Sunday, February 10, 2013

Messing with the Bull - Peter Schiff - Townhall Finance Conservative ...

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With the announcement this week of its massive $5 billion lawsuit against ratings agency Standard & Poor's, the Federal Government took a bold step to squelch any remaining independence of thought or action in the financial services industry. Given the circumstances and timing of the suit, can there be any doubt that S&P is paying the price for the August 2011 removal of its AAA rating on U.S. Treasury debt? In retaliation for the unpardonable sin of questioning the U.S. Treasury's credit worthiness, the Obama Administration is sending a loud and clear message to Wall Street: mess with the bull and get the horns. Shockingly, the blatant selectivity of the prosecution, however, has failed to ignite a backlash. But as the move violates both the spirit of the Constitution and the letter of the law in so many ways, I can't help but look at it as a sea change in the nature of our governance. Call it Lincoln with a heavy dose of Putin.???

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Given the nature of the U.S. economy during the housing mania of the last decade, charging S&P with fraud is like handing out a speeding ticket at the Indy 500. Like nearly every other mainstream financial firm in the world at the time, S&P believed that the U.S. economy rested on a solid foundation of accumulated housing wealth. By 2006, the housing market was closing out one of its best decades in memory. Developers, speculators, financiers, real estate agents, bankers and even ordinary Americans had become charmed by the easy wealth of serial home purchases. The party had been orchestrated by a cadre of politicians and regulators who wanted to keep the party going and take credit for the good times.

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To a degree that few Americans understand even to this day, it was not irresponsible lending, bad ratings, or excess greed that finally doomed the mortgage market, it was the simple fact that national home prices started falling. As long as prices stayed high, refinancing would have been open to borrowers, and defaults would have been manageable. Among the hordes of analysts, academics, and reporters who covered the market there were few if any standing who believed that national home prices could fall of a cliff. I know this to be true because I spent many years trying, unsuccessfully, to warn them.

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Source: http://townhall.com/columnists/peterschiff/2013/02/09/messing-with-the-bull-n1508740

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Saturday, February 9, 2013

BLIZZARD ROCKS NORTHEAST - Business Insider

Photo by Darren McCollester/Getty Images

A man shovels snow on Cutler Street February 9, 2013 in Winthrop, Massachusetts

A huge winter blizzard pummelled America's Northeast overnight as powerful winds and heavy snow blanketed swathes of America's most populous region.

Photo by Mario Tama/Getty Images

A man operates a snowblower while a blizzard arrives in the Back Bay neighborhood on February 8, 2013 in Boston, Massachusetts.

Boston was expected to be hit by three feet of snow, topping the city's previous record fall of 27 inches. Hundreds of thousands of people on the US east coast lost power, while airlines cancelled more than 5,000 flights, as the storm battered states and provinces from New Jersey into Canada .

More than 650,000 homes and businesses are without power, according to The New York Times.

As roads became increasingly dangerous, the storm's first two deaths in car crashes were reported in Canada.

The chaos seemed certain to worsen later on Saturday as winds gusting past 70 mph whipped up drifts of up to six feet deep, with heavier snowfall predicted for several more hours. Tidal surges were also expected to pound ashore in coastal regions that were devastated by superstorm Sandy barely three months ago.

Yet even as Massachusetts, Connecticut and Rhode Island took the unprecedented measure of banning private vehicles from roads and several governors declared states of emergency, in Manhattan the world's fashion elite defiantly insisted that, on Friday night at least, the shows must go on.

New York fashion week, one of the most important dates in the industry's calendar, is in full swing this weekend. And even as the snow swirled, female models swapped stilettos for snow-boots and flats and guests bundled themselves up in double coats as they made their way to runway shows.

"I'm wearing flats," said jewelry designer Mona Assemi, a note of wonder in her voice as she looked down at her feet. The self-described Washington-based "fashionista" said she is "always in heels" but had decided to be sensible in the face of the blizzard named "Nemo" by The Weather Channel.

Bundled up in a heavy coat, a fur hat and a cashmere scarf draped around her face like a balaclava, she was slowly making her way through driving wet snow to New York's Lincoln Centre, headquarters of fashion week.

While the massive storm shut down airports, closed schools and businesses and sent most people scurrying for cover, fashion industry insiders were determined not to let a little snow deter them.

As two Bobcat snow-ploughs whirled noisily around the Lincoln Centre plaza, trying to keep the snow at bay, glamorous guests gingerly picked their way through the icy slush to the hall where the American designer Nicole Miller was showing on Friday evening.

Miss Assemi was one of many in the fashionable crowd who had not completely sacrificed style for function. Her boots, she said, were Yves St Laurent in black patent "and they're actually very comfortable".

Isaiah Isaac, an accessories designer and a writer for The Fashion List website, noted that some shows were less crowded than normal. "There've been a few empty seats because I think some people's flights were cancelled but it's all still more or less going ahead," he said.

Underneath his red coat, he was wearing two sweaters, a shirt and a vest -- though he said he had drawn the line at putting on long johns. "Not a lot of people are dressing down," he said. "They're still tip-toeing around in their heels. In fact, it's been the highlight of my day, watching them. It's really quite funny."

Texan fashion fans Courtney Kerr and Shannon Yoachum held on to each other and kept their heads down in the near white-out conditions. Although unused to this type of weather, the pair were determined to go to all the shows. "We don't sacrifice for fashion! Beauty is pain!" they squealed.

Fashion blogger Margie Ashcroft scoffed at the idea of Nemo making a dent in New York Fashion Week. "This is our livelihood, what we wait around for all year," she said. "We're not going to let a little bit of bad weather stop us." She had, however, noticed more Escalades around as a mode of transport. "People are calling up and using their car services," she said.

The blizzard did force fashion designer Michael Kors to wear Uggs to travel to his Project Runway fashion show. "I came in looking like Pam Anderson," he joked to journalists, before changing into more tasteful leather boots. But most fashion observers thought the appalling weather was a chance to dress warmly but stylishly. "Crushing on the coat-over-coat layered look!" tweeted one fashion show attendee.

Shops and fuel stations witnessed panic buying, not least in New York and New Jersey where memories of the havoc wrought by superstorm Sandy are still deeply-etched.

By the time the storm passes through on Saturday, forecasters predicted snowfall in New York City of 10 to 14 inches; 24 inches in Connecticut; and the record-breaking tallies in Boston.

The "monster storm" is the product of two weather systems smashing together -- one powering down on the Arctic jet stream from Canada while the other was a winter "nor'easter" barreling in from the North Atlantic.

"The storm should reach its peak intensity early Saturday morning just east of Cape Cod," the National Weather Service predicted.

In New England, residents were braced for a storm worst than the infamous 1978 blizzard that dumped 27 inches of show and was blamed for dozens of deaths.

Source: http://www.businessinsider.com/blizzard-rocks-northeast-2013-2

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Salary Cuts will Get Morocco's Education System Nowhere ...

By Omar Bihmidine

Morocco World News

Sidi Ifni, Morocco, February 9, 2013

No one would say yes to getting paid without working or to being absent from work and getting paid, particularly in a developing country like Morocco. Here, this is something we able Moroccan citizens must all take for granted. Yet, when teachers, for instance, go on strike for a certain reason, we must agree that it is their right as long as there is a reason. Absenteeism is different from going on strike, and shirking work is different from threatening to go on strike to realize certain demands.

Being at the helm now, the Islamist-led government has lately taken a bold step by cutting from the salaries of teachers who have recently gone on strike. For Abdelilah Benkirane, Morocco?s head of government, the decision is wise given that no work means no pay, be it because of a strike or an absence. According to Lkhalfi, Minister of Communication, the step is a sign of respecting the new constitution to the letter. Continuity of work, several PJD members stress, is a priority in Morocco. Finally, Mohamed El Ouafa, education minister, has had the final say to put into practice the new ?golden? rule to cut strikers? salaries.

First of all let?s be clear: there is no legal basis that supports the decision made by the government, for there is no law in the country?s constitution that provides for cutting an employee?s salary if he goes on strike. The relevant royal decree in accordance with which an employee is subjected to a cut from his salary refers to illegal or unjustified absenteeism. Yet, going on strike is not tantamount to absenteeism, for it is a right enshrined in the Moroccan constitution.

In the presence of the most deplorable education system worldwide, it is a grave mistake to think that by penalizing striking teachers with pay cuts, the Ministry of Education can exhort teachers to work more diligently and to guarantee the continuity of work at school. As we know, teachers have tricky ways of striking, but their common sense does not allow them to resort to them. One of the ways is to come to class, sit at the desk and do nothing. Still, their presence is considered as work by the Ministry. Penalizing and threatening have never been the solution in the education field, whereas communication between the Ministry and unions or teachers is.

Before venturing to cut the striking days, the government must stop to think about why teachers have gone on strike. Nearly all the reasons behind the strikes teachers have gone on are convincing. It is true that sometimes teachers exaggerate by going on more and more strikes. But, striking is the only weapon teachers have in order to claim their rights. If they are denied this right, how are they going to draw their Ministry?s attention to the confiscated rights, to the calamitous working conditions and to the injustices done? One of the main reasons behind some teachers having gone on strike is to claim the upgrade they well deserve with their B.A. and M.A. How come all graduate intakes have benefited from this right except those belonging to 2012. No excuse, including the current economic crisis, can justif this inequality among graduates.

In response to the enshrined right to go on strike, Abdelilah Benkirane has made it clear more than once that cutting employees? salaries has also been observed in France and other democratic developed countries. Other high-ranking officials and decision-makers have advocated Benkirane?s policy, pointing out that in democracies, no work also means no payment. What Abdelilah Benkirane and his proponents assume is that when we compare Morocco with other democratic countries, we must be just, disinterested and neutral. Why do we compare pay cuts and forget to compare the working conditions? Why do we compare pay cuts and forget to compare the salaries? Why do we forget to compare the excellent working conditions under which employees in France, in Belgium, and in Canada work?

Is it not folly to compare Morocco with France or Sweden only in terms of pay deductions and penalties for going on strike? Why doesn?t Benkirane strike a balance between penalties and facilities while comparing Morocco with France, for instance? According to Benkirane, if a teacher or any other employee of the government in France goes on strike and gets a pay deduction at the end of the month, the same must apply to Moroccan teachers. At this point, we must draw Benkirane?s attention to the fact that in Europe, employees enjoy most of their basic rights, whereas in Morocco, the Ministries still owe their employees much worth and value. How do we expect teachers who see their rights being confiscated to withdraw and work comfortably?

If Morocco were a real democracy where all the rights of state employees are granted, then we would all agree with Benkirane in his bold decisions. If Abdelilah Benkirane were serious about seeing employees working and benefiting the country, he would pry into the alleged ghost employees at several Ministries. If our head of government were serious about his decisions, he would bring to justice the corrupt officials who have devastated the country?s economy and impoverished the Moroccan land from north to south. If he were serious, he would respond to the demands of the strikers, and then pass a law that would cut strikers? salaries. No rights granted in the presence of pay cuts goes against common sense, Benkirane must remind himself.

Lastly, let us remind Abdelilah Benkirane of Japanese and Finnish education ministers? responses to the secrets of a successful education system. Whenever they are interviewed, the education ministers insist that teachers must be well paid, well treated and respectfully recognized in their home countries. In Japan, Finland and France, teachers are motivated, and when they are motivated, they feel no impulse to go on strike.

Notwithstanding, in Morocco, with the recent cuts in so many teachers? salaries, we must admit that this is another blow to the education system. Recent salary deductions will get Morocco?s education system nowhere. Still worse is the fact that they will send teachers to class, helplessly demotivated, apathetic and angry. Dignity must precede conscience. It is a pity that so many teachers who are conscientious in their noble job have felt their dignity withering away. Let us first discuss teachers? confiscated dignity, then move on to their conscience.

The views expressed in this article are the author?s own and do not necessarily reflect Morocco World News? editorial policy

? Morocco World News. All Rights Reserved. This material may not be published, rewritten or redistributed

Source: http://www.moroccoworldnews.com/2013/02/77659/salary-cuts-will-get-moroccos-education-system-nowhere/

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Burgher Recreation Club v Saracens Sports Club 49/1 *

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Source: http://www.freecricket.tv/2013/02/08/burgher-recreation-club-v-saracens-sports-club/

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Friday, February 8, 2013

????? ????? ??? ??????? Windows 7 Pro - ????????? ... - Ferra

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Source: http://forums.ferra.ru/index.php?showtopic=54419

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Common Sense on Credit and Debit Card Fraud - Blogcritics Culture

People always ask me how to best protect themselves from fraud ? especially when it comes to choosing between a credit card and a debit card. Well, it?s time to put the debate to rest once and for all: Credit cards offer consumers the best safeguards against fraudulent losses.

Why? Well, there are a number of reasons:

  1. Card Network Guarantees:? While VISA, MasterCard, Discover, and American Express promise not to hold their customers liable for even a single dollar of unauthorized credit card charges, things aren?t quite so clear when it comes to other types of transactions. Discover and American Express will cover any other card fraud that may arise, but MasterCard and VISA only extend their $0 liability policies to signature debit card transactions. Neither covers ATM transactions, and the only thing you get in terms of PIN debit coverage is VISA?s promise not to hold you financially responsible if it processes the transaction (which isn?t all that helpful considering there?s no way for consumers to determine how a given transaction will be handled).
  2. Nature of the Product:?The very nature of purchasing on credit means you aren?t actually putting forth any of your own money until the end of the month, and if you aren?t revolving a balance you?ll actually have an extra 21 days to pay before you?re considered ?late? and finance charges start to accrue. With a debit card, on the other hand, money will be removed from your account in real-time. In other words, even if the liability coverage happened to be equal, dealing with credit card fraud would be as simple as not paying for unauthorized charges, while you?d still have to actually go about getting your money back with a debit card. That?s a big difference, especially if you?re short on cash or you?ve written a few checks that you?re now unable to cover.
  3. Psychological Factors:?Piggybacking on the above, debit card fraud is simply more stressful to deal with than credit card fraud. Sure, your heart might skip a few beats when you see unfamiliar charges on your monthly statement, but that?s nothing compared to the shock of finding your bank account completely drained.

So, the moral of the story is that you should make a credit card your primary spending vehicle due to the superior fraud protections, if not the rewards and convenience. But there?s something else you should take away from all this too. The combination of $0 liability guarantees from the card networks, the added safety net provided by federal law, and the fact that fraud only impacts around 0.06% of all card transactions means that you really shouldn?t worry about the potential of incurring losses.

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Article Author: A Finance Geek

My name is Odysseas Papadimitriou, and I am the founder of Evolution Finance, the parent company of Wallet Blog, Wallet Hub, and Card Hub. Card Hub is a leading website that helps consumers compare credit cards, charge cards and prepaid cards and also ?

Visit A Finance Geek's author page ? A Finance Geek's Blog

Source: http://blogcritics.org/culture/article/common-sense-on-credit-and-debit/

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HK poor in cages shows dark side of property boom

In this Jan. 25, 2013 photo, 77-year-old Yeung Ying Biu sits inside his 1.5 square meter (16 square feet) cage, which he calls home, in Hong Kong. For many of the richest people in Hong Kong, one of Asia's wealthiest cities, home is a mansion with an expansive view from the heights of Victoria Peak. For some of the poorest, home is a metal cage. Some 100,000 people in the former British colony live in what's known as inadequate housing, according to the Society for Community Organization, a social welfare group. (AP Photo/Vincent Yu)

In this Jan. 25, 2013 photo, 77-year-old Yeung Ying Biu sits inside his 1.5 square meter (16 square feet) cage, which he calls home, in Hong Kong. For many of the richest people in Hong Kong, one of Asia's wealthiest cities, home is a mansion with an expansive view from the heights of Victoria Peak. For some of the poorest, home is a metal cage. Some 100,000 people in the former British colony live in what's known as inadequate housing, according to the Society for Community Organization, a social welfare group. (AP Photo/Vincent Yu)

In this Jan. 25, 2013 photo, 62-year-old Cheng Man Wai lays in his cage, measuring 1.5 square meters (16 square feet), which he calls home, in Hong Kong. For many of the richest people in Hong Kong, one of Asia's wealthiest cities, home is a mansion with an expansive view from the heights of Victoria Peak. For some of the poorest, home is a metal cage. Some 100,000 people in the former British colony live in what's known as inadequate housing, according to the Society for Community Organization, a social welfare group. (AP Photo/Vincent Yu)

In this Jan. 25, 2013 photo, 63-year-old Lee Tat-fong, walks in a corridor while her two grandchildren Amy, 9, and Steven, 13 sit in their 50-square-foot room in Hong Kong. Lee, like many poor residents, has applied for public housing but faces years of waiting. Nearly three-quarters of 500 low-income families questioned by Oxfam Hong Kong in a recent survey had been on the list for more than 4 years without being offered a flat. (AP Photo/Vincent Yu)

A maid walks a dog outside luxury houses on Victoria Peak, Hong Kong's most exclusive neighborhood, Thursday, Feb. 7, 2013. For many of the richest people in Hong Kong, one of Asia's wealthiest cities, home is a mansion with an expansive view from the heights of Victoria Peak. For some of the poorest, home is a metal cage. Some 100,000 people in the former British colony live in what's known as inadequate housing, according to the Society for Community Organization, a social welfare group. (AP Photo/Vincent Yu)

In this Jan. 25, 2013 photo, 77-year-old Yeung Ying Biu sits partially inside the cage, measuring 1.5 square meters (16 square feet), which he calls home, in Hong Kong. For many of the richest people in Hong Kong, one of Asia's wealthiest cities, home is a mansion with an expansive view from the heights of Victoria Peak. For some of the poorest, home is a metal cage. Some 100,000 people in the former British colony live in what's known as inadequate housing, according to the Society for Community Organization, a social welfare group. (AP Photo/Vincent Yu)

(AP) ? For many of the richest people in Hong Kong, one of Asia's wealthiest cities, home is a mansion with an expansive view from the heights of Victoria Peak. For some of the poorest, like Leung Cho-yin, home is a metal cage.

The 67-year-old former butcher pays 1,300 Hong Kong dollars ($167) a month for one of about a dozen wire mesh cages resembling rabbit hutches crammed into a dilapidated apartment in a gritty, working-class West Kowloon neighborhood.

The cages, stacked on top of each other, measure 1.5 square meters (16 square feet). To keep bedbugs away, Leung and his roommates put thin pads, bamboo mats, even old linoleum on their cages' wooden planks instead of mattresses.

"I've been bitten so much I'm used to it," said Leung, rolling up the sleeve of his oversized blue fleece jacket to reveal a red mark on his hand. "There's nothing you can do about it. I've got to live here. I've got to survive," he said as he let out a phlegmy cough.

Some 100,000 people in the former British colony live in what's known as inadequate housing, according to the Society for Community Organization, a social welfare group. The category also includes apartments subdivided into tiny cubicles or filled with coffin-sized wood and metal sleeping compartments as well as rooftop shacks. They're a grim counterpoint to the southern Chinese city's renowned material affluence.

Forced by skyrocketing housing prices to live in cramped, dirty and unsafe conditions, their plight also highlights one of the biggest headaches facing Hong Kong's unpopular Beijing-backed leader: growing public rage over the city's housing crisis.

Leung Chun-ying took office as Hong Kong's chief executive in July pledging to provide more affordable housing in a bid to cool the anger. Home prices rose 23 percent in the first 10 months of 2012 and have doubled since bottoming out in 2008 during the global financial crisis, the International Monetary Fund said in a report last month. Rents have followed a similar trajectory.

The soaring costs are putting decent homes out of reach of a large portion of the population while stoking resentment of the government, which controls all land for development, and a coterie of wealthy property developers. Housing costs have been fuelled by easy credit thanks to ultralow interest rates that policymakers can't raise because the currency is pegged to the dollar. Money flooding in from mainland Chinese and foreign investors looking for higher returns has exacerbated the rise.

In his inaugural policy speech in January, the chief executive said the inability of the middle class to buy homes posed a threat to social stability and promised to make it a priority to tackle the housing shortage.

"Many families have to move into smaller or older flats, or even factory buildings," he said. "Cramped living space in cage homes, cubicle apartments and sub-divided flats has become the reluctant choice for tens of thousands of Hong Kong people," he said, as he unveiled plans to boost supply of public housing in the medium term from its current level of 15,000 apartments a year.

His comments mark a distinct shift from predecessor Donald Tsang, who ignored the problem. Legislators and activists, however, slammed Leung for a lack of measures to boost the supply in the short term. Some 210,000 people are on the waiting list for public housing, about double from 2006. About a third of Hong Kong's 7.1 million population lives in public rental flats. When apartments bought with government subsidies are included, the figure rises to nearly half.

Anger over housing prices is a common theme in increasingly frequent anti-government protests. Legislator Frederick Fung warns there will be more if the problem can't be solved. He compared the effect on the poor to a lab experiment.

"When we were in secondary school, we had some sort of experiment where we put many rats in a small box. They would bite each other," said Fung. "When living spaces are so congested, they would make people feel uneasy, desperate," and angry at the government, he said.

Leung, the cage dweller, had little faith that the government could do anything to change the situation of people like him.

"It's not whether I believe him or not, but they always talk this way. What hope is there?" said Leung, who has been living in cage homes since he stopped working at a market stall after losing part of a finger 20 years ago. With just a Grade 7 education, he was only able to find intermittent casual work. He hasn't applied for public housing because he doesn't want to leave his roommates to live alone and expects to spend the rest of his life living in a cage.

His only income is HK$4,000 ($515) in government assistance each month. After paying his rent, he's left with $2,700 ($350), or about HK$90 ($11.60) a day.

"It's impossible for me to save," said Leung, who never married and has no children to lean on for support.

Leung and his roommates, all of them single, elderly men, wash their clothes in a bucket. The bathroom facilities consist of two toilet stalls, one of them adjoining a squat toilet that doubles as a shower stall. There is no kitchen, just a small room with a sink. The hallway walls have turned brown with dirt accumulated over the years.

While cage homes, which sprang up in the 1950s to cater mostly to single men coming in from mainland China, are becoming rarer, other types of substandard housing such as cubicle apartments are growing as more families are pushed into poverty. Nearly 1.19 million people were living in poverty in the first half of last year, up from 1.15 million in 2011, according to the Hong Kong Council Of Social Services. There's no official poverty line but it's generally defined as half of the city's median income of HK$12,000 ($1,550) a month.

Many poor residents have applied for public housing but face years of waiting. Nearly three-quarters of 500 low-income families questioned by Oxfam Hong Kong in a recent survey had been on the list for more than 4 years without being offered a flat.

Lee Tat-fong, is one of those waiting. The 63-year-old is hoping she and her two grandchildren can get out of the cubicle apartment they share in their Wan Chai neighborhood, but she has no idea how long it will take.

Lee, who suffers from diabetes and back problems, takes care of Amy, 9, and Steven, 13, because their father has disappeared and their mother ? her daughter ? can't get a permit to come to Hong Kong from mainland China. An uncle occasionally lends a hand.

The three live in a 50-square-foot room, one of seven created by subdividing an existing apartment. A bunk bed takes up half the space, a cabinet most of the rest, leaving barely enough room to stand up in. The room is jammed with their possessions: plastic bags filled with clothes, an electric fan, Amy's stuffed animals, cooking utensils.

"There's too little space here. We can barely breathe," said Lee, who shares the bottom bunk with her grandson.

They share the communal kitchen and two toilets with the other residents. Welfare pays their HK$3,500 monthly rent and the three get another HK$6,000 for living expenses but the money is never enough, especially with two growing children to feed. Lee said the two often wanted to have McDonalds because they were still hungry after dinner, which on a recent night was meager portions of rice, vegetables and meat.

The struggle to raise her two grandkids in such conditions was wearing her out.

"It's exhausting," she said. "Sometimes I get so pent up with anger, and I cry but no one sees because I hide away."

___

Follow Kelvin Chan at twitter.com/chanman

Associated Press

Source: http://hosted2.ap.org/APDEFAULT/3d281c11a96b4ad082fe88aa0db04305/Article_2013-02-07-Hong%20Kong-The%20Rich%20And%20The%20Caged/id-5e61237db1a1413fa3d8e99394cb7e51

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