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Skip to comments.Wall Street Journal rips Newt Gingrich for defending ethanol subsidies
Posted on 02/01/2011 9:02:58 AM PST by SeekAndFind
Newt Gingrich has been touring Iowa lately, attempting to generate interest in a run for the 2012 GOP presidential nomination, and he's been going the traditional route of defending farm subsidies, especially for ethanol. Gingrich blasted the media for its skeptical approach to ethanol subsidies, especially the Wall Street Journal, saying that "big urban newspapers want to kill it because it's working," and then questioned the WSJ's values. The editors have responded in an unsigned editorial titled "Professor Cornpone," and they give Gingrich both barrels:
Here's how he put in Des Moines, with that special Gingrich nuance: "The morning that I see the folks who are worried about 'food versus fuel' worry about the cost of diesel fuel, worry about the cost of commodities on the world market, worry about the inflation the Federal Reserve is building into our system, all of which is going to show up as higher prices, worry about the inefficiencies of big corporations that manufacture and process food productsthe morning they do that, I'll take them seriously."
The morning Mr. Gingrich read the offending editorial, if he did, he must have overlooked the part about precisely those concerns. He must have also missed our editorial last month raising the possibility that easy money was contributing to another asset bubble in the Farm Belt, especially in land prices. For that matter, he must have missed the dozens of pieces we've run in recent years critiquing Fed monetary policy.
Of course, the ethanol boom isn't due to the misallocation of resources that always stalks inflation. It is the result of decades of deliberate industrial policy, as Mr. Gingrich well knows. In 1998, then Ways and Means Chairman Bill Archer tried to kill ethanol's subsidies for good, only to land in the wet cement that Speaker Gingrich had poured.
Yet today this now-mature industry enjoys far more than cash handouts, including tariffs on foreign competitors and a mandate to buy its product. Supporters are always inventing new reasons for these dispensations, like carbon benefits (nonexistent, according to the greens and most scientific evidence) and replacing foreign oil (imports are up). An historian of Mr. Gingrich's distinction surely knows all that.
The WSJ then accuses Gingrich of pandering, but says the problem goes deeper than just check-box politics in Iowa. If Gingrich seriously thinks that the subsidies for ethanol really are working to do anything more than distort markets and put politics above science, then the Journal argues that his judgment is seriously lacking. Ethanol gets lower gas mileage, thanks to its lower energy potential, which is one of the reasons that consumers haven't bought flex-fuel vehicles. As Jazz Shaw noted earlier, ethanol in higher percentages tends to damage engines not specifically built for the fuel, but this kind of pandering means we'll all have to deal with those consequences by government fiat.
We have an opportunity to reform government, perhaps the greatest such political opening in almost a century. Farm subsidies in general have to be on the table, but that's especially true for ethanol and corn in particular. Ethanol has simply proven to be too costly, too difficult to transport, and not an effective enough substitute for gasoline to be practical or cost-effective. Subsidies only hide that fact from consumers at the gas pumps and the showrooms, but the cost to taxpayers for the years of subsidies demonstrate the decades-long failure. Even Al Gore admits ethanol is a bust, for Pete's sake.
Republicans don't need a presidential candidate who wants to conduct business as usual by buying farm votes with promises of our money. We need a candidate who recognizes the historical moment for change, rather than the opportunity to sell more of the same.
Newt is blatantly pandering for the Iowa Farm vote. Everybody knows the Ethanol subsidy is a big boondoggle.
Either subsidies for anything are good or they are bad. Newt needs to go away. The last thing we need is yet another socialist running on the GOP ticket.
I AM CORNWHORIO!!!! I need E85 subsidies for my....
Oh, never mind. :)
All I have seen is anecdotal stories and personal experience. Personal experience is that we are getting 10% less mpg, and they are putting 10% ethanol in the fuel. So how am I saving any gas. I'm still burning the same amount of gasoline that I ever was, I just have to fill up more often.
So we aren't saving gas, it's costing a lot to subsidize, and it's driving the price of food up. Where is the benefit? If there is not one kill it.
The larger issue of course is why are welfare queen farmers given first dibs at picking the GOP nominee.
If there were a benefit, the government wouldn't have to mandate it to be done.
Newt was on top of the world when he rode into congress in the clinton years. He was a great talker, and the Contract for America had it exactly right for the time. Then clinton brought his guns to bear, Newt caved in and started pandering for success, and he went off the rails and mucked up his marriage as well as his political career.
If he had just stuck to honest principles, he would be an important figure today, maybe POTUS, maybe an elder statesman. As it is, he's just a bad example of what happens when you play for power and self gratification so often that the whole world figures it out.
He'd might as well dump his third wife and pick up with Megan McCain, at this point. Or Dede Scozzafava.
I'm all for a political policy which burns our food.
Ethanol gets lower gas mileage, thanks to its lower energy potential, which is one of the reasons that consumers havent bought flex-fuel vehicles.
It could be the most wonderful thing in the world. No one will know unless free markets choose it. If free markets reject it so be it.
It is wrong in PRINCIPLE for tax dollars to subsidize ANY industry.
You've touched on the real problem.
He's supposed to be this deep thinker. But his policies are irrational.
I assume Newt missed the memo that each gallon of ethanol requires energy inputs equivalent to 1 1/3 gallons of fossil fuel. All this insanity to counter Algore's non-existant anthropogenic global warming hoax. I know Newt's smarter than that.
Sounds like he's pandering to the Agribusiness lobby which is sucking on fedzilla's teat for all those subsidies for ethanol so we can continue to burn our FOOD and ruin the engines in our vehicles. That's ONE way to get more of us off the road.
On a similar note, these environwhackos are now pushing 15% ethanol in the gasoline. I just bought a new gas powered string trimmer. The manual warns that use of E15 gas will void the warranty as it will probably DESTROY THE ENGINE! Brilliant, huh?
...as well they should.
He s already the candidate most likely to follow a snapping thong into the Oval Office sink area.
Guess that's one way to "nudge" Americans into electric or so-called "green" cars.
Everybody knows the Ethanol subsidy is a big boondoggle.
Even Al Gore admitted this
I will support a candidate who goes to Iowa and campaigns on ending ethanol subsidies.
I don't believe that's a true statement. If that were true, we wouldn't need government at all. Yet clearly we do.
There are lots of areas where government appropriately sets rules that benefits us all, that the free market would not do on it's own.
Examples, include:
We need to be dilligent against governmental abuses, but don't let that dilligence lead you into thinking that government is all evil and doesn't do some very good things.
Why do we need proof of benefits? Cut the subsidies and quit forcing us to buy it. If it survives on its own then it can be deemed beneficial.
A free market place is the only test needed.
4 out of 10 loads of Corn now go to produce Ethanol.
And if we up that amount to 15% by volume, it will translate to over 5 loads for every 10. (50% of our Corn production in other words.)
It not only increases our cost at the pump, it increases our taxes to pay off the ransom money supporting the subsidies to produce it!
Gingrich = Old Republican = Not conservative = No money or votes from me.
Pollution is not a good example. The government enables pollution yet you give it credit for cutting it? Beleive it or not this country is capable of producing better and cheaper housing in the abscence of codes. Etc is not a good example either.
I will agree on defense but i limited scope. And I will add enforcement of property rights and punishing the guilty.
I'm tired of no being able to buy gasoline!
I want good ol'gasoline and nothing but gasoline, so help me God!
The pipeline companies don't like it cause it craps up their lines, are vehicles are no different, they should pay/or be legally rejoined to their responsibility for stealing our money and ruining our property, that's just the truth of the situation, plain & simple.
Ugh, must engage spell check before posting. My apologies.
Amen. Sit down and shut up Newt...you're embarrassing yourself.
I don't think there are any benefits in this case. But suppose that it really was reducing our dependence on foreign oil and in the process helping defund terrorist supporting states. That would certainly be a goal I could get behind and would support government intervention in the market place to help happen.
If Biofuel was likely to be viable alternative to oil given economies of scale and this program was helping achieve those economies of scale, then again I could support the government intervention. Especially if it meant American jobs vs overseas jobs during a time of high unemployment.
But I think there are better alternatives that have already been proven viable like Nuclear, that I'd rather see the government put it's resources behind. I just think the Biofuel, is not going to be viable unless you go to it 100% like Brazil and even then it's very questionable.
Not irrational, just self-serving.
I believe the part about cheaper. But codes aren't federally mandated. Yet practically every community freely votes to adopt them.
"The government enables pollution yet you give it credit for cutting it?"
huh? How does the government enable pollution? They sit in their offices and do nothing? They don't pollute. Individuals and businesses pollute. And many of them do so with reckless abandon, until government steps in.
A little research will reveal that he's on the payroll of one or more alternative-fuel lobbying groups. Just like that former CIA director James Woolsey who writes articles and gives speeches in which he describes our nation's reliance on fossil fuels as a "national security issue" -- when he's got his own agenda lobbying for the alternative fuel industry and even sits on the board of directors of Plug In America (an advocacy group for electric vehicles).
These people get tiresome after a while, don't they?
Newt, stand aside and let the new boys show you ole boys how it is done. You will not get a vote from anyone in my house.
It couldn't be more obvious. Another is Sen. Charles Grassley (R-Iowa) who's generally conservative but has never seen an ethanol subsidy he'd vote against.
Here pass out these rotten tomatoes, let's have some fun.
If Bio was viable why would you need subsidies to get it going? You would not. But if you consider Bio to be good then the fact that the free market wont make it or buy it is considered a failure.
I will take a free people buying and selling as they see fit over having your preferences imposed on me by government diktat.
Have you looked at the crap being done in the name of Environmentalism with modern building codes? LEED is a joke.
Aaaaargh!!! I get so sick of the myopic politicians who can't get this issue right. Farmers aren't beholden to ethanol. What farmers want is added-value ag opportunities. They don't care if it's subsidized or not - they just want a market, something other than putting it on a barge and sending overseas.
They also aren't beholden to growing corn, beans, or whatever. They just want to grow something profitable. They also aren't particular about growing one crop, they'll grow several if that makes them money. Profitable crops and a local market, with investment opportunities in added-value ag (i.e. coop) - that's all they really want. With all the local jobs it would produce, we should all want that.
Here's the way to frame the issue:
- We need to think bigger than ethanol and biodiesel.
- We should be looking at all added-value ag opportunities that stand on their own feet so that farmers aren't subject to the whims of politicians every election cycle.
- We should be looking at taking as many things out of a particular crop that we can, and the higher the value the better.
- We should focus on research and developing technology, and a tax structure that promotes this and investment, especially farmer investment.
- We need to better vertically integrate our ag structure here in America to promote jobs and healthy farms.
There is a conservative way to approach ethanol and added-value ag and not tick off the farmer. It's not that hard people.
"each gallon of ethanol requires energy inputs equivalent to 1 1/3 gallons of fossil fuel."
Exactly correct. It's not coincedence that the price of both food and oil has gone up as the ethanol mandates have kicked in. Using oil to boil the corn to make ethanol is ultra wasteful. The higher price of food and fuel is directly responsible for the riots around the world. People who live on $2 a day are getting crushed. Ethanol is racist, it kill brown and black and yellow people at a much higher rate than white people!
How about a neutral tax structure that does not promote anything?
May I assume that the "we" you refer to is the ag industry? The only thing I really need to know is that I am not taxed to support ag and I am free to buy whatever ag products I see fit.
Instead of trying to figure out how the government can help ag why not focus on getting the government out of ag (and the rest of our enterprises).
Endorsing Scozzafava really was the end of Newt for me.
We as in the govt. A great deal of what the govt needs to do is open doors and get out of the way. How about we just stop taxing period? Taxing return on investment is the dumbest policy there is.
The best way to get the govt out of ag is to get out of the way of added-value ag and let the ag sector get beyond ethanol and biodiesel. Not only will you bring jobs and investment, you'll allow the farmer to diversify and prevent the boom-bust cycle we've seen in ag since we went to the commodity farm policy in the Depression.
Newt's not the only one. The list of cornsnake oil salesmen includes Mitch Daniels, Tim Pawlenty, John Thune and yes, even conservative hero Mike Pence. But Pence has opted out of the 2012 race for the GOP presidential nomination. Although it's no excuse, those four are at least from farm states that grow a lot of corn. Newt has even fewer excuses for being a Cornhuckster, hailing as he does from Georgia, where the big four agricultural products are poultry, peaches, pecans and peanuts — not corn.
Some facts: One gas tank of ethanol requires enough corn to feed a family for a YEAR.
Ethanol is a net energy loss in production due to petroleum requirements for transport, fertilization, etc.
Ethanol requires tanker trucks as you cannot put it in a pipeline at all. Even more net loss.
Ag is suffering from an idiotic tax code. That is why a neutral code is needed. One that neither hurts nor helps.
Have you looked at the crap being done in the name of Law Enforcement? Do you want to get rid of all Law Enforcement because of a few bad cops?
I'm sure that for every good thing government can do, that someone can find a way to abuse it. Doesn't mean we need to get rid of government, just means we need to remain diligent.
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Matching Models to Reality: Bond Market Investors Don't Follow the "First-Mover" Script
By Brian Reid
July 18, 2016
Fourth in a series of ICI Viewpoints testing the hypotheses of academics and regulators about mutual fund and investor behavior during times of market stress.
Regulators and researchers have put forward a common narrative that fund investors can destabilize markets during a period of market stress. They have advanced several hypotheses—including the concept of a first-mover advantage—to support their narrative. These hypotheses produce testable predictions about how fund investors behave in troubled markets: not only will investors redeem their fund shares but they also will stop purchasing new fund shares, thus creating large destabilizing net outflows from funds.
The common narrative and the hypotheses also produce testable predictions about how fund managers and other market participants behave. As the Financial Stability Oversight Council (FSOC) discussed in its recent Update on Review of Asset Management Products and Activities, these hypotheses predict that funds would try to sell large volumes of portfolio assets to meet shareholder redemptions. These sales would then cause a negative feedback loop, pushing the prices of those assets lower, sparking further redemptions by fund investors, and prompting further sales of portfolio assets by fund managers. Other investors fail to step in to buy securities—even when asset prices have fallen well below the assets' fundamental values and assets have high risk-adjusted returns.
The problem with these hypotheses, as I explained in my previous ICI Viewpoints post, is that data about fund investors don't support the hypotheses' predictions about fund investor behavior. Now, I'll turn to the predictions about fund managers and other investors, again using data from the high-yield bond market during a period of significant stress in that market. Once again, I'll show that these hypotheses and their predictions fail to match actual experience.
Funds as Buyers of Corporate Bonds
By the beginning of December 2015, the high-yield bond market was under considerable stress. Falling oil and gas prices and mounting concerns about slowing economic growth had caused yields on high-yield bonds to reach nearly 8.5 percent by December 9.
Then late that day came the announcement that Third Avenue Focused Credit Fund, a high-yield bond fund, had suspended redemptions and would liquidate. Though funds routinely liquidate, suspending redemptions is a very rare event. Websites for both the New York Times and the Wall Street Journal carried the story on December 10, and it made the front page of the Journal on December 11. Some market commentators anticipated significant fallout from the fund's closure during a period of heightened pressure in the high-yield bond market.
So how did high-yield bond fund managers behave during this period of significant market stress? Many funds did have modest net outflows, so funds did sell some corporate bonds to meet redemptions. But contrary to the prediction, funds were also buying corporate bonds during December 2015, contradicting the prediction that funds would be on one side of the market (Figure 1).
Figure 1
U.S. High-Yield Bond Fund Managers Continued to Buy Corporate Bonds Even During the 2015 Sell-Off
Billions of U.S. dollars; monthly, January 2014–March 2016
Note: The shaded region represents November 2015 through February 2016.
Source: Investment Company Institute
Why were these funds buying corporate bonds? Some funds had new cash to invest. For example, about one-quarter of high-yield bond funds had net inflows in December—meaning that investors were buying more shares of these funds than they were selling. Even funds with modest net outflows would have had interest income and proceeds from maturing bonds to put to work in the market. Other funds saw bonds being offered at attractive prices and used cash or sold other portfolio assets to purchases these bonds.
Taken together, 85 percent of high-yield bond funds were buying corporate bonds, including funds that had some of the weakest performance in December 2015 (Figure 2).
Figure 2
U.S. High-Yield Bond Funds Both Purchased and Sold Corporate Bonds in December 2015 Regardless of Performance
Purchases and sales of corporate bonds as a percentage of fund assets, by fund return, December 2015
*Assets are as of November 30, 2015.
Sources: Investment Company Institute and Morningstar
The high-yield bond market remained under stress into 2016, with average yields on these bonds rising to 10 percent. Nevertheless, bond fund purchases of high-yield bonds actually picked up in January and February. In January, funds' purchases of corporate bonds nearly offset their sales in the aggregate, and in February their total purchases exceeded their sales. This activity contradicts the prediction of the common narrative, which holds that bond funds will sell large amounts of portfolio assets to accommodate net outflows and that their sales of these assets will swamp the market as other investors, particularly buyers, will stay out of the market.
Other Investors Also Remained in the Market
The prediction that other other buyers would not step into the market to buy bonds would suggest two things:
- overall trading volumes in the high-yield bond market should have declined, and
- bond funds' share of the overall trading in the high-yield bond market should have risen.
Neither occurred.
High-yield bond trading volumes held up well in December 2015 (until the normal seasonal decline over the year-end holidays), particularly during the most stressed period in the first half of December, when investors' expectations of higher default rates were changing quickly and bond yields were rising (Figure 3). Trading of high-yield bonds actually rose slightly during the second week of December.
In addition, during the period of greatest market pressure, secondary market trading of shares in high-yield bond exchange-traded funds (ETFs) rose, providing an additional means for market participants to buy and sell exposure to the high-yield bond market.
And although bond prices continued to fall through late February, there is nothing to suggest that this was anything more than normal market dynamics, in which buyers and sellers were repricing the default risk of these securities. High-yield bond trading volumes were in line with their levels a year earlier.
Most of the trading occurred among investors other than mutual funds. The share of trading volume in the high-yield bond market attributable to high-yield bond funds did not spike—evidence that the fund managers' trades were not swamping the market. In December, high yield bond fund purchases and sales of corporate bonds accounted for 9.2 percent of the trading volume in the high-yield bond market, just below funds' 9.5 percent average share from July 2014 through March 2016. In January and February, funds' share of market trading was between 6 and 7 percent.
Figure 3
U.S. High-Yield Bond Trading Volume Rose in Mid-December 2015; ETFs Added Market Liquidity
Billions of U.S. dollars; daily, November 2, 2015–March 31, 2016
Note: Data exclude high-yield ETFs designated as floating-rate funds. Data also exclude Veteran's Day, the Friday after Thanksgiving, Christmas Eve, and New Year's Eve.
Sources: FINRA TRACE and Bloomberg
Time to Step Back and Reexamine
Economists seldom have the opportunity to test the predictions of their hypotheses repeatedly. The behavior of funds and their investors in troubled markets, however, has been tested over and over again in the past 75 years.
The common narrative of how mutual fund investors can destabilize markets, and the underlying hypotheses, such as the first-mover advantage, produce specific, testable predictions. In the past decade alone, those predictions have been tested during the 2007–2009 financial crisis; the European debt crisis of 2011; the so-called Taper Tantrum of 2013; the 2015–2016 sell-off in the U.S. high-yield bond market; and most recently the tumultuous markets after the United Kingdom's unexpected vote in June to leave the European Union (Brexit).
The empirical evidence presented in this series raises serious doubts about the validity of the current hypotheses underpinning academics' and regulators' perceptions of the behavior of mutual fund investors, mutual fund managers, and other investors.
The scientific method of formulating and testing hypotheses is a dynamic process. Researchers form hypotheses and test their predictions. If the data do not support the predictions, researchers then refine or reject the failed hypotheses.
The current hypotheses of investor behavior continue to fail to predict actual investor behavior. It is time for regulators and researchers to step back and reexamine these hypotheses and carefully test them against the data. Failure to do so could result in the development of regulatory policies that are misguided or even harmful to investors and the broader markets.
Other Posts in This Series
- Matching Models to Reality: Doomsayers Are Disappointed—Again—as Funds Weather Brexit Shock
- Matching Models to Reality: The Real-World Challenges to Regulators' "First-Mover" Hypothesis
- Matching Models to Reality: In a Falling Market, the Real "Movers" May Be...the Buyers
- Matching Models to Reality: Bond Market Investors Don't Follow the "First-Mover" Script
Brian Reid is ICI's chief economist.
TOPICS: Mutual FundFixed IncomeFederal ReserveBondsFinancial MarketsFinancial StabilityBond FundInterest Rate
Matching Models to Reality: In a Falling Market, the Real "Movers" May Be...the Buyers
By Brian Reid
July 15, 2016
Third in a series of ICI Viewpoints testing the hypotheses of academics and regulators about mutual fund and investor behavior during times of market stress.
TOPICS: Mutual FundFixed IncomeFederal ReserveBondsFinancial MarketsFinancial StabilityInterest RateBond Fund
Matching Models to Reality: The Real-World Challenges to Regulators' "First-Mover" Hypothesis
By Sean Collins
July 14, 2016
Commentators have long predicted that, one of these days, a market downturn will send U.S. mutual fund investors racing for the exits.
TOPICS: Mutual FundFixed IncomeFederal ReserveBondsFinancial StabilityInterest RateBond Fund
Matching Models to Reality: Doomsayers Are Disappointed—Again—as Funds Weather Brexit Shock
By Paul Schott Stevens
July 13, 2016
On Thursday, June 23, the electorate of the United Kingdom voted in a referendum on the country's membership in the European Union. The result—51.9 percent in favor of "Brexit," 48.1 percent in favor of "Remain"—went against pollsters' and pundits' expectations and surprised the world.
TOPICS: Mutual FundFinancial MarketsICI GlobalFinancial StabilityEuropeBond FundFund RegulationInternational
Building on the Success of the Private-Sector Retirement System Is the Real "Secure Choice"
By David Blass
July 8, 2016
Retirement assets in the United States totaled $24 trillion at the end of 2015, bolstered by investments through employer-sponsored plans and individual retirement accounts (IRAs).
TOPICS: Mutual FundRetirement Policy401(k)Fund RegulationGovernment Affairs
It's Time: SEC Proposals Show the Need to Reexamine the Role of Fund Boards
By Amy B. R. Lancellotta
July 7, 2016
The proper role for fund independent directors—the role where they are best-positioned to represent shareholder interests—is to oversee the work of fund management. The sharp distinction between directors' oversight role and management's on-the-ground, day-to-day responsibilities has been a major factor in the modern fund industry's 75-plus years of success.
The Liquidity Provided by ETFs Is No Mirage
By Todd Bernhardt
June 20, 2016
The article above ignores fundamental information about ETFs, the behavior of investors, and the effects of market structure on the ETF product.
TOPICS: Fixed IncomeBondsFinancial MarketsFinancial StabilityEquity InvestingExchange-Traded FundsBond Fund
Cybersecurity at Work: The Benefits of Information Sharing Networks
By Peter Salmon
June 16, 2016
In the last installment of this blog series, we wrote about the need for training—specifically, cyber tabletop exercises.
TOPICS: CybersecurityOperations and Technology
When Investor Protection Becomes Protectionism
By Patrice Bergé-Vincent
June 14, 2016
Today, Europe is facing two related needs: to provide its citizens with efficient, lower-cost vehicles for savings and investment, and to bolster economic growth.
TOPICS: Mutual FundTaxesFinancial MarketsICI GlobalEuropeFund RegulationInternational
Industry Operations Leaders Address Needs of Investors and Advisers
By Candice Gullett
June 6, 2016
In conversations exploring regulation, demographics, and technology, industry leaders offered their perspectives on serving investors and advisers in an evolving world at ICI's annual Operations and Technology Conference, held concurrently with the General Membership Meeting on May 18–20 in Washington, DC.
TOPICS: EventsOperations and TechnologyGMM
Industry Leaders Address Changing Industry Terrain
By Miriam Bridges
June 3, 2016
Will fund industry leaders need to rethink their traditional operating models? Experts shared their views on this question and others, as well as the opportunities presented by a rapidly changing industry, in a candid discussion on the second day of ICI's 58th General Membership Meeting, held May 18–20 in Washington, DC.
TOPICS: Mutual FundEventsFund RegulationGMM
Conducting Business in a Rapidly Changing World
By Jeanne Arnold
June 1, 2016
The global operating environment is evolving and it is critical for corporations to understand the changes afoot if they are to succeed in the 21st century, said Kevin Kajiwara, co-president of Teneo Intelligence, a division of global advisory firm Teneo. Speaking on the final day at ICI's 58th General Membership Meeting (GMM), Kajiwara gave an overview of the economic and political shifts taking place around the world during his session, "Geopolitical Risks and the Global Economy." After the overview, he engaged in an insightful question-and-answer session with Tom Faust, chairman and CEO of Eaton Vance Corp.
A Changing Landscape for the Fund Industry—and Fund Investors
By Rob Elson
May 27, 2016
Continue to expect change in the investment landscape, with the Federal Reserve, the Millennial generation, and technological evolution all playing major roles.
TOPICS: Mutual FundFederal ReserveFinancial MarketsEventsInterest RateGMM
Ops Leaders Extol the Transformational Power of Data and Analytics
By Todd Bernhardt
May 26, 2016
The evolution of fund companies' ability to gather and analyze data is creating a revolution in the way that those companies serve their customers, said panelists at "Big Data Initiatives and the Power of the Cloud," the session that kicked off ICI's Operations and Technology Conference on May 19 in Washington, DC.
TOPICS: EventsCybersecurityGMMOperations and TechnologyShareholder
The SEC's Historic Success: Six Key Ingredients
By Paul Schott Stevens
May 20, 2016
This ICI Viewpoints is adapted from ICI President and CEO Paul Schott Stevens's introduction for SEC Chair Mary Jo White at the 2016 ICI General Membership Meeting on May 20.
More than 80 years have passed since Congress—looking to restore public confidence in markets at the height of the Great Depression—established the U.S. Securities and Exchange Commission (SEC) to administer the federal securities laws enacted as part of President Franklin D. Roosevelt's New Deal.
TOPICS: Mutual FundFinancial MarketsEventsFund RegulationGMM
SEC Chair White Expects Continued 'Bright Spotlight' on Asset Management
By Rachel McTague
May 20, 2016
The U.S. Securities and Exchange Commission (SEC) is contemplating several new initiatives governing registered funds, in addition to adopting rules this year on reporting modernization, liquidity management, and the use of derivatives, SEC Chair Mary Jo White announced at the opening session on the final day of ICI's annual General Membership Meeting (GMM).
TOPICS: Mutual FundFinancial MarketsEventsFinancial StabilityCybersecurityExchange-Traded FundsFund RegulationShareholderGMMInternational
Walter Isaacson: Where Art Meets Science
By Rob Elson
May 19, 2016
Our world's greatest innovations, according to Walter Isaacson, can be traced to "people who truly have a sense of what it is to be human…but also feel very comfortable with science and technology, and can make the connection." And he's got the evidence to back this belief up.
TOPICS: EventsCybersecurityGMM
GMM Policy Forum: Michael Bloomberg and the Focus on Value
By Todd Bernhardt
May 18, 2016
Businesses and people can both prosper if they focus on providing a service that is unique and that has real value, said Michael R. Bloomberg at ICI's 58th Annual General Membership Meeting (GMM) today. The noted entrepreneur, philanthropist, and three-term mayor of New York City covered a wide range of topics in a lively back-and-forth with ICI President and CEO Paul Schott Stevens during the meeting's opening Policy Forum, attended by about 1,500 fund industry leaders.
To the SEC and FINRA: It's Your Move
By David W. Blass
April 21, 2016
Earlier this month, I wrote about the wide-ranging benefits of the proposed Securities and Exchange Commission (SEC) rule to give U.S. regulated funds the option of making online access to shareholder reports their default method for informing their shareholders.
TOPICS: Mutual FundInvestor ResearchFinancial MarketsFund RegulationShareholder
Cybersecurity at Work: Exercise Is Important
By Peter Salmon
April 20, 2016
In this installment of our series focusing on cybersecurity, we are going to look at exercising—not the type of exercising that many of us do to stay in shape, though that is a good place to start.
TOPICS: CybersecurityOperations and Technology
The SEC's Online-Delivery Gift to Fund Shareholders
By David W. Blass
April 4, 2016
A recent SEC rulemaking proposal presages good news for America's 90 million mutual fund shareholders. Proposed Rule 30e-3 under the Investment Company Act of 1940, introduced last year as part of a larger initiative to enhance and modernize fund data reporting, would give funds the option of flipping their default mechanism for delivering shareholder reports from U.S. mail to online access.
TOPICS: Mutual FundInvestor ResearchFinancial MarketsFund RegulationShareholder
Factors Contributing to the Decline of Expense Ratios in 2015
By Sean Collins and James Duvall
March 31, 2016
ICI recently released its annual update on the expense ratios of mutual funds, showing expense ratios to be at their lowest levels in at least 20 years.
TOPICS: Mutual FundBond FundShareholder
Cybersecurity at Work: Incident Response Plans and What They Entail
By Peter Salmon
March 21, 2016
In this second posting in our series, I'd like to focus on computer incident response planning. In last month's post, I mentioned that there are many more data breaches that take place than we are made aware of through the media. These cybersecurity events can affect networks large and small, from large multinational corporations to your own home.
TOPICS: CybersecurityOperations and Technology
Yes, Funds Come and Go—Without Government Help
By Todd Bernhardt
March 11, 2016
For several years now, ICI has pushed back against those advocating for bank-like regulations on the asset management industry, pointing out the numerous reasons why regulated funds or their managers are not sources of risk to the overall financial system.
TOPICS: Mutual FundFixed IncomeFinancial StabilityFund Regulation
The "Waterfall Theory" of Liquidity Management Doesn't Hold Water
By Sean Collins and Chris Plantier
March 9, 2016
In a series of recent blog posts, economists at the Federal Reserve Bank of New York have discussed new research assessing the potential for bond mutual funds to pose systemic risks.
TOPICS: Mutual FundFixed IncomeFederal ReserveBondsFinancial MarketsFinancial StabilityBond FundInterest Rate
Three Reasons Why You Should Consider an IRA
By Sarah Holden
March 8, 2016
April 18 is the deadline to file income tax returns with the federal government this year.
TOPICS: Mutual FundTaxesSavingsInvestment Education
Getting Started in a 401(k) Plan—and Getting the Most Out of It
By Christina Kilroy
February 26, 2016
This week, ICI and the Investment Company Institute Education Foundation (ICIEF) joined thousands of corporations, nonprofits, and government agencies to celebrate America Saves Week.
TOPICS: Investor ResearchSavings401(k)Retirement ResearchInvestment Education
How America Supports Retirement: The Incentive to Save Is Not Upside Down
By Peter J. Brady
February 25, 2016
In my new book, How America Supports Retirement: Challenging the Conventional Wisdom on Who Benefits, and the first three ICI Viewpoints in this series, I've demonstrated that Social Security's benefit formula drives participation in tax-deferred employer-sponsored retirement plans ; that the full system of government support for retirement is progressive; and that those in higher tax brackets don't enjoy greater "bang for their buck" from tax deferral.
TOPICS: Investor ResearchTaxesPolicy Research401(k)Retirement PolicyRetirement ResearchGovernment Affairs
Models vs. the Real World—Why Bond Funds Aren't the Bond Market
By Chris Plantier and Sean Collins
February 25, 2016
In two recent blog posts, economists at the Federal Reserve Bank of New York use a theoretical model to assess the size of potential spillover effects from bond mutual fund outflows.
TOPICS: Mutual FundFinancial StabilityBond Fund
How America Supports Retirement: What Do Tax Rates Have to Do with the Benefits of Tax Deferral? Less Than You Think
By Peter J. Brady
February 24, 2016
In my new book, How America Supports Retirement: Challenging the Conventional Wisdom on Who Benefits, I set out to gain a comprehensive view of how government policy supports American workers as they gather resources for retirement.
TOPICS: Investor ResearchTaxesPolicy Research401(k)Retirement PolicyRetirement ResearchGovernment Affairs
MetLife Case Shows That "Assuming the Worst of the Worst of the Worst" Doesn't Work
By Mike McNamee
February 24, 2016
If regulators are going to impose strict rules and heavy burdens on a business, should they have to demonstrate that those rules and burdens address an actual and probable risk?
TOPICS: Mutual FundFederal ReserveBondsFinancial StabilityBond FundFund RegulationGovernment Affairs
How America Supports Retirement: No, Benefits Are Not "Tilted" to the Higher Earners
By Peter J. Brady
February 23, 2016
Second in a series of ICI Viewpoints.
In my new book, How America Supports Retirement: Challenging the Conventional Wisdom on Who Benefits, I analyze the benefits individuals receive from the major government policies that help American workers accumulate resources for retirement: Social Security and tax deferral on compensation set aside for retirement in employer-based plans (both traditional pensions and defined contribution plans, such as 401(k) plans).
TOPICS: Investor ResearchPolicy ResearchTaxes401(k)Retirement PolicyRetirement ResearchGovernment Affairs
New Research by New York Fed Confirms: Bond Funds Don't Pose Systemic Risks
By Chris Plantier and Sean Collins
February 23, 2016
In a series of recent blog posts, economists at the Federal Reserve Bank of New York discussed results from a theoretical model assessing the potential for bond mutual funds to pose systemic risks.
TOPICS: Mutual FundFixed IncomeFederal ReserveBondsFinancial MarketsFinancial StabilityInterest RateBond Fund
Derivatives—Please Don't Let Them Be Misunderstood
By Shelly Antoniewicz
February 22, 2016
Derivatives are important portfolio management tools that provide funds with many potential benefits, including the ability to:
- hedge risk;
- enhance liquidity, because derivatives can be more liquid than traditional physical securities;
- gain or reduce exposure to unique markets or to asset classes when access through other instruments is difficult, costly, or impossible;
- manage or equitize cash; and
- reduce cost.
TOPICS: Mutual FundBondsFinancial StabilityEuropeBond FundFund RegulationInternational
How America Supports Retirement: Tackling the Myths That Surround Us
By Peter J. Brady
February 22, 2016
America's retirement system isn't perfect but it's a lot stronger than many people think. Whether by accident or design, the U.S. retirement system provides benefits to workers across the earnings distribution and has helped millions of retirees maintain their standard of living in retirement.
TOPICS: Investor ResearchTaxesPolicy ResearchRetirement Policy401(k)Retirement ResearchGovernment Affairs
Cybersecurity at Work: Creating Passwords That Are More Secure
By Peter Salmon
February 17, 2016
Welcome to the first in a monthly series of ICI Viewpoints focusing on sound practices in cybersecurity.
U.S. and European Fund Investors Continue to Take Long View on EM Economies
By Chris Plantier
February 12, 2016
In an ICI Global Research Perspective last year, we showed that U.S. and European registered funds held $1.7 trillion in emerging market (EM) stocks and bonds at the end of 2014 (this total counts Hong Kong, Singapore, South Korea, and Taiwan as emerging markets). Of that, $1.27 trillion was estimated to be in equities and $431 billion was in bonds. We also showed that this $1.7 trillion was spread widely, across 80 different EM countries, and that fund net purchases of EM securities explained little of the variability of capital flow to EM countries.
TOPICS: Mutual FundFinancial MarketsICI GlobalEuropeBond FundInternational
All Pain and No Gain for Fund Investors
By Paul Schott Stevens
February 5, 2016
The following is a letter submitted to the editor of the New York Times. A financial transaction tax (FTT) (editorial, The Need for a Tax on Financial Trading, Jan. 28) is a terrible idea that would harm all investors, especially American workers saving for retirement. We have yet to see an FTT proposal that would not hurt Main Street nor weaken our capital markets.
TOPICS: Mutual FundTaxesTradingFinancial MarketsShareholderOperations and Technology
Liquidity Risk Management Must Be Done Right
By Paul Schott Stevens
January 15, 2016
The following ICI Viewpoints is a lightly edited version of a letter that ICI President and CEO Paul Schott Stevens sent to U.S. Securities and Exchange Commission (SEC) Chair Mary Jo White, as part of the Institute's overall response to the SEC's liquidity risk management proposal.
TOPICS: Mutual FundFund GovernanceTradingFinancial StabilityFund RegulationOperations and TechnologyShareholderInternational
How the SEC's Six-Bucket Approach Could Provide a False Picture of Liquidity
By Brian Reid
January 14, 2016
As I explained in a previous post, I filed a letter on January 13 with the U.S. Securities and Exchange Commission (SEC) in response to its liquidity risk management proposal and to Liquidity and Flows of U.S. Mutual Funds, a study by the Commission's Division of Economic and Risk Analysis (DERA). My letter was one of four components of ICI's multipart response to the SEC proposal.
TOPICS: Mutual FundFund GovernanceTradingFinancial StabilityFund RegulationOperations and TechnologyShareholderInternational
The SEC's Liquidity Proposal: Good Goals, Unintended Consequences
By Brian Reid
January 13, 2016
On January 13, I filed a letter with the U.S. Securities and Exchange Commission (SEC), in response to the SEC's liquidity risk management proposal and to Liquidity and Flows of U.S. Mutual Funds, a study by the SEC's Division of Economic and Risk Analysis (DERA). My letter was one of four components of ICI's multipart response to the SEC proposal.
TOPICS: Mutual FundFund GovernanceTradingFinancial StabilityFund RegulationOperations and TechnologyShareholderInternational
High-Yield Bond Mutual Fund Flows: An Update
By Sean Collins
December 23, 2015
In an ICI Viewpoints on December 16, we debuted new weekly data on flows to high-yield bond mutual funds, presenting data through December 9. In light of continuing developments in the high-yield market, we have had requests to provide an update this week, taking into account the flows through December 16. Here is our overview.
TOPICS: Mutual FundTradingBondsFinancial MarketsFinancial StabilityBond FundInterest Rate
High-Yield Bond ETFs: A Source of Liquidity
By Shelly Antoniewicz
December 22, 2015
The high-yield bond market has been buffeted recently, as market participants reassessed the risks of this sector and sent prices for many such bonds tumbling.
TOPICS: Mutual FundTradingFinancial MarketsFinancial StabilityExchange-Traded FundsInterest RateBond Fund
High-Yield Bond Mutual Fund Flows: Some Perspective
By Sean Collins
December 16, 2015
Recent conditions in the high-yield credit markets have raised questions about the impact of market turmoil on mutual funds investing in that segment of the bond market.
TOPICS: Mutual FundTradingBondsFinancial MarketsFinancial StabilityInterest RateBond Fund
The First Move: MSRB Issues a Proposal for Shortened Settlement Cycle
By Marty Burns
December 8, 2015
Recently, the Municipal Securities Rulemaking Board (MSRB) opened the door on the regulatory filings needed to move the U.S. securities markets to a shortened settlement cycle.
TOPICS: BondsFinancial MarketsFinancial StabilityFund RegulationOperations and Technology
Traders, Start Your Engines: After August 24, Exchanges Need to Coordinate
By Jennifer Choi and George Gilbert
November 30, 2015
The extraordinary volatility in U.S. equity markets on August 24, 2015, exposed a significant deficiency in the rules governing these markets' structure: a lack of harmonization across securities exchanges for reopening trading after a "limit up–limit down" trading halt in a security.
TOPICS: Fixed IncomeFinancial MarketsFinancial StabilityEuropeExchange-Traded FundsEquity InvestingFund Regulation
Mutual Fund Investments in Private Placements: an Overview
By Gregory M. Smith
November 23, 2015
Given recent media interest in mutual fund investments in private placements, it might be helpful to review mutual fund disclosure and valuation obligations. How do funds handle securities that are not publicly traded?
TOPICS: Mutual FundFund GovernanceTradingEquity InvestingBond FundFund RegulationOperations and TechnologyInvestment Education
U.S. Bond ETFs Resilient on August 24
By Shelly Antoniewicz
November 20, 2015
Some observers have suggested that equity market volatility on August 24, 2015, spilled over into other markets and products, in particular to bond exchange-traded funds (see, for example, Bank of England Financial Stability Paper, no. 34, October 2015, pages 26 and 27). In our analysis of the events of that morning, we conclude that U.S. bond ETFs were resilient and largely immune to the turmoil in the equity markets.
TOPICS: Fixed IncomeBondsFinancial MarketsFinancial StabilityEuropeEquity InvestingExchange-Traded FundsBond FundFund Regulation
Retirement Planning: No Place for Fairy Tales
By Paul Schott Stevens
November 17, 2015
It is sadly appropriate that Labor Secretary Thomas Perez invokes fairy tales in his Nov. 16 commentary, "A path forward for state retirement plans." Neither his version of the past nor his program for the future accord with reality.
TOPICS: Mutual Fund401(k)Retirement PolicyFund RegulationGovernment Affairs
Changes to Money Market Funds Are Showing Up in Data
By Sean Collins
November 10, 2015
In July 2014, the Securities and Exchange Commission (SEC) adopted new regulations for money market funds.
TOPICS: Fund GovernanceMoney Market FundsFund Regulation
Correcting a Distorted Picture of Retirement Resources
By Peter Brady
October 21, 2015
Can 401(k) plans and individual retirement accounts (IRAs) provide the income that retirees need to supplement Social Security and enjoy a secure retirement?
TOPICS: Investor ResearchPolicy ResearchSavingsRetirement PolicyEventsRetirement ResearchGovernment Affairs
Small Savers at a Loss
By Brian Reid and Sarah Holden
September 25, 2015
As ICI has pointed out before, the proposed rule from the Department of Labor (DOL) to redefine what counts as a fiduciary relationship in the retirement market is fundamentally flawed. But it is no less flawed than the DOL's justification for it—a Regulatory Impact Analysis that fails to demonstrate a market failure that supports the need for such a sweeping and costly rule.
TOPICS: Investor ResearchPolicy ResearchSavingsRetirement PolicyRetirement ResearchGovernment Affairs
The Wall Street Journal's Dangerous Disservice to Investors
By Mike McNamee
September 22, 2015
For 75 years, mutual funds have successfully met their regulatory obligation to fulfill redemption requests within seven days, meeting investor demands and delivering on their investment objectives through good markets and bad.
Yet the Wall Street Journal seems determined to ignore this established history and the circumstances surrounding it. It has created a liquidity "measure" of its own devising—a test that no regulator has endorsed and no informed market participant would credit. The newspaper uses its self-invented process to imply that bond mutual funds are "pushing the limits" of Securities and Exchange Commission (SEC) guidelines governing fund liquidity.
TOPICS: Mutual FundFund GovernanceFixed IncomeBondsFinancial MarketsFinancial StabilityBond FundExchange-Traded FundsEquity InvestingFund Regulation
New York Times Paints False Picture of Funds' Emerging Market Investments
By Mike McNamee
August 24, 2015
With the global market turmoil over the past week, it's no surprise that journalists are looking for hot stories of panic, investor flight, and impending crisis. Either they believe that investors are inherently flighty and panic-prone, or they believe that "this time is different" and investors who have not panicked before will panic now.
TOPICS: Mutual FundFixed IncomeBondsFinancial MarketsICI GlobalFinancial StabilityEuropeBond FundEquity InvestingInternational
Ignore the IMF's Uninformed Call for a Third Round of Reforms to U.S. Money Market Funds
By Jane Heinrichs and Chris Plantier
July 23, 2015
A year ago today, the U.S. Securities and Exchange Commission (SEC) voted to adopt sweeping reforms to its rule governing money market funds.
TOPICS: Mutual FundTreasuryFinancial MarketsFinancial StabilityMoney Market FundsFund Regulation
The IMF on Asset Management: Handle Empirical Results with Care
By Chris Plantier
July 15, 2015
In this ICI Viewpoints series, we've examined the wide range of data errors, inconsistencies, results that don't bear statistical scrutiny, and misinterpretations in the International Monetary Fund's most recent Global Financial Stability Report (GFSR)—specifically, the chapter on "The Asset Management Industry and Financial Stability." Those problems primarily involved poor understanding of funds and their investors. We didn't need advanced statistical methods to uncover them.
TOPICS: Mutual FundTreasuryFinancial StabilityICI GlobalEuropeFund RegulationInternational
ICI Welcomes IOSCO'S Call to Focus on Products and Activities in Asset Management
By Paul Schott Stevens
June 17, 2015
ICI President and CEO Paul Schott Stevens today issued the following statement in response to the communiqué released today by the Board of the International Organization of Securities Commissions (IOSCO)
TOPICS: Mutual FundFinancial StabilityICI GlobalFund RegulationInternational
How SIFI Designation Could Undermine Fund Governance: Parsing the Fed's Proposal for GE Capital
By Paul Schott Stevens
June 16, 2015
Fund boards and independent directors have a long history of serving shareholder interests, yet today they face an alarming prospect that could threaten their ability to continue doing so.
TOPICS: Mutual FundFund GovernanceFederal ReserveTreasuryFinancial StabilityFund RegulationShareholder
Cybersecurity: Managing Risk in an Increasingly Connected World
By Todd Bernhardt
June 12, 2015
It's increasingly obvious that we live in a world where cyber threats are evolving quickly and will remain persistent. But though such risks can never be eliminated, they can be managed, said panelists at ICI's Operations and Technology Conference, held in conjunction with the Institute's General Membership Meeting May 6–8 in Washington, DC.
TOPICS: Fund GovernanceCybersecurityEventsOperations and TechnologyGMM
Facing the Future: A Conversation with Former Chairmen
By Candice Gullett
June 11, 2015
On the second day of ICI's annual General Membership Meeting (GMM), held May 6–8 in Washington, DC, three former ICI chairmen sat down with current ICI President and CEO Paul Schott Stevens to share the lessons they learned over the course of their careers, as well as during their years of service as volunteer leaders at ICI.
TOPICS: Mutual FundEventsGMM
Navigating Regulatory Developments and Meeting Investors' Needs in a Global Industry
By Jeanne C. Arnold
June 9, 2015
There is a great opportunity for capital markets to develop all over the world, presenting a huge opportunity for the mutual fund industry, according to David Wright, secretary general of the International Organization of Securities Commissions (IOSCO).
TOPICS: EventsFinancial StabilityGMMInternational
The IMF on Asset Management: Sorting the Retail and Institutional Investor "Herds"
By Sean Collins
June 4, 2015
Part of a series of ICI Viewpoints about problems in the IMF's analysis of the asset management industry.
In this ICI Viewpoints series, we're examining the wide range of data errors, inconsistencies, results that don't bear statistical scrutiny, and misinterpretations in the International Monetary Fund's April 2015 Global Financial Stability Report (GFSR)—specifically, the chapter on "The Asset Management Industry and Financial Stability." These problems undercut the IMF's conclusion that "Even simple investment funds such as mutual funds can pose financial stability risks."
TOPICS: Mutual FundPolicy ResearchBondsFinancial StabilityICI GlobalEuropeBond FundFund RegulationGovernment AffairsInternational
How Millennials Are Shaping the Evolution of Investment Advice
By Christina Kilroy
June 2, 2015
The future of investment advice—as embodied in the youngest cohort of working Americans, known as the Millennial Generation—was the focus of a panel of financial services industry leaders at ICI's 57th General Membership Meeting. The approximately 75 million 18- to 34-year-olds that make up the group have now overtaken Generation X (ages 35 to 50) as the largest generational group in the workforce, according to Pew Research Center.
TOPICS: Mutual FundEventsEquity InvestingGMMInvestment Education
The IMF on Asset Management: Which Herd to Follow?
By Sean Collins
June 1, 2015
Part of a series of ICI Viewpoints about problems in the IMF's analysis of the asset management industry.
In April 2015, the International Monetary Fund (IMF) published its most recent Global Financial Stability Report (GFSR), which included a chapter titled, "The Asset Management Industry and Financial Stability."
We have heard suggestions from more than one observer that the IMF's GFSR Chapter on asset management provides a wealth of charts, tables, and data to support regulators' case that regulated funds or asset managers could pose systemic risks.
TOPICS: Mutual FundPolicy ResearchBondsFinancial StabilityICI GlobalEuropeBond FundFund RegulationGovernment AffairsInternational
Fresh Perspectives on a Changing World
By Miriam Bridges
May 29, 2015
Implications of globalization, the impact of the Millennial Generation on product development, the search for alpha in a world full of passive products—these were among the top priorities and concerns of the fund industry discussed by a panel of industry leaders at ICI's 57th annual General Membership Meeting (GMM), held May 6–8 in Washington, DC.
TOPICS: Mutual FundSavingsICI GlobalCybersecurityFund RegulationGMM
The IMF on Asset Management: The Perils of Inexperience
By Sean Collins
May 28, 2015
Part of a series of ICI Viewpoints about problems in the IMF's analysis of the asset management industry.
In April, the International Monetary Fund (IMF) released its most recent Global Financial Stability Report (GFSR), including a chapter on "The Asset Management Industry and Financial Stability."
TOPICS: Mutual FundPolicy ResearchBondsICI GlobalFinancial StabilityEuropeBond FundFund RegulationGovernment AffairsInternational
Build Bridges, Not Walls: An Admiral's Perspective on Global Security
By Rob Elson
May 27, 2015
If we are to strengthen global security, retired U.S. Navy Admiral James G. Stavridis says, we cannot continue to build walls—we must build bridges instead.
TOPICS: EventsGMMInternational
SEC Chair White Affirms Agency Has Tools to Address Risks in Industry
By Rachel McTague
May 8, 2015
The U.S. Securities and Exchange Commission (SEC) has the tools it needs to address systemic risks to the extent they exist in the asset management industry, said SEC Chair Mary Jo White at the opening session on the final day of ICI's annual General Membership Meeting (GMM). White also announced that David Grim—who had been serving as acting director of the SEC's Division of Investment Management—has just been named director of the division. White said she is thrilled that Grim, a 20-year veteran of the SEC in the investment management area, is taking the reins at a time when the Commission is moving forward to implement proactive regulations for the industry.
TOPICS: Mutual FundBondsTreasuryEventsEuropeInterest RateShareholderFederal ReserveFinancial MarketsFinancial StabilityCybersecurityExchange-Traded FundsFund RegulationGMMGovernment AffairsInternational
Nooyi's Purpose, Pepsi's Performance
By Rob Elson
May 7, 2015
We all have a moral compass. But for PepsiCo's Indra Nooyi, "the moral compass of our lives must also be the moral compass of our livelihoods."
Stirring words from the company's chair and chief executive—and just a few of the many she delivered in a lively Q&A with Vanguard Chairman and CEO Bill McNabb at ICI's 57th General Membership Meeting, which began yesterday in Washington, DC.
Opinion: The Tax Threat to Your Mutual Fund
By Mike McNamee
May 7, 2015
Vanguard Chairman and CEO Bill McNabb sent "an open letter to all mutual fund investors" in the opinion pages of Thursday's Wall Street Journal. His message: fund investors face a clear threat of higher costs, weaker returns, and a bailout tax to salvage other failing financial institutions—all if regulators get their way in imposing new rules on funds or their managers.
TOPICS: Mutual FundTradingFederal ReserveSavingsTreasury401(k)Retirement PolicyFinancial MarketsFinancial StabilityFund RegulationShareholder
GMM Policy Forum: "It Always Comes Down to Trust"
By Todd Bernhardt
May 6, 2015
Over the 75-year history of the modern mutual fund industry, funds have helped to democratize investing, providing a tremendous array of investing options at a reasonable cost for millions of people. And given rapid advances in technology and the efficiencies that they can bring, the future looks even brighter, said Walter W. Bettinger II at the opening session of ICI's 57th General Membership Meeting (GMM).
TOPICS: Mutual Fund401(k)EventsFund RegulationGMMShareholder
2015 Investment Company Fact Book: Letter from the Chief Economist
By Brian Reid
May 4, 2015
A version of this letter by ICI Chief Economist Brian Reid was released today in our 55th edition of the Investment Company Fact Book.
This year marks the 75th anniversary of the Investment Company Act and the Investment Advisers Act—the key statutes under which mutual funds, exchange-traded funds (ETFs), closed-end funds, and unit investment trusts are regulated and governed. In 1940—the same year that Congress enacted these laws—the fund industry formed the National Committee of Investment Companies, the trade group that became the Investment Company Institute (ICI).
TOPICS: Investor ResearchPolicy ResearchTradingFinancial MarketsFinancial StabilityRetirement ResearchFund Regulation
ICI Global Welcomes the Announcement of More Stock Connects in Asia Pacific
By Qiumei Yang
April 22, 2015
In response to the announcement about a launch date for the Taiwan Stock Exchange and Singapore Exchange trading link, and recent reports of a possible Shenzhen–Hong Kong Stock Connect, ICI Global's Qiumei Yang offers the following comment:
TOPICS: TradingICI GlobalInternational
The IMF Quietly Changes Its Data, but Not Its Views
By Chris Plantier
April 21, 2015
On Friday, April 10, we pointed out that the International Monetary Fund (IMF) apparently had vastly overstated the size and growth of bond fund holdings of emerging market bonds in its latest Global Financial Stability Report (GFSR).
TOPICS: Mutual FundBondsTreasuryICI GlobalFinancial StabilityEuropeBond FundFund RegulationInternational
Federal Reserve Reverse Repo Facility Helps Stabilize Short-Term Money Markets
By Chris Plantier
April 17, 2015
Following a pattern observed at the end of recent quarters, money market fund holdings of European issuers dropped at the end of March, although the decline was not as large as the previous quarter, ending December 2014. As we have noted before, for regulatory reasons European banks have been paring their balance sheets at the end of each quarter, resulting in a temporary decline in their desire to borrow from money market funds.
TOPICS: Fixed IncomeFederal ReserveBondsTreasuryFinancial MarketsEuropeMoney Market FundsFund RegulationInvestment Education
More Unfounded Speculation on Bond ETFs and Financial Stability
By Shelly Antoniewicz and Mike McNamee
April 13, 2015
A recent column in the Financial Times warns of "another accident in waiting" in the growth of fixed-income exchange-traded funds (ETFs)—described as "financial alchemy" that converts illiquid bonds into "baskets" that "trade moment to moment on the stock exchanges." This "illusory" ETF liquidity will disappear, the author warns, when investors "want to move en masse, and quickly, when the going gets less good."
TOPICS: Fixed IncomeTradingBondsFinancial MarketsFinancial StabilityExchange-Traded FundsBond FundInterest Rate
The IMF Is Entitled to Its Opinion, but Not to Its Own Facts
By Sean Collins and Chris Plantier
April 10, 2015
On Wednesday, the International Monetary Fund released its latest Global Financial Stability Report (GFSR), including a chapter on the asset management industry and financial stability.
TOPICS: Mutual FundTreasuryFinancial StabilityICI GlobalEuropeFund RegulationInternational
On Fiduciary Rule, New York Times Relies on Fatally Flawed Research
By Paul Schott Stevens
April 8, 2015
Today I submitted the following letter to the editor of the New York Times:
TOPICS: Savings401(k)Retirement PolicyFund RegulationShareholderInvestment Education
Designation's Vast Reach into Investor Portfolios
By Paul Schott Stevens
March 24, 2015
On Wednesday, March 25, I'll testify before the Senate Committee on Banking, Housing, and Urban Affairs about the Financial Stability Oversight Council's process for designating nonbank firms as "systemically important financial institutions," or SIFIs.
TOPICS: Mutual FundFederal ReserveTreasuryFinancial MarketsFinancial StabilityFund RegulationShareholderGovernment Affairs
Once Again, Information Moves Markets
By Sean Collins
March 18, 2015
Treasury yields fell sharply today and the stock market jumped. Wouldn't it be nice if mutual funds could take credit? Unfortunately, they can't. Any orders that mutual fund investors place to buy or sell shares anytime today before 4:00 p.m. won't hit the market until 4:00 p.m., just like any other day. And, if you are reading this blog post at the time of its posting, 4:00 p.m. is still 10 minutes away.
TOPICS: Mutual FundTradingFederal ReserveFinancial MarketsFinancial StabilityBond FundInterest Rate
Does Liquidity in ETFs Depend Solely on Authorized Participants?
By Shelly Antoniewicz and Jane Heinrichs
March 16, 2015
ICI recently conducted a survey of its members that sponsor exchange-traded funds (ETFs) to collect information on authorized participants (APs)—typically market makers or large institutional investors with an ETF trading desk that have entered into a legal contract with an ETF to create and redeem shares of the fund.
TOPICS: TradingFinancial MarketsFinancial StabilityExchange-Traded Funds
Why Long-Term Fund Flows Aren't a Systemic Risk: Multi-Sector Review Shows the Same Result
By Sean Collins
March 4, 2015
In a recent blog post discussing why we believe flows from long-term mutual funds do not pose risk to the financial system, we posted a chart showing that outflows from bond funds are modest even during periods of stress in the financial markets.
TOPICS: Mutual FundInvestor ResearchFixed IncomeBondsFinancial MarketsFinancial StabilityBond Fund
Getting the Numbers Right on Investment Advice for Retirement Savers
By Brian Reid
February 26, 2015
As the Wall Street Journal noted this morning, ICI has deep concerns about the data used in a White House memorandum to support the Department of Labor's push for tighter standards for financial advisers who help investors in employer plans—such as 401(k)s—and individual retirement accounts (IRAs).
TOPICS: Mutual FundRetirement PolicyRetirement ResearchGovernment Affairs
Simple Answers to the Federal Reserve's Quandaries
By Mike McNamee
February 24, 2015
The Federal Reserve System can't get past its perplexities on the role of mutual funds in financial stability. Time and again, the Fed's governors, regional presidents, and staff return to the same hypothetical risks and speculative scenarios in which mutual funds somehow pose a threat to the financial system.
TOPICS: Mutual FundFixed IncomeFederal ReserveBondsFinancial MarketsFinancial StabilityExchange-Traded FundsBond Fund
Why Long-Term Fund Flows Aren't a Systemic Risk: Understanding the Data on Institutional and Retail Investors
By Sean Collins
February 20, 2015
In two previous ICI Viewpoints posts, I discussed the muted response of investors in long-term funds―which invest primarily in stocks, bonds, or both―to financial stresses, and examined some of the characteristics of funds and their investors that help explain that muted response.
TOPICS: Investor ResearchMutual FundFixed IncomeBondsFinancial MarketsFinancial StabilityBond Fund
Why Long-Term Fund Flows Aren't a Systemic Risk: Plus Ça Change, Plus C'est La Même Chose
By Sean Collins
February 19, 2015
As discussed in a previous ICI Viewpoints post, regulators and others have voiced concerns that long-term funds―funds that invest primarily in stocks, bonds, or both―might experience large outflows during a financial crisis, adding pressure on financial markets.
TOPICS: Investor ResearchMutual FundFixed IncomeBondsFinancial MarketsFinancial StabilityBond Fund
Why Long-Term Fund Flows Aren't a Systemic Risk: Past Is Prologue
By Sean Collins
February 18, 2015
A recent Brookings Institution conference on Asset Management, Financial Stability, and Economic Growth aired the "active policy debate on how to regulate asset managers to maximize economic growth without endangering financial stability."
TOPICS: Investor ResearchMutual FundFixed IncomeBondsFinancial MarketsFinancial StabilityBond Fund
European Banks Borrow Less from MMFs; the Federal Reserve Borrows More
By Chris Plantier
January 20, 2015
As we discussed in April and July of last year, due to regulatory pressures European banks generally have become less willing to borrow from U.S. money market funds (MMFs), especially at the end of the quarter. This quarter-end effect was particularly large at the end of December 2014.
TOPICS: Federal ReserveTreasuryEuropeMoney Market Funds
Plenty of Players Provide Liquidity for ETFs
By Shelly Antoniewicz
December 2, 2014
A recent article in the Financial Times' FT Alphaville blog ("Lies, Damned Lies, and Liquidity Expectations") focused on a paper published by the Committee on the Global Financial System, an organization that monitors developments in global financial markets for central bank governors.
TOPICS: TradingFederal ReserveFinancial MarketsFinancial StabilityExchange-Traded FundsInternational
What's Driving Retirement Plan Access?
By Peter Brady
October 17, 2014
Most workers who are likely to have the ability to save and who are focused primarily on saving for retirement have access to an employer-sponsored retirement plan—and nearly all of these workers choose to participate.
TOPICS: Investor ResearchPolicy ResearchSavingsRetirement PolicyRetirement ResearchGovernment Affairs
The IMF Makes All of OFR's Mistakes—And More
By Sean Collins and Chris Plantier
October 10, 2014
The International Monetary Fund (IMF) just released its latest Global Financial Stability Report. In the immortal words of Yogi Berra, it is déjà vu all over again.
The IMF report bears more than a passing resemblance to Asset Management and Financial Stability, published by the U.S. Treasury Department's Office of Financial Research (OFR) in September 2013. The OFR report was met with widespread criticism for its misinformed discussion of hypothetical "vulnerabilities" posed by mutual funds and other asset managers.
TOPICS: Mutual FundTreasuryICI GlobalFinancial StabilityEuropeFund RegulationInternational
Bloomberg Ignores the Evidence on Bond ETFs
By Mike McNamee
September 26, 2014
In response to "Pimco ETF Probe Spotlighting $270 Billion Market Vexing FSB," we posted the following comment on Bloomberg News' website:
TOPICS: TradingFederal ReserveBondsFinancial MarketsFinancial StabilityInterest RateExchange-Traded FundsBond FundFund RegulationInternational
Why Regulated Funds Are a Relatively Stable Source of Foreign Investment for Emerging Economies
By Chris Plantier
September 26, 2014
The press and policymakers focus a great deal of attention on flows to U.S. and European regulated mutual funds and exchange-traded funds (ETFs), in part because these funds are perhaps the most easily observed and readily measured players in capital markets.
TOPICS: Mutual FundFinancial MarketsFinancial StabilityICI GlobalEuropeFund RegulationInternational
A Look Inside ETFs and ETF Trading
By Rochelle Antoniewicz and Jane Heinrichs
September 23, 2014
Investors in exchange-traded funds (ETFs) are trading shares with each other far more than they are turning to authorized participants to create or redeem shares.
TOPICS: Mutual FundTradingFinancial MarketsFinancial StabilityExchange-Traded Funds
Securities Lending by Mutual Funds, ETFs, and Closed-End Funds: Are the Risks Systemic?
By Bob Grohowski
September 18, 2014
The Financial Stability Oversight Council (FSOC), the U.S. Treasury's Office of Financial Research (OFR), and the Financial Stability Board (FSB) are charged with identifying systemic risks.
TOPICS: Mutual FundFederal ReserveTreasuryFinancial MarketsFinancial StabilityFund RegulationGovernment Affairs
Securities Lending by Mutual Funds, ETFs, and Closed-End Funds: Regulators' Concerns
By Bob Grohowski
September 17, 2014
This post is the third in a series that focuses on securities lending by U.S. regulated funds—mutual funds, exchange traded funds (ETFs), and closed-end funds that are registered under the Investment Company Act of 1940.
TOPICS: Mutual FundFederal ReserveTreasuryFinancial MarketsFinancial StabilityFund RegulationGovernment Affairs
Statement of the Investment Company Institute at Senate Finance Committee Hearing on "Retirement Savings 2.0: Updating Savings Policy for the Modern Economy"
By Brian Reid
September 16, 2014
This statement was given on behalf of ICI by Brian Reid, chief economist, at the Senate Finance Committee's hearing on "Retirement Savings 2.0: Updating Savings Policy for the Modern Economy." For more information, see ICI's full written testimony.
TOPICS: Investor ResearchMutual FundTaxesSavingsRetirement Policy401(k)Retirement ResearchGovernment Affairs
Securities Lending by Mutual Funds, ETFs, and Closed-End Funds: The Market
By Bob Grohowski and Sean Collins
September 16, 2014
As the potential risks of securities lending are discussed and debated by the Financial Stability Oversight Council (FSOC), the U.S. Treasury's Office of Financial Research (OFR), and the Financial Stability Board (FSB), it is important to try to understand both the overall size of the securities lending market and the share of it attributable to different participants.
TOPICS: Mutual FundFederal ReserveTreasuryFinancial MarketsFinancial StabilityFund RegulationGovernment Affairs
Securities Lending by Mutual Funds, ETFs, and Closed-End Funds: The Basics
By Bob Grohowski
September 15, 2014
The Financial Stability Oversight Council (FSOC) recently announced that it has directed its staff to "undertake a more focused analysis of industry-wide products and activities to assess potential risks associated with the asset management industry."
TOPICS: Mutual FundFederal ReserveTreasuryFinancial MarketsFinancial StabilityFund RegulationGovernment Affairs
Happy Birthday ERISA! Congratulations on 40 Years
By Sarah Holden and Elena Barone Chism
September 2, 2014
Today marks the 40th birthday of the Employee Retirement Income Security Act (ERISA). Signed into law on September 2, 1974, ERISA introduced bold steps to safeguard Americans' employer-sponsored pensions and created the individual retirement account (IRA). Assets earmarked for retirement totaled $0.4 trillion at year-end 1974 (see the figure below). At this modest start, private-sector defined benefit (DB) plans accounted for 35 percent of the total; federal, state, and local plans for 34 percent; private-sector defined contribution (DC) plans for 17 percent; annuities for 13 percent; and there was a mere glimmer of IRA assets by year-end. Currently, total U.S. retirement assets are $23.0 trillion, and their composition has shifted considerably over the past 40 years.
TOPICS: Investor ResearchTaxesPolicy ResearchFixed IncomeSavingsTreasury401(k)Retirement PolicyRetirement ResearchGovernment AffairsInvestment Education
Copyright © 2016 by the Investment Company Institute


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Green Beans with Peppers Recipe
Our Test Kitchen concocted this festive-looking side dish that's a snap to make for a holiday dinner or an everyday meal.
- 2 pounds fresh green beans, trimmed
- 2 tablespoons olive oil
- 2 medium sweet red peppers, finely chopped (about 2 cups)
- 1 small onion, finely chopped
- 3 tablespoons chopped fresh basil or 1 tablespoon dried basil
- 3/4 teaspoon salt
- 1/4 teaspoon pepper
- 1. In a large saucepan, place steamer basket over 1 in. of water. Place beans in batches in basket. Bring water to a boil. Reduce heat to maintain a simmer; steam, covered, 6-8 minutes or until crisp-tender.
- 2. In a nonstick skillet, heat oil over medium-high heat. Add red peppers and onion; cook and stir until tender. Add beans, basil, salt and pepper; toss to coat. Yield: 12 servings (3/4 cup each).
Nutritional Facts
3/4 cup: 53 calories, 2g fat (trace saturated fat), 0mg cholesterol, 152mg sodium, 8g carbohydrate (0g sugars, 1g fiber), 2g protein Diabetic Exchanges:1 vegetable, 1/2 fat
Reviews for Green Beans with Peppers
© 2016 RDA Enthusiast Brands, LLC


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IG Photos of the Week: Dominican Drake Is in Full Effect
Plus Beyoncé has the best beach in the world.
Ashanti broke through as an R&B singer by writing and performing hooks on rap songs by Big Pun, Fat Joe, Ja Rule and others. In 2002, she released her self-titled debut album through producer Irv Gotti's Murder Inc. imprint. Powered by the smash single "Foolish," the album earned a No. 1 spot on Billboard Hot 100 Chart and a Grammy for Best Contemporary R&B album. As an actress, she made her feature film debut in Coach Carter (2005) alongside Samuel L. Jackson, and she starred in the 2006 comedy John Tucker Must Die.
Plus Beyoncé has the best beach in the world.


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Unreal Engine 3 licensed by Starbreeze
Starbreeze has confirmed that it's licensed Unreal Engine 3.
The announcement comes as a bit of a surprise, as the Swedish developer used its own Starbreeze engine that was used to power The Chronicles of Riddick: Escape from Butcher Bay and The Darkness.
However, Starbreeze boss Johan Kristiansson remains upbeat about the deal.
"We evaluated several game engines in the market and came to the conclusion that Unreal Engine 3 is the solution that best fits our needs," said Kristiansson.
"We were particularly impressed by the tool chain, which facilitates rapid iteration and high productivity for our team."
Epic Games VP Mark Rein added: "With this team now armed with all Unreal Engine 3 has to offer, players will get their hands on the newest creative visions thanks to Starbreeze using our state-of-the-art game engine tools and technology."
It's now thought Starbreeze will use the engine for Project Redlime, the secret codenamed project for EA that's rumoured to be a Syndicate revival.
Redlime is reported to be shown behind closed doors at GDC next month.
Sometimes we include links to online retail stores. If you click on one and make a purchase we may receive a small commission. For more information, go here.


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NASA Opportunities
NASA is deploying a single, Agency system for the recruitement, application, selection and career development of undergraduate and graduate students in science, technology, engineering and mathematic disciplines. Students access information about internship and fellowship opportunities across NASA to engage in research, aerospace education and space exploration. A student completes a single internship and/or fellowship application to express interest in up to 15 specific opportunities for each summer, fall, spring or year-long session.
The Student On-Line Application for Recruiting Interns, Fellows, and Scholars (SOLAR) http://intern.nasa.gov.
NASA Opportunities
PocketQube 1.0 Workshop – Cape Canaveral, Fl May 13-14, 2014
PocketQube 1.0 Workshop Kentucky Space and Space Tango are organizing and sponsoring a workshop on PocketQube™ (PQ) class satellite (measuring 5cmx5cmx15cm and weighing just under one pound) at Cape Canaveral, FL on May 13-14, … [Read more]
The International Space Apps Challenge – Kennedy Space Center April 12-13, 2014
Do you have a passion for space exploration? Would you like to collaborate with others and apply your unique skill set to solving challenges focused on improving life in space and here on Earth? Would you like to see what it's like to work beside NASA … [Read more]
Aircraft Readiness/UAV Workshop June 2014
Workshop information: NC Space Grant is excited to announce that registration for the 2014 NCSG/CTSG Aircraft Readiness Engineering Workshop is now open. This year marks the first workshop in NC after forming our partnership with the Connecticut … [Read more]
NSBRI Space Research First Award Fellowship Program – Soliciting Applications
NSBRI Space Research First Award Fellowship Program Soliciting Applications The application period for the National Space Biomedical Research Institute's (NSBRI) First Award Program is currently open and has a deadline of June 6, 2014 for applications. … [Read more]
International Space Station (ISS) Research Results and Post-Graduate Research Opportunities in Physical Sciences
ISS Workshop: International Space Station (ISS) Research Results and Post-Graduate Research Opportunities in Physical Sciences Sponsored by the NASA Space Life and Physical Sciences Division and the ISS Program Office in conjunction with the March … [Read more]


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Fall Mindfulness Workshops
Stay tuned for upcoming mindfulness workshops conducted by FSAO counselor Karen Brouhard!...
Traumatic events or personal tragedies can be overwhelming for people who are involved in or witness such happenings. Death, violence, accidents, injuries, unexpected illness, assaults, fires, robberies, and natural disasters are all examples of dramatic events that can disrupt our usual coping strategies. Even being witness to an angry, emotional outburst by someone at work can leave people feeling overwhelmed. When this happens, it can be helpful to talk to people about your reactions and learn about normal reactions to these events.
Reactions to critical incidents may include:
When a traumatic event occurs at work or happens to workers we know, it may be helpful to have a work group meet with someone from FSAO to debrief how this event may affect them. Generally, this debriefing should happen as close to the incident as possible. Call the FSAO at 617-353-5381 to arrange a meeting.


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Top Definition
It is the result of mix the words in spanish dedo(finger) and ducha(shower). So it is a girl masturbating while she is taking one shower
Ines is used to have a deducha everyday
ayon kay unitfour ika-29 ng Enero, 2009
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Join us for food, music & fun!
In order to promote reading in our community, we are holding a "reading flash mob" during a performance at the Summer Concert Series. We will ask participants to show up at the Veterans Memorial Park on July 28 at 7:00 PM with a book, magazine, e-book, or other reading material to show the world that reading
Rating: PG-13 Runtime: 121 min Release Year: 2015 Ron Howard helms this adaptation of Nathaniel Philbrick's historical novel about the harrowing high-seas encounter that inspired Herman Melville's Moby Dick. In the winter of 1820, the crew of the New England whaling ship the Essex struggle to survive after an attack by a rogue sperm whale leaves them stranded
Zentangle is an easy to learn method of creating beautiful images from repetitive patterns. Class for adults and teens. Materials provided. Additional supplies available for purchase.
Free Movie Free Popcorn
July 21 6PM A meeting of the Board of Trustees of the Pember Library and Museum will be held on the third Thursday of each month at the Pember. This is a regular meeting and open to the public. See Upcoming Events Calendar for dates of meetings.
Read the book before you see the movie. Munchies included. The DVD will be released July 5 and should be available for checkout soon.
Learn all you need to know to make an effective compost heap.
Free Movie, free popcorn
Free movie, free popcorn
Tom Sieling, widely acclaimed singer and songwriter from Newfield, New York, will perform a free family program called "Take a Tromp Through the Swamp!" at the Pember Library, Granville NY, at 6:00 PM on Friday, July 8. In keeping with the "On Your Mark, Get Set, Read!" fitness-based summer reading theme, this show consists of


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The Cancer Foundation for New Mexico is a local, non-profit organization supporting New Mexicans affected by cancer. Our mission is to help save lives by providing the needed support to enable every northern New Mexican with cancer to access treatment in Santa Fe.
The Sweetheart Auction will be Saturday, Feb. 11, 2017 and we'll have amazing items to auction. This is also one of Santa Fe's best parties, so don't miss out!
Santa Fe Fuego to host Cancer Foundation fundraiser on July 21
Try Amazon Smile!
2015/16 Donor Plaques up
Missed our exciting News? Catch up on our past Newsletters!
See All »
Cancer Foundation for New Mexico
Phone: 505.955.7931
Mailing Address: P.O. Box 5038
Santa Fe, NM 87502
Fax: 505.955.7003
Images by Susan Boe and Burt Lehman


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A number of people will try to run for office without the backing of the two traditional parties following Tuesday's filing deadline for independent candidates.
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© 2016 Press of Atlantic City. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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WABE as a classical station is fine, but as an NPR station it is awful. If you've never lived in a city with at least one good NPR station (and many have two), then you have no idea what a backwater Atlanta was for public radio. As much as you hate the GPB takeover, it had to happen here. There was no real NPR station in Atlanta. As far as WABE is concerned, it's too little too late in my book.
He clearly has some loyal staffers, but he might give a training course on how to comment and look less like paid consultants or his mother...
That said, I think he has by and large done a good job, but he really lost my long term support (I'm not interested in throwing my vote away in this election) when he jammed the stadium through with barely a glance at Atlanta's citizens. Yes, he'll have his stadium legacy, but it was a bitter pill for many of us to swallow.
I can see why having this mural next to a church would be offensive to God because, of course, God didn't create the female form, right? Or, well, maybe it was just the naked part. We're all born with clothes on, aren't we?
Leviticus and Deuteronomy are both books of the old Testament, as Bald Eagle pointed out. As he also said, Corinthians was written by Paul, who never met Jesus. There are no quotes in the bible regarding homosexuality attributed to Jesus.
The section of Leviticus that denounces homosexuality is the same section that denounces pork and touching pigskin. I've yet to see anyone put forth a constitutional amendment to ban barbecue and football.
And as to whether gay marriage has a detrimental effect on marriage in general - my first husband was gay and that was not so good for our marriage. Gay people are allowed to marry. They're just not allowed to marry each other.
It feels like a lot of the no votes on here are knee jerk and I really appreciate Thomas's thoughtfulness on this issue. But I have to agree with those who say, "it's now or never." I simply don't believe we're ever going to get this close again and if we want to move forward on transportation and as a city, we have to vote yes.
I agree that it's no where near perfect, but in a state where it's a good day in the legislature when we can keep guns out of the airport, I don't think we're going to get any better.
All of what you say is true. Change is inevitable and often painful, but if embraced, it can bring about a wondrous new sense of vitality. But I have to say, Eric, from reading your columns, I wonder who you're trying to convince?
You're asking the CL audience to move through their resistance and be cool with all the changes - perhaps even chastising us a bit for resisting. But you appear to have done little to embrace you're own changes. By your admission, you race back to Dallas (which you still refer to as home) many weekends to see friends, family and your girlfriend. You reacted with indignation last week when the ajc questioned Dallas' test scores. Is Atlanta a real change for you that you're willing to embrace?
For good or ill, Atlanta is it's own mistress. We don't share easily. We're a first class city with a very unique heart and soul. We don't really see other cities as rivals. In fact, we don't really pay much attention to them. Does that make us a bit incestuous? Probably. But it also gives us our own spirit. I lived away from here for 20 years (Los Angeles) and when I came back I realized what a special place this truly was.
So, I guess, as a reader, I'm asking you if you want to embrace Atlanta as home or commute here for work? If it's the former, then you'll find Atlanta will welcome you, even with the changes you've wrought. If it's the later, you'd do yourself a favor to go back to Dallas now. Because Atlanta is not interested in playing second fiddle.
I say good for them. The property adjacent to them, which they own, is between Kudzu Antiques and the YDFM and it's hardly a parkland. While the store may be a regional attraction, it's a weekly grocery for those of us fortunate enough to live nearby; and a very good one. They're locally owned and employ hundreds of people.
Despite weekend crowds, which would likely be eased somewhat with expansion, simply because there would be more space for everyone, it's a model of civility, efficiency and cultural integration. I'm always amazed at how the massive crowds manage to move around in there without seeming particularly stressed. They also open checkout lanes as the crowd swells, so the wait is rarely as onerous as one thinks it's going to be. And I would posit there's no place in town where so many people across so many divides come together to shop.
The knee jerk response to expansion of any kind (and I'm a good liberal, so I've done this myself) is a negative one. But in this case, I think we may just be in for more of what we currently love.


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Product Description
Passenger Side Front Inner Bumper Bracket for 1971-1972 Mustangs.Keep your new chrome bumper firmly in place with a new front inner bracket. This bracket comes off of your front frame rail and attaches to your bumper.
*For use with original style chrome front bumper only.
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Log Homes, Cabins & Timber Frames by Honest Abe Log Homes
Build Your Knowledge
Get free information about log homes and timber frame homes mailed directly to you. Plus, gain instant access to Honest Abe's Premium Floor Plans!
Browse Floor Plans
Jump-start your imagination with our sizable collection of timber frame and log home floor plans located here. Then, let us design the home you visualize.
View Inspiring Photos
You've got to see these log cabin photos! Take a look at hundreds of forever homes Honest Abe has created for people just like you.
Talk to a Real Person
No matter where you're located, an Honest Abe independent dealer or direct sales representative is nearby. Find one here, or call the Honest Abe National Headquarters at 800-231-3695.
Read about our homes featured in magazines by clicking on each photo.
Why should I choose Honest Abe for my log cabin or timber frame home?
Because the people define a company. Honest Abe's people have experience and creativity – and we know how to listen.
Read the latest Honest Abe Living.
Read it by clicking here.
Log Raising - Sept 17
You are invited to the Sept. 17 Log Raising and Manufacturing Tour hosted by Honest Abe Log Homes at our National Headquarters in Moss, Tenn. It's a free event held in a climate-controlled building. Families are welcome, and lunch is served. There's limited seating, so pre-registration required. Learn more and register by following this LINK.
From our log home, cabin and timber frame home blog…
Williams Mountain Home
Clearbrook Plan Selected for Williams Mountain Home Smart Decisions, Loving Compromises A North Carolina couple shares lessons learned while building a mountain dream home that incorporates dreams and needs for present and future enjoyment, allowing them to stay in...read more
Develop Floor Plans Early
Develop Floor Plans Early in Planning Process All three options make planning easier! Most people who want a log or timber frame home have been envisioning how they want their house to look from the outside for a long time before they actually have a plan for...read more
Log Home Budgeting
Creating a Budget for a Log or Timber Frame Home Honest answers to realistic questions help in budget creation. By Wayne Brady, Sales Representative, Honest Abe Crossville In planning for a new wood home, it's important to create a budget that allows for construction...read more