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Babbler Pro Audio Recorder
100 - 500 downloadsAdd this app to your lists
+ By IT Adapter Corp. Inc.
Babbler is a multi-purpose high fidelity (WAVe) sound-sensing recorder and player. Both recording and playback may be either manual (on button push) or automatic (Noise-Activated/Sound-Activated recording/playback). When both recording and playback are set to automatic mode Babbler maintains a "conversation" on its own with the user (hence the name). This applications uses real-time sound processing, consequently it does not keep data in compressed formats. As of this version WAVe and MP3 file export is supported. OGG export is planned for next version
Babbler features:
* Manual (on button push) recording (like regular recorder) - record your practice sessions, meetings etc..
* Automatic Noise-Activated recording (NAR) - capture night talking while sleeping, spy recording - do they talk about you when you are not there?
* Manual Playback (on button push) (like regular recorder)
* Automatic Noise-Suppressed Playback (on silence/on sound) - participate in corporate meetings without your attendance, set a sound mine that goes off on sound
* NEW! Pre-recording intervals - specify how long you want to capture prior to record start
* "Insanity" playback mode - application permutes sound bites for fun effects
* Displays sound waves (track oscillogram, real-time amplitude oscilloscope)
* Automatic Gain Control (AGC), fully animated VU meter
* Organize sound tracks in banks, create, delete banks. Copy tracks between banks
* Label tracks for easier identification
* Automatically Consolidate/Merge sound tracks produced by auto-recording
* Export Tracks to WAVE/MP3 format (Windows compatible) to SD card
* Share Tracks as WAVE/MP3
* Optimized for tablets (uses extra screen real estate and multiple CPU cores)
* Telephone Call Recording (not through speaker) - experimental feature works on some rooted devices. Tap on VU meter to select input source (must have device with telephony)
Use cases
* Attend corporate meeting instead of sitting in person - dial into your favorite time-wasting corporate meeting and let Babbler respond with senseless answers when conversation gaps form. Meetings participants would think that you are participating in the meeting.
* Record in automatic mode while you are asleep - use for sleep talking analysis and sleep apnea/snoring detection
* Use Babbler as regular sound recorder to record rehearsals, meetings etc. Use track consolidation feature to stitch many small tracks into bigger chunks. Use pre-recording interval to capture sounds before recording punched-in
Use Settings and play with AGC controls to optimize app for your device
Tags: babb bler recorder, babbler pro audio recorder, record all audio, how to record pro audio on an tablet, application audio recorder with repeat playback.
Version 1.5
Fixed tablet layout issues
Version 1.4
Workaround for ICS Android 4 bug with playback when stop button did not work
(69 stars)
This does something very clever indeed.I can review what I've just recorded and directly add-on further recording.The sound quality and gain adjustment is the best I've found.Developers please keep working on this, with a bit of polish you have got the nu
(69 stars)
This program could be fantastic. It just needs a little TLC from the developer. First the good part – it does record, and it will eliminate silences. That is spectacular. Now the not so good – But it does it by creating a whole bunch of little file
(69 stars)
Its totally different. No other app like it. Play with the settings and have fun!
(69 stars)
cool app. Please implement sharing to dropbox.
(69 stars)
cool app. Please implement sharing to dropbox.
(69 stars)
Not working at all.
(69 stars)
I've tried every voice recorder. Babbler (Pro) is my favorite, albeit closely followed by Smart Voice Recorder. Babbler packs a list of features that sets it apart from any other voice recorder: - recordings can be grouped by subject - automatic silence s


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Use Sensitive Eyes Daily Cleaner for loosening and removing deposits and debris from soft contact lenses.
After removing the lens, place it in the palm of your hand, and place three drops of Sensitive Eyes Daily Cleaner on each lens surface. Rub the lens for 20 seconds. Be sure to clean each side of the lens. Rinse the lens thoroughly with Bausch & Lomb Sensitive Eyes Saline Solution. Disinfect using the procedure which your eye care practitioner has recommended.
If you are allergic to any ingredient in this product, do not use. NOT INTENDED FOR USE DIRECTLY IN THE EYE. SEE PACKAGE INSERT FOR IMPORTANT SAFETY INFORMATION.
Active Ingredients
A Sterile, Isotonic, Buffered Solution That Contains: Hydroxypropyl Methylcellulose; Poloxamine; Sodium Borate; Sodium Chloride; Preserved with Edetate Disodium (0.5%) and Sorbic Acid (0.25%)

subset: commoncrawl


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Children's Vaccines Health Center
Understanding Meningitis -- Prevention
Meningitis is usually caused by many different viruses and bacteria. So the best methods of preventing it varies. But by getting vaccinated and taking sensible precautions, you can greatly reduce your risk. Here's what you need to know about meningitis prevention.
Meningitis Vaccines
Meningococcal meningitis is a serious disease -- even with treatment. That's why prevention is a far better approach. The meningococcal vaccine can prevent meningitis infection. In the U.S., two types of meningococcal vaccines are used:
- Meningococcal conjugate vaccine (MCV4) -- One of these vaccines, Menactra, is approved for people ages 9 months to 55. The other, Menveo, is used in those ages 2 through 55.
- Meningococcal polysaccharide vaccine (MPSV4) -- The only vaccine used for people older than age 55.
Although they cannot prevent all types of meningococcal disease, both vaccines can prevent many types of the disease. Both are effective in nine out of 10 people. MCV4 tends to give longer protection and is better at preventing transmission of the disease.
Doctors recommend a dose of MCV4, which is given as a shot, for children at age 11 or 12. A second booster dose is given at age 16. Other people at risk should also consider getting a vaccine, including:
- People who think they've been exposed to meningococcal meningitis
- College freshmen living in dorms
- U.S. military recruits
- Travelers to areas of the world, such as Africa, where meningococcal disease is common
- People with a damaged spleen or with terminal complement component deficiency, which is an immune system disorder
- Lab personnel who are often exposed to the meningococcal bacteria
Wait to get vaccinated if you are very ill at the time you're scheduled for the shot. Avoid the vaccine if you:
- Have had a severe allergic reaction to a previous dose
- Have a severe allergy to any vaccine component
Mild pain or redness at the injection site is common and should not be a problem. But call your health care provider right away if you have a strong reaction to the vaccine. This includes a high fever, weakness, or signs of an allergic reaction, such as trouble breathing, a fast heartbeat, or dizziness.
Other Vaccines to Prevent Meningitis
Vaccines can prevent many of the diseases that could lead to meningitis. Most of these shots are routinely given to young children. The immunizations to prevent bacterial and viral meningitis include:
- Haemophilus influenzae type B (Hib) vaccine, which prevents infections that cause pneumonia, meningitis, and other problems. It's given to children between 2 months and 15 months old, and then to children over 5 years old or adults with certain medical conditions. While Hib used to be the most likely cause of bacterial meningitis in children under 5 years old, the vaccine has made it very rare.
- Pneumococcal vaccines also protect against bacterial meningitis. There are two types. The pneumococcal conjugate vaccine is routinely given to children under 2. The pneumococcal polysaccharide vaccine is recommended for all adults over 65. Some younger adults and children with a missing spleen, weakened immune systems, and certain chronic diseases may also need it.
- MMR (measles-mumps-rubella) vaccine, which is routinely given to children, protects against meningitis that can develop from measles and mumps.
- Varicella (chickenpox) vaccine and shingles vaccine target the varicella virus, which can potentially lead to viral meningitis.
WebMD Medical Reference


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Richard Lester, Principal
Richard Lester has been Principal cello of the Chamber Orchestra of Europe since 1989. He has performed with the COE under conductors such as Claudio Abbado, Nikolaus Harnoncourt, Sir Roger Norrington, Paavo Berglund and Myung Whun Chung.
Leading chamber-musician, solo-cellist and for 16 years a member of the award-winning Florestan Trio, Richard Lester appears regularly at the world's foremost concert venues and festivals. Equally at home on both period instruments and 'modern', he was for many years principal with the Orchestra of the Age of Enlightenment.
In 2009 he joined the London Haydn Quartet. Playing on gut strings and with classical bows they have received invitations to many of the most important concert series in UK, USA, Canada, The Netherlands, Belgium, France, Germany, Spain, Switzerland and Hungary. They have embarked on a project recording Haydn's quartets for Hyperion; the latest disc, the Haydn opus 33s, will be released shortly.
Recent highlights include a tour of the UK and USA as concerto soloist with the OAE and Sir Roger Norrington, including performances at the South Bank in London, in Boston and at Lincoln Center in New York. He has also appeared as a director/soloist with the OAE, the Academy of St Martin in the Fields, the Irish Chamber Orchestra, and in Montreal and Quebec with Les Violons du Roy.
He has made over 30 highly acclaimed recordings, twice winning the Gramophone award for best chamber-music. His recordings of the complete works of Mendelssohn for cello and piano with Susan Tomes, and a disc of Boccherini sonatas on period instruments are available on the Hyperion label.
Richard Lester teaches at the Guildhall School and the Royal College of Music in London, and at the Birmingham Conservatoire. He plays on a cello made in Brescia, c.1700, by G.B. Rogeri.


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> Subscribe Now!
> Web Exclusives
Simply confirm your registered email address below and click "Reset Password." We will immediately email you a link back to the site where you can enter a new password for this account.
We've found your existing Orange Coast Insiders account. Please login below to complete the Facebook login process.
Please join Healing International's fundraiser pilgrimage to Italy in memory of the late Archbishop Tomas Clavel's ministry of evangelization. The trip from Orange County to Italy honors the 25th Memorial of his passing, and in memory of this premonition of Pope Francis. Archbishop Clavel was the former Hispanic Vicar, Diocese of Orange and Archbishop Emeritus of Panama! Healing International Inc. is a California 501 c3non-profit, started in Huntington Beach. To participate call 920-233-2347, or visit www.healinginternational.org.
Copyright © 2014. All rights reserved.


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WILLIAMS, Minn. (AP) -- Preliminary autopsy results indicate two Twin Cities area men found dead in a boat on Lake of the Woods died of accidental carbon monoxide poisoning. The Lake of the Woods County sheriff's office says a third man remained hospitalized Tuesday. Authorities were called about 11:30 p.m. Sunday to an area near Birch Beach, north of Williams in far northern Minnesota. Authorities arrived to find the bodies of 44-year-old Lonnie Ray Norberg and 35-year-old Jeffrey Edward Wheeler, both of Champlin.
A third man, 43-year-old Christopher Andrew Klick of Crystal, was taken to Altru Hospital in Grand Forks, N.D. The Minnesota Bureau of Criminal Apprehension is assisting with the investigation.


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At Aviston Lumber Co., we have not only the experience, but also all of the tools and supplies necessary to complete any job. Whether you need help creating custom home plans, remodeling a room, or finding the right replacement window, the experts at Aviston Lumber Co. are here to help. Call us today for a free estimate on your next home project.
- Custom Home Plans
- Kitchen and Bath Design
- Job Site Delivery
- Measurements For Remodeling
- Window & Screen Repair
- Key Cutting & Re-Key Locks
- Color Matching Systems
- Lumber & Insulation
- Windows & Doors
- Roofing & Siding
- Plumbing & Electrical
- Fencing & Decking
- Tools & Interior Millwork
- Paint & Pre-Mix Concrete
- Kitchen & Bath


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Next, you'll be asked to connect with Twitter. Rest assured, we will never send a tweet from your account
without your permission.
We will send you an email with an invite soon.
Hey guys, it's @allysonfelix USATF is letting me have the reigns to their Twitter account for a while. This will be fun!!
We hear @allysonfelix is on her way to the USATF office. Only a few more min. to get in your #AskAllyson questions for her Twitter takeover
Latest content for USATF members. Read a sample workout from elite athlete @abumbalough...
Olympian @AllysonFelix will take over the USATF Twitter account later today. Send in your questions for #AskAllyson before 2:30 ET
Just heard one USATF staff member wore his Nike Zoom Victory Spikes this morning...while de-icing his car. That's ingenuity.
See what's Trending Now for @USATrack_Field
Follow @USATrack_Field on Twitter


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Item # BU3647
Price: $104.99
In Stock
In Stock
Pre-order only. Available after: 10/02/2014
Ships after: 10/02/2014
Back Order Item
Out of stock
Can't Order
Buck Knives once again collaborates with TOPS Knives, blending the talents of two Idaho knifemakers to produce reliable knives and tools for those who protect and serve our country.
CSAR-T=Combat Search And Rescue Tool.
�ATS-34 stainless steel blade with Zirblast� finish
�Thumb studs
�Tough stainless steel frame
�Black G-10 handle scales
�Hex bit compatible handle cutout
�Strap/cord cutter and glass breaker pommel
�Stainless steel belt clip
�3-3/8" Blade
�Blade Thickness: 1/8"
�Blade Width: 1-1/4"
�5-3/8" closed
�MOLLE compatible heavy duty nylon sheath
�Made in the USA


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After a tough loss at Miss State, how does Mark Stoops evaluate his staff overall?
Click here to read the full story.
© 2012 WTVQ-TV, LLC | Site Map | Terms of Use | Privacy Statement | FCC Compliance | Employment | Advertise on ABC36 | Contact Us
WTVQ.com supports children's privacy rights. All persons under the age of 13 MUST have parental permission to use this website and direct parental supervision is strongly recommended.


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Word: đuổi
Added on: 2011-02-06 Listened: 31 timesin: to chase
Pronunciation in Vietnamese [vi] Back to Vietnamese
- Pronunciation by gooseduck (Male from Vietnam)
0 votes
- Could you do it better? different accent? Pronounce đuổi in Vietnamese
Accents & languages on maps
- Random word: quang điện
by Google Translate English translation:
đuổi = chase
Modify word:
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Report word:
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Please report it here.


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About a year after the Great Recession ended, Public Works began asking salary survey respondents if their pay had increased, decreased, or stayed the same. A little more than one-half reported salary freezes. Since then, however, we've seen steady increases (and decreases) in all the right places. Since 2011, nearly one-third more survey-takers say they've received a raise, the number reporting pay cuts dropped by more than half, and the percentage reporting salary freezes decreased by 20%.
"First pay raise in five years. No layoffs." —California city (pop: 100,001-250,000) highway department manager/supervisor making $127,000
Credit: Public Works
Articles and products focusing on all things Water.
When fully implemented, St. Louis residents will be able to pay for on-street parking...
The American Public Works Association announced 2015's volunteer leaders during its...
Victoria K. Sicaras
Salary & Benefits Survey
April 8 is Equal Pay Day: the date on which I'll finally have earned as much as a...
Significant pump systems reliability improvements can be achieved using Variable Speed...
This region-by-region analysis compares average salaries of survey respondents by...
Please read our Content Guidelines before posting.
Copyright ©
2014 Hanley Wood Media, Inc. All rights reserved.


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Outdoor Life
"As crossbows grow in popularity, manufacturers are constantly striving to make faster, cheaper, safer, and more accurate bows. Here's a first look at the new crossbows for 2013.
Today's crossbows are easy-to-operate, extremely accurate and just flat-out fun to shoot. Meeting the demand of the crossbow explosion, manufactures have designed and produced crossbows in a variety of different styles and price points to better fit the needs of individual shooters. Here's a rundown of some of the industry's most impressive horizontal wonders for 2013.
Following the 2013 Archery Trade Show (Jan 9 – Jan 7), this gallery will be updated with additional crossbow models as they are released."


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Test-Taking Strategies
The PreK-4 Pearson assessment consists of three modules testing the following areas:
- Module 1: child development, learning, and assessment; collaboration and professionalism
- Module 2: language and literacy development; social studies, arts, and humanities
- Module 3: mathematics, science, and health
Preparation materials for students to review are located on the Pearson website www.pa.nesinc.com. Included in these materials are:
- Test objectives organized by module
- Information on test design
- Sample selected-response questions
- A full-length practice test and
- Test-taking strategies
One of the purposes of this webpage is to reformat the materials offered through the Pearson site. Many times, content material presented in a different format enhances preparation rather than repeatedly reviewing the material in the same format. Attached to this website are:
- An Excel spreadsheet that lists the objectives of the prek-4 assessment. This spreadsheet should be used as a study guide for the assessment. The blank table cells may be used to record study dates or additional notes as you prepare for the prek-4 assessment.
- A Word document that includes sample questions with the correct response and rationale for the response and a Word document that includes sample questions without the correct response and rationale for response. Complete the sample questions that are organized by objective. When complete, check your responses with the correct responses given in the second document. Finally, find study materials that will help you review the content in the modules that challenged you.
- A PowerPoint that highlights successful selected-response test-taking strategies.
Hopefully, these resources will assist you in becoming comfortable with the preK-4 assessment content and confident in your test-taking abilities:
- PreK-4 Assessment Objectives
- PECT Study Guide
- PreK-4 sample questions without response and rationale
- PreK-4 sample questions with response and rationale
- Test-taking Strategies PowerPoint


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NEC's newest wireless projector can produce a quality image standing anywhere from 2.5 – 68.5 feet from the screen. Two versions exist: NP1000 and NP2000. The NP2000 can produce about 500 more ANSI lumens then the NP1000, bring total lumens to 4000. In order to place the projector at varying distances and produce either a TV or movie theater sized image, a variety of bayonet like lenses are needed (rumored to be 30�? to 500�? in size, but we don't know how big a 500�? lens is). The wireless portion of the projector allows you to place the associated PC anywhere within a reasonable distance of the projector to transmit data. Embedded encryption protects the projector from being hacked and displaying unwanted content. No word on price but expect the NEC projectors to hit sometime in May of this year.
NEC NP1000 and NP2000 wireless projectors [Ubergizmo]


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Father: --- Slingland
Mother: Esther Harvey
Marriage 1 Ira M. Curtis b: 1867 in Ontario, Canada
RootsWeb.com, Inc. is NOT responsible for the content of the GEDCOMs uploaded through the WorldConnect Program. If you have a problem with a particular entry, please contact the submitter of said entry. You have full control over your GEDCOM. You can change or remove it at any time.


text:
Jude Rasmus ReviewsJude RasmusBroker/Agent (19 years experience)
81 Recent Sales (last 12 months)
Buyer's Agent, Listing Agent, Foreclosure, Short-Sale
- Flag contentClose
- Content flagged
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.
- We're Sorry
- This service is temporarily unavailable. Please come back later and try again.
08/10/2014 - happiestgirl
Did not respond to my inquiry in Austell, GA.
Never returned phone calls.
Response from Jude
02/21/2012 - Bill Sheats
Sold a home in 2010.
Jude and her team over at Rasmus Real Estate Group are seasoned professionals that know what it takes to get the job done! I've worked with Jude for a while now and she's always looking for ways to improve your experience whether your buying or selling a home! Rasmus Real Estate Group knows the real estate market as well as anyone and their dedication and knowledge makes for a smooth and hassle free transaction! If you want the best contact Jude!
Response from Jude
02/08/2012 - Dongriffjr
Bought a Single Family home in 2006 in Marietta, GA.
Jude and her team helped us find the perfect home! Their patience and market knowledge helped us find the right home, in a great neighborhood. We still live in the same house 6 years later and couldn't be happier!! They took the time to research schools and found us a list of houses in our price range, with all of the items on our wish list. Thanks Jude and team!!
Response from Jude


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CUBA | Friday, 11 April 2008 | Views [253]
Our New Year's party at "La Casa de la Amistad" (The Friendship House).
In order to avoid spam on these blogs, please enter the code you see in the image.
Comments identified as spam will be deleted.
Find us on these social networks:


text:
Next, you'll be asked to connect with Twitter. Rest assured, we will never send a tweet from your account without your permission.
RT @SpeakerBoehner: American workers call #KeystoneXL an "economic engine" #4jobs:
Outrageous that the IRS is intimating Americans due to their political beliefs. This is a breach of power and we need answers.
Six million Americans with individual health policies will have to pay more thanks to #Obamacare
500,000 discouraged workers left the labor force in March after not finding work. Too many Americans losing hope.
A new report finds #Obamacare will increase medical claims by 32%, leading to higher premiums for Americans.
Young Americans' premiums could go up by as much as 189% under Obamacare. This is not "affordable" care.
Millions of Americans have suffered due to government housing policies. My remarks at today's @FinancialCmte hearing:
RT @AEI Under Obamacare, younger Americans could see their health insurance premiums climb by as much as 189%
RT @smallbizgop: With nearly 20 million unemployed/underemployed the #SkillsAct will help Americans get back to work
RT @RepublicanStudy #DailyData: Higher debt will cost Americans $9 trillion over the next ten years. …
RT @gallupnews Fewer Americans Getting Health Insurance From Employer... … #HealthInsurance #Employers
See what's Trending Now for @MicheleBachmann


text:
Approved by the Texas Veterinarian Medical Association for 10 hours of Required Continuing Education Credit.
Taught by internationally known speaker/teacher and camelid owner, Dr. Anthony Stachowski (Mantua, OH) and assisted by Dr. David Corley (Henderson, TX), the hands-on conference included all aspects of basic camelid care, plus dental procedures, jugular venipuncture, ultrasound and gelding. Participants had an opportunity for a round-table discussion to compare notes and ideas.


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Martin Wattenberg On Visualizing Large Textual Data
Martin Wattenberg, one of the creators of Many Eyes, in reply to "Why is a numbers guy like you so interested in large textual data sets?"
The entire literary canon may be smaller than what comes out of particle accelerators or models of the human brain, but the meaning coded into words can't be measured in bytes. It's deeply compressed. Twelve words from Voltaire can hold a lifetime of experience.
Martin Wattenberg = smart guy.
1 Comment
Pingback: links for 2008-07-23 « test


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And that my friends concludes a fasted cardio session #ontopoftheworld #goodenergy
Sparkling lemonade. Sparkling water lemonade and mint
I get my skills from ma pops😝💪💛
Great morning snack 😝☕ now give me 5 more #sogood #takeabreak @cookiedept
Office snack. Always have pb and frozen berries here.
Juicy ass mango😍😍😝😝
Holy YESSSS!!!!! @sweetspreads 😍😝🙊
Everyone knows you save the middle of the sandwich for last #duh
Allll kinds of gains bish. 1/2 cup white rice 6oz chicken veggies an egg low sodium soy sauce garlic and cilantro and seasonings


text:
YSL Parisienne 50ml Eau de Parfum Gift Set
An alluring and sophisticated fragrance for the independent, modern woman. A floral bouquet of Rose makes this an every day, light, fresh wearable fragrance.
Top notes: Cranberry and Blackberry
Middle notes: Otto Rose and Violet
Bottom notes: Vanilla, Musk and Cashmeran
Useful info:
- Great gift idea
- Beautiful crystal design bottle with the YSL logo
- Presented in stylish presentation box
- Includes 50ml Eau de Parfum
- 50ml Perfumed Body Lotion
- 50ml Perfumed Shower Gel
- YSL PARISIENNE 50ml EDP Gift Set


text:
Federal Reserve Bank of Cleveland
Economic Trends, September 2007
Covers August 10, 2007, to September18, 2007.
Table of Contents
- Economy in Perspective
- 09.20.07: Grist for the mill...
- Inflation and Prices
- 09.04.07: July Price Statistics
- Money, Financial Markets, and Monetary Policy
- 09.18.07: The Long-Anticipated Rate Cut
- 08.28.07: What Is the Yield Curve Telling Us?
- International Markets
- 09.06.07: U.S. International Investment Position
- Economic Activity and Labor Markets
- 09.07.07: Housing Markets
- 09.04.07: Real GDP: Preliminary Estimate
- 09.04.07: Younger Workers and Summertime Employment
- Regional Activity
- 08.21.07: Fourth District Employment Conditions
- 08.20.07: Ohio's Exports
- Banking and Financial Institutions
- 08.22.07: Fourth District Community Banks
The Economy in Perspective
Grist for the mill...
Many people have become anxious about the future course of the U.S. economy and financial system. How could they not, with the unremitting media coverage of companies in distress, markets seizing up, and credit conditions tightening throughout the land? If a recession were declared tomorrow, would anyone be surprised?
In fact, most economists would. Recessions are very particular economic events, requiring broad-based and persistent declines in production, spending, and employment. As of today, the U.S. economy has not shown any of these characteristics, although payroll employment did decline from July to August. Indeed, according to most of the economic data in hand, the U.S. economy has been expanding at a moderate pace, notwithstanding the residential construction sector's drag on total spending.
So why the front page gloom and doom? Well, credit markets have become tighter for many borrowers over a wide range of financial markets. That mortgage markets have tightened up for many borrowers is not surprising; after all, lax mortgage lending standards created much of our present difficulty. But there are other reasons as well. Domestic and foreign investors, the source of the extra cash that propelled our economy in the past few years, have suddenly become deeply skeptical about some of the investment products being offered to them. They are dubious about the stated quality of those products and their liquidity. As one senior bank examiner put it, investors have gone "on strike."
The investor pullback is posing some unique challenges to the global financial system. Many institutions have made a good living by selling financial instruments designed to meet their customers' need for quality, price, maturity, and risk. In recent years, these instruments have become highly complex because they are claims on pools of various kinds of debt obligations (for example, home mortgages, commercial mortgages, credit card receivables, and auto loans) and the market for these asset-backed securities has become fragile. With investors less willing to acquire assets structured into these kinds of products, millions of people who indirectly relied on them for funds now must wait for financial intermediaries to obtain funds from these investors under terms and conditions unlike those that prevailed until recently.
It is proving to be quite a task. One consequence is that some borrowers cannot obtain funds at all; others can, but only at higher interest rates and on stricter terms than before. Another consequence is that some investors are only willing to commit their funds to financial intermediaries for very short periods—overnight or weekly—rather than the intervals of 30 to 180 days that were commonplace in more tranquil times. Financial intermediaries are understandably reluctant to make long-term loans on the basis of such fragile short-term funding. Some financial institutions that have plenty of secure funding are reluctant to extend credit to their counterparties who, they fear, will not be able to pay them back. Some institutions have obligations to extend credit to customers who cannot find it in the open market; in fulfilling these obligations, they reduce their capacity for lending to other customers. There is sand in the gears, and the financial transmission system needs an overhaul.
The textbook solution to this problem is fairly straightforward: Let markets re-price financial assets and the cost of risk; let them decide which financial institutions are illiquid but solvent, as opposed to illiquid and insolvent. And let central banks provide the cash the market as a whole needs as it gropes to establish a new equilibrium. If a central bank does extend credit to institutions that cannot find funding in the open market, it should require that the credit be secured by good collateral, and it should provide no subsidies.
Central bankers have learned a few things about financial market crises over the years. They have learned that in a crisis, markets may function poorly. Because accurate information can be difficult to come by, people become risk-averse; markets may seize up and credit may not flow efficiently. Consequently, central banks look for opportunities to improve on market outcomes, but they are mindful that certain kinds of interventions could lull private market participants into a false sense of security about risk management, including liquidity risk. Finally, central bankers have learned that no matter what they do, their actions will be grist for someone's mill.
Yesterday the Federal Reserve reduced its federal funds rate target and discount rate on primary credit by 50 basis points each. The FOMC's statement indicated that its action was "intended to help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and to promote moderate growth over time." Let the millstones turn.
Inflation and Prices
July Price Statistics
The Consumer Price Index (CPI) continued to show signs of moderation in July, increasing only 1.4 percent (annualized rate) after rising 4.9 percent over the past six months and 4.0 percent over the past three. The core CPI (excluding food and energy) rose 2.9 percent in July, surpassing its recent trend. Many energy-component prices fell in July, as the aggregated energy index decreased 11.5 percent. Some food prices decreased as well, such as meat, poultry, egg, and fish prices, which fell 4.7 percent in July.
While traditionally the CPI's most volatile components, transitory disturbances to the aggregate price data are not always confined to food and energy items. Men's and boy's apparel, footwear, and medical care prices all posted uncharacteristic increases this month. For example, men's and boy's apparel posted its largest annualized monthly increase since August 1991, jumping 17.6 percent during the month.
An alternative to the traditional measure of core inflation are trimmed-mean inflation statistics, which help us identify the underlying inflation trend regardless of the offending source of the transitory disturbance. (To read more on this subject click here, or for more on the median CPI and to see the disaggregated component price changes click here.) Two such measures, the median CPI and the 16 percent trimmed mean CPI, increased 2.0 percent and 1.8 percent, respectively, in July, both moderating from long-term trends.
July Price Statistics
|Percent change, last
|2006 avg.
|Consumer prices
|All items
|Less food and energy
|16% trimmed meanb
|Producer prices
|Finished goods
|Less food and energy
a. Annualized.
b. Calculated by the Federal Reserve Bank of Cleveland.
Sources: U.S. Department of Labor, Bureau of Labor Statistics; and Federal Reserve Bank of Cleveland.
A broad deceleration in prices can also be inferred by the component-price-change distribution. Almost two-thirds of the CPI's components increased at rates exceeding 3 percent over the past 12 months, compared to 37 percent in July. Also, nearly one-third of the index decreased in July, as opposed to only 23 percent over the past 12 months.
Long-run inflation trends have also inched lower recently. The 12-month trend in the core CPI and the 16 percent trimmed-mean CPI have been decreasing since February and now range between 2.2 percent and 2.4 percent. The 12-month trend in the median CPI has fallen under 3 percent for the first time since May 2006 and now stands at 2.9 percent.
Inflation expectations, as measured by the University of Michigan's Survey of Consumers, have come down some over the past three months. In August, households' inflation expectation for the coming year was 4.0 percent—still somewhat elevated, but down from their expectation of the previous few months. Longer-term household inflation expectations have also moved just a bit lower recently, falling from 3.6 percent in July to 3.4 percent in August.
Money, Financial Markets, and Monetary Policy
The Long-Anticipated Rate Cut
The Federal Open Market Committee voted unanimously today to lower the fed funds target 50 basis points to 4.75 percent. This was the first rate cut since June 2003. In a related action, the Board of Governors approved a 50 basis point reduction in the Primary Credit rate to 5.25 percent. This action followed a 50 basis point reduction on August 17.
The Committee's statement emphasized that "today's action is intended to help forestall some of the adverse effects on the broader economy that might otherwise arise from the disruptions in financial markets and to promote moderate growth over time." Recognizing that readings on core inflation had improved modestly this year, the FOMC noted, however, "that some inflation risks remain, and it will continue to monitor inflation developments carefully."
Although the prices of futures and options on fed funds suggested that market participants expected a rate cut, opinion was somewhat divided between a 25 basis point cut and a 50 basis point cut. In any case, equity markets welcomed the Committee's choice. Broad market indexes jumped almost three percentage points after the policy announcement.
The period since the August 7 FOMC meeting has been eventful to say the least. Within days of that meeting, it had become evident that the default rate on subprime mortgages was much higher than had been anticipated. Furthermore, it was rapidly becoming clear that the effects of the jump in foreclosures were spilling over into other markets, generating a substantial and rather sudden increase in financial market volatility. The market turmoil caused many lenders to back away from markets, putting a strain on banks, which had established backup credit arrangements with the stranded borrowers. The strain on the banking system to provide the full amount of credit came into question.
It was but three days from that meeting that the Board of Governors responded to assuage market concerns in a press release. The August 10 statement said:
"The Federal Reserve will provide reserves as necessary through open market operations to promote trading in the federal funds market at rates close to the Federal Open Market Committee's target rate of 5¼ percent. In current circumstances, depository institutions may experience unusual funding needs because of dislocations in money and credit markets. As always, the discount window is available as a source of funding."
The announcement fueled expectations that the FOMC would follow with a sequence of reductions in the fed funds target. Indeed, implied yields on prices of fed funds futures suggested that some market participants believed that an intermeeting rate cut was possible in August.
The FOMC did not change rates before today's meeting, but it met on August 17 and issued a statement, which was released in conjunction with one from the Board of Governors announcing that it had voted to decrease the primary credit rate at the Reserve Banks from 6¼ percent to 5¾ percent, effective immediately. The FOMC's statement read:
Financial market conditions have deteriorated, and tighter credit conditions and increased uncertainty have the potential to restrain economic growth going forward. In these circumstances, although recent data suggest that the economy has continued to expand at a moderate pace, the Federal Open Market Committee judges that the downside risks to growth have increased appreciably. The Committee is monitoring the situation and is prepared to act as needed to mitigate the adverse effects on the economy arising from the disruptions in financial markets.
Such an intermeeting statement is very unusual, but it reflected the unusual nature of the circumstances. The FOMC had found little evidence that financial turmoil had yet substantively affected economic activity. Thus, the statement sought to reassure markets that it would act promptly to cut the funds rate if it were to see adverse effects on the economy.
The announcement generally reinforced a shift in market participants' beliefs about the future path of policy. A rate cut by September at this point seemed likely. The question was whether it would be a 25 basis point cut or a 50 basis point cut. The odds of the more dramatic action increased sharply when a weak employment report offered some evidence that the economy was being adversely affected.
Although the FOMC did not officially vote to reduce fed funds rate during the intermeeting period, the effort to supply sufficient reserves resulted in an average daily fed funds rate well below the target rate. The rate traded closer to the target in the past few weeks, however, as markets seemed to calm. Indeed, term lending rates for loans among banks in Europe tended to stabilize if not recede. For example, the one-month London Interbank rate (Libor) has declined over the past week.
Money, Financial Markets, and Monetary Policy
What Is the Yield Curve Telling Us?
Since last month, the yield curve has twisted downward, with long rates falling more than short rates. This has once again returned the curve to inversion. One reason for noting this is that the slope of the yield curve has achieved some notoriety as a simple forecaster of economic growth. The rule of thumb is that an inverted yield curve (short rates above long rates) indicates a recession in about a year, and yield curve inversions have preceded each of the last six recessions (as defined by the NBER). Very flat yield curves preceded the previous two, and there have been two notable false positives: an inversion in late 1966 and a very flat curve in late 1998. More generally, though, a flat curve indicates weak growth, and conversely, a steep curve indicates strong growth. One measure of slope, the spread between 10-year bonds and 3-month T-bills, bears out this relation, particularly when real GDP growth is lagged a year to line up growth with the spread that predicts it.
The yield curve had been giving a rather pessimistic view of economic growth for a while now, but with a nearly flat curve, this is less pronounced. The spread has turned negative with the 10-year rate at 4.79 percent and the 3-month rate at 4.83 percent (both for the week ending August 10). Standing at −4 basis points, the spread is down from July's 14 basis points and June's 54 basis points, though it remains not nearly as inverted as May's −23 basis points. Projecting forward using past values of the spread and GDP growth suggests that real GDP will grow at about a 2.1 percent rate over the next year. This prediction is on the low side of other forecasts, in part because the quarterly average spread used here remains negative.
While such an approach predicts when growth is above or below average, it does not do so well in predicting the actual number, especially in the case of recessions. Thus, it is sometimes preferable to focus on using the yield curve to predict a discrete event: whether or not the economy is in recession. Looking at that relationship, the expected chance of a recession in the next year is 28 percent, up from July's 24 percent, but still down from May's value of 35 percent and April's 38 percent.
The current 28 percent is close to the 26.2 percent calculated by James Hamilton over at Econbrowser (though to be fair, we are calculating different events: Our number gives a probability that the economy will be in recession over the next year; Econbrowser looks at the probability that the first quarter of 2007 was in a recession).
Of course, it might not be advisable to take these numbers quite so literally, for two reasons. First, probabilities are themselves subject to error, as is the case with all statistical estimates. Second, other researchers have postulated that the underlying determinants of the yield spread today are materially different from the determinants that generated yield spreads during prior decades. Differences could arise from changes in international capital flows and inflation expectations, for example. The bottom line is that yield curves contain important information for business cycle analysis, but, like other indicators, should be interpreted with caution.For more detail on these and other issues related to using the yield curve to predict recessions, see the Commentary "Does the Yield Curve Signal Recession?"
International Markets
U.S. International Investment Position
The United States has financed its persistent current-account deficits by issuing financial claims—stocks, bonds, bank accounts—to rest of the world. These financial claims essentially entitle the rest of the world to future U.S. output. Since 1982, foreigners have consistently held more claims on the United States than U.S. residents have held on them. Last year, foreigners possessed a net $2.5 trillion in claims against the United States, an amount equal to 19.2 percent of our GDP.
The Commerce Department's Bureau of Economic Analysis (BEA) estimates the claims that Americans hold on the rest of the world and that foreigners hold on the United States and publishes the data each July as the International Investment Position of the United States. Year-to-year changes in the international investment position reflect both the financing of our current-account deficits and changes in valuation of previously issued, outstanding financial instruments. Valuation changes stem in part from exchange-rate movements. The BEA estimates the value for most of these financial instruments from current market transactions, but direct investments—those involving a management positions in foreign companies—are difficult to update because their worth may reflect firm-specific and intangible characteristics. The BEA values direct investments for the international investment position of the United States using two alternative methods. The current-costs approach measures affiliates' investments in plant and equipment using the current cost of capital, the purchase of land using price indexes, and changes in inventories using estimates of replacement costs. The market-value approach relies on stock prices of owners' equity shares.
Valuation changes can have a profound effect on our net international investment position. Between 2002 and 2006, for example, our cumulative current-account deficit totaled nearly $3.2 trillion, but our net international investment position fell by a substantially smaller, $0.6 trillion—from −$1.9 trillion in 2001 to −$2.5 in 2006. The offset stemmed from valuation changes that boosted U.S. claims on foreigners relative to foreign claims on the United States. In part, these favorable valuation changes reflect the dollar's steep depreciation over this period. Because far more of U.S. claims on foreigners are denominated in foreign currencies than are foreign claims on us, a dollar depreciation raises the dollar value of our assets by more than our liabilities and improves our net international investment position.
Indicative of the growing globalization of financial markets, both U.S. and foreign assets have increased sharply as a share of GDP since the mid-1990s. Since 1995, foreigners have especially increased their holding of official dollar-denominated reserve assets and their investments in private U.S. securities. In 2006, official reserve assets accounted for 18 percent of all foreign claims against the United States, while private securities amounted to 35 percent of the total. Over this same period, U.S. residents have also added substantial amounts of private foreign securities to their portfolios. Private securities now account for 43 percent of all U.S. claims on foreigners and direct investments make up 23 percent.
Economic Activity and Labor
Housing Markets
Toward the end of each month a great deal of data on the housing market is released. By combing through the data releases we are able to get a fairly good look at what is going on in the housing market. This month's review tells us the market is still in the doldrums.
In July, sales of existing single-family homes fell a relatively modest 0.4 percent, after having declined 3.3 percent in June. Since September 2005, when the sales of existing single-family homes peaked, sales have fallen at an annualized rate of 11.8 percent, which translates into the slowest sales pace since September 2002. Since the 2005 peak, the median sales price of existing homes has fluctuated somewhat but on average has remained fairly constant at around $220,000.
In the market for new single-family homes, sales increased 2.8 percent in July to regain some of June's 4.0 percent decline. Sales of new single-family homes peaked two years ago and have fallen steadily since that time. The pace of the decline over this two-year period has been faster than that of the market for existing homes, coming in at an annualized −20.9 percent. However, of late that pace has slowed somewhat; over the most recent 12-month period, sales have fallen only 10.2 percent. While this is still a rapid rate of decline, it is only about one-third of the pace at which sales were falling during the previous 12-month period. Much like in the market for existing homes, the median price of new single-family homes has fluctuated as sales have fallen, but on average it has remained fairly steady at just above $240,000.
Both the new and existing home sales releases also include data about inventory levels. Inventories, which are typically measured in months of supply at the current sales pace, are important to the housing market going forward. An oversupply of homes on the market will generally put downward pressure on prices and prolong a return to normal rates of price appreciation. According to the most recent releases, inventories of both new and existing single-family homes remain elevated.
To get a better idea about movements in housing prices, it is useful to look at two other recent releases: the S&P/Case-Shiller home price index and the Office of Federal Housing Enterprise Oversight (OFHEO) housing price index. While each index is constructed differently, both show a rapid decline in the 12-month growth rate of home prices. The S&P/Case-Shiller index, which uses a repeat sales method in order to control for quality, shows an outright decline in prices over the past year for both of the first two quarters of 2007. The OFHEO purchase-only index, which also looks at repeat sales but excludes nonconforming loans*, shows slow annual price appreciation over the same period but no outright decline. Because the OFHEO index excludes pricier homes, it tends to show slower rates of both price increases and price declines when compared to the broader S&P/Case-Shiller index.
*Nonconforming loans are mortgages that either do not meet the underwriting guidelines of Fannie Mae or Freddie Mac or mortgages that exceed the conforming loan limit, a figure linked to an index published by the Federal Housing Financial Board.
Economic Activity and Labor
Real GDP: Preliminary Estimate
Real GDP grew at a 4.0 percent annualized rate in the second quarter of 2007, well above last quarter's 0.6 percent growth and above the 1.9 percent growth seen over the last four quarters. Personal consumption increased 1.4 percent, down from 3.7 percent in the first quarter. Business fixed investment grew 11.1 percent on a strong increase in structures. Residential investment, however, continued to deteriorate, falling 11.6 percent.
Real GDP and Components, 2007:II (preliminary estimate)
|Annualized percent change, last:
|2007:IIQ Preliminary estimate
|Quarterly change, billions of 2000$
|Four quarters
|Real GDP
|Personal consumption
|Business fixed investment
|Residential investment
|Government spending
|National defense
|Net exports
|Change in business inventories
Source: Bureau of Economic Analysis.
Real GDP growth was revised up from 3.4 percent (annualized rate) in the advanced report, to 4.0 percent in the preliminary estimate. Unfortunately, that may be unsustainable, as the Blue Chip Panel of Economists expects growth to fall back under 3 percent well into next year.
Investigating the contribution of various GDP components to the percent change in real GDP tells us that the upward revision was primarily due to upward adjustments in business fixed investment and exports, as well as a downward revision in imports, which was partially taken back by a downward revision to residential investment. Import growth subtracts from GDP growth. Therefore, a downward revision to imports (−3.2 percent from −2.6 percent) translates into a bump in real GDP growth of 0.1 percentage point.
The final release for the second quarter of 2007 is due on September 27, 2007. Looking back over the last four quarters, final revision usually puts GDP growth in between the advanced and preliminary estimates (with the exception of last quarter). While completely arbitrary, since the revisions are based on more complete information and not an average of the first two estimates, if the observation holds true with the next revision, this should still prove to be the strongest quarter (for GDP growth) since the first quarter of 2006.
Economic Activity and Labor
Younger Workers and Summertime Employment
Each year before summer begins, a substantial number of high school and college students enters the labor market, as they look for temporary or permanent employment. Many of them do in fact find a job. This year, the number of employed workers between the ages of 16 and 24 increased 2.3 million from April to July, according to a recent report by the Bureau of Labor Statistics.
In addition to the workers in this age group who found jobs, there were others who were looking but didn't find one—the sum of these two being the total youth labor force. The size of this labor force increased over the period as well, from 21.4 million to 24.3 million. As a result, the labor force participation rate for this age group rose from April to July as well, from 57.4 percent to 65 percent.
The summertime employment of younger workers typically peaks around July, and this year was no different. The bulk of the increase occurred in June—almost 70 percent of the additional 2.3 million young workers entered the employment pool in June alone.
The industry employing the greatest percentage of these young workers in July 2007 was leisure and hospitality (22 percent). Retail trade was second in terms of industries employing workers in this age group (close to 20 percent). Youths employed in other industries—education and health services, professional and business services, government, construction, and manufacturing—totaled nearly 40 percent.
Some differences emerged in the summer labor market outcomes of males and females in this age group. The rise in the labor force participation rate of younger workers was somewhat stronger among men than women—it rose 13.7 percent for men, 12.7 percent for women. The rise in employment between April and July was likewise significantly higher for men, generating a 13 percent rise in the employment-to-population ratio, whereas for women the ratio rose only 10 .6 percent. The relatively higher rate of men's employment during this period also translates into a smaller increase in the number of those that remained unemployed throughout the same period. Even though the male labor force expanded substantially, a significant proportion of male workers were able to find jobs during this period, resulting in only a 4.7 percent rise in their unemployment rate from April to July. Young women were not as successful in finding employment and experienced a 20.4 percent rise in their unemployment rate during the same period.
Regional Activity
Fourth District Employment Conditions
The district's unemployment rate rose to 5.6 percent in June (a 0.2 percent increase over May's rate). The increase mirrors the small increase in the national unemployment rate (0.1 percent). Analysis of the Fourth District's underlying employment statistics offers insight into the rate increase. The number of workers employed in the district actually increased (0.1 percent), but because the number of people in the labor force increased as well (0.4 percent), the number of unemployed workers rose 3.9 percent. On a year-over-year basis, the Fourth District's unemployment rate increased 0.3 percent while the national unemployment rate remained unchanged.
Of the 169 counties in the Fourth District, 20 had an unemployment rate below the national average in June, 1 had a rate equal to it, and 148 had a higher rate. Rural Appalachian counties continue to experience high levels of unemployment—seven rural Appalachian counties have unemployment rates above 10 percent. Fourth District Pennsylvania's unemployment rate (at 4.5 percent) remains slightly below the nation's, while Fourth District Kentucky and Ohio have unemployment rates (5.8 percent and 6.1 percent) well above the nation's. Unemployment rates for the District's major metropolitan areas ranged from a low of 4.1 percent in Pittsburgh to a high of 6.4 percent in Toledo.
Cleveland and Toledo have experienced declines in nonfarm employment over the last 12 months of −0.5 percent and −1.2 percent, respectively. Lexington is the only metropolitan area where nonfarm employment grew faster (2.1 percent) than the national average (1.5 percent). Employment in goods-producing industries fell nationally and in almost all District cities except for Akron, which added 0.3 percent more goods-producing jobs over the past year. Cleveland, Columbus, Cincinnati, and Dayton all lost goods-producing jobs at more than double the national rate. Service-providing employment increased in six of the eight major metropolitan areas of the Fourth District, with Lexington posting strong growth (2.8 percent). Employment in professional and business services grew in all Fourth District metro areas except for Cleveland (−0.7 percent) and Toledo (−0.8 percent). All major District metro areas posted job gains in the education and health services industry.
Regional Activity
Ohio Exports
Exports from Ohio grew at a nominal rate of 8.7 percent from 2005 to 2006, according to a recent U.S. Census Bureau report. In comparison, the nation's exports grew at a nominal growth rate of 14.7 percent, while exports out of Pennsylvania and Kentucky (other Fourth District states) grew at rates of 18.2 percent and 15.7 percent. Ohio exported $37.3 billion of goods and services in 2006, more than most states. Only six states exported more, California and Texas ranking first and second among them.
Since 1997, Ohio's share of total U.S. exports has remained relatively steady, hovering between 3.6–4.1 percent. Kentucky's share, while significantly less than Ohio's, has grown steadily over time, rising about 0.5 percent from 1997 to 2006. Pennsylvania's share of exports grew slightly over the same period.
With respect to Ohio's trading partners, Canada receives the largest share of the state's exports (48.3 percent in 2006), which reflects a strong flow of automotive-related goods. Mexico is Ohio's the next-largest trading partner, taking in 7.1 percent of Ohio's exports. The share of the state's exports going to Mexico increased 80 percent from 1997 to 2006, while the share going to China increased roughly 260 percent over the same period, though the volume of exports to China remains relatively small ($1.3 billion of goods in 2006). In contrast, the share of exports going to Japan has been cut in half. Compared to other states, a much larger fraction of Ohio's exports go to Canada, which is not too surprising given Ohio's proximity to Canada and the distribution of that country's industries.
In terms of the industrial composition of exports, the industries with the largest export shares in 2006 are transportation (34 percent), machinery (14 percent), and chemicals (12 percent). These same three industries were the leading Ohio exporters in 1997. Compared with the nation as a whole, Ohio has higher export share of transportation equipment but a lower share of computer equipment.This is particularly true for agricultural commodities and for some manufactured goods that are sold through out-of-state distribution centers.
Some products are intermediate goods that are used to produce exported goods but are not counted as exports in the trade statistics. The Census Bureau, in its publication Exports from Manufacturing Establishments, estimates the value of manufactured exports and their related employment by state, including estimates of both directly exported products as well as the intermediate goods and services used to produce exports. For 2005, the Census Bureau estimates that Ohio produced $56.8 billion of exported goods—final plus intermediate goods. Under this definition of exports, Ohio ranks third in the country in terms of exported manufactured goods, behind only California and Texas. The employment related to export production in Ohio totals 162.3 thousand jobs. Overall, these estimates suggest that 20 percent of the manufacturing shipments in Ohio are either direct exports or intermediate goods used to produce exported goods.
Banking and Financial Institutions
Fourth District Community Banks
Of the 290 banks headquartered in the Fourth Federal Reserve District as of June 30, 2007, 265 are community banks—commercial banks that have less than $1 billion in total assets.
The assets of community banks in the Fourth District have risen in five of the past eight years and declined in three. A decline in the community banking assets within the district does not necessarily mean that any banks closed shop or left the district. A community bank might disappear from our radar because it is acquired by bank holding company that is headquartered in another district (which would change the district the bank and branch offices belong to) or because it is acquired by another Fourth District holding company and the combined assets of the banks after the acquisition exceed the $1 billion cutoff. The latter phenomenon occurred twice in May 2007. The Lorain National Bank, a Fourth District bank with assets of $853 million in the first quarter of 2007, acquired Morgan Bank, National Association—another Fourth District bank whose assets were $125 million in the first quarter of 2007. By the second quarter of 2007, the assets of the acquirer totaled $1.003 billion, just over the threshold that defines a community bank. This acquisition explains most of the second-quarter 2007 decline in year-to-date community bank asset growth. Including the Lorain National Bank's second-quarter 2007 assets with the Fourth District's second-quarter 2007 community bank assets pushes up asset growth in that quarter from −3.4 percent to 0.7 percent.
Another acquisition of a Fourth District community bank occurred in May 2007 when the Bank of Kentucky, whose assets have exceeded $1 billion since 2006, acquired the First Bank of Northern Kentucky. These two acquisitions account for the decline in the number of community banks headquartered in the Fourth District, from 268 in the first quarter of 2007 to 265 in the second quarter. Since the end of 1998, the number of Fourth District community banks has declined by 72 (from 337) as a result of other bank mergers and acquisitions.
The structure of the market with respect to asset size has also changed since 1998. Back then, most Fourth District community banks had less than $100 million in total assets. Now banks in the $100 million to $500 million category constitute the majority.
The income stream of Fourth District community banks has shown some slight deterioration since 1998. The return on assets (ROA) deteriorated from 1.7 percent in 1998 to 1.3 percent in the second quarter of 2007. (ROA is measured by income before tax and extraordinary items, because one bank's extraordinary items can distort the averages in some years.) The decline is due in part to weakening net interest margins (interest income minus interest expense divided by earning assets). The net interest margin has trended down, from 3.97 percent in 1998 to 3.69 percent in the second quarter of 2007.
One issue which may become a cause for concern in the future is the elevated level of income earned but not received; at 0.63 percent in the second quarter of 2007, this figure remains at its highest level since 2001. If a loan agreement allows a borrower to pay an amount that does not cover the interest accrued on the loan, the uncollected interest is booked as income even though there is no cash inflow. The assumption is that the unpaid interest will eventually be paid before the loan matures. However, if an economic slowdown forces an unusually large number of borrowers to default on their loans, the bank's capital may be impaired unexpectedly.
Fourth District community banks are heavily engaged in real-estate-related lending. In the second quarter of 2007, 51.4 percent of their assets were in loans secured by real estate. Including mortgage-backed-securities, the share of real-estate-related assets on their balance sheets was 58 percent.
Fourth District community banks finance their assets primarily through time deposits (77 percent of total liabilities). Brokered deposits—a riskier type of deposit for banks because it chases higher yields and is not a dependable source of funding—are seldom used. Federal Home Loan Bank (FHLB) advances are loans from the FHLBs, which are collateralized by banks' small business loans and home mortgages. Although they have gained some popularity in recent years, FHLB advances are still a small fraction of community banks' liabilities (6.9 percent of total liabilities).
Problem loans include loans that are past due for more than 90 days but are still receiving interest payments as well as loans that are no longer accruing interest. Problem commercial loans rose sharply in 2001, returned to 1998–2000 levels by the end of 2006 thanks to the strong economy, and have since crept up some to their current level of 2.58 percent. Problem real estate loans were only 1.25 percent of all outstanding real-estate-related loans in the first quarter of 2007 and 1.21 percent of all such loans in the second quarter. These are still the highest figures since 1998. Problem consumer loans have continued their decline in 2007. Currently, 0.38 percent of all outstanding consumer loans (credit cards, installment loans, etc.) are problem loans.
Net charge-offs are loans that are removed from the balance sheet because they are deemed unrecoverable minus the loans that were deemed unrecoverable in the past but are recovered in the current year. As with the problem loans, there was a sharp increase in the net charge-offs of commercial loans in 2001 and 2002. Consumer loans followed a similar path but have remained slightly elevated since the recession. Fortunately, the charge-off level for commercial loans has returned to its pre-recession level. Net charge-offs in the second quarter of 2007 were limited to 0.61 percent of outstanding commercial loans, 0.73 percent of outstanding consumer loans, and 0.11 percent of outstanding real estate loans.
Capital is a bank's cushion against unexpected losses. Recent trends in capital ratios indicate that Fourth District community banks are protected by a large cushion. In the second quarter of 2007 the leverage ratio (balance sheet capital over total assets) was above 10 percent, and the risk-based capital ratio (a ratio determined by assigning a larger capital charge on riskier assets) was nearly 11 percent. The growing ratios are signs of strength for community banks.
An alternative measure of balance sheet strength is the coverage ratio. The coverage ratio measures the size of the bank's capital and loan loss reserves relative to its problem assets. As of the second quarter of 2007, Fourth District community banks had almost $15 in capital and reserves for each $1 of problem assets. While the coverage ratio declined considerably following the high charge-off periods of the early 2000s, balance sheets are still strong.
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text:
Guess what matching outfits we're wearing to comicon this year :D!?
Guess what matching outfits we're wearing to comicon this year :D!?
lol. What bothers me most about this is that the author of the letter had the entire time it took to write said letter to think about what was being asked of this woman, and how retarded it sounded. Also, not only did one person think this was a good idea, but multiple people must have all gathered around, approved of the idea, and acted on it. How did that happen?
A few, simple things I thought of within the first 10 seconds of reading:
1) How is being closed on a Sunday a pro? I'm still hungry on Sundays. Humans still eat food on Sundays.
2) The word "value" is relative. If one were to support "family values" one would have to support ALL family values, including mine. My family values include fucking women (as a woman) and never having children. What that line should read is "supports a singular notion of conservative christian family values."
3) Youth pastors similarly do their part to help and teach children, also, the same youth pastors (Michael Norris, etc.) sometimes rape said children. Cuba gives it people free ice cream, but supports violence against its people. Hitler turned around the German economy though building infrastructure (which is still in use today), was highly concerned with animal welfare, and was a vegetarian. Just because an organization or person has a philanthropic cause, does not erase a history of hate, bigotry, and overall shittyness of that entity.
4) Sure they offer gay people and women employment, but that's because it's illegal NOT to. But they do sexually harass female employees, unique to their stance on the "traditional family" by telling women they should be in the home instead of working.
Just something to think about. Keep in mind these points are more in depth than presently discussed, and these points simply represent just a few minutes of intelligent thought.


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Celebrity Central / Top 25 Celebs
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After picking a blue mini for the premiere of the latest Miu Miu Women's Tales, the actress goes for a different shade. She wears a bold scarlet Miu Miu dress with silver beading that she plays up with a matching clutch and heels for a dinner celebrating the film at the Venice Film Festival.
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Theater Review: 'The Heidi Chronicles'
Date: January 30, 2013
by: Observer Staff
The third show in the 2013 Asolo Repertory Theatre's theme of "The American Character" was aptly chosen. With the "pursuit of happiness" at the core of this 1989 Pulitzer and Tony Award-winning play, it's as fresh and clear a cry as the first fictional Heidi yodeling for her freedom in the cool, crisp Alpine air.
This production of "The Heidi Chronicles" is entertaining, thought-provoking and relevant. The dialogue is both witty and whimsical, the characterizations both classic and comical. The acting is superbly enthusiastic with each actor totally synchronized to his part. Considered Wendy Wasserstein's greatest play, Laura Kepley directs. Michael Clark designed the video projections, and Matt Parker designed the sound, which includes popular music to enhance each scene.
The post World War II baby boomer generation has seen more changes in the social status of women than any other in history. The phrase "can women have it all" referred to post '50s-era women who wanted both a career and a family. But, as to actually "having it all," the question remains unsettled, just as the Equal Rights Amendment, guaranteeing lack of discrimination against women, remains ungratified to this day, with Florida being among the states that have refused to sign. Congress first passed the ERA in 1972, almost 50 years after women won the right to vote. The ERA still hasn't been set into the constitution 40 years later.
As we watch Heidi, quite nicely played by Elizabeth King-Hall, wind her way up the treacherous trail of womanhood, during the gender-bending '60s, '70s and '80s, we get some of what it must feel like to herd goats along with you. Some of the goats include terrific performances by Gail Rastorfer as Susan Johnston, Brian Sills as Peter Patrone and Zachary Fine as Scoop Rosenbaum.
Is it still more difficult to get to the top of one's chosen career as a woman? Statistically, yes. Are men less inclined to marry women more successful or smarter than themselves? Statistically, yes. Is it just as difficult to raise children as a single woman? Statistically, yes. Well, then, what's a girl to do if she wants true love, children and her chosen career? The answer is: Get lucky! Are we, more than 300 years since the Declaration of Independence, getting closer to true equality at last? Well, yes, finally closer, but there? Not yet.
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29 Fuzión Dance Artists Master Class with Larry Keigwin
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30 Artist Program & Reception
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Did you go to Cardinal Mooney in 1964? Your former classmates are calling for you!
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Learning Express Toys partnered with the MaxLove Project Sept. 13 and Sept. 14 for a special MaxLove International Loom-A-Thon Against Cancer.
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As the nation remembers the terrorist attacks of Sept. 11, 2001, Manatee Technical Institute will commemorate the tragedy with a blood drive from 8:30 a.m. to 2:30 p.m. Sept. 10 and Sept. 11, at its main campus, 6305 State Road 70 East, in front of Braden River High Schol.


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[API] Using Date String to get a range of days
Asked on Jul 13, 2013 - 21:01
If I type "7 days" on search input, Todoist will return to me all tasks uncompleted at the range of 7 days.
Is there a way to use that feature with your API?
All responses
Replied on Jul 14, 2013 - 11:21
Hello Richard,
You can find detailed information about our API here: https://todoist.com/API/help
As for use of "7 days", you may need to always feed the exact dates to the query.
Best regards,
Replied on Jul 31, 2013 - 17:17
But will the query '7 days' be included in the API queries?
Replied on Jul 31, 2013 - 23:34
Unfortunately, not right now, but we may consider adding this or more functions in the future.
Best regards,


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Houston, TX (Sports Network) - TaShawn Thomas tallied 17 points and nine rebounds as the Houston Cougars held off the UAB Blazers, 66-61, in a Conference USA showdown at Hofheinz Pavilion.
Joseph Young scored 14 points for Houston (13-6, 2-4 C-USA), while Jherrod Stiggers came off the bench to net 11 points. The Cougars snapped a season- long four-game losing streak with the triumph.
For UAB (8-12, 0-5), Jordan Swing led all scorers with 20 points off the bench, and Terence Jones had 14 points. Swing also dished out seven assists for the Blazers, who have lost six straight.
UAB (.435) and Houston (.433) put up nearly identical field goal percentages in the first half, but the Cougars took a 33-26 lead into intermission by generating seven more shot attempts in the first 20 minutes.
The Blazers climbed back in the game by shooting 50 percent from the field in the second half, and they held a 55-54 lead with 4:28 left to play. Leon Gibson scored what proved to be the game-winning basket for Houston a minute later, and it finished the game on a 12-6 run to capture the victory.
Houston won both the rebounding (30-27) and turnover (18-14) battles on the night.
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