text:
"Down, down, deeper and down". So goes the chorus of a Status Quo song, but it is eerily starting to sound like the stock markets' anthem.
Another week and another plunge of equities on fears about the intensity of the global recession and renewed skepticism regarding the beleaguered financial sector. And, yet again, flight-to-safety trades such as the US dollar (at a three-year high) and government bonds took center stage.
Our family yesterday celebrated my son's eighth birthday. While the kids were amusing themselves in pirate garb, the parents engaged in a more subdued deliberation about the exhausting stream of ugly news on the financial front. Interestingly, never in a career of 26 years have I had so many people sympathizing with my "day job" as investment manager. Will the arrival of food parcels at my front door perhaps herald a bottom in the stock market?
Back to the past week's action on the markets. Globally, stocks were generally in the red, as summarized by the week's movements of the MSCI Global Index (-7.1%, YTD -24.2%) and the MSCI Emerging Markets Index (-2.2%, YTD -13.9%). As far as mature markets are concerned, European countries like Italy (+15.6%), Denmark (-11.7%), Belgium (-10.0%) and Holland (-9.2%) were on the receiving end of the selling orders.
The FTSE Eurofirst 300 Index touched the lowest level in its 12-year history, whereas the Japanese Nikkei 225 Average (-5.2%) came to within a stone's throw of a 26-year low.
But a few bourses also up put a good show, mostly among emerging markets. The Russian Trading System Index (+5.8%) and Chinese Shanghai Composite Index (+5.3%) brought some joy to investors, while Eastern European markets like Poland (+2.9%) and Romania (+2.3%) rebounded. (Click here to access a complete list of global stock market index movements, in local currency terms, as supplied by Emerginvest.)
As shown in the table below, the major US indices suffered another miserable week, recording eight losing weeks out of nine in 2009 and falling to 12-year lows. The Dow Jones Industrial Index's 2009 year-to-date decline of 24.5% is by far the worst start to a year after 44 trading days since 1900. According to Bespoke, there have been 19 previous years where the Dow was down 5% or more at this point, and only four of those years ultimately finished in positive territory.
The Dow is currently down by 53.2% since its peak of October 2007. Chart of the Day points out that since 1896 only the bear market that started in 1929 has produced a larger slump.
On the exchange-traded fund (ETF) front, John Nyaradi (Wall Street Sector Selector) reports that "all things short" was again the theme of the week, with ProShares Short Financial (SEF) leading the way with a gain of 18.1%. Other inverse leaders were ProShares Short Russell 2000 (RWM) (+10.0%) and ProShares Short MidCap 400 (MYY) (+9.3%).
Among "long" ETFs the notable leaders were iShares MSCI Taiwan Index (EWT) (+5.0%) and US Oil (USO) (+3.5%).
Notwithstanding supply concerns, government bond yields in the US, UK and Germany declined as investors continued their flight to safety. Yields of 10-year Treasuries, Bunds and Gilts were down by 15, 58 and 20 basis points respectively.
In the case of the UK, the Bank of England introduced quantitative easing as its new monetary tool and unveiled an ambitious plan to buy UK government paper by printing money. Speculation rose that the Federal Reserve may also commence a program of buying longer-dated government securities. In typical David Fuller style, he offered the following advice to governments: "The patient is hemorrhaging on the operating table; do anything and everything to resuscitate (inflate) this deflating body."
On the credit front, Markit's spreads show that the cost of insuring corporate debt against default has increased markedly throughout the world over the past month. This is illustrated by the movement in the spreads (expressed in basis points) for the five-year credit derivative indices listed below.
• CDX (North America, investment-grade) Index: up from 196 to 250
• CDX (North America, high-yield) Index: up from 1,458 to 1,824
• Markit iTraxx Europe Index: up from 161 to 204
• Markit iTraxx Europe Crossover Index: up from 1,065 to 1,150
• Markit iTraxx Japan Index: up from 400 to 528
• Markit iTraxx Asia ex Japan IG Index: up from 363 to 462
• Markit iTraxx Asia ex Japan HY Index: up from 1,210 to 1,325
Next, a tag cloud of all the articles I have read during the past week. This is a way of visualizing word frequencies at a glance. Key words such as "banks", "economy" and "markets" dominated the list, whereas "China" seems to be gaining more prominence by the week.
Having breached the November 20, 2008 and October 2002 lows, the Dow and S&P 500 have fallen significantly below their respective 50- and 200-day moving averages, as shown in the customary table summarizing important chart levels. The large deviations of the moving averages point to a massively oversold situation - almost like a spring that is stretched too far. Meanwhile, I have added the July 1996 lows to the table as these levels are now in sight of the indices.
According to Thomas Lee, US Equity Strategist at JPMorgan, retracing 12-year lows for the Dow is an incredibly rare event (see chart below). "Besides the retest of 1997 lows seen on Monday, this has only happened two other times, on April 8, 1932, and December 6, 1974," said Lee (via The Big Picture). It is noteworthy that the 12-year low in 1932 was three months before the end of the bear market and the one in 1974 was exactly the low for that bear market.
Barry Ritholtz added: "Hitting a 12-year low is by no means proof the bear market is over. And, two prior examples do not make a sufficient sample. [But] the oversold nature of the market, as well as the virtual straight down drop that brought us here, does present a real possibility of a strong market rally."
The precipitous stock market declines are reflected in the results of this week's survey of investor sentiment by the American Association of Individual Investors (AAII), courtesy of Bespoke. Investors are now at their most bearish levels since the start of the survey in 1987 with 70.27% of respondents currently in the bearish camp - a necessary prerequisite for a major market low.
James Montier, strategist of Société Générale, said (via FT Alphaville): "We have long argued that the final stage of the de-bubbling process is revulsion. This phase is characterized by overwhelmingly cheap asset prices. Recent price moves in the UK and European stock markets have taken us to levels that have generally been associated with revulsion. Of course, cheap markets can always get cheaper, but for the long-term investor this may provide an excellent entry point."
Montier's preferred valuation measure is the so-called Graham and Dodd price-earnings ratio that pitches the share price against a 10-year moving average of reported earnings. On this basis, the S&P 500 Index is currently trading at 13.6 compared with an average of 18 since 1871 and a typical "bargain basement" level of 10. (Keep in mind that this indicator dropped to 5 in the Great Depression.)
As usual, some interesting thoughts were also contributed by Richard Russell (Dow Theory Letters): "The stock market doesn't live in a vacuum. This huge decline in less than two years is telling us (me) something. It's a warning. I think it's a warning of very hard times to come, maybe as difficult as those times we saw during the Great Depression.
"I know that I stand pretty much alone with this scenario. I don't think most Americans see or even envision the potential danger ahead. They don't believe in the 'truth of the stock market'. Over 60 years of studying the stock market and the economy, I've learned to believe the 'language of the market'.
"I know that great bull markets and great bear markets tend to overrun at the extremes. Let me leave you with one thought - prepare for the extremes. Just as the bull market that ended in 2007 rose to the extremes, I believe this bear market will go to the extremes."
At this juncture, short-term movements are almost impossible to predict, although the sell-off over the past few days - a capitulation in some respects - could nourish the long-awaited tradeable rally. Also, Lowry's 90% down-days, like we experienced on Monday and Thursday, are often followed by two- to seven-day bounces. But we are not yet at the point where we leave the defeated bear's carcass behind, although each downward move brings us closer to the eventual bottom.
For more discussion about the direction of stock markets, also see my recent posts "Video-o-rama: Gloomy investors shun risky trades", "Technical talk: Bounce not that impressive ...", "Louise Yamada: Don't 'venture into the waters'" and "Stock market performance round-up: Nowhere to hide". (And do make a point of listening to Donald Coxe's weekly webcast, which can be accessed from the sidebar of the Investment Postcards site.)
"A pall continues to hang over global business confidence as it has since sentiment collapsed last fall. Confidence remains near a record low," said the latest Survey of Business Confidence of the World conducted by Moody's Economy.com. "Most worrisome is the recent collapse in pricing power - a record over one-third of respondents now say they are cutting prices for their goods and services."
Confidence is uniformly weak across all industries and regions of the globe, as highlighted in a recent Forbes article by Nouriel Roubini (RGE Monitor): "With economic activity contracting in 2009's first quarter at the same rate as in 2008's fourth quarter, a nasty U-shaped recession could turn into a more severe L-shaped near-depression (or stag-deflation).
"The scale and speed of synchronized global economic contraction are really unprecedented (at least since the Great Depression), with a free fall of GDP, income, consumption, industrial production, employment, exports, imports, residential investment and, more ominously, capital expenditures around the world. And now many emerging-market economies are on the verge of a fully-fledged financial crisis, starting with emerging Europe."
The European Central Bank's growth projections for the Eurozone were significantly lowered from a range of -1.0% / 0.0% to a range of -3.2% / -2.2% for 2009, while for 2010 the range was revised from +0.5% / 1.5% to -0.7% / +0.7%, incorporating the possibility of an extended recession. As a result, the ECB lowered its refinance rate by 50 basis points to 1.50%, bringing its cumulative rate cuts to 275 basis points since mid-October 2008.
In an attempt to restore flagging confidence, the Bank of England also cut its target interest rates by 50 basis points to 0.5% and announced plans to start quantitative easing by printing money to purchase government bonds and other securities with an initial amount of £75 billion.
On a more positive note, China's manufacturing Purchasing Managers' Index (PMI) strengthened for a third consecutive month in February, climbing to 49.0% from 45.3% the previous month. As discussed in a recent post ("China - better days ahead") and as shown in the graph below, China's improving PMI seems to indicate that the country might have seen the worst of its GDP growth statistics in this cycle. (The Hong Kong PMI is used as a proxy of the Chinese PMI prior to 2004.)
A snapshot of the week's US economic data is provided below. (Click on the dates to see Northern Trust's assessment of the various data releases.)
March 06
• February employment report underscores severity of recession
March 5
• Productivity decline reflects GDP revision
• Factory inventories-sales ratio registers new high
• Jobless claims - decline is noteworthy but too early to identify as a turning point
March 3
• Bernanke hints more may be necessary and notes that "premature removal of fiscal stimulus could blunt recovery"
• Auto sales decline once again
• The decline of the Pending Home Sales Index suggests home sales remain under stress
March 2
• Consumer spending gains strength in January, but underlying fundamentals raise questions
• ISM Manufacturing Survey - insignificant gain in February
• Construction spending - non-residential and public components deteriorate more
• Affordability - silver lining of housing sector
Commenting on the payroll employment data, Asha Bangalore (Northern Trust) said the statistics need to be evaluated within the context of the growth of the labor force. "The chart below takes into account the growth of the labor force and indicates the extent of job losses in each recession in the post-war period from the peak of payroll employment to the end of a recession. The 3.17% drop in payroll employment in the current recession of 14 months is the largest percentage drop in jobs since the 1957 recession."
At the same time, Bangalore said there was a silver lining in the housing market that might have been overlooked. As shown in the chart below, the Housing Affordability Index of the National Association of Realtors shot up to a record high of 166.8 in January. Also, the Obama administration has made available details of theHomeowner Affordability and Stability Plan, which raises expectations of improvement in the housing market.
Week's economic reports
Click here for the week's economy in pictures, courtesy of Jake of EconomPic Data.
|Time (ET)
|Briefing Forecast
|Market Expects
|Mar 2
|Personal Income
|Mar 2
|Personal Spending
|Mar 2
|Core PCE
|Mar 2
|Construction Spending
|Mar 2
|ISM Index
|Mar 3
|Pending Home Sales
|Mar 3
|Auto Sales
|Mar 3
|Truck Sales
|Mar 4
|ADP Employment Change
|Mar 4
|ISM Services
|Mar 4
|Fed Beige Book
|Mar 5
|Productivity -Revised
|Mar 5
|Unit Labor Costs
|Mar 5
|Initial Claims
The US economic highlights for the week include the following:
Source: Northern Trust
Click here for a summary of Wachovia's weekly economic and financial commentary.
The performance chart obtained from the Wall Street Journal Online shows how different global markets performed during the past week.
Source: Wall Street Journal Online, March 6, 2009.
"Every man has a right to his opinion, but no man has a right to be wrong in his facts," said legendary investor Bernard Baruch. Hopefully the "Words from the Wise" reviews will assist Investment Postcards readers to get the facts right, and provide some fodder for formulating sensible opinions. But remember the golden rule: don't take investment decisions that will keep you from a good night's sleep.
That's the way it looks from Cape Town.
Dateline: Jim Rogers on the economy, markets
"George Negus speaks with Singapore-based financier, Wall Street veteran and former business partner of George Soros, Jim Rogers."
Source: Dateline, March 1, 2009.
Bloomberg: Jim Rogers - China stimulus can't pull world out of "hole"
"China cannot pull the world economy 'out of the hole' through its stimulus spending alone and the global recession is not going to end anytime soon, investor Jim Rogers said.
"China's parliament convened today in its annual meeting in Beijing, where Premier Wen Jiabao reiterated the government's pledge to 'significantly increase' investment in 2009 to help counter the slowest growth in seven years. He didn't announce any new stimulus spending.
"'China can't solve the world's problems,' Rogers, the author of 'A Bull in China: Investing Profitably In The World's Greatest Market', said in a phone interview today. 'China is a wonderful and growing economy but it cannot pull the world out of the hole.'
"Wen's report to lawmakers, the equivalent of a US State of the Union speech, reiterated the country's 8% growth target. That's more optimistic than the International Monetary Fund's forecast that the nation's economy will expand 6.7%, the least in almost two decades.
"'One question people keep asking is can China bring the whole world along out of this recession,' said Lee King Fuei, a Hong Kong-based portfolio manager at Schroder Investment Management, which oversees about $158 billion worldwide. 'The fact that they're even asking this question tells me they're being unrealistic.'
"Rogers, chairman of Singapore-based Rogers Holdings, said he hasn't bought any Chinese stocks since November as valuations are not attractive.
"The Hang Seng China Enterprises Index, which tracks Chinese companies mostly traded in Hong Kong, is valued at 8.9 times reported earnings. Valuations fell to 7.4 times the week ended October 24, the lowest in almost seven years, according to Bloomberg data. The Shanghai Composite's 20% gain this year also made it the best performer among 91 benchmark indexes tracked by Bloomberg.
"'I haven't bought any Chinese stocks since November and haven't sold anything either,' Rogers said. 'I'm waiting for cheaper prices. I'm not buying Chinese shares at these levels.'
"Rogers added he remains 'extremely bullish' on agriculture and that 'commodities are the only sector in the world where the fundamentals are improving'."
Source: Chua Kong Ho, Bloomberg, March 5, 2009.
Nouriel Roubini (Forbes): US financial system is effectively insolvent
"For those who argue that the rate of growth of economic activity is turning positive - that economies are contracting but at a slower rate than in the fourth quarter of 2008 - the latest data don't confirm this relative optimism. In 2008's fourth quarter, gross domestic product fell by about 6% in the US, 6% in the euro zone, 8% in Germany, 12% in Japan, 16% in Singapore and 20% in South Korea. So things are even more awful in Europe and Asia than in the US
"There is, in fact, a rising risk of a global L-shaped depression that would be even worse than the current, painful U-shaped global recession. Here's why:
"First, note that most indicators suggest that the second derivative of economic activity is still sharply negative in Europe and Japan and close to negative in the US and China. Some signals that the second derivative was turning positive for the US and China turned out to be fake starts. For the US, the Empire State and Philly Fed indexes of manufacturing are still in free fall; initial claims for unemployment benefits are up to scary levels, suggesting accelerating job losses; and January's sales increase is a fluke - more of a rebound from a very depressed December, after aggressive post-holiday sales, than a sustainable recovery.
"For China, the growth of credit is only driven by firms borrowing cheap to invest in higher-returning deposits, not to invest, and steel prices in China have resumed their sharp fall. The more scary data are those for trade flows in Asia, with exports falling by about 40% to 50% in Japan, Taiwan and Korea.
"Even correcting for the effect of the Chinese New Year, exports and imports are sharply down in China, with imports falling (-40%) more than exports. This is a scary signal, as Chinese imports are mostly raw materials and intermediate inputs. So while Chinese exports have fallen so far less than in the rest of Asia, they may fall much more sharply in the months ahead, as signaled by the free fall in imports.
"With economic activity contracting in 2009's first quarter at the same rate as in 2008's fourth quarter, a nasty U-shaped recession could turn into a more severe L-shaped near-depression (or stag-deflation). The scale and speed of synchronized global economic contraction is really unprecedented (at least since the Great Depression), with a free fall of GDP, income, consumption, industrial production, employment, exports, imports, residential investment and, more ominously, capital expenditures around the world. And now many emerging-market economies are on the verge of a fully fledged financial crisis, starting with emerging Europe."
Click here for the full article.
Source: Nouriel Roubini, Forbes, March 5, 2009.
Prison Planet: Celente - US has entered "The Greatest Depression"
"Trends research analyst Gerald Celente, who has risen in prominence on the back of his deadly accurate economic predictions, says that the collapse of financial markets heralds the start of 'The Greatest Depression'.
"In his latest Trend Alert bulletin, Celente attacks mainstream pundits who falsely predicted a market bottom and the start of a recovery, noting that conventional analysts have been proven 'dead wrong' again and that, 'There will be no turn around in the second quarter of 2009 or 2010 or 2011.'
"'The global financial system, built on endless supplies of cheap money, rampant speculation, fraud, greed, and delusion is terminally ill and will not be coaxed into remission by stimulus packages nor restored to health by government buyouts and bailouts,' writes Celente.
"The most positive prediction that Celente makes is that the Dow will not reach zero, a tongue in cheek reaction to yesterday's record plunge which saw the Dow rolled back to 1997 levels well below 7,000.
"Celente warns that the first signs of real panic are starting to set in, unrest that will cause governments to 'take draconian measures to prevent total economic collapse and public panic'.
"'Expect massive bank failures, runs on banks, and bank holidays,' writes Celente. 'Even if deposits are FDIC insured, quick access to money is by no means assured. At minimum, have reserves on hand for emergencies,' he forecasts.
"Celente cites gold as one of the few investments that will continue to rise in value, eventually reaching $2,000 an ounce and beyond.
"Celente's dire forecasts were initially scoffed at by the media but as the crisis has worsened, his credibility has soared.
"Celente, who successfully predicted the 1997 Asian Currency Crisis, the subprime mortgage collapse and the massive devaluation of the US dollar, told UPI in November 2007 that the following year would be known as 'The Panic of 2008′, adding that 'giants (would) tumble to their deaths', which is exactly what we have witnessed with the collapse of Lehman Brothers, Bear Stearns and others."
Source: Paul Watson, Prison Planet, March 3, 2009.
BCA Research: US Capital Assistance Program - a costly necessity
"It is difficult to estimate how much capital the government will need to inject into the financial sector under the Capital Assistance Program (CAP), but the number will likely be substantial.
"The Chairman of the FDIC, Sheila Bair, contends that US banks are well capitalized. However, she must be referring to the multitude of small banks, rather than large banks (i.e. there are many small banks that are well capitalized).
"The top 20 financial institutions have a thin capital cushion of only 3.4% (defined as tangible capital/total assets). In other words, it would require a writedown of total assets of only 3%-4% to wipe out all tangible capital for the largest banks.
"The FDIC data on the broader banking universe confirms that the capital cushion of large banks is much less than their smaller counterparts. Moreover, toxic assets are concentrated in large financial institutions. Level 3 assets represent 5.5% of total assets and are 62% larger than tangible capital, for the top 20 institutions.
"The implication is that the stress tests will likely reveal that many of these institutions are not properly capitalized even in the base-case economic scenario (not to mention the worst-case scenario). We suspect that the authorities are publicly downplaying the amount of recapitalization that is likely to be required, but behind closed doors they must realize that the CAP will be a large sinkhole for taxpayer funds. Indeed, the Administration has 'penciled in' another $750 billion for bank support in its budget proposal for the next fiscal year.
"Bottom line: The final cost of the bailout plan announced last week will be dramatic. Nonetheless, it is a critical element in ending the financial crisis and stabilizing the economy."
Source: BCA Research, March 4, 2009.
Bloomberg: Ron Paul - Government needs to get out of the way and let the market sort itself out
Source: Bloomberg (via YouTube), March 3, 2009.
CNBC: Roubini - nationalization debate is moot
"The debate isn't about nationalization anymore, says Nouriel Roubini, chairman of RGE Monitor. He tells CNBC's Martin Soong and Sri Jegarajah that the real discussion is whether banks should be wholly or partially nationalized."
Source: CNBC, March 3, 2009.
The Wall Street Journal: "Bad Bank" funding plan starts to get fleshed out
"The Obama administration, filling in some of the blanks in its bank bailout, is considering creating multiple investment funds to purchase the bad loans and other distressed assets that lie at the heart of the financial crisis, according to people familiar with the matter.
"The Obama team announced its intention to partner with the private sector to buy $500 billion to $1 trillion of distressed assets as part of its revamping of the $700 billion bank bailout last month. It's central to the administration's efforts to unglue credit markets, alongside a Federal Reserve program aimed at spurring consumer lending in areas such as credit cards and home loans that will be officially launched Tuesday.
"No decision has been made on the final structure of what the administration is calling a private-public financing partnership, but one leading idea is to establish separate funds to be run by private investment managers. The managers would have to put up a certain amount of capital. Additional financing would come from the government, which would share in any profit or loss.
"These private investment managers would run the funds, deciding which assets to buy and what prices to pay. The government would contribute money from the $700 billion bailout, with additional financing likely coming from the Federal Reserve and by selling government-backed debt. Other investors, such as pension funds, could also participate. To encourage participation, the government would try to minimize risk for private investors, possibly by offering non-recourse loans.
"... the government wants to encourage private investors to buy up the assets in a way that would come closer to setting a market price where no market currently exists. Some within the administration believe establishing multiple funds could help with that goal. The funds would most likely target all types of assets, such as mortgage-backed securities, rather than focusing on one specific type of distressed security."
Source: Deborah Solomon and Jon Hilsenrath, The New York Times, March 3, 2009.
AFP: FDIC warns US bank deposit insurance fund may tank
"The Federal Deposit Insurance Corporation is warning banks that its deposit insurance fund could dry up this year amid rising bank failures although the deposits would remain fully backed by the government.
"The head of the Federal Deposit Insurance Corporation, Sheila Bair, in a letter to bank chief executives dated March 2, defended the FDIC's plan to raise fees on banks and assess an emergency fee to shore up the fund and maintain investor confidence.
"Bair acknowledged the new fees, announced Friday, would put additional pressure on banks at time of financial crisis and a deepening recession, but insisted they were critical to keep the insurance fund solvent and protected.
"'Without these assessments, the deposit insurance fund could become insolvent this year,' Bair wrote.
"The FDIC chief said in the letter that the rapidly deteriorating economic conditions raised the prospects of 'a large number' of bank failures through 2010."
Source: AFP (via Google), March 6, 2009.
Bloomberg: Gary Shilling says US getting "close" to depression
"Gary Shilling, president of A. Gary Shilling & Co., talks with Bloomberg's Peter Cook about the outlook for the US economy. Shilling also discusses the labor market, housing and the government's economic stimulus efforts."
Source: Bloomberg, March 6, 2009.
CNBC: Fed Chairman Bernanke's testimony to House committee
"Federal Reserve chairman Ben Bernanke discusses the stress in the markets and the significant decline in the economy with the House Financial Services Committee."
Source: CNBC, March 3, 2009.
Asha Bangalore (Northern Trust): Bernanke hints more may be necessary
"Chairman Bernanke's testimony before the Senate Budget Committee was noteworthy in two respects.
"One, he hinted that more policy action may be necessary when he noted the following: 'The goal of the fiscal package is not just to provide a one-time boost to the economy, but to lay the groundwork for a self-sustaining, broad-based recovery. Historical experience strongly suggests that without a reasonable degree of financial stability, a sustainable recovery will not occur. Although progress has been made on the financial front since last fall, more needs to be done.
"'As you know, in response to ongoing concerns about the health of financial institutions, the Treasury recently announced plans for further steps to ensure the strength and soundness of the financial system and to promote a more smooth flow of credit to households and businesses. The plan would use the remaining resources appropriated to the Treasury under the Emergency Economic Stabilization Act - approximately $350 billion - and also involve additional spending to support the activities of Fannie Mae and Freddie Mac.
"'Whether further funds will be needed depends on the results of the current supervisory assessment of banks, the evolution of the economy, and other factors. The Administration has included a placeholder in its budget for more funding for financial stabilization, should it be necessary.'
"Two, he also indicated that any early consideration of reducing the accommodation from easy monetary and fiscal policy action carries the risk of stopping the recovery process. In other words, caution is the key. Here is the excerpt from the testimony: 'In particular, the Congress will need to weigh the costs of running large budget deficits for a time against the possibility of a premature removal of fiscal stimulus that could blunt the recovery. We at the Federal Reserve will face similar difficult judgment calls regarding monetary policy.'"
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, March 3, 2009.
Asha Bangalore (Northern Trust): Employment report underscores severity of recession
"The February employment report is bleak, with the unemployment rate at 8.1% versus 7.6% in January. In February, 651,000 jobs were lost, with the total job losses since the recession commenced in December 2007 amounting to 4.38 million. A little over one-half of the losses (2.6 million) have occurred in the last four months. This staggering decline in employment is the largest four-month loss of jobs since the war-related drop in jobs during the latter half of 1945.
"Even so, the sharp plunge in payroll employment needs to be evaluated within the context of the growth of the labor force. The chart below takes into account the growth of the labor force and indicates the extent of job losses in each recession in the post-war period from the peak of payroll employment to the end of a recession or after 14 months whichever is applicable (recessions vary in duration). The 3.17% drop in payroll employment in the current recession of 14 months is the largest percentage drop in jobs since the 1957 recession."
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, March 6, 2009.
Bloomberg: Hatzius sees US unemployment rate rising into 2010
"Jan Hatzius, chief US economist at Goldman Sachs, talks with Bloomberg's Julie Hyman about today's February US jobs report and the US economy. The unemployment rate jumped in February to 8.1%, the highest level in more than a quarter century, as employers cut 651,000 jobs. Bloomberg's Peter Cook also speaks."
Source: Bloomberg, March 6, 2009.
CEP News: US Treasury unveils details of mortgage modification plan
"The US mortgage modification program will only apply to conventional mortgages that are owner occupied and primary residences, according to additional details released by the Treasury Department on Wednesday.
"The program announced last week aims to alleviate the terms of more than 7 million homeowners in the United States through smaller payments and debt reduction by banks.
"'It is imperative that we continue to move with speed to help make housing more affordable and help arrest the damaging spiral in our housing markets, just as we work to stabilize our financial system, create jobs and help businesses thrive,' said Treasury Secretary Tim Geithner in the Treasury Department's press release. 'Economic recovery requires action on all three fronts.'
"Lenders will have to reduce mortgage payments to no more than 38% of the Front-End Debt-to-Income (DTI) ratio, after which the government will match an additional reduction to 31% of this ratio.
"The program also includes reductions on principal for mortgage borrowers who make their payments on time, as well as incentives for lenders to participate in the program.
"Last week the Treasury also announced intentions to broaden portfolios on Fannie Mae and Freddie Mac."
Source: Erik Kevin Franco, CEP News, March 4, 2009.
Breitbart: 12% in US behind on mortgage or in foreclosure
"A stunning 48% of the nation's homeowners who have a subprime, adjustable-rate mortgage are behind on their payments or in foreclosure, and the rate for homeowners with all mortgage types hit a new record, new data Thursday showed. But that's not the worst of it.
"The reckless lending practices in states like Florida, California and Nevada that were the epicenter of the housing crisis are no longer driving up the nation's delinquency rate. Instead, the foreclosure crisis now is being fueled by a spike in defaults in states like Louisiana, New York, Georgia and Texas, where the economies are rapidly deteriorating and thousands are losing their jobs.
"A record 5.4 million American homeowners with a mortgage of any kind, or nearly 12%, were at least one month late or in foreclosure at the end of last year, the Mortgage Bankers Association reported. That's up from 10% at the end of the third quarter, and up from 8% at the end of 2007."
Source: J.W. Elphinstone, Breitbart, March 5, 2009.
Asha Bangalore (Northern Trust): Home sales remain under stress
"The National Association of Realtors Pending Home Sales Index (PHSI) fell 7.7% to 80.4 in January, after a 4.7% increase in December. The PHSI leads actual sales of existing homes by one-to-two months. The pickup in PHSI during December was not reflected in sales of existing homes in January (-5.3%). The Mortgage Purchase Index during the first three weeks of February was down roughly 20% from the first three weeks of January. There is only a small chance the increase in the PHSI in December may translate into actual sales in February."
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, March 3, 2009.
Asha Bangalore (Northern Trust): Auto sales decline once again
"Sales of autos dropped to annual rate of 9.12 million units in February versus 9.54 million in the prior month. The February sales pace of autos is the lowest since December 1981 when 8.849 million units were sold. Consumer spending in January rose 0.4% after adjusting for inflation, which pointed to the possibility of less-than-expected weakness in consumer purchases in the first quarter. However, today's auto sales numbers dampens these expectations somewhat."
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, March 3, 2009.
Barry Ritholtz (The Big Picture): Vehicle sales halve
"The data on vehicle sales continues to be nothing short of abysmal:
• GM's sales fell 53%
• Ford's sales dropped 48%
• Toyota's declined 40%
• Volkswagen US fell 18%
• Nissan sales dropped 37%
• Mercedes-Benz posted a 21% decline
• BMW's total car sales fell about 24%
• Honda sales dropped 40%
"Hyundai Motor was the sole automaker to post a month over month sales gain (down 1.5% year over year)."
Source: Barry Ritholtz, The Big Picture, March 3, 2009.
Asha Bangalore (Northern Trust): Jobless claims - too early to identify a turning point
"Initial jobless claims for the week ended February 28 fell 31,000 to 639,000. Is the previous week's reading of 670,000 initial jobless claims, the peak for the current cycle? It is premature to identify the latest decline as the turning point, particularly given the weakness of the US economy."
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, March 5, 2009.
Asha Bangalore (Northern Trust): ISM Manufacturing Survey - insignificant gain in February
"The ISM Manufacturing Survey results for February show signs of stability, for the most part. The composite index was up slightly (35.8 versus 35.6 in January) from the prior month. The factory sector remains mired in weak economic conditions, but the good news is that sub-indexes are close to the levels seen in January, with the exception of the employment index."
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, March 2, 2009.
Asha Bangalore (Northern Trust): Consumer spending gains strength in January
"Consumer spending, after adjusting for inflation, rose 0.4% in January, after posting only one monthly gain (November 2008) since June 2008. Among the three major components of consumer spending, purchases of non-durables (food, clothing, gasoline, shoes) increased 0.7% in January with food and gasoline outlays accounting for a large part of the increase in consumer spending in January. A 0.3% increase in services and a 0.2% gain in purchases of durables (cars, furniture, appliances) were also noteworthy.
"Personal saving as a percentage of disposable income was 5.0% in January. The spike in the saving rate in May/June 2008 was related to the tax rebates of 2008. On a monthly basis, the personal saving rate in January 2009 is the largest since March 1995.
"Net worth of households and the saving rate move in opposite directions. Given the large loss in net worth of households, the rising unemployment rate, and uncertainty in the economy, it is not surprising that the saving rate has risen in the past few months."
Source: Asha Bangalore, Northern Trust - Daily Global Commentary, March 2, 2009.
Casey's Charts: Shop till you drop
"Americans have fueled the world's economic engine for decades. But the deflating housing bubble has dropped home sales by 31% and housing prices by 25% in two short years, leaving the home equity credit well tapped dry.
"With consumers losing access to credit and incomes being threatened by rising unemployment, the spending spree has come to an end. As a result, retail sales have fallen 11% since June, GDP contracted by 6.4% in the fourth quarter, and consumer confidence is the lowest on record. The economy is barely running on fumes, and Washington has now become the 'spender of last resort'."
Source: Casey's Charts, March 5, 2009.
Reuters: Food stamp enrolment jumps to record 31.8 million
"A record 31.8 million Americans received food stamps at the latest count, an increase of 700,000 people in one month with the United States in recession, government figures showed on Thursday.
"Food stamps, which help poor people buy groceries, are the major US anti-hunger program, forecast to cost at least $51 billion in this fiscal year ending September 30, up $10 billion from fiscal 2008.
"'A weakened economy means that many more individuals are turning to SNAP/food stamps,' said the Food Research and Action Center. Last summer food stamps were renamed the Supplemental Nutrition Assistance Program, or SNAP.
"The average food stamp benefit is $115 a month for individuals and $255 a month per household.
"In April, food stamp benefits will increase temporarily by 13% under provisions of the recently enacted economic stimulus law. Ellen Vollenger of the Food Research and Action Center said some families will see increases of $80 a month."
Source: Charles Abbott, Reuters, March 5, 2009.
Bloomberg: Hidden pension fiasco
"Public pension funds across the US are hiding the size of a crisis that's been looming for years. Retirement plans play accounting games with numbers, giving the illusion that the funds are healthy.
"The paper alchemy gives governors and legislators the easy choice to contribute too little or nothing to the funds, year after year.
"The misleading numbers posted by retirement fund administrators help mask this reality: Public pensions in the US had total liabilities of $2.9 trillion as of December 16, according to the Center for Retirement Research at Boston College. Their total assets are about 30% less than that, at $2 trillion.
"With stock market losses this year, public pensions in the US are now underfunded by more than $1 trillion.
"That lack of funds explains why dozens of retirement plans in the US have issued more than $50 billion in pension obligation bonds during the past 25 years - more than half of them since 1997 - public records show.
"The quick fix for pension funds becomes a future albatross for taxpayers."
Source: David Evans, Bloomberg, March 3, 2009.
The Razor's Edge: AIG and Hank - the divorce is final
"Hank Greenberg, the long time leader of insurance giant AIG, is reportedly suing the company as he believes mismanagement and even fraud have cost him $2 billion personally. The financial media has jumped on this story with vigor as it purportedly entails anger, greed, and betrayal.
"Former AIG CEO Hank Greenberg is now suing the embattled company. He's accusing the company of securities fraud. Yesterday, AIG posted that unbelievable loss, $62 billion. Greenberg's lawsuit claims that AIG's material misrepresentations and omissions led him to buy shares in his deferred compensation participation plan.
"Greenberg lead AIG for more than 40 years until he came under pressure to leave the company because of fraud charges from the New York Attorney General, Elliot Spitzer. He now claims that he was encouraged to buy stock in AIG at more than $50 per share and was mislead by the current management as to just how bad the collateralized debt on AIG's balance sheet would turn out to be.
"The dispute arose from an investor conference in December of 2007, when the company's stock was trading in the high $50's. Greenberg claims that management seriously downplayed the risks to the company and shareholders, and that their auditors had already told AIG about a 'material weakness'."
Source: The Razor's Edge, March 3, 2009.
Financial Times: Bank of England plans to buy gilts
Click here for the article.
Source: John Authers, Financial Times, March 5, 2009.
Bespoke: Same markets, different year
"So much for those hoping that a change in the calendar year would also bring about a change in the direction of the market. After two more months of huge declines for global equity markets, 2009 is looking just like 2008, if not worse.
"Below we highlight the year to date performance for 83 equity markets around the world. As shown, just 10 countries are up year to date, with China leading the way at 14.97%. Venezuela, Colombia, Abu Dhabi, and Israel have also managed to register gains so far this year.
"Unfortunately, there are twice as many countries already down 20% year to date as there are countries that are up. Puerto Rico is down by far the most at -54%, followed by Qatar (-36.6%), Romania (-34%), Ukraine (-30%), and Kenya (-29.7%).
"Of the G-7 countries, Canada is doing the best this year with a decline of 9.62%. Germany has been the worst G-7 country with a decline of 21.74%. And with a decline of 18.62%, the US ranks in the bottom 30% as far as 2009 performance goes."
Click on the thumbnail for a larger image.
Source: Bespoke, March 2, 2009.
Bespoke: 2009 - by far the worst start to a year since 1900
"The Dow's current decline of 23.21% is by far the worst start to a year for the index this many days in since 1900. The second worst year at this point was 14.25% in 1920. There have been 19 prior years where the Dow was down 5% or more at this point, and only four of those years ultimately finished in positive territory.
"Below we highlight the five years where the Dow started the year down 10% or more at this point. In 1920, the Dow continued lower for the rest of the year, but in the three other years, the market ended higher from the level that it was at 41 trading days in.
"One positive is that 1933 is one of the five years that started off down 10% this many trading days in. While this did occur during the Great Depression, it was also FDR's first year in office. With many comparing Obama and his plans to FDR and the New Deal, it's interesting that the market got off to a very bad start in 1933 after he was elected, but reversed when he took office (in March) and finished his first year 66.7% higher! We can only hope that 2009 turns out that way, even though it doesn't say much for 2010, 2011, 2012, etc."
Source: Bespoke, March 3, 2009.
Bespoke: Top strategists still expecting a 46% gain from here
"While two more Wall Street strategists lowered their year-end S&P 500 price targets recently, collectively they're still looking for a 46% gain from the index's current levels.
"As shown below, UBS, Goldman, and Credit Suisse have now lowered their year-end price targets since the start of the year. The UBS move from 1,300 to 1,100 makes Deutsche Bank the most bullish with a target of 1,140. Barclays has the lowest price target of 874, which would be a 27% increase from here."
Source: Bespoke, March 5, 2009.
CNBC: Yamada - Dow could hit 4,000
"Louise Yamada, managing director at Louise Yamada Technical Research Advisors, tells CNBC hope is not an investment strategy. Her primary target for the Dow is 6,000, and her secondary target is 4,000."
Source: CNBC, March 6, 2009.


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The choreographed dance sequence
Once in a while you have the dream sequence and/or the making of a music video excuse to crow bar in a song or two(the latter a brilliant example of coordination as the entire song is taken in a single take). In any other case, it's just down right annoying to have the continuity broken by some dancing and singing to as to keep those people who hate all the talking, entertained and interested.
|What Bollywood tells us that happens in clubs
Source: tr3s.com
|What actually happens in clubs
Source: Deccan Chronicle archives
|Who the hell is playing the background music? And how can they hear anything being on a train?
Source: Bollywood Eye
All those songs and I didn't see one instance of someone busting out their Bose speakers for background music. Do they live in a reality where they all can simultaneously hear karaoke music in their heads or do they just sing without music?
The Action sequence
|Seat belts save lives...oh wait.
Source: Heavy.com
|The hurdles leg of the Bollywood Ironman challenge
Source: dooleyonline.com
The script
There are only two character transformations for a male protagonist. The most popular being turning from demi god to god status. Most of this doesn't involve using the brain in any which way. Thus giving the message to children out there that any problem can be solved by punching it away. This most definitely won't lead to a violent generation of men. But smoking is totally fatal yo!
|All this and I'm just being
Source: movietalkies.com
The more recent character arc which is unfortunately the coming of age saga where a boy(read: Ranbir Kapoor) starts his journey as a happy person and ends up being married and shit. Why can't the person show responsibility by paying his taxes or helping his Mom do the dishes or something?
|Coming of age movie?
Source: One India wallpapers
|Sources: Rediff.com and missmalini.com
Another is the Slut whore bitch to Indian woman metamorphosis. The Slut whore bitch creature would include characteristics like drinking, smoking, wearing clothes burnt by Gandhi and bringing attention to herself. The Indian woman would mostly stand in """traditional""" Indian wear(there aren't enough "s) while folding her hands over her crotch, you know, since the opposing team is about to take a free kick.
|Now there's a shy Indian women dressed traditionally and conservatively (till nightfall)
Source: Hot actress photos (Apparently)
|How I met your mother, but both if us don't exist
Source: Apne.tv
The actors
'Super' 'stars'
|Ya ya, you love me, I'm awesome. Now talk to the hand
Source: wn.com
|Source: Imdb.com
The movie
|Remember back when trilogies were good? Me neither.
Source: The Indian Express archives
|This happened? How desperate can you be fools?
Source: itimes.com

subset: commoncrawl


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About the Author
Amy Sweezey is an award-winning Broadcast Meteorologist and mom of 3. For more than 20 years, she has delivered daily forecasts on television and spoken to countless groups of children about weather.
The author of two books, Amy lives in Central Florida with her family. Check Amy's Upcoming Events Page on Facebook for the very latest book signing dates and locations. Here's a quick look at the schedule:
Have you ever wondered how forecasters on TV can tell what the weather will be? In Let's Talk Weather, you'll find answers to these questions and more, from the science behind the weather, to the tools and instruments used to measure it. Get a behind-the-scenes look at how broadcast meteorologists gather information and work to keep you safe during dangerous weather, like tornadoes and hurricanes.
It Never, Ever Snows in Florida tells the story of AJ who lives in Florida where it never, ever snows. He dreams of a day when he can build a snowman, or wear warm boots in the winter like other kids. AJ soon learns he can't say NEVER when it comes to weather. Just because he hasn't seen any, doesn't mean it never snows in Florida.


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The former Hollywood Casino has hired new leadership in a re-branding and relaunch as Jamul Casino just two years after it opened in East County.
Support Times of San Diego's growth
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Mary Cheeks, a former Harrah's executive in Atlantic City, will lead the transition as the casino's new president and general manager.
"With this outstanding team in place, Jamul Casino will build on its already strong relationships with its guests and employees, and continue to provide a high-quality gaming, dining, and entertainment experience, just minutes from the heart of San Diego," said Cheeks on Monday.
As part of its relaunch, Jamul Casino has developed a new logo and identity focused on being friendly, fun, and true to its roots. The word "Jamul" means "Sweetwater," and the new logo features a single drop merged with the letter "J."
The casino's gaming floor has 1,700 slots from penny slots up to $100 slot machines, and 40 table games with over a dozen different types of live games.
"As the newest casino in San Diego County, we have created a new standard for entertainment," said Erica M. Pinto, chairwoman of Jamul Indian Village Development Corporation. "We took our time and hand-picked each member of the management team because our customers deserve only the very best in the industry."
Jamul Indian Village of California is one of 13 federally recognized tribes that are part of the Kumeyaay Nation, with roots in east San Diego County going back 12,000 years.
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The fabled battlefields of history are mostly to the northwest, or elsewhere. But post-independence, these vast Gangetic plains have hosted the decisive contests. To that extent, with just the latter part of winter left before Uttar Pradesh votes—an event whose significance will go way beyond the fact of a new government being elected—it's surprising that no election banners or posters have appeared in its town streets. A few old Diwali buntings or New Year fliers flutter in the cold air. Like a deathly calm before the storm, perhaps. The only consensus: the playing field is a triangle of shifting proportions. Akhilesh Yadav, rather than the Samajwadi Party, will be trying to hold out against the BJP and the Bahujan Samaj Party, and the odds lengthen or otherwise unpredictably.
UP's aam admi relates more to Akhilesh than his party (just the way most Indian voters today relate more to Narendra Modi than necessarily to the BJP) and he seems to have survived the fratricidal bouts in the family more than intact. Mayawati's rallies have been impressive, but few speak of her or the BSP unless it's a Dalit-dominated area. Behenji's politics too has been waged in a hidden way. The Congress, for all the premature lather it worked up thanks to its strategist Prashant Kishor, now seems to have waned from the radar without any credible faces. The one chance of visibility it has is if a late alliance with the SP works out, or if the demonetisation debate gives it some play. Otherwise, Akhilesh's development plank may set the agenda.
On the Allahabad-Varanasi highway, over 30 newly-bought black Boleros in the service of 'Dial 100' and 'UP 100 UP' whiz by at high speed, trailing a cloud of dust. It's a popular people's project for quick anti-crime response, conceived by Akhilesh. He has been working hard for a year, clearing Metro lines, infrastructure projects, innumerable Innovas and Boleros for Dial 100 in big districts like Lucknow, Varanasi, Kanpur and Allahabad, a women's power line ('Dial 1090') and a pension scheme for women. Then, there's Dial 108, also known as 'Samajwadi 108', for ambulance; it's a huge success in villages. Besides, there are dialyses done with minimum charges.
Yes, the SP still carries the goondagardi stigma. Only in mid-December, Atiq Ahmed, mafia head-turned-politician and candidate from Kanpur Cantonment, was seen on CCTV leading goons to an institute in Allahabad's Naini, where the staff had tried to thwart malpractices. SP supremo Mulayam Singh Yadav has also spoken of partymen involved in land-grabbing, and being least bothered about the party's reputation. All the periodic muscle-flexing by partymen did dent Akhilesh's image. Demonetisation has slightly helped the CM. Debate on the note-ban has gained more volume over Samajwadi style anarchy.
As for the family feud, Akhilesh's back-to-the-wall battle with 'chacha' Shivpal and 'uncle' Amar Singh actually gained him people's sympathy and burnished his clean image. Many in the power corridors still whisper of a likely split in the party but it may be too premature in terms of the bigger political canvas at the moment. The uneasy balance of terror between the BSP, SP and BJP may yet decide how internal events in the SP play out. As of now, Akhilesh goes about as usual, taking his wife Dimple to most of his programmes such as vikas yatras. She has also been attending most project inauguration functions.
What has helped Akhilesh in the face of what should have been near-insurmountable odds has been the fact that he is able to relate to the youth, who are an ambitious lot. His schemes of distributing laptops and tablets, besides now a promise of smartphones if brought back, goes down well in new Uttar Pradesh. Many complain that the party's young cadres are the primary beneficiaries of the freebies, but a message goes out to the student fraternity that the CM wants to work for them. Akhilesh in general is also considered a far better politician in the province where senior SP leaders, traditionally, have patronised those with dubious antecedents.
Satyadeo Tripathi of the Congress, who was with Mulayam for 14 years in Janata Party, has a different take. "I don't feel SP is samajwadi. They are casteist. There is no difference between father and son," notes the 72-year-old. "I am from Auraiya (carved out of Etawah) and have seen the family from close quarters. Mulayam is a 'jatibadi neta' with the label of a socialist."
Akhilesh is also charged with neglecting the education sector in reality. Cheating in exam halls is common. A 'Yadav mafia' allegedly controls the sector, grabbing contracts for holding exams, and extracting money to help candidates pass. Civil rights activist Tarique Shafiq of Sanjarpur says textbooks from the government are yet to reach the schools in Azamgarh's primary class. "This, when the half-yearly exams are over," he points out. Jobs, too, smack of social bias. Many complain that Yadavs are favoured in appointments in the police departments.
The BJP plans to make anti-incumbency a big factor in the elections. It's another matter the party is yet to highlight a big issue or put up a credible face. The party's last big local face was Kalyan Singh. Today, the BJP is trying to utilise the OBC support base of Anupriya Patel's Apna Dal and also rebel BSP leader Om Prakash Rajbhar's Suheldev Bharatiya Samaj Party in eastern UP. So far, the leadership hasn't touched upon the Ram mandir issue that is pending in the Supreme Court. At the same time, the party is sanguine over one thing: voters seem to favour the PM-announced demonetisation despite attendant hardships. Many are impressed with Modi's claim of a 'surgical strike' on black money that, they feel, the urban rich "stocked at the expense" of the rural poor. If in the rural belt, people express faith that Modi will be able to prove what he stated, it can also be seen as the poor feeling pleased that their leaders/superiors are getting caned now.
"A big boil necessitates surgery; it will pain," says Sudhir Kishore, a Kurmi in Balsingh Khera village of Mohanlalganj (SC) constituency in Lucknow district. Clearly, not all Dalits support Mayawati. The BJP's social engineering aims to broaden its profile from its old image as a bania party. It's getting the favour of many Dalits—such as Pasis, Dhobis, Khateeks and Balmikis.
Is he the Thakur face of the BJP in UP ahead of the polls?
Even so, local BJP leaders have alerted the top brass that post-demonetisation blues would have to end in two months for the party to be effective in the poll race. "With 71 MPs from UP, the party should win at least 71 assembly seats," a senior leader said, indicating diffidence in the BJP. It is to be seen how much of the 'Modi magic' will repeat in the state two-and-a-half years after it did at the national level.
Earlier, the business classes were the known BJP supporters. Post-demonetisation, the Vaishya community of small-time traders feel they have been stabbed in the back with a dearth of liquid cash. The note-ban, they feel, could have been implemented in a phased manner. In Rae Bareli, entrepreneur Trilochan Singh told Outlook that demonetisation led to the cancellation of six events in his hotel recently.
In Faizabad, Ashok Pandey has a shop selling mainly sarees. For a fortnight that followed demonetisation, the wholesaler got no customer. Even the towels, bedsheets and lungis he'd typically bring from Tanda and Akbarpur stopped coming. For, the weavers didn't have money to buy threads; the wholesalers had no cash to pay either. The vicious cycle continued for a month. In Varanasi's Pili Kothi, weavers are going through a challenging time. Most of its nearly 3,500 looms, big and small, are shut. Some have sent the children out to look for work elsewhere. To recover from the political damage, the BJP is now giving the spin, which has reached the grassroot, that bankers and hoarders have played mischief.
Muslims are a sizeable community in the state. The BJP appears to be hinging more on fragmentation of this votebank in as many compartments as possible. A section of the Muslims, who are annoyed with the SP over the party's 'failure' to keep its 2012 election promises made to the community, are openly speaking in favour of a replacement. Azamgarh-based Shahid Badra Falahi, a former president of the outlawed SIMI, told Outlook that Muslims are "aggrieved" that the Akhilesh regime neither released from prison innocent Muslims nor acted against those who "falsely implicated" them. The promise of 18% reservation for Muslims in all spheres of life remains a mirage. "We are disappointed with the SP," he says. "We want an alternative."
Not all in the community are decided on the matter, according to a Varanasi-based observer. "Muslims are in a dilemma over whether to vote for the SP or switch over to the BSP. Like in earlier times, they will decide at the last moment," he says. "The inculcated 'minority' status will work heavily in their mind: the new mentality that they are the 'most undesirable' Indians is surely going to be a factor." The SP is also charged with not taking any action on the Nimesh Commission report that was tabled in the assembly in 2013. The panel had blown holes in the UP police's theory of involvement of two Muslims (both deceased) in terror activities. The commission reportedly said that their involvement "appeared doubtful". It was in 2008 the Mayawati government set up the commission, which submitted its report to the SP government in August 2012.
Masihuddin Sanjari of the Rehai Manch, which fights for youth 'framed' in terror cases, says the ruling SP was also "inactive" in the controversial Mohammad Akhlaq case also where a mob lynched a middle-aged Muslim in Dadri off Delhi 15 months ago for allegedly stocking beef. "The BSP, too, failed to encash the issue politically," he adds. Sanjarpur Muslims are almost in full agreement that the SP won't raise the Batla House encounter where two suspected terrorists in the national capital's Jamia Nagar were killed in September 2008. In case Mayawati raises the issues, it would only give the BJP mileage to consolidate its vote-base, they add.
Undoubtedly there have been erosions in the SP, but Mayawati too has a dismal record on the Muslim front. Notwithstanding their disillusionment with the SP, a majority of Muslims feel Mulayam is better than Mayawati. They fear a BSP victory can prompt its leader to shake hands with the BJP. On the surface, both the SP and the BSP corner the BJP over issues like the Uniform Civil Code and triple talaq, attacking it for being 'anti-Muslim'.
The Muslims of Charthawal assembly constituency offer intriguing affiliations: they laud Akhilesh's ambulance scheme and also take care to appreciate the Modi government's surgical strike against PoK-based militants across the LoC in Kashmir. One common complaint against the BSP is the usual one: that its leaders seldom come back to their constituency. Legislator Noor Saleem Rana of Charthawal "hasn't once visited our village since the last election," says Hasan Miya, 50, of Gafurpura mohalla under the assembly constituency in Muzaffarnagar district. "So is the case with former BSP MP Qadir Rana." Muslims do realise that their voteshare splitting between the SP and BSP will help the BJP. And yet, the community's electoral psychology doesn't work the same way for assembly and general elections. A persecution complex since the 2002 Godhra riots of Gujarat continues to haunt them, even as they yearn for a better and normal life.
Strangely, the BSP bills in Nawbissa mohalla don't sport the party's elephant symbol. But insiders claim Mayawati's votebase of Dalits and allied segments is still intact. The ex-CM is known for working silently with her cadres spread across the state. She believes national-level Dalit issues can still dent her political rivals. The attacks on Dalits by the gau rakshaks, for instance, or the suicide of the bright Hyderabad University scholar Rohith Vemula in January 2016. Dissident BSP leader R.K. Chaudhury counters these, though. "If Mayawati is so strong, then why has her party failed to find presence in the south India even after the Rohith Vemula case," asks the leader, who heads the Bahujan Samaj Swabhiman Sangharsh Samiti.
By far, the BJP is seen as the best organised, with messages from top leaders being transmitted efficiently to the cadres. It's a mechanism Akhilesh and his party lacks. The Congress is better set this time, but the workers are yet unsure whether the party would be in alliance with the SP. The Congress is waiting and watching in whose favour voters' mood would swing, the SP or the BSP, while Akhilesh favours an alliance with the Congress to arrest the Muslim votebase from drifting to the BSP. A senior Congress leader in Lucknow, however said, it will be "sad" if there is an alliance. "The party leadership shouldn't feel that it is their last election. But if there is an alliance, we will draw some common minimum programme and dilute some of the trickly issues. Sad, but that is the reality."
A Varanasi-based analyst says Mayawati still holds a chunk of her Dalit votebase intact, though upper caste votes (which had shifted from the Congress to the BJP after the 1992 Ayodhya demolition) are partly in flux. Thus, he says, Kishor, the Congress's 'chanakya', may still have some latitude to play with in terms of alliances. "If they go with the SP, the UP political scene will change," he says, noting the Congress loss in 47 seats in the last election was with a margin of around 5,000 votes. For the GOP, the 2017 assembly poll is a short goal. The real target is the 2019 Lok Sabha polls.


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One in five children in Maryland are unsure of where their next meal is coming from, according to the Maryland Food Bank.
Md. Food Bank's Summer Clubs Help Kids Have Healthy, Happy Vacations
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Jeremy Brannon Jeremy Brannon, age 43, of Jamestown, passed away Monday, April 13, 2015 at Jamestown Regional Medical Center. Mr. Brannon was born … [Read more...]
Archives for April 2015
Obituaries From The Fentress Courier April 22 Edition
Fentress County Library Receives Matching Grant of $100,000 From State of Tennessee
Thanks to the donation of the Pinckley Family, the Fentress County Library was able to apply for a grant from the State of Tennessee. This was a … [Read more...]
Demolition of Old Jail Building Among Topics Discussed at Commission Meeting
The Fentress Co. Commission met in regular monthly session on Monday, April 20 and took action on a number of items of business. With all members … [Read more...]
Civil War Walking Parade And Ceremony Set April 25
In recognition of the significant impact of the Civil War on Fentress County and the Cumberland Plateau, the Fentress County Historical Society, … [Read more...]
3 Arrested After High Speed Chase And Lengthy Search
The driver of a vehicle which led local authorities on a high speed chase Sunday along with two passengers from his vehicle are in jail facing … [Read more...]


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A new system enabling residents to access financial information online has been launched.
Through Citizen Access it is possible to view Council Tax and benefits as well as change any information when required.
For example, it is now possible to view a property's Council Tax band and annual charge, inform us of a change of address and register to pay by direct debit.
Benefit claimants can also view their current entitlement, the date of their next payment and the amount to be paid.
The system also allows residents to sign up for paperless billing by email for their Council Tax and Business Rates.
Benefits of this include fast delivery, 24 hour access and the fact that it is environmentally friendly.
Cllr Toby Morris, Cabinet Member for Resources, said: "Citizen Access allows people to view their Council Tax and benefits accounts without having to search for pieces of paper.
"It is far more convenient, easily updated and greener than the current system."
To register, use the account reference number and online key at the bottom of your latest bill.
For more information, see http://www.westoxon.gov.uk/ebilling


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- Table View
- List View
هايديby جوهانا سبايري
كان كوخ العم «وليم» ينتصب بشموخ فوق قمة الجبل . و هو في مهب الرياح من أي جهة جاءت و معرض لأشعةالشمس من مختلف جوانبه . و تر تفع خلف الكوخ ثلاث من أشجار التنوب . وقد جاوره كوخ آخر صغير مرتب و منظم مثله .
أريده الآنby دونا بي غيتس رفيف غدار
تلقى ابن أخي في ذكرى ميلاده الرابعة كدسة من الهدايا. وخلال الحفلة أخبره والداه الحسنا النية كم هو محظوظ وأبدت عدة أمهات دهشتهن لما لديه من أصدقاء رائعين. ولكن ابن أخي الذي لم يتأثر بكسبه المفاجىء كان مهتما لأن يلعب لعبة الوحش مع أصدقائه أكثر من اهتمامه بفتح هداياه
1-800-WHERE-R-YOU #1: When Lightning Strikesby Meg Cabot
Just because her best friend wants to exercise, Jessica Mastriani agrees to walk the two miles home from their high school. Straight into a huge Indiana thunderstorm. And straight into trouble.
1-800-WHERE-R-YOU #2: Code Name Cassandraby Meg Cabot
In Code Name Cassandra, Jess thinks she's finally left her "gifted" days behind and attempts to lead a normal life. But when working at a summer camp becomes more than fun in the sun, Jess must use her abilities to save a young girl--while evading her old enemies.
1-800-WHERE-R-YOU #3: Safe Houseby Meg Cabot
Jess Mastriani was on vacation when Amber went missing. Most people blame Jess for Amber's brutal slaying, but how could Jess -- even with her psychic ability to find anyone, anywhere -- have stopped the cheerleader from turning up dead, without having known she was even missing? When yet another cheerleader disappears, Jess has a chance to redeem herself. If she can just find the girl before it's too late, maybe Jess will finally have a chance to be part of the in crowd. Except that it's starting to look like being "in" might just get you -- not to mention your loved ones -- killed. So much for popularity.
1-800-WHERE-R-YOU #5: Missing Youby Meg Cabot
Ever since a walk home on a particularly stormy day, Jessica Mastriani has had an ability like no other. She became known worldwide as Lightning Girl--a psychic who could find the location of anyone, dead or alive. Jess finally had no choice but to embrace her new found talent, and ended up lending her skills to the U.S. government. But her work for them has taken a terrible toll, and Jess resurfaces months later a shadow of her former self, her powers gone, Lightning Girl no more. Her only hope is starting over in a new place, a big city where nobody knows her. It's only when Rob Wilkins unexpectedly shows up on her doorstep that she's forced to face her past. Rob, all the way from back home, needs her help. But how can Jess, her powers gone, find anyone, let alone the sister of a man she once loved ... when she can't even find herself? Missing You, the fifth and final book in the 1-800-Where-R-You series
1 and 2 Peter: Courage In Times of Troubleby John Macarthur
An uplifting Bible study in which MacArthur guides the reader through a clear exploration of St. Peter's two letters.
10 Things I Can See From Hereby Carrie Mac
Perfect for fans of Sophie Kinsella's Finding Audrey and Nicola Yoon's Everything, Everything, this is the poignant and uplifting story of Maeve, who is dealing with anxiety while falling in love with a girl who is not afraid of anything. Think positive. Don't worry; be happy. Keep calm and carry on. Maeve has heard it all before. She's been struggling with severe anxiety for a long time, and as much as she wishes it was something she could just talk herself out of, it's not. She constantly imagines the worst, composes obituaries in her head, and is always ready for things to fall apart. To add to her troubles, her mom—the only one who really gets what Maeve goes through—is leaving for six months, so Maeve will be sent to live with her dad in Vancouver. Vancouver brings a slew of new worries, but Maeve finds brief moments of calm (as well as even more worries) with Salix, a local girl who doesn't seem to worry about anything. Between her dad's wavering sobriety, her very pregnant stepmom insisting on a home birth, and her bumbling courtship with Salix, this summer brings more catastrophes than even Maeve could have foreseen. Will she be able to navigate through all the chaos to be there for the people she loves?"With Maeve, Mac delivers a character who's heartwarmingly real and sympathetic, and her story provides a much needed mirror for anxious queer girls everywhere."—Kirkus, Starred review"This is a good companion book for other anxiety-riddled stories, such as The Shattering by Karen Healey, and Finding Audrey by Sophie Kinsella."—Booklist"Mac carefully makes clear that Maeve is plenty able to find joy other places than the perfect girl and that she's working at dealing with her own problems; the romance is therefore lovely and cozy and free from overtones of dependency. The descriptions of anxiety are true and powerful, and romance buffs will likely revel in a book celebrating deep connection."—The Bulletin"Mac is good at showing how a dread-filled mind works... [An] affecting story.''—Publishers Weekly
100 Days of Cakeby Shari Goldhagen
Get well soon isn't going to cut it in this quirky and poignant debut novel about a girl, her depression, an aggressive amount of baked goods, and the struggle to simply stay afloat in an unpredictable, bittersweet life.Every other senior at Cove High School might be mapping out every facet of their future, but Molly Bryne just wants to spend the rest of the summer (maybe the rest of her life) watching Golden Girls reruns and hanging out with her cute coworker at FishTopia. Some days, they are the only things that get her out of bed. You see, for the past year, Molly's been struggling with depression, above and beyond industry-standard teen angst. Crushing on her therapist isn't helping, and neither is her mom, who is convinced that baking the perfect cake will cure her--as if icing alone can magically make her rejoin the swim team or care about the SATs. Ummm, no, not going to happen. But when Molly finds out FishTopia is turning into a lame country diner, her already crummy life starts to fall even more out of her control, and soon she has to figure out what-- if anything--is worth fighting for. 100 Days of Cake is a quirky and poignant story of a girl, her depression, an aggressive amount of baked goods, and the struggle to simply stay afloat in an unpredictable, bittersweet world.
100 Hoursby Rachel Vincent
In this sexy, pulse-pounding new duology by New York Times bestselling author Rachel Vincent, a decadent spring break beach getaway becomes a terrifying survival story when six Miami teens are kidnapped.Maddie is beyond done with her cousin Genesis's entitled and shallow entourage. Genesis is so over Miami's predictable social scene with its velvet ropes, petty power plays, and backstabbing boyfriends. While Maddie craves family time for spring break, Genesis seeks novelty—like a last-minute getaway to an untouched beach in Colombia. And when Genesis wants something, it happens. But paradise has its price. Dragged from their tents under the cover of dark, Genesis, Maddie, and their friends are kidnapped and held for ransom deep inside the jungle—with no diva left behind. It all feels so random to everyone except Genesis. She knows they were targeted for a reason. And that reason is her. Now, as the hours count down, only one thing's for certain: If the Miami hostages can't thwart their captors' plan, no one will make it out alive.Tapping into our darkest fears while exploring issues of injustice, loss, and the courage to fight for what matters most, this thrilling read is perfect for fans of Nova Ren Suma, Becca Fitzpatrick, and Jennifer L. Armentrout.
100 Women Who Shaped World Historyby Gail Meyer Rolka
A comprehensive collection of one page synopses of 100 women of major importance in our history. Presents information in chronological order, contains timeline, and a trivia quiz. The book begins in 1503 BC and ends by telling the stories of women who are still making history.
100 Words Every High School Freshman Should Knowby Editors of American Heritage Dictionaries
Following the success of 100 Words Every High School Graduate Should Know, the editors of the American Heritage® Dictionaries have developed this new book of 100 words tailored especially to high school freshmen. This second book in the 100 Words series focuses on the kinds of words that a successful middle school graduate can learn from rigorous coursework in a variety of subjects and that nearly every freshman will encounter over the course of the school year.The words have been chosen with various criteria in mind. Some represent key concepts in important areas of the curriculum, while others are more familiar in meaning but present challenges of spelling or usage. All are words that students can expect to see regularly in their high school reading and beyond. And each word is fully defined as well as shown in typical contexts with example sentences and quotations, many of which are taken from award-winning authors such as Harper Lee, George Orwell, Katherine Paterson, and John Knowles. Together, these 100 words represent the increasingly sophisticated and complex vocabulary that freshmen must master as they continue their education at the next level. To learn them is not only to gain useful knowledge -- it is to step into a broader world.
100 Words Every High School Graduate Should Knowby Editors of American Heritage Dictionaries
What should the vocabulary of a well-rounded high school graduate be like? These 100 words provide the starting point in answering that question. The list is representative of the words that serious students will encounter in their coursework and will come to use as adults, whether in conversation or while reading the daily newspaper. Each word is fully defined and shown in context with example sentences from well-known authors. 100 Words Every High School Graduate Should Know is a must-have for every grad, perfect for building vocabulary, quizzing friends and family -- and just having fun.
100 Words Every High School Graduate Should Knowby The Editors of the American Heritage Dictionaries
In addition to carefully choosing a well-balanced mix of terms from A to Z, the book balances straightforward vocabulary entries, such as bellicose, loquacious, and vehement, with words chosen directly from the disciplines of learning, such as parabola and hypotenuse from mathematics, gerrymander and enfranchise from civics, and photosynthesis and hemoglobin from biology. As a result, students often have an easier time with the list than adults, especially if they've been paying attention in their classes! The book also offers exercises at the end of the text to assist in the incorporation of the words into one's active vocabulary.
101 Great American Poems (Dover Thrift Editions)by The American Poetry Literacy Project
This book is designed to showcase the extraordinary richness and variety of American poetry in all its splendor. From formal odes and dialect verse to love sonnets and works of social protest, these poems cover more than 350 years of American culture and history.
10th Gradeby Joseph Weisberg
Jeremiah Reskin has big plans for 10th grade. He wants to make friends and take a girl's shirt off. It is not as easy as he thought it would be, until he meets some semi Bohemian outcasts.
13: Thirteen Stories That Capture the Agony and Ecstasy of Being Thirteenby James Howe
Thirteen short stories by Bruce Coville, Meg Cabot, Alex Sanchez, Rachel Vail, James Howe, Lori Aurelia Williams, Stephen Roos, Maureen Ryan Griffin, Ellen Wittlinger, Todd Strasser, Ron Koertge, Carolyn Mackler, Ann M. Martin and Laura Godwin.
13 Days Of Midnightby Leo Hunt
In a devilishly dark and funny debut, a teen finds himself the unwitting beneficiary of eight enslaved and angry ghosts seeking bloody vengeance. When Luke Manchett's estranged father dies unexpectedly, he leaves his son a dark inheritance: a collection of eight restless spirits, known as his Host, who want revenge for their long enslavement. Once they figure out that Luke has no clue how to manage them, they become increasingly belligerent, and eventually mutiny. Halloween (the night when ghosts reach the height of their power) is fast approaching, and Luke knows his Host is planning something far more trick than treat. Armed with only his father's indecipherable notes, a locked copy of The Book of Eight, and help from school outcast Elza Moss, Luke has just thirteen days to uncover the closely guarded secrets of black magic and send his unquiet spirits to their eternal rest--or join their ghostly ranks himself.
16 Things I Thought Were Trueby Janet Gurtler
Heart attacks happen to other people #thingsIthoughtweretrue When Morgan's mom gets sick, it's hard not to panic. Without her mother, she would have no one--until she finds out the dad who walked out on her as a baby isn't as far away as she thought... Adam is a stuck-up, uptight jerk #thingsIthoughtweretrue Now that they have a summer job together, Morgan's getting to know the real Adam, and he's actually pretty sweet...in a nerdy-hot kind of way. He even offers to go with her to find her dad. Road trip, anyone? 5000 Twitter followers are all the friends I need #thingsIthoughtweretrue With Adam in the back seat, a hyper chatterbox named Amy behind the wheel, and plenty of Cheetos to fuel their trip, Morgan feels ready for anything. She's not expecting a flat tire, a missed ferry, a fake girlfriend...and that these two people she barely knew before the summer started will become the people she can't imagine living without.
16 Ways to Break a Heartby Lauren Strasnick
Unfolding through letters, texts, and chats, Lauren Strasnick's smart, sexy, page-turning new novel is the ultimate he said/she said breakdown of a relationship gone wrong.Natalie and Dan were electric from the moment they met. Witty banter and sizzling chemistry made falling in love easy—even inevitable. He was in awe of her subversive art and contagious zest for life; she was drawn to his good-guy charm and drive to succeed as a documentary filmmaker.But that was before. Before hot tempers turned to blowout fights. Before a few little lies turned to broken trust. Before a hundred tiny slights broke them open and exposed the ugly truth of their relationship.And now Natalie wants Dan to know just how much he broke her.Over the course of one fateful day, Dan reads sixteen letters that Natalie has secretly, brilliantly hidden in places only he will find. And as he pieces together her version of their love story, he realizes that she has one final message for him. One that might just send his carefully constructed life tumbling down.
1600 Perfect Score: The 7 Secrets of Acing the SATby Tom Fischgrund
The author describes the seven qualities that make students who achieve a perfect SAT score stand out. He bases these claims on interviews with students, responses from parents, and College Board data. During his research, Fischgrund asked students about how much time they spend working, reading, watching TV, etc. His conclusions support some of the commonly-accepted thinking about what makes a teen "smart," but he disproves many beliefs as well.
172 Hours on the Moonby Johan Harstad
It's been decades since anyone set foot on the moon. Now three ordinary teenagers, the winners of NASA's unprecedented, worldwide lottery, are about to become the first young people in space--and change their lives forever. Mia, from Norway, hopes this will be her punk band's ticket to fame and fortune. Midori believes it's her way out of her restrained life in Japan. Antoine, from France, just wants to get as far away from his ex-girlfriend as possible.It's the opportunity of a lifetime, but little do the teenagers know that something sinister is waiting for them on the desolate surface of the moon. And in the black vacuum of space... no one is coming to save them. In this chilling adventure set in the most brutal landscape known to man, highly acclaimed Norwegian novelist Johan Harstad creates a vivid and frightening world of possibilities we can only hope never come true.
1954: A Landmark Decisionby Jacqueline B. Walker
In the 1950s, African Americans leaders used the nation's laws and courts to confirm black citizens' rights. This article explores how America's schools finally became desegregated.
1984 (Classics To Go)by George Orwell
Nineteen Eighty-Four, often published as 1984, is a dystopian novel published in 1949 by English author George Orwell. The novel is set in the year 1984 when most of the world population have become victims of perpetual war, omnipresent government surveillance and propaganda. (Wikipedia)
1984by George Orwell

In 1984, London is a grim city where Big Brother is always watching you and the Thought Police can practically read your mind. Winston is a man in grave danger for the simple reason that his memory still functions.
Drawn into a forbidden love affair, Winston finds the courage to join a secret revolutionary organization called The Brotherhood, dedicated to the destruction of the Party. Together with his beloved Julia, he hazards his life in a deadly match against the powers that be.


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Turn Blue
The Black Keys - 2014
I'm going to try something new for this review. I haven't heard "Turn Blue" yet, but I'll listen to it right now as I write this and review it as I go. (I did hear some snips of the album on NPR, but no complete songs) I'm on the train, so let's see if we can complete this review before I get home. Here goes…..
While we get going….a little background on the Keys vs. T. Tambe. I liked Attack And Release a lot, I loved Brothers, and didn't care for El Camino. (Maybe if they put a picture of an actual El Camino on the cover instead of that van it would have been better?) I don't listen to them much, but I like them enough.
This album is supposedly more psychedelic and the opener "Weight Of Love" is sure fitting that billing. There's a noodling guitar solo at the head and again halfway through. The vibe is trippy, with the echo/reverb guitar sounds. They definitely are going for a different vibe with their songwriting here. This track isn't as blues based as their previous stuff. Dan Auerbach is a mediocre soloist, so this track is a bit meandering. Interesting move to put the longest track of the album (6:50) as the opener. Makes a statement.
On to track two… "In Time" is track two. This chorus has a mid-tempo/hand clap thing going on. I can see hippies dancing to this. Both of these first two songs had bigger choruses than I'm used to hearing from the Black Keys. Brian Burton produced this album, (as he has before), so I'm guessing this was a bit of his doing.
"Turn Blue" is track 3. It's a ballad, again with a 70's feel. It's pretty boring overall. Not much more to say about this one.
"Fever" is up next. More of an uptempo stomper. 4 to the floor beat, which never gets old. About 2 1/2 minutes in there's a breakdown and the mood changes, which kind of kills the flow. Not much of a chorus.
"Year In Review" has a good groove. This sounds more like the Black Keys. Theres some female backup singers featured here that have been on a few tracks already. It's not a great track, but at least it's capturing the energy that I'd expect from the Keys.
"Bullet In The Brain" opens with slow tempo acoustic guitars, but wakes up about 1:00 in, as if the guys were given a jolt of caffeine. Another weak song. Not sure what this is about, but I don't care too much, so that's ok.
"It's Up To You Now" - Ok! you've got my attention with the drum groove and fuzz guitar. Not really going anywhere, then it shifts to a half time feel at around 1:30. More guitar solos. Can I fast forward? No, no I shouldn't. This is a review. Gotta give it the full shot. at around 2:30 it picks up again for about 16 bars, then it's over.
"Waiting On Words" is the track I've been most interested in. Dan sings in a falsetto tone that I've never heard from him. It's really interesting to hear this from him. Didn't know it was in there. There's jangly guitar chords backing his vocals. The hi hat is on the offbeat in the second verse almost like a reggae song. The doubled vocal track during the chorus is either a female singer doubling him way up the octave, or they used a pitch shifter to allow him to double his own vocals. It's definitely my favorite track on the album so far. I'd like to hear more of this in the future.
"10 Lovers" - Very 70's back beat into another sing-song chorus. Brian went all disco on the latest Broken Bells record, so it seems like he was still in that zone when he was working on this one. That's not a bad thing, but I wish the songs were stronger. My stop is coming up in ten minutes, so this will be close…..
"In Our Prime" is next. Piano opening into guitar/drums. I like the vocal melody. For no reason it stops and shifts feel completely all of a sudden. Why? Lost me there. This part could be a new song. It was pretty good where they were going before.
Ok, so I didn't get it all done before my stop, so it's the next day. Overall this was a big disappointment. They went for a different sound, which I always commend a band for, but it didn't work, mainly because the songs just aren't great. "Waiting On Words" is definitely the best track here. They do that whole go-into-the-studio-without-anything-prepared thing. Maybe they should do some songwriting ahead of time for the next album.Tambe Back
Your novel approach on this review was a refreshing first for theTens! Plus, you have drawn the appropriate conclusions regarding this bloated release. Listeners shouldn't hold their breath while waiting for quality music here. The album title warns us not to do so.
Posted over 5 years ago by C. Scott
That was a spectacular play on words my friend. Well done. Maybe you can give Dan Auerbach some lyrical pointers.
Posted over 5 years ago by Tambe
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