
Epic Health Services Inc.
Provide skilled nursing care to pediatric patients in a home setting. LPN/LVN or RN home health or private duty nursing preferred..
7 hours ago Certified Nursing Assistant
Senior Helpers of Northwest Ohio
Senior Helpers of Northwest Ohio is currently seeking certified caregivers to join our excellent care giving team. We offer flexible schedules, competitive..
14 hours ago Telemetry Travel Nurse (RN) (TELE)
Tailored Healthcare Staffing
Graduate from an accredited school of Nursing, BSN preferred. We are one of the nation's fastest-growing travel nursing agencies, for good reason.
5 hours ago


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Greece: Repression of the People by the Government
Photography by Elias Theodoropoulos, DEMOTIX
Today in Athens, the government-of-the-regime showed their real face against the Greek people, the workers and the unions. Within the last couple of weeks, the rioting police and SWAT teams attacked the metro workers, the municipality workers and now the union PAME. Thirty-five workers, who were engaged in a symbolic occupation of the MInistry of Labor, were arrested and are being held at Police Headquarters.
3 Responses to "Greece: Repression of the People by the Government"
In solidarity w/the ppl of Greece. This should not be happening-period! Stand up-fight back and stay strong and united. Power to the people. Thank you always for your newsletter.
A faithful reader and supporter.
For the last few years, we greek people live under what we call a dictatorship in parliamentary clothing. It can't be called democracy by no means. A bunch of professional politicians, both of the traditional right-wing party and two pathetic social democrat ones, drive more and more people into extreme poverty and, when in comes to protestation, their only words to protesters are "law and order". Which means a dense cloud of tear-gas over the central square of Athens and the riot police hitting people in the head with the METAL HANDLE of their clubs. Unfortunately we seem to have some way to go to get rid of this "government" – if a gang of corrupted agents of german interests could be called a government.
Not being reported on OUR great BBC


text: Hi, I am doing a roadtrip from vancouver to toronto, im having trouble finding cheap places to stay in jasper and edmonton - has anyone ever camped there or stayed in a hostel/cheap hotel that they would recommend? in edmonton i want to go to the west edmonton mall - so somewhere near there would be good!!


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Click here to print the obituary below
In Memory of
Rev. Robert Ignatius Bradley S.J.
June 8, 1924 - January 20, 2013
BRADLEY, Rev. Robert Ignatius, S.J, returned peacefully to God in his sleep Dec. 20, 2013, at the Jesuit Center, Los Gatos, CA, at age 89 after a short illness. He was born and raised in Spokane of a pioneer family. He was the son of banker Joseph Bradley and Muriel (Wicks) Bradley, one of eight children in a Catholic family that produced four priests. Fr. Bradley graduated from Gonzaga High School in June 1941 and immediately entered the Society of Jesus at their Novitiate in Sheridan, OR. He studied philosophy at Mount St. Michaels, earning a Bachelor of Arts and Master of Arts in history. In 1949-1950, Fr. Bradley taught history at Gonzaga University, where he coached the debate team and was yearbook advisor. From 1951-1952, he taught Latin and history at Gonzaga High School, served as director of forensics and yearbook moderator, and led the debate team to win three statewide championships. Fr. Bradley was sent to Louvain, Belgium, for his theology studies, and was ordained to the priesthood on Aug. 15, 1955. He received a Doctor of Philosophy degree from Columbia University and taught history in the College of Arts and Sciences at Seattle University, where he became dean. In the late 1960s, he accepted a position as professor of theology at St. John's University, Long Island, NY, and became chaplain for the newly founded Catholics United for the Faith (CUF), serving for 30 years. Fr. Bradley left St. John's in 1981 to teach theology at the Notre Dame Institute in Arlington, VA, now the Graduate School of Christendom College, Front Royal, VA. Every summer, he was director of the Catechetical Institute at Our Lady of Peace Monastery in Beaverton, OR. While teaching in Virginia, Fr. Bradley served as chaplain to the Monastery of the Poor Clares in Alexandria and also worked with the Legion of Mary there. After a year in Rome, he received a Sacred Theology Doctorate from the Pontifical University of St. Thomas Aquinas (the Angelicum) in 1988. He moved to Texas in 1996 where he accepted an adjunct faculty position in theology at the University of Dallas Institute for Religious and Pastoral Studies and taught there for several years while serving as a priest in the Diocese of Austin, where the bishop assigned him to the St. Joseph Latin Mass. He also taught theology at Our Lady of Guadalupe Seminary in Denton, NE.for the Fraternity Society of St. Peter. Fr. Bradley retired from active ministry in late 2011, working as a spiritual advisor in Austin until November 2013. During his years in Austin, Fr. Bradley inspired six young men to enter the seminary, and helped many young people enter the Church, drawing them from the University of Texas to his Sunday Latin Mass liturgies at St. Mary's Cathedral. He was an inspiration and role model to countless men and women throughout the United States.
Fr. Bradley was preceded in death by his parents, brothers Joe, Bill, Fr. Richard, S.J.,Don and his sister, Honey Gal Kilmartin. He is survived by brothers, Frs. Jack of Los Angelus and Ted of Spokane, as well as many nieces and nephews. A special thank you to Dr. Betty Bosarge of Spicewood, TX, for her excellent care during his final years. A vigil service will be held Wednesday, January 8, 2013 7:00pm at the Jesuit House Chapel, on Gonzaga University campus. The funeral Mass will be January 9, 2013 11 a.m. at the same location. He will be buried close to his brother Dick at the Jesuit Cemetery at Mt. St. Michaels, Spokane. In lieu of flowers, donations may be made in Fr. Bradley's name to the Society of Jesus or the Monastery of the Poor Clares, 2505 Stonehedge Drive, Alexandria, VA 22306.
Prayer Service
Wednesday, January 08, 2014 | 7:00pm
Jesuit House
Spokane, Washington
Driving Directions
Funeral Service
Thursday, January 09, 2014 | 11:00am
Jesuit House
Spokane, Washington
Driving Directions


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What is the limit on these loans anyway?
An easy guide to know how much you can get a loan for.
The maximum guaranteed on a VA loan is 240,000 and while this might buy a fairly large sized house in most areas of the country, high priced markets such as San Francisco or New York you may want to try a different form of financing your loan. For the most part first time buyers will be guaranteed up to the VA's Maximum of $240,000 dollars says Keith Pedigo, the director of loan guaranty services at the VA. But more than likely the actual mortage rate is based on assets, income, credit history and debts, just like any other regular loan provided in America.
A positive spin to this story is that a seller is allowed with permission by the VA to let the buyer assume their loan, making resales much more attractive then they previously were. The only downside is the veteran is shackled to that home until paid off before he or she can use that loan to buy another home. A veteran is only allowed to borrow the difference between the outstanding loan and the maximum allowed by the certificate of eligibility, says Pedigo.
A cautionary piece of advice that most veterans already know is save your paper work if you paid off your loan so if you ever apply for another VA loan you can ask for the maximum amount you're allowed.
A VA loan is still tough to be approved for.
"Because we're a no-down-payment program, that's a benefit to vets," he says. "We do try to be as flexible as we can. But that doesn't mean we approve an application with a serious lack of credit or insufficient income."
But the major distinction for a VA loan is that a buyer can get into a home without investing a down payment, says Pedigo, "which is a huge advantage."
And a huge advantage is saying the least in these days of economic shortcomings. As Hunter Thompson once said, "The bastards now have a formidable opponent".
Well, till next time lads and like always if you'd like to find out if you qualify for a VA home loan click here.


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AOP Programs
Opera Grows in Brooklyn has been called "an exciting new level of work for these young companies. Brooklyn and the rest of the city will benefit from future collaborations like these." (The Curator, April 2009).
"…it seems clear that the Brooklyn hipster is destined to be the next audience for opera…once again some amazing surprises were presented by this rag-tag bunch of very experimental artists. …the old and new guard of opera viewers mingled in an open-minded night of musical experimentation." (July 2010)
The Opera Insider:
"I for one do not intend to miss another installment of this remarkable series!!! ...the eclectic and sometimes challenging musical offerings [are] beautifully framed by the contemporary space and the relaxed, social atmosphere." (July 2010)
Parterrebox also commented, "Galapagos was quite an interesting place to see an event like this. I personally think this type of venue is a great place for workshopping new works; those in the audience were young and seemingly very supportive of the performances.
What I kept thinking about though, was the Lower East Side of Manhattan in the '60s, where visionaries like Philip Glass would play in spacious lofts simply because they could. ... I think this is as close as the opera world will get to that type of experimental sharing as was seen all those years ago. ... I would certainly go again to a presentation like this. You never really know if you'll be there for the premiere of the next great masterwork by the next great composer, and if you aren't, well, the beer is still cold." (April 2010)
Galapagos Art Space, Brooklyn
16 Main Street (corner of Water St.)
Brooklyn, NY
For more information, please visit: www.galapagosartspace.com
Sunday, September 18, 2011 - 7:00 p.m.
Featuring music based on the works of contemporary Brooklyn authors! Guest curated and hosted by composer and author Daniel Felsenfeld
Featured texts by: Rick Moody, Arthur Philips, Lou Reed, Fiona Maazel, Donna Di Novelli, Matt Gray, Janet Kaplan, Isa Chandra Moskowitz, Dave Wondrich, Lloyd Schwartz, Susanna Speier, Mark Statman, and Royce Vavrek.
Compositions by: David Lang, Mohammad Fairouz, Martin Hennessy, Raymond J. Lustig, Gilda Lyons, Rachel Peters, Matt Marks, One Ring Zero, Paola Prestini, Dennis Tobenski, Stefan Weisman, and Daniel Felsenfeld.
More info...
Sunday, June 12, 2011 - 7:00 p.m.
An Evening in the Harlem Renaissance, Soprano Adrienne Danrich performs song settngs of poet Langston Hughes including premieres by composer Drew Hemenger.
Composer Nkeiru Okoye presents excerpts from her two-act folk opera Harriet Tubman: When I Crossed That Line to Freedom.
David N. Baker's Give and Take, chamber work for soprano and ensemble by the legendary contemporary jazz musician and composer.
Sunday, March 27, 2011 - 7:00 p.m.
Patience & Sarah, by Paula Kimper and Wende Persons.
Miranda, by Kamala Sankaram
Prairie Dogs, by Rachel Peters and Royce Vavrek.
Sunday, Dec 5, 2010 - 7:00 p.m.
La BoneMe, seven side-splitting sex songs by AOP composers
The Adventures of Albert Fish, by Matt Marks
The Filthy Habit, libretto by Matt Boresi, music by Peter Hilliard. Presented by Opera on Tap.
Monday, Oct 18, 2010 - 8:00 p.m.
Opera Elvis: A Lament for the King reorchestrated works of The King by Opera on Tap and Anti-Social Music
A Poem Written for the Concrete Beneath the Bridge
by Caleb Burhans
Henry's Wife by Randall Eng
Rosencrantz & Guildenstern Are Dead by Herschel Garfein
More info...
Friday, July 9, 2010 - 8:00 p.m.
AOP's Songs From the F Train and Calamus Songs
Removable Parts by Corey Dargel
The Bloody Chamber by Daniel Felsenfeld
More info...
Friday, April 16, 2010 - 8:00 p.m.
Abigail Fischer's Absynth
Dreams of Pure Spirit: Songs of Tom Cipullo
Margot Alone in the Light by Clint Borzoni
More info...
Saturday, December 12, 2009 - 8:00 p.m.
Excerpts from three operas in progress
Semmelweis by Raymond J. Lustig
Marymere by Matthew Schickele
Sucker by James Barry
More info...
Friday, July 17, 2009 - 8:00 p.m.
Featuring The Music of David T. Little
Songs From the F Train
The Witches of Bushwick (and other parts of NY)
Fade by Stefan Weisman
More info...
Friday, March 20, 2009 - 8:00 p.m.
Excerpts from three operas in progress
Love/Hate by Jack Perla
G Train the Musical by Christian McLeer
Cymbeline by Christopher Berg
More info...
Tweets by @AOPopera
American Opera Projects, Inc. • 138 South Oxford Street, Brooklyn, NY 11217
718.398.4024 • firstname.lastname@example.com