text:
NCRC Testimony at Senate
June 23, 1998
TO: Friends of Community Reinvestment FROM: John Taylor and Josh Silver RE: NCRC Senate Banking Testimony Dear Friends of Community Reinvestment: The National Community Reinvestment Coalition (NCRC) will be testifying on financial modernization legislation at the Senate Banking Committee this Wednesday, June 24. Below, please find the testimony. We urge community groups to weigh in with their Senators -- the Senate Banking Committee is likely to mark-up a bil after the July 4 recess. Call us on 202-628-8866 if you have any questions. Introduction Good morning Chairman D'Amato, Senator Sarbanes, and distinguished members of the Senate Banking Committee. My name is John Taylor, and I am the President and CEO of the National Community Reinvestment Coalition (NCRC). NCRC is the nation's CRA trade association composed of more than 670 community reinvestment organizations from inner city neighborhoods and rural areas. NCRC's philosophy promotes pro-active partnerships among banks and low-income and minority communities dedicated to increasing access to capital and credit. As a trade association of neighborhood organizations, NCRC has represented the community's perspective on the Consumer Advisory Council of the Federal Reserve Board, Fannie Mae's Housing Impact Advisory Council, Freddie Mac's Affordable Housing Council and before Congress. I request that my written testimony be included as part of the official record in the Congressional Record. NCRC thanks you for the opportunity to testify before you today on a subject, financial modernization, that has profound impacts on access to capital and credit for this nation's underserved communities. Access to banking products and services is fundamental. With access, our communities thrive and create wealth through expanded homeownership opportunities and small business creation. Without access to capital and credit, our neighborhoods die. The contrast is that simple and stark among communities with bank branches and those lacking them. And the contrast will become even more apparent because of federal budget cuts to housing and economic development programs. Private capital is the only true hope for revitalizing our urban and rural areas. That's why NCRC has strongly endorsed and promoted bipartisan initiatives such as Empowerment Zones that leverage private capital for comprehensive neighborhood development. Legislative and regulatory changes can have even more profound impacts on access to capital and credit than subsidies for private sector investment. For example, since its passage in 1977, the Community Reinvestment Act (CRA) has leveraged over $410 billion in reinvestment dollars for home loans, small business development, and community facilities in minority and low-income neighborhoods across the country. In 1996, low- and moderate-income families received more than 558,000 conventional home purchase loans (these are private market loans without any government guarantees). Also during 1996, 485,000 small business loans were issued to entrepreneurs in low- and moderate-income census tracts. If lending continues at this pace, about 6 million lower income families will enjoy the American Dream of Homeownership, and almost 5 million small business loans will be issued to struggling neighborhoods over the next 10 years. CRA must evolve with the changes in the financial industry so that the tremendous progress in reaching the traditionally underserved continues. If capitalism is to be accessible for all Americans, CRA should be protected and expanded during this era of public sector downsizing and corporate upsizing (and consolidating). Welfare reform means that hundreds of thousands of families will lose their benefits in a few years. How will they become self-sufficient if they do not have access to small business, student, or home loans? CRA has encouraged lenders to participate in experiments with Individual Development Accounts (IDAs) and other tools designed to lift people out of poverty. CRA has enabled communities to revitalize themselves while decreasing their dependence on government assistance. CRA's genius is that it is a win-win for all sectors of society. CRA has urged banks to find profitable opportunities serving minority and lower income communities. Banks are starting to sell their loans on Wall Street because they want more capital with which to make more CRA loans. CRA improves our capitalistic system by opening up new markets for banks and by spurring the creation of entrepreneurs in our nation's distressed neighborhoods. CRA also removes market imperfections and barriers to information. It benefits our economy because bankers and poor communities are asked to establish relationships and overcome barriers to lending which existed simply because of incomplete information flows. Economists and political leaders should embrace CRA as the market-based solution to our nation's economic and social problems. Homeownership, small business ownership, wealth creation, pulling yourself up by your own bootstraps - these are the reasons CRA has received bipartisan support. This is why Representative Jim Leach (R-IA) has joined his Democratic colleagues in supporting the expansion of CRA to wholesale financial institutions. This is why Senator Arlen Spector (R-PA) raised community reinvestment and anti-trust issues during the recent First Union takeover of Corestates. HR 10 Should Not be Approved Unless CRA is Expanded NCRC's 670 community-based organizations strongly believe that HR 10 (the Financial Services Act of 199 will erode the dramatic progress in community reinvestment if CRA is not expanded to cover any financial company allowed to affiliate with banks. NCRC is pleased that the current version of HR 10 would expand CRA coverage to include wholesale financial institutions, which would be a new type of investment banks that would not be federally-insured and would be allowed to accept deposits greater than $100,000. But the piecemeal expansion of CRA would allow credit unions, mortgage companies, securities firms, insurance companies, and other financial institutions to escape CRA coverage although they could affiliate with banks. This would allow holding companies to shift assets away from CRA-covered banks and thrifts into CRA exempt affiliates and subsidiaries. Such asset shifting could significantly diminish the resources with which banks and thrifts make CRA loans and investments. Surely, lawmakers do not desire new institutional arrangements which stop the creation of jobs, wealth, and small businesses in minority and lower income communities being made possible by CRA. Cross-ownership among banks, thrifts, and non-depository institutions is likely to accelerate the drainage of assets out of banks and thrifts. In 1977, banks held 60 percent of the assets in the financial industry. In 1997, banks controlled only 27 percent of the total assets in the financial industry. Mutual funds, pension funds, insurance products and other financial instruments controlled the other 73 percent of assets. It is likely that cross-ownership among financial institutions will only intensify this asset shifting, and thus reduce the coverage and effectiveness of CRA. In addition, CRA would not cover the checking, lending, and other bank-like activities of mutual funds and other non-depository institutions even though these entities would be able to affiliate in an unlimited manner with banks. Over in the House, several amendments were proposed that would allow CRA to evolve with the structural changes in the financial industry that would be accelerated under HR 10. Rep. Luis Gutierrez (D-IL) and Rep. Carolyn Kilpatrick (D-MI) proposed an amendment that would have prevented financial holding companies from engaging in newly authorized financial activities unless the appropriate federal regulatory agency determined that all of their depository subsidiaries and non-bank affiliates served the credit and consumer needs of minority and lower income communities. Rep. Joseph Kennedy (D-MA) introduced an amendment that would have required insurance company affiliates of holding companies to offer policies in low- and moderate-income communities, and that would have required securities companies to demonstrate that their branch distribution network did not arbitrarily exclude low- and moderate-income communities. In addition, Rep. Kennedy offered an amendment that would have prevented an insurance company from affiliating with a financial holding company if a court found that it had violated the Fair Housing Act and if the insurance company then did not comply with any consent decrees. Finally, Rep. Maxine Waters succeeded in attaching a requirement to HR 10 that holding companies offer lifeline (low cost) checking accounts. The Gutierrez and Kennedy amendments were not allowed to be considered on the House floor while the Waters' amendment was diluted in final House passage of the bill. In sum, the House did not take the necessary steps to ensure that community reinvestment gains of the last several years would be preserved and could be built upon. In his testimony last week, Federal Reserve Chairman Alan Greenspan stated that HR 10 strengthened the CRA. He specifically indicated that HR 10 provides an incentive for holding companies to improve CRA performance of their depository subsidiaries since a rating of below Satisfactory could require holding companies to divest any poor CRA-performing bank or thrift. This is indeed a positive aspect of the bill, but it would be enforced rarely since more than 98 percent of banks and thrifts receive Satisfactory and above ratings. Chairman Greenspan, however, did not mention that HR 10 provides up to a 24 month grace period for holding companies to improve below Satisfactory ratings of any existing or acquired depository subsidiaries. This provision seriously dilutes the divestiture requirements because it delays penalties for CRA non-performance for a considerable time period. On balance, the incentives HR 10 provides for good CRA performance is overshadowed by the likely probability of substantial asset-shifting from bank and thrifts to non-depository institutions under the financial holding company structure. Safety and Soundness Issues Need to be Addressed Expansion of CRA to the new financial conglomerates, however, is not enough to allay NCRC's concerns about HR 10. NCRC believes that policymakers have not addressed the safety and soundness issues associated with unlimited cross-industry ownership. The recent experience after the California earthquake illustrates the serious risks associated with financial behemoths. After the earthquake, the Fire and Casualty subsidiary of State Farm processed claims almost equal to the assets of the subsidiary. What would happen in future emergencies when banking is mixed with insurance underwriting? Would the holding company draw down the resources of federally-insured depository subsidiaries to bail out the insurance affiliates? Would this leave the depository institutions in precarious financial condition? Prudent limitations on non-banking activities are maintained in order to preserve safety and soundness. HR 10 veers too far towards lifting limits. For example, it would allow Section 20 subsidiaries to earn all of their revenue from securities operations. What seems more important than the affiliate versus subsidiary issue is the limitations on cross-industry ownership. Caps on the amount of non-banking activities conducted by subsidiaries and affiliates are designed to prevent financial difficulties by limiting the losses associated with riskier activities. But if these limitations are lifted, federally-insured institutions become dangerously exposed to sudden crises that can wipe out assets in one fell-swoop. Federal Reserve Chairman Alan Greenspan in his testimony last week hinted that "losses in, for example, securities dealing or fire and casualty insurance underwriting conducted in an operating subsidiary could occur so rapidly that they could overwhelm the bank parent before actions could be taken by the regulator." Likewise, NCRC believes that in times of crisis, holding companies would not refrain from raiding federally insured affiliates although affiliates are supposed to have stronger firewalls. NCRC calls on the Senate to ask the General Accounting Office (GAO) to thoroughly examine the safety and soundness issues and to make recommendations regarding prudential limits on cross-industry ownership. Does the recently enacted 25 percent cap on Section 20 revenue generated from securities operations preserve safety and soundness? What has been the safety track record of Section 20 subsidiaries since the Federal Reserve Board increased the cap to 25 from 10 percent in December of 1996? What caps would work for insurance affiliates and subsidiaries? What is the experience abroad with fewer limitations and safeguards? What would be the impact on working class Americans if the proposed lifting of caps goes forward? Japan, which has a more deregulated banking system than the United Sates, is confronted with $600 billion worth of bad loans. Relative to the size of its economy, Japan's crisis is six times as bad as our S&L crisis was, according to a recent Washington Post article. NCRC suggests a sober and incremental approach towards deregulating the financial industry. The banking industry has enjoyed five or six of its most profitable years in history. The bold deregulation proposed by HR 10 threatens to create an ailing industry that is unable to meet community reinvestment needs of neighborhoods across the country. Impacts of Consolidation and Mergers on CRA Performance and Enforcement Extending CRA and adding safety and soundness safeguards will not be enough. HR 10 will intensify the rate of consolidation in the financial industry by authorizing additional combinations of banking, insurance, and securities operations. In this environment, CRA enforcement must be toughened. Mergers will lead to declines in CRA-related investments and loans if regulatory enforcement is lax and citizens do not have opportunities to make their views known during the merger application process. HR 10 must require a merger application process and a public comment period for all types of proposed mergers and combinations. Currently, the bill would allow bank holding companies to merge with non-depository institutions such as mortgage companies and insurance firms without submitting an application to federal banking agencies. In the last few months, the announced megamergers have set new standards for bigness and the breadth and depth of their product offerings. Community and consumer protections are imperiled especially if financial modernization legislation promotes quick and cursory approvals that do not allow for sufficient scrutiny regarding the mergers' impacts on the level of competition, safety and soundness, and community reinvestment. Under HR 10, for example, the Citicorp and Travelers proposed merger may not even require an application since it involves a bank holding company combining with a company that is predominantly a non-depository institution. It is simply not possible for the Federal Reserve Board nor any other regulatory agency to preserve safety and soundness of these huge international conglomerates without a thorough review of merger applications. Moreover, without strong public policy initiatives and tough CRA enforcement, mergers and acquisitions will hasten disinvestment from low- and moderate-income communities. A number of studies suggest that mergers and acquisitions decrease CRA performance, particularly in the small business lending area. Economists Joe Peek and Eric Rosengren of the Federal Reserve Bank of Boston suggest that the acquisition of small banks by their larger counterparts is troublesome for small businesses since small banks make most of their loans to small businesses. Of the eleven largest mergers in New England during 1993 and 1994 examined by Peek and Rosengren, eight of the post-merger institutions decreased their small business lending. Similarly, Federal Reserve economist William Keeton found that bank consolidation decreased small business lending in the Midwest and Mountain states. Keeton's study showed that the greatest difference in small business lending was among independent banks that had a small business loan (defined as a loan less than $100,000) to deposit ratio of 6.6% and out-of-state multi-bank holding companies with a ratio of 4.7%. In other words, the interstate merger trend is creating precisely the type of bank least likely to lend to small businesses. Keeton's findings are supported by a new study conducted by economists Robert DeYoung, Lawrence Goldberg, and Lawrence White that also concludes that independent banks offer more small business loans than multibank holding companies. Finally, Federal Reserve economists Allen N. Berger, Joseph M. Scalise, and University of Chicago economist Anil K. Kashyap estimate that small business lending will continue to decline in the next three to five years at the same pace (about 33 percent) as the last five years. They hypothesize that much of the sharp drop of small business lending is due to industry consolidation and the disappearance of small banks. A new report by NCRC member, the Woodstock Institute, reveals that the five banks issuing the highest numbers and percentages of their total loans to lower income neighborhoods in Chicago were banks with assets under $1 billion. In contrast, bank holding companies with more than $10 billion in assets made a relatively small proportion of their loans in these neighborhoods. As the Woodstock Institute's study suggests, the continued loss of small banks is indeed worrisome since small banks with less than $300 million in assets account for close to 50 percent of small business loans under $250,000, according to the Independent Bankers Association of America. Small business lending declines after a merger because it is a type of lending that depends on intimate knowledge of community residents and businesses that only loan officers in local branches possess. After mergers and acquisitions, decision-making is often centralized in headquarter offices located hundreds of miles away from what used to be the local branch office. Local CRA-related lending and investing can be protected only by a thorough merger application process that allows regulatory agencies, community groups, and lenders to figure out how CRA performance can be strengthened after dramatic institutional changes following mergers. During the merger application process, community groups and lenders will sign CRA agreements specifying multi-year commitments to offer housing, small business, and community development loans and investments. Since 1977, lenders and community groups have negotiated over $410 billion in CRA agreements. Most of the agreements occurred during the merger application process, and featured community-lender partnerships that preserved local branches, opened up community reinvestment offices, and established other innovative institutional arrangements that improved the community reinvestment performance of lenders. Community group input regarding the First Union-Corestates merger is an example of how CRA gains can be preserved by a participatory merger application process. First Union, a regional bank that competes vigorously with Nationsbank, has just taken over Corestates, the last regional bank headquartered in Philadelphia. This merger posed significant dangers to the economy of Pennsylvania, as it involved the potential closure of hundreds of branches and the loss of thousands of bank jobs. After protracted negotiations between community organizations and First Union, the bank agreed to offer $250 million annually in home loans in Pennsylvania to low- and moderate-income borrowers. This was a slightly higher level than First Union and Corestates was offering before the merger. In addition, the bank will establish a $25 million fund for job counseling and retraining of former employees as well as promising to make $250 million annually in small business loans and $75 million annually in community development lending. Finally, the bank agreed to offer a free checking account and to adopt a "no-fee" ATM policy. The First Union CRA agreement was the result of an arduous process. The Federal Reserve Board, which was the lead federal regulator on this merger, grudgingly held public hearings on the merger and extended the public comment period, but only after a public outcry from more than 100 community groups and after the intervention of Pennsylvania's two U.S. Senators and a bipartisan group of elected officials. In addition, the Attorney General of Pennsylvania will enforce the terms of First Union's agreement, especially the "no fee checking and ATM" provisions for low-income recipients of Social Security and other federal benefits. Why did it require the intervention of U.S. Senators and state and local officials to ask the Federal Reserve Board and the bank to seriously consider the merger's ramifications to traditionally underserved communities? This process of preserving community reinvestment should be an automatic component of the merger application procedure; it should not be an excruciating exercise that depends on the good will of elected officials. In detailed policy recommendations below, NCRC suggests that the merger application process must include public hearings and the submission of community reinvestment plans by the merging banks. Since it is clear that bank modernization legislation will intensify the pace of consolidation in the financial industry, public policy must counter the strong forces accompanying consolidation that hasten disinvestment from our nation's underserved communities. NCRC asks the Senate Banking Committee to conduct hearings on the effectiveness of bank regulators' enforcement of CRA. Combinations of Financial and Non-Financial Companies In many areas, bank modernization's winners and losers will depend on the regulatory framework that accompanies modernization. In one aspect though, it is clear what the impact of bank modernization is. Proposals to allow combinations of financial and non-financial companies are harmful to everyone - communities and corporations alike. Safety and soundness in the financial industry will deteriorate significantly if financial holding companies are allowed to affiliate at all with non-financial corporations. We should learn from the mistakes of foreign countries who have had particularly disastrous experiences allowing combinations of financial and non-financial companies. In Finland, combinations of commerce and banking resulted in losses that in proportion exceeded our savings and loan crisis. One of the world's biggest bank failures totaling $14 billion involved the Credit Lyonnais in France which was a banking and commerce conglomerate. In Spain, Benesto had a similarly spectacular collapse. Later, it was taken over by Banco Santandor, which had sold off all its non-financial businesses and invested the proceeds in our own First Fidelity. Bank failures would be caused by bank and non-financial corporate combinations because banks would no longer impartially allocate credit. They would be motivated to extend credit to their non-financial affiliate even if other businesses may be more creditworthy. If a non-financial affiliate of a bank is mismanaged, the bank has an incentive to continue financing it in hopes that its condition improves. More credit, however, simply feeds the mismanagement rather than rectifying it. Thus, huge bank and non-bank conglomerates fail because the non-financial affiliate is never subjected to the discipline of receiving less credit or no credit until its managerial practices improve. Overall economic efficiency declines in countries with bank and non-financial conglomerates. The romance with bigness involves notions of efficiency improvements due to economies of scale and protections from risk due to diversification. Economies of scale, however, are not always achieved by larger organizations. Within the banking industry in particular, size has consistently failed to realize efficiency gains. Reviewing banking industry studies conducted between 1980 and 1993, Federal Reserve economist Stephen Rhoades concludes that "...findings point strongly to a lack of improvement in efficiency or profitability as a result of bank mergers. These findings are robust within studies, across studies, and over time." Banks and non-bank financial corporations may perceive financial industry consolidation as an attractive means to increase market share and profitability. Whether it will increase overall economic efficiency is not at all clear. In fact, the available evidence suggests that it will not. And finally, if bank modernization is to avoid endangering the safety and soundness of the financial industry, it should not permit bank and non-financial corporate affiliations. Ample evidence from abroad indicates that rather than decreasing risk, this type of diversification only increases it. The entry of banks into non-financial activities will impede the growth of the small business sector. Banks would favor their commerce affiliates over independent small businesses in their lending and investing decisions. Small businesses in lower income and minority neighborhoods will be particularly disadvantaged since they have the greatest need for loans. Allowing banks to aggressively enter the non-banking industry thwarts the CRA's emphasis of small business development in inner city neighborhoods and underserved rural areas. To reiterate, permitting combinations of banking and commerce is bad for everyone - consumers, and companies as well as small businesses in all neighborhoods. NCRC is pleased that the House adopted an amendment offered by Rep. Jim Leach (R-IA) prohibiting financial holding companies from acquiring non-financial corporations. However, NCRC is concerned that HR 10's grandfathering clauses are too generous as they permit holding companies to earn up to 15 percent of their revenues from non-financial companies for a period of 10 years with a possible five-year extension. Consumer Disclosure Issues In order to protect consumers just like preserving the gains in small business lending, tough new regulatory and legislative initiatives will have to accompany bank modernization legislation. Financial holding companies will be able to offer a dizzying array of bank, security, and insurance products while worrisome evidence abounds that the banking industry is not properly disclosing the risk associated with nondeposit investment products. An FDIC-sponsored survey, which is regarded as the most comprehensive monitoring study to date, found that in nearly 4,000 "mystery" in-person visits, bank and thrift representatives did not disclose to potential customers that investment products including mutual funds were not federally insured 28 percent of the time. In the almost 4,000 telephone calls by "mystery" customers, representatives of lending institutions did not properly disclose information to customers an incredible 55 percent of the time. Proper consumer disclosure is particularly necessary in low- and moderate-income communities so that residents unfamiliar with financial products do not needlessly endanger their savings or pay more than prevailing market prices. Rep. John Dingell (D-MI) secured an amendment to HR 10 that mandates the implementation of new federal regulations that would ensure proper consumer disclosure. While this is a commendable step, NCRC believes that a "repeat offender" clause should be added; that is, if a bank is found by courts or regulatory agencies to have followed improper consumer disclosure procedures on two consecutive occasions, the holding company must cease engaging in the new financial activities permitted under HR 10. Public Obligations of Financial Institutions Some laissez-faire proponents of financial modernization ask why should financial institutions be subjected to community reinvestment obligations. Financial institutions have an obligation to serve all segments of the population because governments nurture their growth and protect their assets. Federal and state governments use their authority as representatives of the citizenry to grant financial institutions charters. In other words, financial institutions have an obligation to serve all members of the public because the citizenry allowed them to exist. Section 802 of the Community Reinvestment Act creates a legal obligation on the part of depository institutions "to serve the convenience and needs of the communities in which they are chartered." Chartered is the key word; all other non-bank financial institutions also receive their right to exist through a publicly granted charter. Therefore, they should have a legal obligation to serve the financial needs of the communities in which they are chartered. The public, through their government agencies, protects the safety and soundness of chartered financial institutions. Policymakers first applied CRA to depository institutions because federal deposit insurance is ultimately backed by the taxpayers. Yet, Mark Pinsky's and Valerie Threlfall's article for the National Association of Community Development Loan Funds points out that most non-bank financial institutions also receive substantial government protections. For example, according to Pinsky and Threlfall, the Securities Investor Protection Corporation has the authority to borrow up to $1 billion dollars from the U.S. Treasury in order to reimburse investors of insolvent brokerage firms. Likewise, the insurance fund for pension plans has a line of credit from the U.S. Treasury that can be used in emergencies. Expanding CRA Would Increase Wealth for Millions of Americans CRA has imposed obligations to serve the public because it has lead to enormous benefits for financial institutions and for the country as a whole. Banks have discovered that CRA lending is a profitable business and are starting to sell their CRA loans on Wall Street so that they can make more CRA loans. Would not other financial institutions also discover that community reinvestment requirements open up profitable business opportunities? In addition, financial institutions benefit from community reinvestment obligations because community reinvestment laws improve the overall economic and social health of the nation. Former Comptroller of the Currency, Eugene Ludwig, exclaims that the "democratization of credit," brought about by the CRA, benefits neighborhoods, regions, and the country by revitalizing depressed neighborhoods into vibrant communities with job growth and reduced levels of violence and crime. Financial modernization creates an opportunity to even broaden the social benefits of community reinvestment obligations. If CRA obligations are extended to pension funds, mutual funds, and other non-depository institutions, the nation will experience a democratization of wealth. Millions of low-income Americans could have access to mutual funds, pension funds, and life insurance policies which will not only increase their wealth, but the wealth of the communities in which they reside. In a paper sponsored by the U.S. Department of Commerce, T.J. Eller and Wallace Fraser find that the median net worth of white households was about $46,000 while the median net worth of Black and Hispanic households was about $4,600 (or only one-tenth of their white counterparts). It is time to extend CRA to the rest of the financial industry in order to reduce the extreme inequalities in wealth that exist in this country. Providing opportunities for wealth accumulation is the secret to this nation's prosperity and the unparalleled prosperity of its financial industry. What could be a better rationale for extending CRA? Policy Recommendations In the last few years, gains in Community Reinvestment Act lending have been impressive. Lenders offered an incredible 67% increase in conventional home purchase loans to African-Americans, a 49% increase to Hispanics, and a 37% increase to low- and moderate-income households from 1993 to 1996. While impressive, the gains in community reinvestment lending are fragile. Even though CRA lending has proven to be profitable, banks and thrifts could once again neglect disadvantaged communities if HR 10 allows depository institutions to affiliate with financial companies exempt from CRA. In order to preserve and build upon the community reinvestment gains of the last few years, NCRC recommends the following: Reinvestment Provisions for a Modernization Bill Expansion of CRA and Consumer Service Obligations 1. CRA must be extended to all affiliates of bank holding companies. (Not in H.R. 10) 2. CRA must be extended to all operating subsidiaries of federally-insured financial institutions. (Not in H.R. 10) 3. Bill must extend a CRA-like law to mortgage companies, finance companies, and credit unions regardless of their affiliation with banks. (Not in H.R. 10) 4. Bill must extend CRA coverage to the newly allowed Wholesale Financial Institutions (WFIs). WFI's would not be federally-insured and only accept deposits of over $100,000. (H.R. 10 extends CRA to WFI's.) 5. Bill should extend a CRA-like law to securities firms, investment companies, investment advisors, mutual funds, or else develop a new National Reinvestment Fund that these industries are asked to fund. (Not H.R. 10) 6. Bill must require "lifeline banking accounts" for all depository institutions. (Strong provision in Banking Committee bill was diluted in current version of H.R. 10) Data Disclosure 7. Bill must extend CRA-like and Home Mortgage Disclosure Act (HMDA)-like provisions to insurance companies and to insurance activities that will be newly allowed in bank holding companies. (Not in H.R. 10) 8. Bill must improve upon the small business data reporting recently required under CRA. Specifically, lenders must be required to report on the race and gender of the business owner and the sales volume (expressed in dollars) of the business. In addition, lenders should be required to report the specific census tracts in which the loans were made in addition to the current requirement of reporting the income levels of the census tracts. In addition, denials must be reported as well as approvals. (Not in H.R. 10) Regulatory and Structural Issues 9. Bill must require an application process for mergers between depository institutions and non-banking financial entities, with regulatory approval based at least partially on the CRA records of the institutions. (H.R. 10 would exempt these mergers from the application process) 10. Bill must prohibit mixing commerce and banking so as to preserve the safety and soundness of the banking industry and to ensure that minority and low- and moderate-income communities are served. (The Leach amendment eliminated commercial baskets in HR 10. The bill's grandfathering clause is too generous. Holding companies should divest existing commercial companies sooner than the 10 to 15 year time period allowed by the bill.) 11. Bill must maintain thrift charters and clarify that all activities undertaken by thrifts are covered by CRA. (H.R. 10 would weaken the thrift charter. Rep. McCollum (R-FL) unsuccessfully introduced an amendment that would have abolished the thrift charter.) 12. Bill should establish an advisory council on community revitalization that would examine the impact of the financial modernization bill on community reinvestment and issue annual recommendations to Congress for increasing access to credit and capital for traditionally underserved populations. (The Banking Committee's bill had this provision; deleted in current version of H.R 10.) NCRC's Recommendations for the Merger Application Process 1. Financial institutions must be required to submit a community reinvestment plan specifying the levels of home, small business, and community development lending offered to low- and moderate-income individuals and communities in metropolitan and non-metropolitan areas after the merger. The plan should also outline investments and services targeted to the traditionally underserved. A portion of any cost savings derived from the merger should be devoted to the community reinvestment plan, rather than solely accruing to the shareholders and senior management of the lending institutions. 2. Financial institutions should be required to discuss whether they intend to offer low-cost or no-fee checking and savings accounts, and ATM services. 3. Financial institutions must be required to disclose proposed branch closings by neighborhood so that the impact of closings on lower income and minority neighborhoods can be determined. The Officer of the Comptroller of the Currency requires a list of branch closings in an application. The four financial institution regulatory agencies are now considering adopting a common merger application form that would include mandatory reporting of branch closures. 4. All of the federal financial institution regulatory agencies must grant public hearings and extensions of public comment periods at the request of community groups and other members of the public. Currently, only the Office of Thrift Supervision has a mandatory requirement of this nature. 5. All of the federal regulatory agencies must conduct analyses on the level of competition on a city and neighborhood level in addition to their current multi-county and state level analyses. The recent Federal Reserve approval order of the First Union-Corestates merger seemed to dismiss anti-trust analysis conducted for smaller geographical areas although levels of concentration were much higher in Philadelphia than in the multi-county area surrounding the city. NCRC's Recommended GAO Study 1. Examine the historical impact of bank mergers. In particular, the study must assess the impacts on lending, investments, services, branch accessibility, and fee levels in lower income and minority neighborhoods after mergers. 2. Examine the impact of mixing banking and commerce. NCRC believes that mixing banking and commerce would reduce economic efficiency by distorting the impartial allocation of credit and would decrease lending to small businesses in disadvantaged neighborhoods since bank holding companies would own small firms. 3. The GAO study should assess the progress made by the federal financial institution regulatory agencies in implementing the recommendations of the two previous GAO studies on CRA and fair lending (Community Reinvestment Act: Challenges Remain to Successfully Implement CRA, November 1995, and Fair Lending: Federal Oversight and Enforcement Improved but Some Challenges Remain, August 1996). These studies highlighted a lack of uniformity in examination procedures and quality problems associated with lending data. The next GAO report should ascertain if the regulatory agencies have enhanced their capacity to rigorously examine a banking industry that is becoming increasingly complex and consolidated. If these issues are not resolved, a situation is created "...in which the application and enforcement of (fair) lending laws vary by regulator," according to the GAO fair lending study. 4. Finally, the GAO study should examine safety and soundness issues associated with mixing banking, insurance, and securities. Almost two years ago, the Federal Reserve Board increased the amount of revenues that could be generated from securities activities from 10 percent to 25 percent in Section 20 subsidiaries. What has been the safety and soundness impacts of this change? What would be the impacts of removing these limits altogether? Of allowing bank operating subsidiaries in addition to affiliates to perform these activities? This post transferred from the cdb-l mailing list |


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In many professions, a successful career is marked by an appropriate degree of professional development, verified by a credible certification program and recognized by both the public and one's peers. The Certified Club Manager designation has been the hallmark of professionalism in club management since 1965 and is the cornerstone of CMAA's member recognition program. It is a valuable and widely-respected mark of a manager's commitment to professional development and the club industry.
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What are your plans for the future?
What have you reflected on since you've returned from your mission?
Why is excercise so important during space travel?
What were your duties on the recent space flight?
Where you physically aware you were no longer on Earth?
When did you decide to become an astronaut?
Is there night and day in space?


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News from Manchester Climbing Centre:
Related UKC Forum discussions:
The competition will be split into six categories:
Adult Male Adult Female Veterans Male (40+) Veterans Female (40+) U16 Male Under 16 Female
Boulder Manchester is an inclusive competition, with prizes not only for the strongest climbers, but also for most significant improvements through the rounds, or just because we like the look of your climbing! Each round will have its own experienced team of setters including IFSC World Cup athletes and British Team members, guaranteeing super-high quality problems.
There will be lots to do and see on the nights as well as lots to win! Check out BoulderManchester.com for a full list of the generous sponsors supporting the event; they will be in attendance on the nights as well as providing a host of quality prizes for each event and the overall winners. The Rocks Caf� will also be producing some special meals on the night, as well as a secret after-party venue in Manchester city centre!
So come on down to Boulder Manchester. The more rounds you enter, the better your chances of winning, we look forward to seeing you there!


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Seven new starscape hex maps for your sci-fi tactical gaming! These maps include various natural phenomena found in space for a naturlistic space combat environment! Each is one page of A4/Letter, allowing you to print out different combinations and join them together. If you're looking for starscape hex maps at a pinch, these are cheap and do the job!
Seven hex maps include:


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I love this campaign, it's true too because voting is sexy! Hopefully your favourite manages to win today and help America back on it's feet to being the glorious, awesome country that I'm so used to it being.
Yes go vote! I got my vote in Sunday :)
Post a Comment


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Dirty diversion?
Dirty diversion?
Dirty diversion?
Thursday, March 8, 2012KUALA LUMPUR: The buzz among pro-BN bloggers following claims that officers from the Prime Minister's Office had criticised and ridiculed bloggers is a fabricated lie to divert attention from the real issue.
Blogger Big Cat wrote: "There seems to be a bit of rumblings over the past few days among pro-BN bloggers over an allegation that a PM's media adviser and a young PMO officer saying bad things about them."
"When I heard about it, I was a bit miffed for a moment," he said. "Then, I was like errrrr....so what? What's the big deal?"
The "rumblings" Big Cat referred to began on February 27 when Jailani Harun, a journalist who blogs under the name Bujai at Just Read, wrote that he was concerned about a Cabinet briefing about social media which involved "a UK grad by the name of Amhari" and "a Media Prima big gun".
Jailani said the meeting might be a sign that BN does not consider blogs and other social media to be worthy of significant attention going into the 13th General Election.
Datuk Ahirudin Attan, aka Rocky, also expressed concern about the Cabinet briefing, but updated his post several hours later, saying he had been informed that while social media figured prominently in the meeting, blogs and bloggers were not mentioned at all.
However, Jailani published another post on the matter last Saturday, saying that at the Cabinet briefing in question someone from Media Prima had "condemned new media such as blogs, news portals and twitter as 'being irrelevant and do not have any significant impact on readers'."
He added: "Even pro-Umno and pro-BN bloggers, he said (as I was told by a minister who attended the briefing) are not helping the government at all, especially Umno."
In her post yesterday, Big Cat suggested people are taking the matter too seriously.
"A prominent blogger actually called me this morning and told me not to believe in those allegations against the PM's people," she said.
The real issue, she said, is "the thing that sparked the allegations against those PM's people".
"From what I understand, those guys from PMO highlighted how private TV stations performed much much better than the government-owned RTM during some Cabinet meeting.
"It caused great embarrassment to our very intellectual Information Minister Rais Yatim. The man sacked his press secretary immediately after. Why he did that is beyond me."
The blogger criticised attempts by "some pro-BN bloggers" to "instigate everyone to attack the PM's people", and said the Cabinet briefing's focus on RTM's deficiencies was spot on.
"Sorry, RTM people, it's a fact. Too bad that the people who are supposed to lead you all do not know how to do their jobs," Big Cat concluded.
A reliable source from the Information, Communication and Culture ministry confirmed that the Minister's press secretary was "redesignated" after the damning cabinet briefing which has also put high ranking ministry officials on a hot plate.
Reference Blogs
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Physical Education Activity Program
Health | Aquatics | Physical Fitness | Individual Sports | Dual Sports | Team Sports
Physical Education Activity Program Goals
The Health and Physical Education general education program is committed to providing students with broad and varied learning opportunities that encourage students to lead physically active, health-enhancing lives.
Following completion of the physical education activity program students will:
- demonstrate movement competency and proficiency
- demonstrate sufficient skill and technique to pursue lifetime participation in fitness and sport activities
- demonstrate knowledge of safe and effective movement techniques
- exhibit interest and desire to maintain a healthy lifestyle
- value physical activity as an opportunity for enjoyment, challenge, self-expression, and social interaction
- apply understanding of concepts and principles to enhance acquisition and performance in movement settings
- demonstrate participation behaviors that promote personal and group success in activity settings.
Health Courses
- Contemporary Health Issues
- First Aid- Responding To Emergencies
- Fitness and Wellness
- Prevention and Care of Movement Injuries
Physical Education Activity Courses
- Swimming for Non-swimmers
- Synchronized Swimming I
- Intermediate Swimming
- Aquatic Fitness
- Scuba Diving
- Swim Conditioning
- Lifeguard Training
- Water Safety Instructor
- Synchronized Swimming II
Physical Fitness
- Beginning Cross Training
- Aerobic Dance-CardioFunk Aerobics
- Aerobic Dance-Exercise
- Strength Training
- Muscle Strength and Stretch
- Conditioning
- Walk, Run, Jog for Health and Fitness
- Pilates
- Yoga
- Advanced Cross Training
- Kick Boxing Aerobics
Individual Sports
- Archery
- Beginning Bowling
- Beginning Golf
- Beginning Fencing
- Beginning Karate
- Beginning Ice Skating
- Folk and Square Dance
- Country Line Dance
- Intermediate Bowling
- Intermediate Golf
- Intermediate Karate
- Advanced Karate
- Tae Kwon Do
Dual Sports
- Beginning Badminton
- Beginning Tennis
- Intermediate Badminton
- Intermediate Tennis
- Advanced Tennis
Team Sports
- Beginning Basketball
- Beginning Soccer
- Beginning Softball
- Beginning Volleyball
- Beginning Lacrosse
- Selected Sports Activities


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I was strolling through campus on a Friday a few weeks ago and heard one of our many amazing vocal music groups, OSU Outspoken, singing in the Brick Mall of the MU Quad. Apparently the guys perform for about a half hour every Friday afternoon at 4:00 PM. Outspoken has also recently released a full [...]
Posts Tagged 'local music'
OSU Outspoken rocks the Quad
Tuesday, February 12th, 2008Recent Posts
- academic programs
- Admissions
- Alumni
- Athletics
- Beaver News
- Campus Life
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- Dual/Degree Partnership
- Events
- Faculty
- Financial Aid and Scholarships
- Graduate Students
- Housing
- International Students
- Misc.
- Orientation/New students
- Parents
- Powered by Orange
- Research
- Sustainablility
- Uncategorized
- Undergraduate Students
- University Honors College


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generative modeling for Rhino
this morning we got this error.
a friend pointed out that it might be because of the missing Capital letter A in the word axis.
Added by David Stasiuk 8 Comments 21 Likes
Added by stefano 5 Comments 7 Likes
© 2013 Created by Scott Davidson. Powered by


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Uncovering Russia
Inside Russia Journal
Introduction to The Russia Journal Archives
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Master index
A new phase in Russian aluminum industry
An independent check on cargo shipments
Are the gods crazy? Renova moves on to the Kalahari manganese field
C.I.S. metals industry news roundup
Chronicles: Russia's ferrous-metals sector today
Chronicles: Russia's non-ferrous metals industry
Chronicles: Russia's non-ferrous-metals industry
Chronicles: The ferrous-metals sector
Chronicles: Trends, tendencies in the ferrous-metals industry
Chronicles: Year of conflicts for non-ferrous metals
E-commerce on Russia's metals market
Ferrosilicon market awaiting review of anti-dumping duties
If Gilbertson is big bird, can he get Vekselberg off the ground, and out of Russia?
Insight from Russia's metal industry execs
Integration processes in Russia's steel industry
Investments in ferrous metallurgy
Iron will and steel heart
Iron- and steel-scrap recycling: present situation and trends
Kiev and Russian Aluminium square off
Metallurgy news
Ministry: Further growth likely if plans implemented
New export policy for platinum in place, experts say
Non-ferrous metals industry: trends in development
Norilsk Nickel admits tax risks
Norilsk Nickel to spin off gold producing units
Nuts and bolts: a look at metals and mining
OMK alliance goes from strength to strength
Opening Cassandra's aluminium can
Potanin's ambition, Norilsk' means — are the Russians attacking or covering their retreat
Renovation favored over new smelter plants
Rusal and Alcoa announce provisional sale deal
RusAL and SUAL agree on cooperation
RusAl viewing scenarios to develop bauxite mining
Russia sets ultimatum on Ukrainian pipe imports
Russia's steel market: Massive potential, but right policies needed
Russia's top gold maker to export gold to Switzerland
Russian Aluminium Giant Argues With Montenegro
Russian Aluminium tries cleaning up its act
Russian diamantaires forced to China
Russian metals giant sees revenues drop
Russian power grid monopoly head wants aluminium
Russian roulette in the London casino — Is Usmanov's defeat Abramovich's risk?
State set to bring stability to Russia's platinum market
Steelmakers want tough stand against the U.S.
SUAL Group raised production of primary aluminium for the first half of 2005
SUAL leads Russia's aluminum market
SUAL setting rail links for mines, smelters
The 10-year saga of Russian steel
The steel industry's top modernization efforts
Top 10 Russian Metallurgical companies
Union: Bidding to remove trade sanctions
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strider622's Mom Answers Activity
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CHIPPENHAM SUNDAY LEAGUE SUBSIDIARY CUP PREVIEW: Competition back on calendar (From The Wiltshire Gazette and Herald)
Get involved! Send photos, video, news & views. Text WILTS GAZETTE to 80360 or email us
CHIPPENHAM SUNDAY LEAGUE SUBSIDIARY CUP PREVIEW: Competition back on calendar
1:30pm Friday 8th February 2013 in News
THE Subsidiary Cup has made a return to the league calendar for the first time since the 2003/04 season when Biddestone Social were the last team to win the competition.
The cup is being run on a league basis, made up of four groups of three, who play each other home and away with the winners of each group going through to the semi-finals. The competition kicks off with a match from Group A and D.
The opening Group A fixture see's the top two sides in Division Four face each other with second-placed Old Road hosting leaders FC North Wiltshire.
The latter may just have the edge as they have taken three points out of their hosts this term, but both teams have been in good form of late so it wouldn't be a surprise if things ended all square once again.
First division Prestige Bodyworks kick off their Group D campaign at home to second division Kings Arms (All Cannings).
Jim Wilson's Kings Arms side looked rusty and ragged in last week's 1-1 draw away at Miller Sports, but will have shaken out the cobwebs and should do better against a struggling Prestige side, who have failed to deliver in the two outing since they beat high flying Corsham United 3-1.
CHIPPENHAM SUNDAY LEAGUE ROUNDUP, STATS AND PICTURES IN THURSDAY'S GAZETTE & HERALD AND FRIDAY'S WILTSHIRE TIMES AND FOLLOW US ON TWITTER @gazsport and @WTSport


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Premier Inn
Shop here and earn up to a 2.5% donation from Premier Inn.
Premier Inn is the UK's largest and fastest-growing hotel chain, with over 500 hotels across the UK and Ireland. Premier Inn provides class-leading budget hotels, which offer outstanding levels of comfort and service at a reasonable price - in fact, everything's premier but the price!
Top Deals with Premier Inn
Summer Rooms from £29. 200,000 rooms at £29! Summer will be with us before you know it - say goodbye to the cold, dark days of winter and plan a Great British summer getaway.
*Summer Premier Savers are available for stays from 26th May to 4th September 2013 at selected Premier Inns only and length of stay restrictions may apply. Bookings must be made online at least 21 days in advance of stay. In some cases we have rooms that can be booked online 7 days in advance of stay.
Free Wifi
Great news! Premier Inn is offering 30 minutes free wifi per day for their guests and if you have used your free 30 minutes they have seriously cut prices for additional Wifi.
Expired Premier Inn offers, deals and vouchers
The Big £25 room Summer Sale now on! Hurray!
Added: Thu 25 Apr 2013 | Added 25 days ago | Expires: Sun 28 Apr 2013
Premier Inn have increased donations on weekday bookings to 2.5% (was 0.5%) until 31-March-2013
Added: Mon 11 Mar 2013 | Expires: Sun 31 Mar 2013
Easter rooms from £29. Don't miss out!
Added: Thu 07 Feb 2013 | Expires: Mon 25 Mar 2013
Premier Inn have increased donations on weekday bookings to 2.5% (was 0.5%) until 28-February-2013
Added: Thu 14 Feb 2013 | Expires: Thu 28 Feb 2013
Last chance Winter rooms! Rooms from £29
*Subject to availability. See Premier Inn website for full T&CsAdded: Tue 15 Jan 2013 | Expires: Sun 20 Jan 2013


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8 Best Hiking Trails for Dogs | 5 Ways to Get Your Cat with Mobility Issues Moving | 5 Ways to Get Your Dog with Mobility Issues Moving | 5 Exercise Tips for Arthritic Cats |
Five Pool Safety Tips for Dogs | The Importance of Water | Top Ten Water Sports for Dogs | Tick-Borne Diseases and Your Pet |
Are You Overfeeding Your Cat? | 5 Ways to Choose Quality Natural Pet Food | Top Five Reasons 'Moggies' Are Awesome | 4 Ways Food Can Promote Mobility for Cats |
There once was a time that when dogs got sick, they either got better or they didn't. Thankfully, things have changed. We now have countless ways to treat our dogs when they are ill. The following are some of the more common prescription drugs used to treat dogs today (and only when under the direct supervision of a veterinarian).
Antibiotics such as Metronidazole and Doxycycline are frequently prescribed to dogs fighting bacterial infections.
Ivermectin is just one of several common antiparasitics prescribed by veterinarians to treat infections caused by roundworms, threadworms, and other nasty parasites in dogs.
Humidity and heat can contribute to overgrowth of yeast in the ears and on the skin, with resulting irritation and inflammation. When your veterinarian needs to eliminate a fungal infection quickly, he or she will prescribe an antifungal medication such as Ketoconazole.
The word "steroids" has recently taken on a bad connotation due to it's abuse by athletes. However, when used correctly and prescribed by a veterinarian, corticosteroids such as Prednisone can alleviate symptoms associated with inflammation, cancer, and Addison's disease in dogs.
Pain relievers are prescribed by veterinarians to do just that — relieve pain. Tramadol, for example, is used to alleviate the chronic pain associated with athritis or cancer in dogs, as well as post-operative and injury-related pain.


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HELP !!! I am being buried in TOP STORIES-GOOGLE NEWS email
by bob7415 - 9/30/11 7:20 AM
Somehow I activated this program and am being buried in 125+ emails per day of TOP STORIES-GOOGLE NEWS emails!!!!! I do not want this program but can't find a way to terminate it. Please - any help would be most appreciated.
I am running a MacBook Pro, OS 10.6.8 and using a Firefox browser.
Much Thanks


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Governor's Veto will Slow Economic Recovery
With new housing construction starts at 1981 levels, BIAW is surprised and disappointed that Governer Jay Inslee vetoed legislation that would create jobs, improve the economy and increase local and state revenues—all critical issues he has consistently heralded as his top priories.
Engrossed Substitute House Bill 1652 proposed shifting payment of growth-related impact fees from the time a building permit is filed until the actual time of impact—when a home sale closes or certificate of occupancy is issued. Sponsored by Rep. Marko Liias (D-Mukilteo), the bill had broad bipartisan support in the Legislature—pasing with 73 votes in the House, 34 votes in the Senate and with 83 votes when the House agreed to Senate amendments.
Click here to read more...Governor Veto will Slow Economic RecoveryWashington State Energy Code Available Online
The 2012 Washington State Energy Code is now available for download via the State Building Code Council website. PDF versions include the WAC 51-11c (Commercial), WAC 51-11R (Residential), and Appendix Chapters.
The BIAW has scheduled 2012 IRC/Energy Code Update Classes throughout the state for BIAW members and non-members which highlight significant changes to the codes.
For more information or questions, contact Jan Rohila at 800-228-4229, ext. 101.
BIAW Hall of Fame Call for Entries
BIAW is now accepting applications for entry to the BIAW Hall of Fame.
If you'd like to nominate a fellow BIAW member (builder or associate) whom you believe is worthy
of entry into this revered Hall, download the application
packet. Entry deadline is June 3, 2013.
For more information or questions, contact Brenda Kwieciak at 800-228-4229, ext. 113.
Register for the BIAW 2013 Golf Tournament!
The BIAW 2013 Golf Tournament is just around the corner. Held in conjunction with the BIAW Summer Board Meeting,
the tournament is a great way to help out a great cause-the BIAW Education Scholarship Fund.
Kick off the BIAW Summer Board meeting with an afternoon out on the links under a sunshine-filled sky.
Add a little freindly competition and you're good to go. Sponsorships are availabe, too. Click on the link below for more information.
BIAW 2013 Golf Tournament
Contact Brenda Kwieciak at 800-228-4229, ext. 113 for more information.
2013 Education Schedule
BIAW is committed to helping you advance the depth and breadth of your professional
experience. The BIAW Education Program is proud to offer our members and non-members
accessible and affordable opportunities to improve their skills, advance their careers,
and be recognized for their commitment to professional growth.
Check out the 2013 Education Schedule--BIAW working for you!
Click Here
BIAW Responds to Court of Appeals Decision
In November, the state Court of Appeals ruled on a 2-1 decision alleging that BIAW, because of the actions of its for-profit subsidiary and political action committee, might also have to report all revenue and expenditures to the Public Disclosure Commission (PDC). BIAW filed a motion for reconsideration and a motion to publish the Court of Appeals decision. The Washington State Wire recently broke the story, offering an excellent account of the case and the potential ramifications of the Court's ruling. Click here to read more.
The Economic Impact of New Home Construction in Washington State
Recent research and data from BIAW, NAHB and the US Census Bureau provide an irrefutable case for the benefits of home building. New home construction is a leading revenue and job generator in the state of Washington and, if encouraged, could lead the state's economic recovery.
Economist Dr. Elliott Eisenberg shows us how and why in this entertaining, interesting video highlighting the economic impact of new home construction in Washington.
New Home Construction State's Third Largest Employer
The National Association of Home Builder's Housing Policy Department research estimates
the first-year impact of 13,825 new single-family homes built in Washington State
is nearly $3.1 billion in state and local revenues, $729 million in state and local
taxes and 41,000 jobs.
BIAW Sponsorship Opportunities are Now Available
Here's your opportunity to reach the 8,500+ members of BIAW. Whether you're looking to advertise in Building Insight magazine or sponsor a hole at the BIAW annual golf tournament, you've come to the right place. There are hundreds of sponsorships available - with one that's right for you.
Click hereJust how much do State employees make?
Find out with this user-friendly database or the OFM database showing gross pay for workers at state of Washington agencies, colleges and universities.


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Mimosa: The Summer Fizz
Ahh, what better way to enjoy the summer than with a fizzy and fruity beverage? The Mimosa has its beginnings in the early 1920′s in either England or France, depending on who you listen to. In 1921, the Buck's Fizz was invented in an English club by the same name, while in 1925, the Mimosa was invented in a Paris hotel. The drinks are nearly identical, but occasionally call for different measures and the inclusion of grenadine on the part of the Buck's Fizz. Regardless, the Fizzy Mimosa (as it shall now be known in this article) has been a staple of hot weather and weddings ever since. Indeed, the first time that I tried one, I was on the sun deck of a cruise ship off the coast of Belize, about to get in a morning game of ping pong with one of my mates. I had only recently become a fan of Champagne, after largely ignoring it in favor of stiffer spirits, and I was eager to try out this beverage (it was on special during this hour. $3 per glass!). Lo' and behold, I loved it, and have partaken in it many times since.
In wedding tradition, the Fizzy Mimosa is served to keep the alcohol content down while celebrations are in full effect. Not as hard hitting as wine or even straight Champagne, guests are able to imbibe without devolving into the crazy fringe-family member who nobody really likes to associate with.
Even though summer is on the way out on this first day of September, this beverage can still be enjoyed; The weather is still warm enough to really experience its refreshing nature. Only a couple of weeks ago, Micah Hanks and I were experimenting with different mixtures, trying to improve upon the traditional recipe. We introduced cranberry juice instead of orange, as well as vodka. Eureka, we cried! Only to quickly search for the recipe we thought up, and find that this cocktail had already been created and named the Poinsettia. Personally, I find this particular drink to be more enjoyable than the Mimosa itself, as it has more refreshing qualities to it. Orange often leaves me wanting, but the cranberry, despite its dry complexion, did indeed seem to provide more fulfillment.
So here's my suggestion for the aforementioned drinks: Keep the Mimosa as the morning brunch or wedding drink, especially in the hot months of the year, but start introducing the Poinsettia in later afternoon or evening hours, and also drop the alcohol content a little bit to have less of a kick. Here is the mixture that we used:
3oz Biltmore Estate Sparkling Blanc de Blancs (relatively dry, with hints of lemon, apple, and pear)
2oz Ocean Spray Cranberry juice
1 tsp Maraschino cherry juice
Garnish with Maraschino cherry
While definitely not the strongest concoction on the planet, it proved to be a great dessert beverage to go with the New York style Cheesecake we were also partaking in. The dry nature of the Blanc with the dry nature of the cranberry offset the sweetness of the Maraschino, so it was not overpowering when combined with the dessert. Overall, a pleasant experience, and will be repeated.
Tags: champagne, dessert, mimosa, poinsettia, recipe


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Results 1 to 1 of 1
Thread: Boroscopes
I need to replace my misplaced provision boroscope, so I thought I would get some sage advice from H Talkers!
I know there are a whole range of Inspection cameras/ boroscopes out there but I'm not in the high end of the market right now, so no blue Inspector $3500 infrared for me (at least right now) So after tossing out the high end of the market (let's say that's above $1000) what would your picks be in the middle (300-1000) and the low end (below $300)?
I was looking online at the milwaukee 2312-21, but I really have no clue what works well and what doesn't with the modern tech we have now....
What advice is out there?
I'm trying to balance image quality, multiple use functions (HX inspections and surveying ducts) along with price.
Thanks everybody!What lies behind us and what lies before us are small matters compared to what lies within us.
Two pressures, four temperatures = SUCCESS!
Boulder Heating Contractor


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Classified Ads
Classified ads are available for Businesses or Individuals. Both NAMGAR members and non-members can post classified ads.
The Classified ads will run for 4 months on the web, or in MGA! (2 issues.) They will be removed automatically on the expiry date, but we would appreciate it if you should sell, or buy the item(s) advertised, please let us know.
We suggest that personal classified ads have a full description of the item For Sale or Wanted, and it includes your email address, your telephone number, price expected (For Sale item), and the State/ Province you are in.
Beware of buyers who offer to pay full price for an item, sometimes with an additional amount to cover shipping or other costs, and paying with a cashiers check. They will later ask for a partial or full refund before their initial payment has worked its way through the banking system. There may be a sense of urgency in completing the transaction and little interest in the details of the purchase. This is a common eBay scam that has made its way to MarketPlace. Always take payments like this to your bank to verify authenticity and wait at least ten days to two weeks for the check to clear. Be wary of buyers who ask for account information in order to wire funds to your bank. Remember, if a deal seems too good to be true, it probably is.
For Sale: 1960 MGA1600 race car. One owner, $15,000.00 firm. Close ratio gear box. Locker differential. HRG Derrington cross flow head. Factory comp. exhaust man. 2 40 DCOE dual webber carbs. Two and one half inch thick honey comb radiator. Don Yenko corvette roll bar. Minilite magnesium wheels. Anti roll bar front. Panhard bar rear. 8 Quart oil pan baffeled.. MGB Flywheel clutch.. Factory comp. distributor. Oil cooler. Factory original wood rim steering wheel. New pistons rings and bearings. Contact Vern Harvey at 1 575 740 1890 any time, or by mail to HCR 30 Box 57, Truth or Consequences, NM 87901.


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Was £45.00
Now £31.00
31% Off
Save a total of £14.00
Please select size:
Delivery to UK within
5 working days
Free delivery on all orders
Dune navy-leather 'muswell' simple leather bow front ballerina
Item No.56308_0756080794
- This product is not available for PO Box deliveries
- Heel height: 0 mm
- Upper: Leather
- Lining: Leather
- Sole: Leather
Debenhams is happy to exchange or refund your purchase within 28 days providing the goods are in a fully resaleable condition (including tags) and not within the exclusion policy*. This policy does not affect your statutory rights. You can return unwanted items either by visiting your local store (the fastest way to get a refund), by arranging a courier collection or returning by post. Exclusions apply to selected products. For instructions on how to return products and information on Debenhams refund policy visit the returns and refunds section of the website.


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I have a joystick that I use serial to USB, works fine. I don't think its a software issue. But, if when you try it, it doesn't work, Epson's page should have a patch that'd make it work.
+ Reply to Thread
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New Security Features Planned for Firefox 4 Another Laptop Theft Exposes 21K Patients' Data Oracle Hits to Road to Pitch Data Center Plans Microsoft Preps Array of Windows Patches Microsoft Nears IE9 Beta With Final Preview Simplified Analytics Improve CRM, BI Tools Android Passes RIM as Top Mobile OS in 2Q VMware Updates Hyperic System Management File Monitoring Key to Enterprise Security LinkedIn Snaps Up SaaS Player mSpoke |


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Sale! PS3 Dualshock Six Axis Red Controller
Get Ready to RUMBLE!!
Missing something from the PlayStation Experience? Just cant get your "hands around" it? Now you can! Dual Shock is back and is now featured in the SIXAXIS now known as Dual Shock 3 (DS3). Feel every bump, punch and blast with the rumble of the Official Sony Dual Shock 3 Bluetooth Controller.


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Paddy Power bet £10 get £20 in free bets this weekend
Bet £10 with Paddy Power this weekend and get £20 in free bets! Plus check out this weekend's Premier League Special:
Money-Back Special
Spurs v Chelsea
Saturday, October 20th, 12:45
If Juan Mata scores at anytime, Paddy Power will refund all losing First/last goalscorer, correct score & scorecast singles on the match.
Terms Apply.


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Western Washington University · Bellingham, Washington
Business Administration-General Concentration, BA (Management)
What Is the Study of Business Administration?
The Business Administration program has been designed to prepare students for leadership roles in business and the community. One program objective is to provide students with the perceptual and analytical skills necessary in making decisions and evaluating policy in business; another is to develop student understanding of the social, economic and regulatory environment of business. The program is designed for students with a variety of career goals, including opportunities with financial institutions, manufacturing and retail firms, service industries and the public sector.
Why Should I Consider this Major?
The College of Business and Economics prepares men and women for positions of leadership and stewardship in the management and administration of complex organizations — from small companies to large multinational enterprises. Students develop managerial skills, analytic economic skills and interpersonal sensitivities, as well as quantitative and accounting skills. All students earning a degree in Business Administration will develop significant understanding of management information systems and computing.
How to Declare:
Pre-major: Status is granted to students who have confirmed admission to WWU, completed 45 credits, and earned a GPA of 2.5 overall or 2.75 in the foundation courses they have completed.
Full major: Students must have completed the following requirements:
- Confirmed admission to WWU and have 45 credits or be in the CBE Distinguished Scholars program.
- Be in good academic standing with the University and meet one of the following GPA requirements: Either: 1) a minimum GPA of 2.75 in the eight Foundation Courses listed below, including grades from transfer courses and Advanced Placement credit or 2) a cumulative GPA of at least 2.50 in all college-level course work including transfer work.
- Foundation courses:
- MATH 157 Calculus with Applications to Business and Economics
- ACCT 240 Financial Accounting
- ECON 206 Introduction to Microeconomics
- ACCT 245 Managerial Accounting
- ECON 207 Introduction to Macroeconomics
- DSCI 205 Business Statistics
- MGMT 271 Law and the Business Environment
- MIS 220 Intro: Business Computer Systems w/lab (or equivalent, or exam)
Provisional major: Major status is granted provisionally to students who are completing their last foundation course(s) and would be eligible for full major status upon successful completion of their current course work.
How to apply: For consideration as a pre-major, provisional major or full major, complete the online application form at: http://www.cbe.wwu.edu/College/Applications.asp.
Advising tips: 1) Complete MATH 157 and DSCI 205 requirements early; 2) For information regarding the MIS 220 Equivalency Exam see the Department of Decision Sciences website for test-out information: http://www.cbe.wwu.edu/dsci/MIS220Exam.asp
Foundation Courses
- ACCT 240 - Financial Accounting
- ACCT 245 - Managerial Accounting
- DSCI 205 - Business Statistics
- ECON 206 - Introduction to Microeconomics
- ECON 207 - Introduction to Macroeconomics
- MATH 157 - Calculus With Applications to Business and Economics
- MGMT 271 - Law and the Business Environment
- MIS 220 - Introduction to Business Computer Systems
Core Courses
- DSCI 305 - Applied Business Statistics
- FIN 341 - Principles of Finance
- MGMT 311 - Introduction to Management and Organizational Behavior
- MGMT 382 - Business and Its Environment
- MIS 320 - Principles of Management Information Systems
- MKTG 380 - Principles of Marketing
- OPS 360 - Operations Management
- One course from:
- MGMT 492 - Entrepreneurial Problems
- MGMT 495 - Strategic Management
General Concentration Courses
28 credits of approved upper-division elective courses: Students in the department may elect to work with their faculty advisor in designing a set of upper-division courses appropriate to their academic interests. The resulting course of study shall have prior approval of the advisor and include the following: HRM 322, MGMT 313 and five additional upper-division CBE courses. Students interested in entrepreneurial management should select the general option and inform the department of that interest. They will be advised of the preferred courses for students intending to embark upon entrepreneurial careers or careers in small business.
- Take one Communication Focus (CF) course and a minimum of three writing proficiency points in approved upper-division writing proficiency courses (WP) at WWU with a minimum grade of C-. The CF and WP courses must be taken within CBE and can be completed as part of the above required and elective courses, prior to graduation. Consult the Timetable of Classes for the specific course sections that fulfill the CR and WP requirements.
- Accounting and Business majors must complete a minimum of 90 credits in areas other than accounting and business administration.
The courses below satisfy GUR requirements and may also be used to fulfill major requirements.
Sample Careers
- Project Management
- Event Planning
- Management Consulting
- Nonprofit Management
- Government
- Small Business
CBE Admissions & Scholarships
Dean's Office
Parks Hall 419
Major Information
Academic Department Manager
Cristina Nelson
Department Chair
Bruce Wonder
PH 351a


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Move your bees without the worry of slipping screens and escaping bees. Traveltops can be securely fixed to the box with nails, screws or straps. Strong, long lasting, and available in the popular sizes.
(hive not included)
cforms contact form by delicious:days
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Here you may include some useful information for your customers regarding your Shipping & Handling Fees, Returns Policy whether you ship Internationaly or not etc. Let them know that these charges will be calculated on Step 3 (Order Review).
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Main Page
From MontegoScriptsWiki
You have reached the Wikis in support of Montego Scripts. My intent is to eventually port MediaWiki to PHP-Nuke, but for now, this will remain separate. The beauty of a Wiki is that it allows documentation and other content to evolve over time with multiple authors contributing.
The following Wiki categories are available:
- HTML Newsletter add-on for RavenNuke(tm)/PHP-Nuke, which allows for sending HTML formatted newsletters from PHP-Nuke (lots of options)
- TegoNuke™ ShortLinks hack for RavenNuke(tm), which is used to produce short, .html style links
- TegoNuke™ Mailer hack for RavenNuke(tm), which provides SMTP and Sendmail options to these CMS'
- TegoNuke™ Downloads (NSNGD) module for RavenNuke(tm), which provides more advanced features than the standard *Nuke module
- RavenNuke™/PHP-Nuke Hacks - come here for an on-going collection of potentially useful said "hacks"
- General FAQs - come here for miscellaneous FAQs collected over time
More to come as time allows.
Regards, montego


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Brian Camenker
Peter LaBarbera And Brian Camenker Play Victim, Compare Homosexuality to Racism
Oh, hate group leaders are so oppressed. They are also censored, because we are taking away their free speech! Thanks to the good folks at
Fighting Anti-Gay Discrimination and Violence Is "Terrorism," According to Small Hate Group
MassResistance has always been one of the silliest anti-gay hate groups in the country. If you're looking for hysterical ravings, check in with Brian Camenker
Porno Pete Goes To SPLC For Whining Purposes, Brings Friends
So this happened today, apparently. Porno Pete brought all his worldly friends together to go down to the SPLC and cry: A coalition of African
To MassResistance, Mother of Suicide Victim is "Shameless"
Jeremy brings us this screen shot from particularly insane Massachusetts hate group MassResistance [click to embiggen]: This is a disturbing thought, but can you imagine
Hate Group Leader Discovers True Meaning of "It Gets Better"
Or at least that's what this breathless OneNewsNow article about Brian Camenker of the hate organization known as MassResistance seems to imply. Well aware that
In Hearings For Lesbian Judge, Detractors Mostly Make Weird Sex Comments
Massachusetts is in the process of holding hearings for the confirmation of Barbara Lenk, who would be the first openly gay members of the Massachusetts
Massachusetts Hate Group Concerned About High School Assemblies
Presented without comment: A pro-family [sic] group is outraged that a high school in Massachusetts allowed an event on campus at which seven teachers spoke
Hate Group Leader Camenker Pushes Hate Group Leader Lively for Mass. Governor
This is bizarre, but we know the old adage about buzzards of a feather. Brian Camenker, leader of the notorious anti-gay hate group MassResistance, is
Peter "Seymour Hersh" LaBarbera and Pals Release Investigative Report On Elena Kagan
If Peter LaBarbera, Brian Camenker and Amy Contrada are "investigative reporters," then I'm the Mayor of Cowboy Spaceman Ballerina Ninja Turtles, and you will respect
Hate Group MassResistance Wigging Out Over Massachusetts Governor's Race
This is just funny: Social conservatives — abortion foes, gay marriage opponents, transgender rights critics — may sit out the 2010 election, a Massachusetts hard-line
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Sign up and join a community that's passionate about exploring the world of entertainment & technology.
Scarface or Superman? Jurassic Park or Planet Earth? Star Wars or Looney Tunes? Tom Cruise or Sophia Loren? (Hmmm.) The Lord of the Rings or Pirates of the Caribbean? Ben-Hur, Citizen Kane, Harry Potter, or Willy Wonka?! Check your list twice, or even thrice: There's plenty to go around. (Note: Prices listed for these and all other boxes are suggested retail. Look for discounts!)
Yes, only on DVD: 62 discs of Smallville and 104 discs of Law & Order. Plus, modest but no less enjoyable affairs for the likes of Laurel & Hardy, Tracy & Hepburn, and Rocky & Bullwinkle & Friends. And more.
These days, the 1970s rule — judging from the number of that decade's classic albums getting super-duper reissues, including Layla, Aqualung, What's Going On, Europe '72, Quadrophenia, Some Girls, and both The Dark Side of the Moon and Wish You Were Here. But there are many more opportunities for giving, from Nirvana to Pearl Jam, and from Ozzy Osbourne to George Michael to Alicia Keys. Meanwhile, in keeping with the retro outlook, some titles include a version of the album on vinyl LP.
Some fellas look at the eyesSome fellas look at the noseSome fellas look at the sizeSome fellas look at the clothes . . .
First I look at the purse.
New release (New West; MP3 only)
Slim is Bob "Slim" Dunlap, lead guitarist for the latter-day Replacements. A year ago, he suffered a severe stroke that has left him ailing and in need of financial help. To that end, two original 'Mats — guitarist/vocalist Paul Westerberg and bassist Tommy Stinson — reunited to record most of this benefit EP (joined by guitarist Kevin Bowe and drummer Peter Anderson).
New release (ISO/Columbia)Photo by Jimmy King
This is the best David Bowie album since . . . I'm not gonna go there. Mostly because everyone seems to disagree on just which old album should be put there. But make no mistake: The Next Day, Bowie's first release in 10 years, is an excellent comeback.
New release (RCA; tour dates)Photo by Frank Micelotta/Picture Group
"If Pink Floyd and Led Zeppelin can do 10-minute songs, and Queen can do 10-minute songs, then why can't we?"
New release (RCA)Photo courtesy of RCA
I had pretty much given up on the Strokes some time ago. The band's early, early promise just wasn't bearing fruit anymore. But here we have Comedown Machine, and waddayaknow, things would seem to be looking up.
New release (Republic Nashville; tour dates)Photo by Robby Klein
Sophomore slump? Not here. As soon as the banjo on the opening track, "Better Dig Two," makes room for some choice electric-guitar power chords before the two instruments dance together, it's clear that The Band Perry has lost none of its charm or chops.
New release (Fueled by Ramen; tour dates)
I'll never forget my first encounter with Paramore. It wasn't at a gig or on the radio. It came in the pages of a magazine: a backstage photo taken around the time of 2007's Riot! And I have to be honest: My focus wasn't on the band but on its singer, Hayley Williams. Underneath that flame of orange-red hair, with her head cocked elatedly to the side, she was laughing as if there was no tomorrow. Now that's rock & roll, I thought, wondering if she (um, the band) sounded as full of youthful excitement as she looked.
New release (Warner Bros.; tour dates) Photo by George Salisbury
Telepathic surgery. Ego tripping at the gates of hell. I've allowed the Flaming Lips to take me deep inside myself and pull me far afield. But I can't submit entirely to The Terror.


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You are here
Sri Vijaya:
Vijaya: Uttarayana
Vaishakha Shuddha Dasami till 10.12 pm
Pubba till 5.48 am
12.59 pm to 2.35 pm
12.38 pm to 1.30 pm & 3.13 pm to 4.04 pm
7.30 am to 9 am
Sunset today:
6.43 pm
Sunrise tomorrow:
5.42 am
Guests might visit you from overseas and there might be a constant party mood at your home. Put work or school stress behind you and try to enjoy the company of friends and family.
There is a flurry of activity at home. Today is a day for you to finally get organised. You should spend time with the elderly members of your family.
You are likely to appreciate the support of your family. You know that though sometimes there are disagreements, no one understands you like your family.
Your thoughts will begin to fall into place and there will be some clarity on serious matters. This clarity of thought directs you towards the road to success.
Exchange your business cards, email addresses or phone numbers. Keeping ears and eyes open while interacting with important people would give you some valuable tips.
Think twice before undertaking new projects today. If you are looking for a sure-fire method to earn on your property, student rental could be exactly what you need.
You will be in a loving mood. Make special plans for your romantic partner. You should do things that you have missed recently. You get an opportunity to enjoy recreational activities.
Positive mental attitude would bring unlimited happiness. Buying overseas property will be beneficial for you. Too much of work would tire you.
Good time for those waiting for the wedding bells to ring. You are likely to become the center of attraction. Do not eat very spicy food.
Disappointments in official matters would be overcome soon. Those who are longing for a child would be blessed with the same.
Your way of talking would bring success. Your intelligence will help you to gain good name at work. You will become an important character in the family drama to unite relatives.
You will prove yourself at work and get appreciation along with incentive. Today, you will be having cordial relations with your subordinates as well as your bosses.
May 19 2013 - May 25 2013
You are reaching for something distant. You doubt that it is possible to attain yet you cannot resist trying. You keep telling yourself that there must be an easier or more sensible way to proceed. Yet it is as if your heart is being pulled by some powerful, invisible magnet. If that is really the case, the distance is going to shrink, naturally, over time provided you don't resist too determinedly.
There may be no magic wand you can wave but there's certainly an improvement you can set in motion. And soon... you will see your chance.
There are some things you just can't control. It is as if they have a life of their own. When you encounter such a force, you can either respect it or resent it. What you can't do is change it. Or, at least, not in a hurry. You know that you should never say never. You also know that what most people call 'impossible,' is much more aptly described as 'very difficult'. So in the long run, who knows what you may be able to do about the situation you now face.
For now, though, if you value your sanity, you will accept as much as you can!
Nature abhors a vacuum. If, therefore, you want to bring something into your life, all you have to do is create a space for it. The trouble is, we don't like spaces. Gaps unnerve us. Absences put us on edge. We don't like awkward silences in conversation. We dislike rooms that don't have enough furniture. So we swing towards the other extreme. We cram in too much and end up appreciating nothing. This week allows you to create just the right amount of space in your life.
Don't fear the unanswered question.
It is never easy to let go. Even when we are tired of something — even when we have had enough of it, rather than move to some new inspiring topic we continue to think about whatever has hurt or upset us. It is as if we fear the loss of something familiar. We feel we ought to remain in control of everything — at all times — even if this obliges us to remain in a state of suffering. There is now something you know you need to put behind you.
Don't be afraid to kiss it goodbye this week. I promise, you will never miss it.
Strong leaders make many enemies and admirers during their years in power. But they don't care. They believe passionately in their policies. All strong characters attract criticism. You now need to demonstrate your commitment to a particular principle. You can't expect this to make you universally popular. But nor should you be ashamed of what now means so much to you. This week brings the chance to make a big leap of faith.
Never mind what others think, follow what you feel and keep your nerve.
Appearances can be deceptive. But then, so can disappearances! Often, we think something has gone forever from our lives only to discover that it has been in hiding. That may be a cause for celebration or a reason for great concern. Not all absences are undesirable. But then, not all presences are pleasing! This week puts you back in touch with some old friends. It presents you with the chance to choose whether you fully want to renew a connection, or sever it.
Don't be fooled by how things seem. You CAN choose.
They say, 'There's no rest for the wicked.' The good don't exactly get to put their feet up, either. Indeed, they often have to expend a lot more energy. They can't, for example, go around taking lots of naughty shortcuts. There are many ways now in which, if you were a lesser person, you could cheat your way out of a stressful situation. You could say whatever might get you off the hook or do whatever would be most convenient. But you're going to be noble.
And ultimately, that's going to bring you more peace.
There is no great complicated formula. It is not as if you have to study for years to get the information or to reach an understanding. The issues we're up against now require the application of nothing more (or less) than a little common sense. A lot of people are doing a lot of talking. A lot of opinions are being aired. In your heart, though, you can see a simple solution, a way to cut through all the confusion and get right to the essence of what's gone wrong and how this can be fixed.
Trust this emerging understanding.
What do we see when we look in the mirror? We see ourselves looking in the mirror! Usually, we smile back at ourselves. Even if we frown, we do it in a friendly way. If we really want to know how we come across to others, we need to watch ourselves when we are not looking. That's tricky, even in this modern age of closed-circuit TV cameras. Yet the behaviour patterns we are all but unconscious of are only too obvious to those in our vicinity.
This week, you get a valuable glimpse of something that you sorely need to see.
The old TV shows have a certain charm. Bilko, Bewitched, Lucy... they just don't make them like that any more. Times, though, have to change. No matter how good something may be, it must move on. We can revisit the past and appreciate how wonderful it was, but we must also find a way to relish the present. Right now, you are finding it more comfortable to reflect than to dwell on what lies directly before you. Overcome your fear, concern or disapproval. Learn to love what's happening.
This is your moment... your chance!
You may not be feeling exceptionally ecstatic. It is, indeed, quite possible that a mood of intense aggravation has begun to descend upon you. This won't be helped by continual exposure to astrological forecasts explaining that great, joyous, life-changing developments are happening as we speak. It probably seems to you as if a key situation is messy, and getting messier. Give it a little longer. The true picture is much more inspiring, and it will soon make itself very clear.
Meanwhile, be philosophical about a little mess!
This is going to hurt me more than it hurts you.' That's what sadistic schoolteachers used to say before launching themselves into an act that today, would be considered despicable child abuse. Their statement, though, may not have been quite as hypocritical as it sounded. Whenever we knowingly cause pain to others, no matter how justified we believe our actions to be, we inflict far more damage on ourselves. This week brings you a choice.
You can be 'right' or you can be 'big'. Be big. Be sympathetic. Be kind.


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I can envisage a few situations in which the kernel should really try as hard as it can to get message to the administrator, for instance, a kernel-mode NULL pointer dereference which is just about to cause the system to hang should definately get printed to the console, regardless of the current ratelimiting in effect.
Here's another example - given a forced rate limiting system, an evil user could do something to cause many thousands of printks, then switch to another terminal and run a kernel exploit as many times as required to guess the correct offsets, etc.
Assuming the failed exploit didn't crash the machine, any messages that it may have caused would have been hidden.
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