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Home > News & Events > Speeches & Testimony
A Turning Point: Defining the Financial Structure; Thomas M. Hoenig, Vice Chairman, Federal Deposit Insurance Corporation presented to 22nd Annual Hyman P. Minsky Conference at the Levy Economics Institute of Bard College; New York, NY
April 17, 2013
The discussion of financial firms being too-big-to-fail has taken on renewed prominence in the United States, putting us on a course that will do much to shape the economic landscape for decades ahead.
Driving this interest is the perception among many Americans that they remain financially vulnerable to the largest, most complex firms. The reported lapses in controls and failed risk-management systems disturb them. Each new scandal adds to their doubts about the ability of any one person to manage these conglomerates and any bank supervisor to understand and regulate them.
There is concern that the financial system has become ever more concentrated, with the largest firms holding increasing sway over the allocation of economic resources. The 10 largest U.S. banking companies, for example, held assets the equivalent of 25 percent of GDP in 1997, 58 percent in 2006 and, since the crisis, it has increased to over 71 percent.
The public remains uneasy that the current structure of the largest firms puts the entire economy in jeopardy should they falter. History and current events suggest that unless the companies are reconfigured, the government's impulse will be to protect creditors with public funds rather than risk a market breakdown.
As we renew discussions about the structure of our financial system, the debate should be vigorous, for much is at stake.
The Consequences of Maintaining the Status Quo
I share the view that the current configuration of the financial system remains a risk to the public and an impediment to the competitive vitality and strength of our economy. Coming out of the crisis our financial system is more concentrated, and under current policies this trend almost certainly will continue. These conglomerates will become yet more complex, and their financial position will define financial stability for the broader economy.
The incentives toward risk-taking remain essentially unchanged from pre-crisis times. The safety net of central bank loans, deposit insurance and ultimately sovereign support has been expanded beyond where it is needed, covering more types of businesses and activities; the funding advantage for the largest most complex firms appears as great as before the crisis; and the incentives that encourage excessive leverage and risk remain compelling.
As this trend continues, ever-more complex regulations will follow in an attempt to control these banks' actions and the risk to the safety net that protects them. Over time I suspect the industry will be treated like and eventually become public utilities.
This is a discouraging trend. However, there are choices.
Structure Matters
One alternative to continuing our current policies is to rethink the safety net and the structure of the industry for which it would be available. The objective would be to confine the safety net to a limited set of financial services and activities directly tied to the payments system and longer-term lending, and place other activities outside the net in order to encourage a more competitive, market oriented and pro-growth financial system.
In considering this choice, it is helpful to first briefly consider the role of the safety net in helping to create the too-big-to-fail situation. As you are aware, following the Great Depression, the safety net was expanded to include FDIC insurance, which was in addition to the Federal Reserve's discount window. In doing this, lawmakers understood it would deepen a moral hazard problem because depositors and other creditors would be less attentive to the banks' condition, relying instead on government oversight and possible bailouts. To confine the moral hazard, FDIC insurance was made available only to commercial banks and their retail customers. For the same reason, higher-risk investment banking and broker-dealer activities were forced out of commercial banks and away from the safety net. These restrictions were codified into the Glass-Steagall Act in 1933.
For several decades, this structure coincided with relative stability within the financial system. However, with this stability, market players, academics and others began to argue that the separation between commercial and investment banking was unnecessary and that the market would be more competitive and consumers better served if investment and commercial banks were allowed to compete directly. This view eventually became law as part of the Gramm-Leach-Bliley Act of 1999.
While competition might have increased temporarily, the unintended consequence was to extend the safety net to an ever-greater number and range of activities and financial firms. This extended a rich subsidy that encouraged leverage and facilitated management's reach for ever-higher return on equity -- something that would have been far more difficult and unsustainable without the safety net's subsidy.
The result is to reward those managers who gamble and win the day. And, of course, it is left to the public too often pay the bills when banks lose. Also, it has become an imperative that to compete successfully requires getting access to the safety net. All this has had the additional perverse effect of leading to ever greater concentration within the industry. Diversification may have been the intent, but a more concentrated and vulnerable market has been the result. It didn't take a decade for the industry to leverage-up, increase in size, and engage in activities that eventually contributed to the crisis of 2008.
Also, given the complexity of the market structure that evolved with the help of the safety net, in extreme circumstances, governments feel increasingly compelled to provide some form of extended financial safety net to a greater share of the financial market.
One lesson we should take from the recent crisis is that the market's structure should be simplified and the safety net should be narrowed to what it was originally intended to cover. If we fail to accomplish this objective, we are on our way to making these firms ever more concentrated and eventually public utilities.
Restructuring to Reinvigorate the Economy
At a minimum, the Volcker Rule needs to be implemented as a step toward this objective. However, we would do well to go further than the Volcker Rule and move the broker-dealer and trading activities out of the banks and into separate corporate entities (see Hoenig and Morris 2012).
With this action, you redefine the coverage of the safety net and provide opportunity for greater market discipline and, in time, greater financial stability to a broad range of financial activities.
In its simplest terms, this broader proposal would narrow the public safety net to the purpose for which it was intended. This would involve commercial banking narrowly defined: the payments system that transfers money around the country and the world, and its related intermediation process of transferring funds from depositor to borrower. Commercial banks with the protection of the safety net would again be restricted from engaging in higher risk and return activities such as trading, creating derivatives, or other broker-dealer activities that do not need government protection to function effectively. However, banks would continue to do trust and wealth management, and underwrite new issues of stocks and bonds, as those activities are similar to the intermediation process by bringing new capital to commercial firms.
These reforms cannot be effective unless the shadow banking system is also removed from the safety net. The proposal thus would rein in the shadow banking system by requiring that money funds represent themselves for what they are: uninsured investments, the value of which changes daily. It would discipline the repo market by subjecting repo lenders that accept mortgage-related collateral to the same bankruptcy laws as other secured creditors.
The Role of Shadow Banks and the Need for Reform
It is sometimes argued that the recent crisis was related more to shadow banks outside the safety net than to commercial banks under the net. Lehman Brothers is cited as just such a case. However, Lehman was a commercial bank in the most important sense. Around the same time as the passage of the Gramm-Leach-Bliley Act in 1999, Lehman and similar shadow banks began to issue short-term liabilities – such as repos – to fund longer-term assets, just as banks use demand deposits. Many repos were overnight instruments and were not subject to the same rules as other liabilities should the firm fail. Furthermore, major investors in the repos were money market mutual funds, which were not marked to market on a daily basis, and most consumers considered them to be demand deposits.
These deposit-like instruments were promoted to be perfectly safe and, over time, shadow banks like Lehman leveraged themselves and built complexity and size around these instruments. In time, given the extent of their presence in the market, a view formed that the government would protect creditors, and the moral hazard problem thus worsened. Moreover, when the government attempted to step back from this guarantee with Lehman, the market collapsed and no other large financial firm was allowed to fail. The government confirmed the market's perception that these shadow banks and commercial banks were no different.
Also, I would note that when TARP funds were released to nine of the country's largest financial firms on October 28, 2008, they were distributed according to size and complexity and included both commercial and investment banks. Too-big-to-fail became institutionalized, and included commercial banks and an ever larger group of firms thought to affect the stability of the economy.
Effect on Competition
Finally, there is concern that limiting the safety net to commercial banking and simplifying the structure of the largest banks to exclude trading and related broker-dealer activities will adversely affect the competitive position of U.S. institutions in the global market. There is also concern that such steps would adversely affect regional and smaller banks as they would have to compete more directly with the narrowly focused mega banks.
Before we conclude that simplifying the system would undermine our international competitive position, we should consider the history of banking in the U.S. We have a long tradition of financial institutions competing on a global basis and doing so successfully under the model similar to that proposed here. The largest commercial banks under the umbrella of the safety net would remain mega banks and hold scale capable of offering payments services and loans of any size to firms that operate globally. U.S. broker-dealers and investment banks have long offered specialized capital market services that are competitive and second to none in the world.
Only recently have we changed the model and made the safety net a requirement for any broker-dealer to compete against the largest banks that operate within its protections. The too-big-to-fail subsidy has provided an enormous competitive advantage to these largest, most complex firms. They hold far less tangible capital than regional or community banks. This gives them an advantage over smaller banks in pricing loans. They dominate any loan market they choose to enter as they have broader, deeper and better priced access to capital and credit.
Similarly, some believe that the largest banks minus their trading and other broker-dealer activities would compete more directly with regional and smaller banks, thus driving them out of the market. I find it difficult to accept this as a reason to leave the largest banking companies as subsidized conglomerates.
This argument would have you believe that although these largest banks can take market share from whomever they please, for some reason they have chosen not to compete with regional and smaller banks. It would seem that only if they were forced to do so, would they compete with these smaller banks. This is untrue. Witnessing the consolidation of the industry over the past two decades makes the argument seem almost nonsensical. I speak to regional and community bankers regularly who express enormous frustration that the largest banks are pricing them out of their own market, not because of scale but because of subsidy.
Robust competition and innovation have been the hallmark of U.S. financial firms' success. Making the safety net a requirement for success hardly enhances the competitive outcome. If these largest firms are required to compete with comparable capital requirements, if they are not too-big-to-fail, if their holding companies can be taken into bankruptcy and their banks resolved as other banks are, then the regional and smaller banks can compete on a level playing field and will be less subject to the whims of the largest firms. Neither the largest nor the smallest financial firms should be afraid of direct competition within a set of fair, transparent and uniformly enforced regulations.
We need to rethink how we can best move our financial and economic systems forward in a competitive and productive direction. To do this, we must eliminate too-big-to-fail and reduce the associated taxpayer subsidy by narrowing the explicit and implied government guarantees.
This requires reforming the financial structure. A safety net only for commercial banking activities provides stability to critical financial infrastructure. Separating broker-dealers from commercial banking and the safety net will make them more responsive to the discipline of the market. This simpler financial structure will also strengthen the supervisors' ability to place bank holding companies and trading houses into bankruptcy and banks into resolution should they fail, and thus make them more accountable for their actions.
Reconfiguring the financial system would accomplish many goals. It would level the competitive playing field. It would invigorate the capital markets by removing the disparity between investment firms inside the safety net and their competitors that are outside. It would strengthen the economy -- not by preventing crises, but by stabilizing the system so that when crises do arise, faltering firms and not the public are held accountable. In turn, the stability would provide a true foundation for the industry and the economy to thrive through innovation and competition instead of through protections and subsidies.
Can this done? As I have noted elsewhere, the actions of two presidents stand out as our country determines how to define the structure and role of the financial system going forward. President Teddy Roosevelt, the trust buster, changed the competitive landscape of America for the good. President Franklin Roosevelt enacted the Glass-Steagall Act, from which coincided with decades of relative economic stability and financial growth.
For our future economic stability and financial growth, we should make the choice to reform the system. Big is not bad. Big and subsidized is bad.
The views expressed are those of the author and not necessarily those of the FDIC.
|Last Updated 4/17/2013


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Talk:List of parishes in New South Wales
For lack of a better place to ask: I would have assumed that Met. Kyrill of Smolensk would qualify as being an exarch (in a similar way to Met Nicolae of Banat for the Romanians)...? — Pιsτévο, at 02:27, May 28, 2006 (CDT)
- Exarch is a title specifically given, rather than simply a functional role. —Dcn. Andrew talk random contribs 04:50, May 28, 2006 (CDT)
- These parishes answer directly to the Holy Synod of the Moscow Patriarchate through Met Kyrill. Decisions concerning these parishes are made by the Holy Synod and recorded in the Holy Synod minutes, accessible on Moscow's Sedmitsa website. The Metropolitan of Belarus, for instance, is an Exarch in name and function. But Met Kyrill is neither an Exarch in name nor function. He does not make the decisions concerning these parishes. The Patriarchate does.
- chrisg :)~ 2006-05-28-2334 EAST

subset: commoncrawl


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Not the Dreaded Blue Sky of Death Again …
If Oracle (ORCL) CEO Larry Ellison and Free Software Foundation founder Richard M. Stallman are planning a membership drive for their new Anti-Cloud Computing Coalition, they best not go knocking on Steve Ballmer's door. Because the Microsoft CEO might not agree with their assessment of the Cloud Computing sobriquet as "complete gibberish," "idiocy," "stupidity" and "worse than stupidity."
At an event in London today, Ballmer said Microsoft (MSFT) will debut its own "cloud operating system" at its Professional Developer Conference at the end of this month. "We need a new operating system designed for the cloud and we will introduce one in about four weeks, we'll even have a name to give you by then," Ballmer said. "But let's just call it for the purposes of today 'Windows Cloud.' Just like Windows Server looked a lot like Windows but with new properties, new characteristics and new features, so will Windows Cloud look a lot like Windows Server."
Ballmer offered few details beyond that, saying only that it will enable "light editing" of Office documents. Presumably, that means Microsoft still doesn't see products like Office moving entirely off desktop PCs and onto the Internet any time soon. I imagine we'll be hearing quite a bit about Software plus Services later this month.


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American straightedge hardcore band Judgement X Day release video promo for their upcoming album coming out in December 2014. The album will be released through On The Attack Records and Made In The USA Records. Check it out!
Evolution Beyond Dissonance
Two years since the release of Hands Like Houses' latest album, 'Anon,' the band should be on the road supporting the release. Instead, the band has leveraged their local presence, government help, and new platforms like Patreon to stay afloat in the COVID-age.Full Feature More from Hands Like Houses
HM Magazine Turns 35
In 1985, Doug Van Pelt photocopied a letter-sized sheets of paper, bound them together, and handed them out in person on the campus of the University of Texas at Austin. It's all digital now, but, along the way, Van Pelt stirred up quite a few waves, played some seriously heavy music, and made a few friends along the way. Here: A quick look back at the magazine's 35-year history with Van Pelt and new owner, David Stagg.Full Feature More from HM Magazine
Forward Under a Dying Sun
Most of these days, the sun rises and sets on a world that feels like it's dying. Across the pond, where Employed to Serve calls home, they're learning how to support their latest record a year into its release. HM contributor Andrew Voigt recently sat down with Justine Jones to learn more about the band, marrying your bandmates, and their outside shot at touring with Rammstein.Full Feature More from Employed to Serve
Between the White Noise
My Epic's last full-length album came out in 2013; despite a number of EPs along the way, the band's dedication to their craft, lyrical approach, and unyielding approach to let the music come naturally has made them critical darlings. Now, they're learning to interact and feed a rabid fanbase in between albums and in a new normal.Full Feature More from My Epic


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It's been a while since i have wrote but i guess i've not had that much to talk about. I've been doing ok really. Not made any great progress but managing to maintain the progress i had made over the last few weeks. I am still going out everyday, even if i am only sitting in the garden. I feel i have been really busy lately which is bizarre. I have had the kids a lot so obviously they keep me on my toes. I am a moderator on a travel website and i have been seeling a lot of skin care products on Ebay for my friends shop. So all of combined has kept me very busy and very tired. This is a good thing of course as otherwise i would probably be sitting around over thinking things, and thats never a good idea.
I have been out walking more though. My friend Alison and i said we would try walking once a week and take it further each time. So i have managed a decent walk so far... further than i have been going lately and hopefully next time i see her i will go further again. Alison is the women who will be doing EMDR with me. She has completed the first part of her training but he tutor told her not to work with me untill she has completed the advanced part of her course haha. Makes sense!
As i mentioned i have had the kids alot. Only Luke but he has found himself a little friend called Lee who has attatched himself to my leg and doesnt leave me alone. He is a wee cutey but so full of life it is exhausting! This picture was taken on Friday night when they decided to be superheroes and 'protect the city'. It was a fun night. Things with Luke have been tough though. I have spoken in previous posts about him having Spina Bifida. He has no feeling in his legs from the knee down. As he is getting older it is getting much harder for me to deal with. My heart breaks for him as he is getting very frustrated with things. Like yesterday for example i took him out on his bike. His feet need to be strapped into special pedals but the bike itself doesnt go very fast. Lee wanted to race which meant Luke was always last. He ended up getting upset and punching the bike and driving it into walls. Its so hard to watch but what can you do?
While we were out with the bike the boys decided they wanted to go to the shops and get sweets. Well this can be a challange for me at the best of times but with 2 kids in tow i didnt think i would cope. I didnt say anything to them but headed towards the shops and hoped for the best. I got really close but the little thoughts in my head took over.. what if i panic when im with the kids? Will i freak out in front of them? What if i can't get home quick enough? How will i cope with Luke? He cant walk so id need to carry him. He weighs a ton.. then id have to unstrap him from his bike and restrap him in etc etc. So the thoughts won. I did try twice but Lee was constantly telling me to hurry and i guess i was under too much pressure haha. I took the boys home as Luke was exhausted from the bike ride. When they were settled in the garden with my mum i grabbed my mp3 player and got back on my bike. I headed to the shops again just for me this time. I got metres away. I could see the shops but i just couldnt face getting off my bike, going to the ATM, waiting in queues etc so i turned back. For a while i was overcome with frustration and had to sit and chill out. Looking at it now i know i stil did well. Anytime i have been going to the shops recently i have had someone with me so i have felt more able to push myself. Maybe i wasnt strong enough yesterday to attempt it alone? But that wont always be the case. Plus i still TRIED! I wont beat myself up about it.
Then there is Chris. Things are still going great and i am very happy. However, its not summer and i told him that in the summer i would do more with him and that i would eventualy move in. A couple of times he has commented that he hasnt seen any progress. He knows i am doing more everyday but he is working then and doesnt get to see that for himself. It is his birthday on the 15th of June and i have been buying gifts hoping to make it a nice day for him. Now though he has said the gift he would like is for me to book a table somewhere nice and for us to go for a meal. I know he would never pressure me and if i dont book it he will be fine with that. In fact let me be realistic here... i wont be booking it lol. I will get us take out no doubt but i will set the table and light candles haha. But seriously the worries are there again that he is gonna get bored of me soon. Hes has been so patient with me but it must be hard for him. He has taken a few days off work at the end of the month and thats when we are gonna attempt doing somethings, mostly just driving together though. It will be interesting to see how that goes.
I havent seen the therapist again but we are going to arrange a date. Last time i spoke to him he was gonna check his diary. The nurses who came to visit me having got back to me to let me know what will be happening with them. Probably CBT i would imagine.
So as i said its been busy busy with one thing or another. No major panic attacks, the anxiety has been pretty much gone too. I do have my wobbily moments but i guess i can live with those. My diet is still going relitively well. I have gone from a size 14 to almost a size 10. I have actually ordered a pair of size 10 jeans which will arrive this week so i am hoping i can get into them. It would feel totaly amazing if i did. If i don't though it will give me something to aim for... and then i will stop. I'm pretty tall at 5'9'' (and a half ha) so any thinner i think i would look silly. I dont want to look like a lolly pop! I hope everyone else is doing ok and if not just remember that 'this too shall pass'. Things can only get better is what i tell myself.
Sunday, 25 May 2008
Superheroes keeping me happy
Posted by Lynn at 13:34 1 comments
Sunday, 11 May 2008
Ok i just received an apology from the person who sent me the email i discussed in the previous posts. This may sound a bit bizarre but i was wondering if the sender could email me again but not anonymously. Id like to talk and i cant reply to anonymous emails.
Posted by Lynn at 23:01 0 comments
Friday, 9 May 2008
Summer is here!
It has been a hot week! I have loved every minute of the good weather spending all of my time in the garden. Along with being outside all day i decided i should push myself further again. I have gone a walk everyday. The book i recommended has really helped to change my thinking on these walks.
Yesterday i made it back to the shops again, i had made this trip before but yesterday i was suprised how calm i was. So today i went back and i'm feeling great. I do have a new confidence and i am hopeful this will stay. I have also went walking with friends and am planning a long walk this weekend with Chris. I am just slowly trying to build on my progress i guess.
On top of this i have managed to sort out my routine. I had completely turned night into day but suddenly im back to normal. I am struggling to keep awake after midnight and im waking every morning before 9. This means i can make more of an effort to actually DO things with my day. Long may it last.
I want to thank everyone who either commented or emailed regarding my 'hate mail' haha. I appreciated what you all had to say and it was nice to hear from people i didnt even know read my blog! It always amazes me the amount of people who seem to get help from reading this. I always knew that i would get some form of abuse about the blog. Like Chris said to me, If you put yourself out there you've got to expect it. Unfortunalty as much as the internet is a great place for people like us, i guess it can only be accepted that there will be 1 or 2 bad eggs.
I would like to clear one more thing up. This person seems convinced that the therapist i am seeing now is the same one i seen in the past. I would like to say again that this is not true. They say i 'slagged' this person off and yes i guess this part is true. The man i mentioned charged me a lot of money, seen me a few times then vanished. I also spoke to several people who had also used him and had the same experience. It was sad really, upsetting and more than anything it made me really angry. I don't want people being conned like i was. Especially when it costs such a huge amount. This man tells people they can be cured in ONE session. It was brought to a head when a friend i met because of this blog told me she too had seen him. So yes i complained. And i had EVERY reason to. It is soul destroying to meet someone who will promise you the world and then gives you nothing. When i wasnt 'cured' i felt like i was weird. How come it wasnt working for me? Am i beyond help. And speaking to the other people who had the same experience i realised that they too had been extremely depressed after their session didn't work.
Yes the therapist i am seeing now is one from the past. He is one who helped me but due to circumstances at the time our appointments stopped. I have seen MANY therapists in my 7 years with agoraphobia, anxiety and panic attacks. I have seen people who do EFT, TFT, NLP, CBT, Hypnosis, Meditation, Life coaching etc etc. I dont know any therapist who offers every one of these services in a package. You get to learn who you can trust and who you cannot but the most important thing is to find a therapist that you have faith in. I guess i can handle emails about anything, my looks, my personality, my opinions.. people can slag off any of these things but i dont like to be called a liar.
Thankfully though the emails don't dampen my mood. Things are going fantastically well. I am feeling happier than before and this makes me more confident. More up for a challange. So i really think after such a busy week i can only to progess as we go into the summer months. I know from personal experience that with the good times, the bad can follow. We can make huge leaps then suddenly be scared to cross the door again. I am not niave and i know this could happen again but i always remain positive and that those bad times always pass and we always come out the other end. I also feel that when those times come, If they do.. that i will be able to cope with them better with my new way of thinking. Fingers Crossed. Once again, i hope everyone is well and thanks for your emails and comments. x
Posted by Lynn at 15:54 2 comments
Wednesday, 7 May 2008
My E Mail
I just recieved this email. At first i chose to ignore it but then i decided to let people see it as i found it quite amusing.
'Coupla things about your blog - you seem to really fancy yourself, lots of high resolution images of your "gorgeous" self for the boys to download and look at, especially the one where your showing your fanny, with your poor innocent nephews. Come on - stop being such a fucking slut. No-one cares. Another thing - your English is really bad and as for no-one emailing you now - well DUH! People aren't interested in your daily life, dear. They are far too into their own lives to pay too much attention to yours, no matter how out of the ordinary and eenteresting you think it is. And, now you're desperate for email friends, makes you wish you hadn't ignored those people, doesn't it? Beggars can't be choosers, Lynn. And you went to see the guy you already slagged off on your blog? Yeah, you're nice...what do think he would say if he knew'?
- I am searching and searching for a picture where i am showing my 'fanny' but can't seem to find one.
- I never claimed to have fantastic spelling, or to write well, but how can this person say my english is terrible and then use words such as 'eenteresting' and 'coupla'?
- I don't love myself. I put the pictures on as the blog is about me and those are recent pictures OF me.
- The therapist who i 'slagged off' in the past is a completely different person to the one i am seeing now.
- I am not desperate for new Email friends.
- I have never ignored a single email from anyone who has contacted me regarding my blog.
- This person says that no one care what i am doing on a daily basis but he or she has obviously read a previous post i made WEEKS ago regarding an old therapist to make the comment above. This person will also know that i have seen a new therapist. Looks like someone has been reading what i have been doing day to day... strange.
- I never claimed to be out of the ordinary or interesting, i never thought anyone would want to read about my daily life, im sure it would be very dull to hear what time i got up, what i ate for breakfast or what programs i watched on tv. But some people DO want to hear from someone who suffers from the same problems that they do and if they find comfort in reading my blog then i am delighted with that.
- The sender decided to keep their email address anonymous. Coward anyone?
Usually i would tell people to rise above these kind of insults but i just wanted to get a few things straight. I hope i have and rest assured if i recieve an email from the same sender they will be ignored in future.
This blog is meant to give a personal account of how i deal with my problems. If i have ever upset or offended anyone then i apologise. But the only advice i can give to the person who wrote this mail is very simple... If you dont like me or my blog, then don't read it.
Posted by Lynn at 01:44 4 comments
Tuesday, 6 May 2008
Therapy Success
We didn't have to spend the session going over my history as we have already covered all that. But it was quickly established that EVERYTHING i do is caused by the way i think. Obviously i knew in the past that i had negative thoughts, but untill i really paid attention i didn't realise how MANY i have on a daily basis. I was then given a copy of the book above and given a few exercises to do all focusing on the way i think.
It's hard to explain really but it sounds so simple. I have to sit for 20 minutes a day and just think. I've to let the thoughts flow into my head and if any of them are negative (which they will be) i have to make them disappear. Ignore them. In the past i have probably dwelled on these thoughts, which leads to feelings of unhappiness or frustration. Now, however, i make them go away. It sounds so simple that most people will think, thats stupid, that wont work (a perfect example of negative thinking). But i can honestly say that since i started to pay attention to my thoughts.. and ignore the negatives, i have been feeling much better. I KNOW that i cause my panic attacks myself. I KNOW that its over thinking that brings them on. So now im ignoring it all. I know it wont always be that easy, i can't just dismiss thoughts and suddenly be cured. But i have been feeling happy, confident and im even sleeping better than i have been.
I dont think im the best with words so really i can only recommend the book. Here is the link to the book on Amazon
Ok so im not running out of the door cured of all fears and phobias but i FEEL better in myself and i think thats a great start to tackling the bigger issues.
The other thing the therapist done was far more bizarre. It was the first time i had experienced anything like this but maybe you will have tried this before. It was all about energy. He took away my negative energy and then gave me healing energy. Ok it sounds crazy. To give me the healing energy he held his hands over my stomach and although he wasnt touching me i could feel it. I felt a warmth and a tingling sensation. A few times i felt pressure and had to open my eyes to make sure he wasnt touching me. Did this work? Well i felt something, but i cant say if it worked or not. I would say i feel better mainly due to the lesson on my thoughts and the book i was given.
Also he told me he thinks i have SAD. This would obviously explain why i seem to go into hibernation in the winter months. I always had a feeling i had it, but was wary in using it as an excuse. Now though i have bought some Day light bulbs. I wont need them for a few months as the weather here is finally beautiful but it will be interesting to see if they work.
On Friday morning i woke up with a visit from 2 local nurses. We went through my history and they are going to find a way to help me, for example, a nurse to do CBT with me or someone who can do graded exposure. I should hear back from them in the next few weeks to see what they recommend. Another step in the right direction.
The weekend was spent with my 3 nephews, so it was a busy one. And today i woke up to amazing sunny weather. So i should have gone walking, but instead i lay in the garden for 4 hours. I now have a great tan but the most horrible white marks where my bikini was. It's to be hot all week and since the weather in Scotland is usually awful, i intend to make the most of it. Lots more sunbathing and getting back into walking to the shops on a daily basis. I have to call the therapist tomorrow and report back on how i have been feeling, and hopefully we can get another session booked.
I hope everyone is well. When i firsts started this blog i got so many emails but its gone quiet. I wonder, am i talking to myself.... have i bored everyone with my going on and on?? haha. I hope if there are people reading that these posts can give you a little hope at least. I really do think this is something everyone can overcome.
Posted by Lynn at 00:17 0 comments


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A personal message from CEO and co-founder, Jason Oxenham
I am Jason Oxenham, CEO and co-founder of Rocket Languages.
Today I want to invite you to learn how one amazing, award-winning system will help you learn Japanese when other systems have failed.
It all starts with our vision for Rocket Languages.
Jason Oxenham
Rocket Languages
Co-Founder and CEO


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I'm happy to report there are now Ordained FSM ministers in 26 countries, and most of the US states . Quite a few of our ministers have successfully jumped the bureaucratic hurdles to receive wedding officiant licenses in their various jurisdictions. I'll try and make a map showing all of our locations.
I know of perhaps 8 weddings coming up that will be presided over by a Pastafarian minister in full pirate regalia. I could not be more pleased.
Aside from a few document requests and "is this a joke?" phone calls I received from clerk's offices, there has been little resistance to handing licenses to perform weddings to Pastafarians. I interpret this as approval – maybe even endorsement – from our government. FSM bless America.
Where will we go from here, and what other privileges do ordained ministers enjoy that we can get in on? Someone told me there are special license plates available for members of the cloth. That's something to look into.
If you want to be ordained, here's the link. Price is still dirt cheap, just $20/$30 including shipping. I think the world is better off with a huge number of FSM Ministers around.


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dual IMAPs servers:
Having your own server handling your mails is enabling -you can implement anti-spam policies harsh enough to be incredibly effective, place catch-alls temporary addresses, etc. It does not even require much maintainance these days, it just takes a little time to set it up.
One drawback, though, is the fact if your host is down, or simply its link, then you are virtually unreachable. So you want a backup server. The straightforward solution is to have a backup that will simply forward everything to the main server as soon as possible. But having a backup server that is a replica of the main server allows you to use one or the other indifferently, and definitely have always one up at hand.
In my case, I run exim along with dovecot. So once exim setup is replicated, it's only a matter of making sure to have proper dovecot setup (in my case mail_location = maildir:~/.Maildir:LAYOUT=fs:INBOX=~/.Maildir/INBOX
and mail_privileged_group = mail set in /etc/dovecot/conf.d/10-mail.conf along with ssl = required in /etc/dovecot/conf.d/10-ssl.conf – you obviously need to create a certificate for IMAPs, named as described in said 10-ssl.conf but that's not the topic here, you can use only IMAP if you wish).
Then, for each user account (assuming we're talking about a low number), it's as simple as making sure SSH access with no passphrase can be achieved from one of the hosts to the other and adding a cronjob like:
# */2 * * * * user dsync -f mirror secondary.domain.net 2> /dev/null */2 * * * * user isync --all --create-remote --quiet 2>/dev/null */2 * * * * user mbsync --all --quiet 2>/dev/null*/2 * * * * user pgrep -x "offlineimap" -u user > /dev/null || offlineimap -u quiet >/dev/null 2>/dev/null
offlineimap requires a ~/.offlineimaprc such as:
[general] accounts = mx [Account mx] localrepository = mx1 remoterepository = mx2 autorefresh = 2 [Repository mx1] type = Maildir localfolders = ~/Maildir [Repository mx2] type = IMAP ipv6 = False preauthtunnel = ssh -q secondary.domain.net '/usr/lib/dovecot/imap'
The first run may be a bit slow but it goes very fast afterward (I do have a strict expire policy though, it probably helps). This isdone the the primitive way, recent version of dovecot (ie: not yet in Debian stable) provides plugins to do it.
You may as well install unison on both server and synchronize things like ~/.procmailrc, /etc/aliases or whatever, for instance:
8 */2 * * * user unison -batch -auto -silent -log=false ~/.procmailrc ssh://secondary.domain.net//home/user/.procmailrc 2> /dev/null
Once you checked that you can properly login on both IMAPs, it's just a matter of configuring your mail clients.
and many mail clients:
I use roundcube webmail whenever I have no access to a decent system with a proper mail client (kmail, gnus, etc) configured. With two IMAPs servers, there's no benefit of not having the same webmail setup on both.
The only annoying thing is not to have common address book. It's possible to replicate the roundcube database but it's even better to have a cloud to share the address book with any client, not doing some rouncube-specific crap. So I went for the option of installing ownCloud on one of the hosts (so far I've not decided yet if there is a point in replicating also the cloud, seems a bit overkill to replicate data that is already some sort of backup or replica), pretty straight-forward since I already have nginx and php-fcgi running. And then if was just a matter of pluging roundcube in ownCloud through CardDav.
Once done, you may just want to also plug your ownCloud calendar/addressbook in KDE etc, so all your mail clients will share the same address book (yeah!). Completely unrelated, add mozilla_sync to your ownCloud is worth it too.
The only thing so far that miss is the replication of your own identities – I haven't found anything clear about that but havent looked into it seriously. I guess it's possible to put ~/.kde/share/config/emailidentities on the cloud or use it to extract identities vcard but I'm not sure a dirty hack is worth it. It's a pity that identities are not part of the addressbook.
(The alternative I was contemplating before was to use kolab; I needed ownCloud for other matters so I went for this option but I keep kolab in mind nonetheless)
Update 1: Stop using dsync that is tremendously unreliable as of today, use isync instead.
Update 2: Switch to mbsync, since isync was a wrapper that mbsync author recommends not to use anymore.
Update 3: Switch to offlineimap because I do not understand mbsync behavior, ignoring INBOX, etc. I cannot find a way to configure it so it works.


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July 16th at 8:32am
Ryan Case has been a licensed Realtor with Coldwell Banker for the past five years, and has worked in the Real Estate industry since 2007. Ryan Brings ten years of experience to the team, and is adept at handling any transaction, regardless of property type or price point. Grateful to pursue his passion for a living, Ryan is highly motivated, determined and hands on with each sale from beginning to end. As an extremely dynamic individual, he promptly attends to his clients' needs, while executing transactions with elite professionalism. He doesn't take his responsibilities lightly, genuinely enjoys the time spent working with clients and strives to make each client's experience a positive one.
Country Club Villas is a beautiful condo community located within minutes of trendy stores, upscale restaurants, and the beach in the Bixby Knolls region of Long Beach, California. Built in 1975, Country Club Villas is comprised of many luxury units. This complex offers floor plans that feature vaulted ceilings, private balconies, cozy fireplaces, and many updates. Residents are attracted to Country Club Villas because of the amazing amenities, the great space for entertaining, and the quiet neighborhood. It is also a short distance to grocery stores, public schools, medical offices, and freeway access. This complex offers 2-car garage parking, clubhouse, a community swimming pool, and spa.
[{"street_number":"3701", Long Beach, CA 90807
Get the value of your condo. Find out how to get the highest price for your home.Get Estimate
Start here to receive personalized listings and find your dream home today.Find a Condo
Learn more about the Ryan Case team and our commitment to you.Learn More
There are currently no available properties for sale at Country Club Villas. If you would like to be alerted via email when the next listing comes up for sale, simply fill in your contact information. With inventory being at historic lows across Long Beach, this is a great way to ensure you remain a step ahead of other buyers looking to buy in this same complex.


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Get Started
Why FVTC?
Local & National
Learn More
Completed your New Student Registration Session? Congratulations! You've taken a big step toward fulfilling your career goals and we're honored that you've chosen FVTC.
This page contains helpful information about the resources you'll be using at Fox Valley Tech.
This handbook contains vital information you will need for your college career at FVTC.
Handbooks are available at the following locations:
Use your MyFVTC Account to search and register for classes, view grades, change addresses (mailing or email), phone numbers and update other personal information. Use your nine-digit student ID and password to log in to this system.
From MyFVTC click on:
Enter your Student ID and Password. Click Sign In.
If you forget your Student ID or password, don't worry. You can always find your Student ID using your social security number. And it's easy to reset your password too.
From MyFVTC click on:
Click the Forgot ID or Password link. Then just follow the instructions. If you need assistance, you'll see our email and phone number in the upper right corner of your screen.
Your enrollment appointment is the date and time when you may go online and register for classes. It is not an in-person appointment with FVTC staff. While we are happy to assist you in person, the enrollment appointment is simply the time that the online registration system opens for your registration. You may register for your classes at your appointment time or any time thereafter.
To view your enrollment appointment, log into your MyFVTC Account and select the Manage Classes tile, then Enrollment Dates on the left side of the screen.
More details:
View the Registering for Classes video
Using the Shopping Cart (PDF)
When you're just getting started, registering for classes can be confusing. This helpful video will guide you through the process step by step.
Also, the shopping cart feature in your MyFVTC Account allows you to temporarily save classes until it's time to register. Learn more: How to Use the Shopping Cart (PDF)
If you want to register for class with a wait list, you may find this list of Class Wait List FAQ (PDF) helpful.
After you've registered for classes, don't forget to print your Class Schedule. You'll need it to purchase books at the FVTC Bookstore. Your Class Schedule also has important notes about your classes and a list of any additional supplies you'll need.
To find your Class Schedule, log into your MyFVTC Account. Select the Manage Classes tile, View My Classes (make sure you select the correct term), then Print Class Schedule.
You can find the name and contact information for your program advisor(s) by selecting the Academic Progress tile, then Advisors/Counselors.
From time to time, you may want to monitor the progress you're making toward degree or diploma completion. You can get an update any time from your MyFVTC Account. Select the Academic Progress tile, then My Academic Requirements to view your progress.
In addition to being able to view your progress towards graduation you can also use My Academic Requirements as a tool to assist you in picking out courses for registration. Learn more: Using My Program Requirements for registration (PDF).
You can check your grades through your MyFVTC Account too. From the home page, select the Academic Records tile, then View Grades. Don't forget to select the appropriate term.
If you'd like a handy reference for using your MyFVTC Account, print this Quick Reference Guide (PDF).
Fox Valley Technical College has partnered with Credentials Inc. to provide a fast and secure online transcript ordering service that is available to you 24 hours a day, 7 days a week.
Order Your FVTC Transcript
Blackboard is a web-based learning environment used to enhance on-campus learning and/or to deliver distance-only learning (online courses) by posting course materials, class discussions, assignments and assessments on the Web.
When you register for a course that is designated Hybrid or Online, the FVTC system automatically creates an account for you in Blackboard. Your username will be your student ID and your password will be the same password you set up for your MyFVTC Account.
From MyFVTC click on:
Enter your Username (student ID) and Password, then click Login.
On the Blackboard welcome page, you will see your current courses listed. Note: Courses will not be listed until the instructors make the courses available—typically on the first day of the semester. Until then, you may see a message stating "You are not currently enrolled in any courses."
Blackboard support is available 24/7 via the website.
Help Desk
When your admissions application was accepted, you were issued an FVTC email address, which was included with your application acceptance letter. If you don't already have your password, you'll be prompted to choose one the first time you log in.
To log into your email, use your nine-digit student ID with "@fvtc.edu" (ex: email@example.com) and your password. Note: The email address to share with others is NOT your nine-digit ID number. Typically, it is the first eight letters of your last name, followed by the last four digits of your ID number. For example, the email address for student Tom Smith (ID# 123456789) would be email@example.com.
FVTC email is the official source for college announcements and college business (such as Financial Aid information). You are responsible for checking your email on a regular basis.
USB or jump drives are recommended for storing documents and personal files. Drives are available for purchase in the bookstore. All students receive network storage space when on campus. Simply log into a college computer with your Student ID and select Documents in the Start Menu to save and access your files.
Use the same password for all three systems: Email, Blackboard and MyFVTC Account.
Reset Password Here
Each semester you are enrolled in classes, you will receive a $25 allowance for course-related printing and copying. You can use this allowance to print or copy on any student-accessible printer on campus.
Learn More
Your Student ID lets you access several services around campus, plus offers additional benefits off-campus. To find out more:
Visit Student Life
Select software is available for currently enrolled students at discounted prices through a statewide service called the Wisconsin Integrated Software Catalog (WISC). Access to the store is given 25 days prior to the first day of your first class.
FVTC uses many systems, each may require a minimum browser level for the system to function properly. For the best experience, please see the recommended browsers.
Browser Requirements
Wireless internet access is available at all FVTC campuses, regional centers and training centers. It is open to students and visitors with no password required for most Wifi enabled devices and laptops. Connect to the network called: "FVTC-Public" and accept the User Agreement when prompted. Students can also use the wireless network: "FVTC-Secure" by logging in with your student ID and regular password. This connection does not "time-out" and will keep you connected when you are on any FVTC campus.
MyFVTC is a quick, convenient place for you to find student related information. You don't need to login to access the general resources located in MyFVTC. It also provides easy access to areas of the site where logins are required, including your student email, eFAS, Blackboard, MyLabs and your MyFVTC Account.
MyFVTC Account is a protected area where your personal information can be accessed.


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Our client is a well-established building services installation and maintenance company, and looking for
Sprinkler Fitters
About the role
Your main responsibilities will include:
- (Assist with) installing sprinkler systems in new and existing buildings.
- Carrying out maintenance and repair on existing products.
In return, we offer:
- Good wages offered for skills and experience.
- Work with a business that truly look after their employees
- Work in a fun team of motivated and skilled people.
- Your expertise and opinions will be valued and respected.
To be successful in this role, you will;
- Be mechanically minded and have experience with tools
- Have some experience with plumbing, pipe fitting and threading
- Preferably have previous sprinkler experience
- Be physically fit
- Be able to interpret sprinkler plans
- Have a strong Health and Safety ethic
- Be keen and willing to learn
- Possess good communication skills
- Be a team player
- Hold a current drivers license
- Pass a pre-employment drug test
If you feel you are the right person for the job or would like further information, please contact Daan Heeneman at AWF on 04 474 2361 or click 'Apply Now' to forward an up-to-date copy of your CV.
If this job isn't quite right for you but you are looking for a new position as a tradesman, please us for a confidential discussion on your career.
Please note that applicants for this position should have NZ residency or a current, valid NZ work permit.


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Jeff Brand Can Fill Out a Pair of Trunks — Stacy Lee's Hunk of the Day
Jeff Brand hails from Quebec. What else do we know about him? Well, for one thing, he sure looks good in a pair of trunks, be it Batman briefs or Diesel ones.
Yes, we have memorized every detail, every crevice, every glowing inch of skin from his modeling portfolio. With that thick head of hair, trim body and the fact that he is not even 20 yet (he was born in 1994), he's our favorite piece of eye candy right now.


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Romney & Obama Tell Jim Lehrer: "Shut The F*** Up" [Jimmy Fallon Comedy Skit]
"During the first presidential debate, Mitt Romney and Barack Obama found common ground on a basic idea: shutting Jim Lehrer up." - LateNight
Please click the "Report" button below if the video on this page is not working properly.
Comments will only be displayed by verified emails. No Spamming or Racism.


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This product has been discontinued
Big Gun - Evo R Series Slip-On Exhaust (Yamaha)
Product Code: big-gun-evo-r-series-slip-on-exhaust-yamaha
- Description
- Reviews
- Customer Photos
Big Gun Evo R Series Slip-On Exhaust (Honda)
The Big Gun Evo R Series Slip-On Exhaust for the Honda was designed to deliver maximum horsepower and torque gains throughout the RPM range while reducing overall weight thanks to its .049 stainless steel tubing and aluminum muffler canister construction. Mike Young brings 27 years of professional racing experience into this exhaust and with that comes a state of the art computer mapping power curve to get the best and broadest power available today. If you are looking for some serious performance gains with reputable experience, get your hands on the Big Gun Evo R Series Slip-On Exhaust for your Honda today!
- The EVO R Series exhaust system has 27 years of Mike Young's personal racing career built into it.
- Contains state of the art computer mapping power curve to get the best broadest power available.
- Race Tools hi performance silencer pillow packing with a stainless steel wire screen.
- Removable spark arrestor for those that race on USFS lands.
- Billet aluminum outlet end cap with removable tip for spark arrestor.


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What's New
iOS5 Compatibility Fixes
App Description
From the creator of the original smash hit Koi Pond for iPhone and iPod Touch:
"...the app's gorgeous graphics and crazy level of customization should convert any koi-skeptic." - Gizmodo.com
Don't be fooled by the imitators.
If you liked Koi Pond, you'll love Koi Pond HD.
• The most realistic water simulation and fish behavior
• The most beautiful graphics and soothing sounds
• Powerful and easy-to-use customization options
• Designed exclusively to take advantage of the power of the iPad
Update from the developers:
We've seen some feedback that the pond is too murky or not bright enough. If you prefer your pond brighter than the themes that Koi Pond HD comes with, there's a quick and easy way to brighten them up: in the Pond Editor, select Appearance-> Ambient Color and move the Brightness slider up. Keep in mind that with the Pond Editor you can build whatever kind of pond you prefer – bright and colorful, or dark and murky!
Thanks for supporting Koi Pond HD! We have even more exciting update plans coming up and can't wait to hear more of your feedback!
Imagine gazing into a pond of crystal clear water.
Picture bright, playful koi swimming through its shallow depths.
So close…Can you touch them?
You run your fingers across the cool surface of the pond.
Water ripples away from your touch.
The koi, disturbed, dart away.
Only to quickly forget and swim close to you once more...
Now imagine all of this on your iPad!
Koi Pond HD by The Blimp Pilots
Rich new features only possible with the power of the iPad:
• Amazing new high-resolution graphics: Your pond has never looked so real!
• Beautiful, dynamic, multi-touch reactive water.
• Powerful and easy-to-use pond editor: Light, decorate, and personalize your pond.
• Create multiple themes and quickly switch between them.
• Relaxing ambient sound track (mix and match sounds for just the right ambiance).
• Custom koi: 8 unique breeds, up to 16 fish in your pond at once.
• Feed your koi by shaking your iPad.
• Hold your finger on the surface of the pond and watch the hungry koi nibble your finger.
App Changes
- October 22, 2011 New version 1.5