Kevin Earl Dayhoff Art One-half Banana Stems

Kevin Earl Dayhoff Art One-half Banana Stems - www.kevindayhoff.com Address: PO Box 124, Westminster MD 21158 410-259-6403 kevindayhoff@gmail.com Runner, writer, artist, fire & police chaplain Mindless ramblings of a runner, journalist & artist: Travel, art, artists, authors, books, newspapers, media, writers and writing, journalists and journalism, reporters and reporting, technology, music, culture, opera... National & International politics www.kevindayhoff.net For community: www.kevindayhoff.org For art, technology, writing, & travel: www.kevindayhoff.com

Showing posts with label Business Economics. Show all posts
Showing posts with label Business Economics. Show all posts

Tuesday, August 09, 2016

Augur, Auguries, and Augurium


Augur, Auguries, and Augurium

"A rose by any other name would smell as sweet" William Shakespeare's play Romeo and Juliet.


I recently misspelled the name of the Delaware-Maryland Synod vice president, John Auger, in the July 18, 2016 proposed church council minutes for Grace Lutheran Church.

I misspelled Synod Vice President “Auger” as “Augur,” and after the mistake was called to my attention, I immediately knew why.

Not to auger myself into the ground over this, but if you will recall your Old Testament or ancient civilizations classes in college; during the days of the Roman Empire, an “augur” was a high priest who practiced the augury or the taking of the augury. According to numerous sources, an augur “observed natural signs, especially the behavior of birds, interpreting these as an indication of divine approval or disapproval of a proposed action.”

Another cite notes, “His main role was the practice of augury, interpreting the will of the gods by studying the flight of birds: whether they are flying in groups or alone, what noises they make as they fly, direction of flight and what kind of birds they are. This was known as "taking the auspices." The ceremony and function of the augur was central to any major undertaking in Roman society—public or private—including matters of war, commerce, and religion.” For more information, read: “Augur, Augurium,” by William Smith, D.C.L., LL.D.: A Dictionary of Greek and Roman Antiquities, John Murray, London, 1875.

Of course today, the term “augur” is also used in decentralized economic game theory. The etiology of the concept of mathematical modeling in conflict analysis between rational political actors dates back to Friedrich Hayek's “The Use of Knowledge in Society,” first published in September 1945 and later included in the compilation, “Individualism and Economic Order.” Although Hayek’s concepts are now well-accepted in the analytical world, they were highly controversial in the early 1970s when the acting church secretary was in the business of trying college professors who found it highly annoying to be challenged. I had always argued that tulipmania, which peaked in March 1637, was a great example of a randomized commodity economic bubble which resulted from government interference in economic markets. Read the 1641 book by British journalist Charles Mackay, “Extraordinary Popular Delusions and the Madness of Crowds.” 

When in a hole, stop digging. Stick a fork in me, I’m done.

** As for the image of The Augury between Romulus and Remus, according to Zach Jay on Pinterest, “This image is a cartoon that is depicting the Augury between Romulus and Remus, which would decide who is the rightful ruler of Rome. In the image, the Cartoonist is depicting Romulus spotting 12 birds and Remus spotting 6 birds, thus making Romulus the winner. This image is representing the story of Romulus winning the Augury, and thus believing that the Gods chose him as the rightful ruler of Rome.” Saved from art.famsf.org https://www.pinterest.com/zacharyjay5/romes-foundations/ https://www.pinterest.com/pin/538813542902190148/

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Wednesday, January 30, 2013

Big fat Greek surprises January 30, 2013 by Kevin Dayhoff http://tinyurl.com/bf877cf


Big fat Greek surprises January 30, 2013 by Kevin Dayhoff http://tinyurl.com/bf877cf


Kevin E. Dayhoff http://twitpic.com/bzmojj

In spite of the profoundly dulled senses that come as a result of a day of international travel, Greece takes hold of you the very moment you arrive at the Eleftherios Venizelos International Airport.

The airport, just about 20 kilometers above the sprawling megalopolis of Athens, opened on March 29, 2001, and it is named for a freedom fighter, revolutionary, statesman and charismatic leader from the early 1900s, who died in 1936...

I had the honor of visiting a monument in his honor near his hometown in Therisos gorge near Chania in Crete on January 7, and his gravesite memorial in Akrotiri, which is also near Chania, the next day.

This was my first trip to Greece… I traveled to Greece with a group of McDaniel College students and faculty members. It was more of an academic experience as opposed to a vacation, if you will.

Nevertheless, this article and several more that I researched and pre-wrote while in Greece should not be considered reporting – or the profile of a country – but rather a collection of thoughts and vignettes that lie more in the tradition of a travelogue.

After a few days in Greece, one is struck with a number of surprising observations; nothing profound – some amusing and some mundane. However, there were quite a few things about Greece that I did not expect… http://www.thetentacle.com/ShowArticle.cfm?mydocid=5594

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20121213 Articles on the eurozone crisis, sovereign debt crisis, Argentina, Italy, - and Greece in particular: http://kevindayhoff.blogspot.com/2012/12/articles-on-eurozone-crisis-sovereign.html

Άρθρα σχετικά με την κρίση στην ευρωζώνη, κρίση δημόσιου χρέους, την Αργεντινή, την Ιταλία, - και ειδικότερα την Ελλάδα - Articles on the eurozone crisis, sovereign debt crisis, Argentina, Italy, - and Greece in particular: http://kevindayhoff.blogspot.com/search/label/Bus%20Econ%20eurozone on www.kevindayhoff.net Kevin Dayhoff – Soundtrack

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20121213 Articles on the eurozone crisis, sovereign debt crisis, Argentina, Italy, - and Greece in particular: http://kevindayhoff.blogspot.com/2012/12/articles-on-eurozone-crisis-sovereign.html


20121202 Rick Steves: June 11, 2012 “Greece in Economic Crisis and Your Travel Dreams” Retrieved December 2, 2012 http://kevindayhoff.blogspot.com/2012/12/rick-steves-greece-in-economic-crisis.html


20111022 Eurozone Crisis: The Economist: Argentina’s debt default Gauchos and gadflies http://kevindayhoff.blogspot.com/2012/02/economist-argentinas-debt-default.html

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www.kevindayhoff.net Kevin Dayhoff – Soundtrack

Eurozone Crisis - Bus Econ eurozone



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Why Greece Matters by Kevin E. Dayhoff December 5, 2012 TheTentacle.com http://tinyurl.com/dxxwya5  http://twitpic.com/bkykwk



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December 12, 2012 The Ghost of Berlusconi Rises Again Kevin E. Dayhoff
While Greece wraps up a six-month effort to secure a new bailout payment, and Washington continues to fail to understand the seriousness of its fiscal responsibilities, the world’s financial markets wobbled earlier in the week when it saw the ghost of Italy’s former Prime Minister Silvio Berlusconi. http://www.thetentacle.com/ShowArticle.cfm?mydocid=5512

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Athens, Greece, January 12 – Demonstrators once again took to the streets in central Athens Saturday afternoon, in another of a long series of strikes, demonstrations and acts of civil disobedience that have rocked Greece since a worldwide economic downturn officially got underway in December 2007.

It was four years ago – in 2009 – that Greece kicked-off the year by announcing its budget deficit would be 12.9% of GDP, more than four times the European Union's 3% limit. Greece was first admitted into the EU in 1981, and in 2001 it joined the Eurozone… http://www.thetentacle.com/ShowArticle.cfm?mydocid=5566

[…]




Various recent news accounts indicate that unemployment approaches 25 percent in Greece. Pensions have been reduced and salaries slashed anywhere from 30 to 60 percent.

Meanwhile last Saturday began with signs posted in the Metro that read: “Notice to Passengers. On Saturday 12/1/13, stations, Penepistimio, Syntagma, will remain closed from 10:00 for safety reason…”


Since 2010, Syntagma Square has served as a barometer for rising civil discontent over Greece’s ever-worsening economic crisis. In the past it has been the most popular locale for mass protests and tent-city like occupations, some of which have turned unexpectedly violent in which police have responded en masse with batons, shields and tear gas...

On Saturday, I witnessed more than 5,000 or 6,000 demonstrators marching past the National Archaeological Museum, in a dense, well-organized and loud processional that chanted a Greek chorus of anti-government slogans in a carefully choreographed cat-and-mouse theatrical routine with a full accompaniment of motorcycle police and a phalanx of paramilitary shock riot-police.

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Kevin Dayhoff is an artist - and a columnist for:

Twitter: https://twitter.com/kevindayhoffTwitpic: http://twitpic.com/photos/kevindayhoff
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E-mail: kevindayhoff(at)gmail.com
My http://www.explorecarroll.com/ columns appear in the copy of the Baltimore Sunday Sun that is distributed in Carroll County: https://subscribe.baltsun.com/Circulation/
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 Google profile: https://profiles.google.com/kevindayhoff/
Kevin Dayhoff Art: http://www.kevindayhoff.com/ (http://kevindayhoffart.blogspot.com/http://www.kevindayhoffart.com/ New Bedford Herald: http://kbetrue.livejournal.com/ Twitter: https://twitter.com/kevindayhoff
Google profile: https://profiles.google.com/kevindayhoff/ “Each one should use whatever gift he has received to serve others, faithfully administering God’s grace in its various forms.” 1 Peter 4:10

Friday, November 06, 2009

Column on the Black and Decker Mfg Co sale to Stanley - in The Tentacle


Kevin E. Dayhoff Wednesday, November 4, 2009



Word spread quickly through Maryland early Monday evening that the Black and Decker Manufacturing Company is “merging” with The Stanley Works. Black and Decker employees were notified by email at 4:30 P.M. of the $4.5 billion all-stock acquisition of the venerable old Maryland manufacturer.

The tool manufacturer, whose world headquarters are located in Towson, has employed generations of workers at the Hampstead plant in Carroll County and in other facilities throughout Maryland - including various members of two generations of my family.

Black and Decker has always had a profound strong presence in Maryland simply by way of the fact that it was founded by two industrial engineers, S. Duncan Black and Alonzo G. Decker, with a $1,200 loan and $600 obtained from the sale of Mr. Black’s second-hand car, in September 1910, on Calvert Street in Baltimore….

Read the entire column here: http://www.thetentacle.com/ShowArticle.cfm?mydocid=3447 http://tinyurl.com/ygnvfs2

My other The Tentacle columns may be found here: http://tinyurl.com/y9uwcq2 or here: http://www.thetentacle.com/author.cfm?MyAuthor=41

The Saturday Evening Post 1925 advertisement: Black and Decker and “The Phantom of the Opera” Image credit: http://www.thephantomoftheopera-1925.com/

20091104 sdosmbrief Col on BD Mfg Co sale to Stanley in TT

Thursday, October 08, 2009

A new generation discovers Ayn Rand

Click here for a larger image: http://twitpic.com/kp463

And it could not happen a moment too late…

I’m researching a column with the above working title… "A new generation discovers Ayn Rand" Meanwhile…

“Is Rand Relevant?” By YARON BROOK WSJ MARCH 14, 2009 http://tinyurl.com/d7prj3

“Ayn Rand died more than a quarter of a century ago, yet her name appears regularly in discussions of our current economic turmoil. Pundits including Rush Limbaugh and Rick Santelli urge listeners to read her books, and her magnum opus, "Atlas Shrugged," is selling at a faster rate today than at any time during its 51-year history.

“There's a reason. In "Atlas," Rand tells the story of the U.S. economy crumbling under the weight of crushing government interventions and regulations. Meanwhile, blaming greed and the free market, Washington responds with more controls that only deepen the crisis. Sound familiar?”

More: “Is Rand Relevant?” By
YARON BROOK WSJ MARCH 14, 2009 http://tinyurl.com/d7prj3 Dr. Brook is president and executive director of the Ayn Rand Institute. http://online.wsj.com/article_email/SB123698976776126461-lMyQjAxMDI5MzE2ODkxODg5Wj.html 20090314 Atlas Shrugged Is Rand Relevant By Yaron Brook WSJ

The Fountainhead top ten quotes

1. “Never ask people about your work.” (p. 33)

This is the advice Roark gives Keating when asked whether Keating should accept a scholarship to the prominent Ecole des Beaux Arts or a job at the New York's most prestigious architectural firm.

2. "You're too good for what you want to do with yourself” (p. 62)

Henry Cameron tells Roark that he will suffer greatly because in spite of designing the most beautiful buildings, they will remain on paper and never be erected while he will watch mediocre others reap high commissions and glory because they are willing to copy the past.

3. “If I found a job, a project an idea or a person that I wanted-I'd have to depend on the whole world. Everything has strings leading to everything else. We're all so tied together. We're all in a net, the net is waiting and we're all pushed into it by one single desire.” (p. 143)

Dominique explains her fears of desiring anything or anyone to the editor of the Banner after she turns down a promotion which would advance her career. The independently wealthy Dominique doesn't desire a career.

4. “It was not necessary to wonder about the reasons. It was necessary only to hate, to hate blindly, to hate patiently, to hate without anger, only to hate and let nothing intervene, and not let oneself forget, ever” (p. 194)

Keating realizes the depth of his hatred for Howard Roark after Roark returns the check he wrote to keep him quiet about the Cosmo-Slotnick Building. Roark entreats Keating not to fear because he would be ashamed to have his name associated with such a mediocrity.

5. “There is not a person in New York City who should be allowed to live in this building.” (p. 287)

After Roger Enright escorts Dominique to the Enright House, she writes in her column that no one should be allowed to inhabit the building. However, this is a veiled comment. Dominique really considers it so perfect that it should not be corrupted by people who will harm it and not appreciate its grandeur.

6. “We're alone. Why don't you tell me what you think of me” (p. 389)

After four architects redesign the Stoddard Temple into a home for “Subnormal Children,” Roark finally goes to see his redesigned temple where he meets Toohey who has been waiting for him. Toohey asks him to tell him what he thinks of him but Roark just looks quizzically at him. He hasn't been thinking of Toohey at all while Toohey has proudly believed he has destroyed Roark's peace of mind. He slithers away, dejected.

7. “I'm a parasite. I've been a parasite all my life.” (p.575)

Keating honestly tells Roark about how he perceives himself and begs him to design the Cortlandt Homes project for him and to put the name Keating on it. Roark tells him he will design the project as long as Keating agrees that absolutely no changes will made. Keating's statement demonstrates deep introspection but not enough for him to change his basic personality. He is doomed.

8. “One can't put on an act like that-unless it's an act for oneself, and then there is no limit, no way out, no reality.” (p. 600)

Keating has made progress as an individual. He sees the full effect of Toohey's evil nature and mind control in the older Katie who has come to be enslaved by Toohey's philosophy of altruism and communalism.

9. “It's I who have destroyed you, by helping you.” (p. 611)

Peter Keating explains to Howard Roark that things got away from him and two other architects ruined the Cortlandt building by making disfiguring additions. He takes responsibility but Roark says it was not Keating who destroyed Roark but Roark who destroyed Keating when he helped him by anonymously designing buildings under Keating's name for the satisfaction of seeing them constructed.

10. “We don't want any great men? I shall rule.” (p. 635)

In his lengthy monologue in Keating's apartment, Toohey finally confesses his intentions. He wants power and in this effort attempts to make people into selfless beings, who in addition to altruism and excessive guilt forget how to be happy themselves. Since great people don't buy into this philosophy and thus obstruct his path to complete power and domination, he wishes to eliminate them.


Source: http://www.novelguide.com/TheFountainhead/toptenquotes.html 20080123 The Fountainhead top ten quotes

20091007 nd ayn rand2
Art Library Rand Ayn, Art Library writer profiles, Business Economics, Quotes,
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Kevin Dayhoff Soundtrack: http://www.kevindayhoff.net/ Kevin Dayhoff Art: http://www.kevindayhoffart.com/ Kevin Dayhoff Westminster: http://www.westgov.net/ Twitter: https://twitter.com/kevindayhoff Twitpic: http://twitpic.com/photos/kevindayhoff Kevin Dayhoff's The New Bedford Herald: http://kbetrue.livejournal.com/

Jay Hancock financial columnist for The Baltimore Sun

Click here for a larger image: http://twitpic.com/kp32s

Jay Hancock has been a financial columnist for The Baltimore Sun since 2001. He has also been The Baltimore Sun's diplomatic correspondent in Washington and its chief economics writer.

Before moving to Baltimore in 1994 he worked for The Virginian-Pilot of Norfolk and The Daily Press of Newport News.

His blog may be found here: http://weblogs.baltimoresun.com/business/hancock/blog/ http://tinyurl.com/yargqu2

His columns appear Wednesdays and Fridays.

Recent posts:

Job-creation tax proposal could hurt hiring

Happy Birthday, Mr. Shattuck

Finally, the secret of stock markets, revealed

Nobel panel to labs: More ideas like these, please

Natural gas savings will beat BGE's 25% estimate

Apple dumps chamber over greenhouse gases

Will EDF's new boss kill the Constellation deal?

Patriotism, the last refuge...

Are you smarter than a subprime mortgage client?

Whose bonds to buy? NYC's or PG County's?

20091007 Jay Hancock

Art Library writer profiles, Business Economics, Journalists, Journalists Hancock Jay, Journalists profiles

http://kevindayhoff.blogspot.com/2009/10/jay-hancock-financial-columnist-for.html http://tinyurl.com/ycslhje

http://twitpic.com/kp32s Jay Hancock financial columnist for http://tinyurl.com/yargqu2 The Baltimore Sun http://tinyurl.com/ycslhje

http://kevindayhoff.tumblr.com/post/207419404/http-twitpic-com-kp32s-jay-hancock-financial
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Kevin Dayhoff Soundtrack: http://www.kevindayhoff.net/ Kevin Dayhoff Art: http://www.kevindayhoffart.com/ Kevin Dayhoff Westminster: http://www.westgov.net/ Twitter: https://twitter.com/kevindayhoff Twitpic: http://twitpic.com/photos/kevindayhoff Kevin Dayhoff's The New Bedford Herald: http://kbetrue.livejournal.com/

Friday, February 27, 2009

NPR Belt Tightening Leads To Artistic Expansion

NPR Belt Tightening Leads To Artistic Expansion

February 27, 2009 NPR· Tough times can often be a springboard for creativity. When no one's job is safe, no one's house is secure and no one knows exactly what to do about it, artists get to work — and start pushing boundaries.

Real Windows MP3

Morning Edition Homepage
Morning Edition Archives
About Morning Edition
Contact Morning Edition

Coming Up:
A visit to a place where the typewriter is alive and clacking, Monday on NPR's
Morning Edition.

20090227 NPR Belt Tightening Leads To Artistic Expansion
Kevin Dayhoff www.kevindayhoff.net http://kevindayhoff.blogspot.com/
Kevin Dayhoff Art http://kevindayhoffart.blogspot.com/

Wednesday, November 12, 2008

Irate Congressman Demands Resignation of AIG CEO


Irate Congressman Demands Resignation of AIG CEO

Rep. Elijah Cummings: Latest "Junket" Violates AIG Pledge

By JOSEPH RHEE November 11, 2008—

A leading critic of AIG today demanded the company's CEO resign in the wake of the disclosure of yet another "junket" at a resort spa. In a letter to AIG's CEO Edward Liddy, Congressman Elijah Cummings (D-Md.) said the decision to hold an event for independent financial advisors last week at a luxury Phoenix resort was "outrageous" given an earlier pledge by Liddy to curtail such events.

Cummings wrote that AIG can begin to restore its trust with Congress "by accepting your resignation from the positions of chairman and chief executive officer."

Reporters for abc15.com (KNXV) caught top AIG executives on hidden camera at a secretive gathering last week at the luxurious Pointe Hilton Squaw Peak Resort in Phoenix. AIG instructed the hotel to make sure no company logos and signs were seen on the property, according to a company spokesman.

Click here to see the full KNXV report.

In his letter, Cummings questioned how the Phoenix event could have taken place given Liddy's earlier assurances that "not one cent of taxpayer dollars" would by used to pay for such events. The decision to hold the event while AIG was asking for billions of dollars more in federal loans was "even more shocking", wrote Cummings.

[…]

Click here to read letter.

[…]

Click here to read AIG's full response.

Cummings asked Liddy to provide him with details on who the sponsors were and how much money they were providing, as well as an itemized list of expenses incurred by AIG. Cummings also requested a list of each of the
160 planned events that AIG said it had cancelled on or after October 30.

[…]


Read the entire article here: Irate Congressman Demands Resignation of AIG CEO

http://www.abcnews.go.com/Blotter/WallStreet/story?id=6230818&page=1

20081111 Irate Congressman Demands Resignation of AIG CEO

Sunday, November 09, 2008

A Look at Maryland Economic Issues by Barbara Paulsen




A Look at Maryland Economic Issues by Barbara Paulsen

November 3, 2008



Webmaster’s note: Maryland continues to lose jobs in the private sector because of the state’s well-deserved reputation for being anti-business and tax-hell. Moreover, folks are leaving the state in a tax-flight that shows no abatement in the foreseeable future.

However the article skirts this economic dynamic ever so euphemistically.

It says: “The manufacturing sector, however, continues to disappoint and accounts for increasingly fewer jobs as it continues to shrink. While the loss of these jobs has slowed in the past three years, it remains the biggest economic drag on the state's economy. Maryland is trying to shift from labor-based manufacturing jobs to more science and knowledge-based jobs. But attempts to lure large international corporations have been hurt by the high cost of doing business in the state.

“… For several consecutive years more people have moved out of Maryland than moved in, largely because of people searching for cheaper housing.”

Kevin Dayhoff





Unlike many states, Maryland has historically had a relatively robust and diversified economy that allows it to maintain healthy growth. But the future of Maryland's economy, like that of the nation, is uncertain.

Underpinning its economic diversity is a highly educated workforce — one of the nation's highest ratios of Ph.D. holders — and virtually full employment. There are a large number of well-paying jobs in government, health care and education. The unemployment rate was just 3.6 percent last year, among the nation's lowest. And Maryland ranks fifth in personal income in the nation.

The federal government acts as a stabilizing force in Maryland's economy. "Maryland is blessed by its geography," said Daraius Irani, director of the Regional Economic Studies Institute at Towson University outside Baltimore.

[…]

The manufacturing sector, however, continues to disappoint and accounts for increasingly fewer jobs as it continues to shrink. While the loss of these jobs has slowed in the past three years, it remains the biggest economic drag on the state's economy. Maryland is trying to shift from labor-based manufacturing jobs to more science and knowledge-based jobs. But attempts to lure large international corporations have been hurt by the high cost of doing business in the state.

Housing prices in Maryland are expected to drop more than 10 percent in the next year, slightly less that the national average. For several consecutive years more people have moved out of Maryland than moved in, largely because of people searching for cheaper housing.


Read the entire article here: A Look at Maryland Economic Issues by Barbara Paulsen

http://abcnews.go.com/Business/Economy/story?id=4804449

20081103 A Look at Maryland Economic Issues by Barbara Paulsen

Recession Nation: 49 States at Risk By Scott Mayerowitz


Recession Nation: 49 States at Risk By Scott Mayerowitz

ABC NEWS Business Unit Nov. 3, 2008—


Hat Tip: B5 who lives in Alaska. He suggested that I “Check out this article and then tell me why you aren't considering moving to this great (Republican) State.”

In March, Five States Were in Recession; Now There Are 30, With 19 More at Risk

No state is immune from falling into a recession, except for one: oil-rich Alaska.

What started out as a housing problem in a few states has now exploded into a full-fledged recession, with a majority of states now in or dangerously close to recession.

At the end of September, 30 states were in recession, according to
Moody's Economy.com. Back in March, only five states were in recession: Arizona, California, Florida, Michigan and Nevada.

[…]

The just leaves one part of the country -- Alaska -- with a still-expanding economy. (The District of Columbia, with its government and government-related jobs, also still has an expanding economy.)

"There's no way around the map. It says the nation is in recession. The recession is coast to coast," Mark Zandi, chief economist and co-founder of Moody's Economy.com told ABC News recently. "One of the unique features of this downturn is how broad-based it is, regionally."

What happened between March and today?

"The job market has eroded measurably and industrial production has weakened sharply in the last couple of months. Those are the two key things. The other thing is that retail sales have also sharply weakened," Zandi said.

The one bright side is part of the middle of the country. Agriculture and energy are still strong and providing jobs.

[…]

"The exception is the part of the country between the Mississippi River and the Rockies, which is still doing pretty well," he said. "High farm prices are good if you are in Iowa. High oil prices are good if you are in Houston."

Peter Morici, an economics professor at the University of Maryland, said a decline in manufacturing is really hurting the Rust Belt. That said, the economy still is very regional and industry-specific.

[…]

"The state governments are an exercise in irresponsibility. Through the property boom, they enjoyed the increase in people's assessments," Morici said. "They are just not structured to handle the cynical movements in their revenue the way they should be.

"Just like companies, municipalities can behave irresponsibly in good times, not shore up any money for bad times and then go crying to the federal government when they need cash," he added.

Read the entire article here: Recession Nation: 49 States at Risk

ABC News Internet Ventures

http://abcnews.go.com/Business/Economy/story?id=6158877&page=1

20081103
Recession Nation: 49 States at Risk By Scott Mayerowitz

Friday, October 10, 2008

Chairman Ben S. Bernanke At the National Association for Business Economics 50th Annual Meeting, Washington, D.C.

Chairman Ben S. Bernanke At the National Association for Business Economics 50th Annual Meeting, Washington, D.C.

Related: Speech - Chairman Ben S. Bernanke At the Federal Reserve Bank of Chicago’s 43rd Annual Conference on Bank Structure and Competition, Chicago, Illinois

October 7, 2008

Current Economic and Financial Conditions

http://www.federalreserve.gov/newsevents/speech/bernanke20081007a.htm

Good afternoon. I am pleased to have once again the opportunity to address the National Association for Business Economics. My remarks today will focus on recent developments in the financial sector and the economy and on the challenges we face.

As you know, financial systems in the United States and in much of the rest of the world are under extraordinary stress, particularly the credit and money markets. The losses suffered by many banks and nonbank financial firms have both constrained their ability to lend and reduced the willingness of other market participants to deal with them. Great uncertainty about the values of financial assets, particularly more complex and opaque assets, has made investors extremely reluctant to bear credit risk, resulting in further declines in asset prices and a drying up of liquidity in a number of funding markets. Even secured funding has become expensive and difficult to obtain, as lenders worry about their ability to sell collateral in illiquid markets in the event of default. In addition, many securitization markets, such as the secondary market for private-label mortgage-backed securities, remain closed or impaired.

Considerable experience in both industrialized and emerging economies has shown that severe financial instability, together with the associated declines in asset prices and disruptions in credit markets, can take a heavy toll on the broader economy if left unchecked. For this reason, the Federal Reserve, the Treasury, and other agencies are committed to restoring market stability and are working assiduously to ensure that the financial system is able to perform its critical economic functions. Recent actions by the Congress have given the Treasury new tools and resources to address the stressed conditions of our financial markets and institutions. The Federal Reserve has also been granted a new authority, the ability to pay interest on bank reserves, which will allow us to expand our lending as needed to support the system while better managing the federal funds rate. These tools will provide important additional support for the government's efforts to strengthen financial markets and the economy.

Let me briefly review recent financial developments. On the heels of nearly a year of stress in credit markets, investors' and creditors' concerns about funding and credit risks at financial firms intensified over the summer as mortgage-related assets deteriorated further, economic growth slowed, and uncertainty about the economic outlook increased. As investors and creditors lost confidence in the ability of certain firms to meet their obligations, their access to capital markets as well as to short-term funding markets became increasingly impaired and their stock prices fell sharply. Among the companies that experienced this dynamic most forcefully were the government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac; the investment bank Lehman Brothers; and the insurance company American International Group (AIG).

The Federal Reserve believes that, whenever possible, such difficulties should be addressed through private-sector arrangements--for example, by raising new equity capital, as many firms have done, by negotiations leading to a merger or acquisition, or by an orderly wind-down. Government assistance should be provided with the greatest reluctance and only when the stability of the financial system, and thus the health of the broader economy, is at risk. In those cases when financial stability is threatened, however, intervention to protect the public interest may well be justified.

Fannie Mae and Freddie Mac present cases in point. The Federal Reserve had long warned about the systemic risks posed by these companies' large portfolios of mortgages and mortgage-backed securities, as well as the problems arising from the conflict between shareholders' objectives and the government's goals for the two firms. Given the scale of losses in their portfolios, raising enough new capital from private investors was infeasible. The firms' size and their government-sponsored status precluded a merger with, or acquisition by, another company. To avoid unacceptably large dislocations in the mortgage markets, the financial sector, and the economy as a whole, the Federal Housing Finance Agency (FHFA) put Fannie and Freddie into conservatorship and the Treasury, drawing on authorities recently granted by the Congress, made financial support available. The Federal Reserve, acting in a consultative role, worked closely with FHFA in evaluating the GSE portfolios and capital positions. Based on the joint findings of the agencies, we supported FHFA's decision to place the companies into conservatorship as necessary and appropriate, given their conditions and systemic importance. The government's actions appear to have stabilized the GSEs, although like virtually all other firms they are experiencing effects of the current crisis. Nonetheless, we already have seen benefits of their stabilization in the form of lower mortgage rates, which should help the housing market.

The difficulties at Lehman and AIG raised somewhat different issues. Like the GSEs, both companies were large and complex and deeply embedded in our financial system. In both cases, as the firms approached default, the Treasury and the Federal Reserve sought private-sector solutions, but none was forthcoming. Attempts to organize a consortium of private firms to purchase or recapitalize Lehman were unsuccessful. With respect to public-sector solutions, we determined that either facilitating a sale of Lehman or maintaining the company as a free-standing entity would have required a very sizable injection of public funds--much larger than in the case of Bear Stearns--and would have involved the assumption by taxpayers of billions of dollars of expected losses. Even if assuming these costs could be justified on public policy grounds, neither the Treasury nor the Federal Reserve had the authority to commit public money in that way; in particular, the Federal Reserve's loans must be sufficiently secured to provide reasonable assurance that the loan will be fully repaid. Such collateral was not available in this case. Recognizing that Lehman's potential failure posed risks to market functioning, the Federal Reserve sought to cushion the effects by implementing a number of measures, including substantially broadening the collateral accepted by the Fed's Primary Dealer Credit Facility (PDCF) and Term Securities Lending Facility (TSLF) to ensure that the remaining primary dealers would have uninterrupted access to funding.

In the case of AIG, the Federal Reserve and the Treasury judged that a disorderly failure of AIG would have severely threatened global financial stability and the performance of the U.S. economy. That judgment reflected our assessment of prevailing market conditions, AIG's central role in a number of markets other firms use to manage risks, and the size and composition of AIG's balance sheet. To avoid the default of AIG, the Federal Reserve was able to provide emergency credit that was judged to be adequately secured by the assets of the company. To protect U.S. taxpayers and to mitigate the possibility that lending to AIG would encourage inappropriate risk-taking by financial firms in the future, the Federal Reserve further ensured that the terms of the credit extended to AIG imposed significant costs and constraints on the firm's owners, managers, and creditors.

AIG's difficulties and Lehman's failure, along with growing concerns about the U.S. housing sector and economy, contributed to extraordinarily turbulent conditions in global financial markets in recent weeks. Equity prices have fallen sharply, the cost of short-term credit, where such credit has been available, has spiked, and liquidity has dried up in many markets. One money market fund's losses forced it to "break the buck"--that is, the value of its assets fell below par--an event that triggered extensive withdrawals from a number of money market funds. Those funds responded to the surge in redemptions by attempting to reduce their holdings of commercial paper and large certificates of deposit issued by banks. Some firms that could not roll over maturing commercial paper drew on back-up lines of credit with banks just as the banks were finding it even more difficult to raise cash in the money markets. At the same time, a marked increase in the demand for safe assets--a flight to quality and liquidity--resulted in a further drop in the value of mortgage-related assets and sent the yield on Treasury bills down to a few hundredths of a percent.

Developments during the summer pressured not only nonbank financial firms, but also a number of depository institutions, including Washington Mutual (WaMu) and Wachovia. In recent weeks, these two institutions suffered deposit outflows and reduced access to wholesale funding. The Office of Thrift Supervision, WaMu's regulator, closed that company and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver; the FDIC immediately sold the institution to JPMorgan Chase. In the case of Wachovia, to avoid serious adverse effects on economic conditions and financial stability, the Secretary of the Treasury, in consultation with the President and on the recommendation of the Federal Reserve and FDIC, authorized the FDIC to use its funds to facilitate the sale of that company's banking operations without loss to creditors. Both Citicorp and Wells Fargo have offered to buy the company and negotiations are continuing. Most importantly, however, in either case all depositors and creditors of Wachovia are fully protected, and depositors and other customers will experience no interruption in banking services.

By potentially restricting future flows of credit to households and businesses, the developments in financial markets pose a significant threat to economic growth. The Treasury and the Fed have taken a range of actions to address the very tight funding conditions that now prevail. For example, the Treasury implemented a temporary guarantee program for balances held in money market mutual funds, helping to stem the outflows from these funds and thus reducing their need to sell assets into already distressed markets. The Federal Reserve has taken a number of steps, including putting in place a temporary lending facility that provides financing for banks to purchase high-quality asset-backed commercial paper from money market funds. The Fed has also significantly increased the quantity of funds it auctions to banks and has accommodated heightened demands for funding from banks and primary dealers; as of last Wednesday, our various lending facilities, including our securities lending program, were providing more than $800 billion of liquidity to the financial system. To address dollar funding pressures worldwide, we have significantly expanded reciprocal currency arrangements (so-called swap agreements) with foreign central banks. These agreements enable the foreign central banks to provide dollar funding to financial institutions in their jurisdictions, which helps to improve the functioning of dollar funding markets globally. In addition, this morning the Federal Reserve announced a new facility that will help provide liquidity to term funding markets by purchasing three-month commercial paper and asset-backed commercial paper directly from eligible issuers.

The expansion of Federal Reserve lending is helping financial firms cope with reduced access to their usual sources of funding. Recently, however, our liquidity provision had begun to run ahead of our ability to absorb excess reserves held by the banking system, leading the effective funds rate, on many days, to fall below the target set by the Federal Open Market Committee. This problem has largely been addressed by a provision of the legislation the Congress passed last week, which gives the Federal Reserve the authority to pay interest on balances that depository institutions hold in their accounts at the Federal Reserve Banks. The Federal Reserve announced yesterday that it will pay interest on required reserve balances at 10 basis points below the target federal funds rate, and pay interest on excess reserves, initially at 75 basis points below the target. Paying interest on reserves should allow us to better control the federal funds rate, as banks are unlikely to lend overnight balances at a rate lower than they can receive from the Fed; thus, the payment of interest on reserves should set a floor for the funds rate over the day. With this step, our lending facilities may be more easily expanded as necessary. So long as financial conditions warrant, we will continue to look for ways to reduce funding pressures in key markets.

Economic activity had shown signs of decelerating even before the recent upsurge in financial-market tensions. As has been the case for some time, the housing market continues to be a primary source of weakness in the real economy as well as in the financial markets. However, the slowdown in economic activity has spread outside the housing sector. Private payrolls have continued to contract, and the declines in employment, together with earlier increases in food and energy prices, have eroded the purchasing power of households. This sluggishness of real incomes, together with tighter credit and declining household wealth, is now showing through more clearly to consumer spending. Indeed, since May, real consumer outlays have contracted significantly. Meanwhile, in the business sector, worsening sales prospects and a heightened sense of uncertainty have begun to weigh more heavily on investment spending as well.

The intensification of financial turmoil and the further impairment of the functioning of credit markets seem likely to increase the restraint on economic activity in the period ahead. Even households with good credit histories are now facing difficulties obtaining mortgage loans or home equity lines of credit. Banks are also reducing credit card limits, and denial rates on automobile loan applications reportedly are rising. Businesses, too, are confronting diminished access to credit. For example, disruptions in the commercial paper market and tightening of bank lending standards have made it more difficult for businesses to obtain the working capital they need to meet everyday operating expenses such as payrolls and inventories.

All told, economic activity is likely to be subdued during the remainder of this year and into next year. The heightened financial turmoil that we have experienced of late may well lengthen the period of weak economic performance and further increase the risks to growth. To support growth and reduce the downside risks, continued efforts to stabilize the financial markets are essential. The Federal Reserve will continue to use the tools at its disposal to improve market functioning and liquidity.

Inflation has been elevated, reflecting the steep increases in the prices of oil, other commodities, and imports that occurred earlier this year, as well as some pass-through by firms to consumers of their higher costs of production. However, more recently, the prices of oil and other commodities, while remaining quite volatile, have fallen from their peaks, and prices of imports show signs of decelerating. In addition, expected inflation, as measured by consumer surveys and inflation-indexed Treasury securities, has held steady or eased. These recent developments, together with economic activity that is likely to fall short of potential for a time, should lead to rates of inflation more consistent with price stability. Still, the inflation outlook remains highly uncertain, in part because of the extraordinary volatility of commodity prices. We will need to continue to monitor price developments closely.

Overall, the combination of the incoming data and recent financial developments suggests that the outlook for economic growth has worsened and that the downside risks to growth have increased. At the same time, the outlook for inflation has improved somewhat, though it remains uncertain. In light of these developments, the Federal Reserve will need to consider whether the current stance of policy remains appropriate.

The intensification of the financial crisis in recent weeks made clear that a more powerful and comprehensive approach involving the fiscal authorities was needed to solve these problems. On that basis, the Secretary of the Treasury, with the support of the Federal Reserve, went to the Congress to ask for a substantial program aimed at stabilizing our financial markets. As you know, last week the Congress passed and the President signed the Emergency Economic Stabilization Act. This legislation provides important new tools for addressing the distress in financial markets and thus mitigating the risks to the economy. The act adds broad, flexible authorities to buy troubled assets, to provide guarantees, and to directly strengthen the balance sheets of individual institutions. Notably, the legislation establishes a new Troubled Asset Relief Program, or TARP, under which the Treasury is authorized to purchase as much as $700billion of troubled mortgages, mortgage-related securities, and other financial instruments from financial firms that are regulated under U.S. law and have significant operations in the United States. The act also raises the limit on deposit insurance at banks and credit unions from $100,000 to $250,000 per account, a step that should reinforce depositors' confidence in the security of their funds and thus help to stabilize depository institutions. And, as I mentioned, the act provides the Federal Reserve the authority to pay interest on reserves, which will allow us to better manage the federal funds rate as we provide liquidity to the markets. We will begin exercising that authority this week.

The TARP's purchases of illiquid assets from banks and other financial institutions will create liquidity and promote price discovery in the markets for these assets. This in turn will reduce investor uncertainty about the current value and prospects of financial institutions, enabling banks and other institutions to raise capital and increasing the willingness of counterparties to engage. More generally, increased liquidity and transparency in pricing will help to restore confidence in our financial markets and promote more normal functioning. With time, strengthening our financial institutions and markets will allow credit to begin flowing again, supporting economic growth.

The interests of taxpayers are carefully protected under this program. First, the Congress has required extensive controls and oversight to ensure that the allotted funds are used appropriately and effectively. Second, the $700 billion allocated by the legislation is not an authorization to spend but rather an authorization to purchase financial assets. The Treasury will be a patient investor and will likely hold these assets for an appreciable period of time. Eventually, however, some assets will mature, and the Treasury will choose to sell others to private investors. Financially, in the long run, the taxpayer may come out either ahead or behind in this process; in light of the many uncertainties, no assurances can be given. But the ultimate cost of the program to the taxpayer will certainly be far less than $700 billion. Third, and most important, restoring the normal flow of credit is essential for economic recovery. If the TARP promotes financial stability, leading ultimately to stronger economic growth and job creation, it will have proved a very good investment indeed, to everyone's benefit.

To be sure, there are many challenges associated with the design and implementation of the TARP, including determining which assets will be purchased and how prices will be determined. The Treasury, with the advice and cooperation of the Federal Reserve, is working to address these challenges as quickly as possible. It is unlikely that a single method will be used for acquiring assets; inevitably, some experimentation will be necessary to determine which approaches are most effective. Importantly, the legislation that created the TARP does provide sufficient flexibility to allow for different approaches to solving the problem--subject, of course, to the close oversight that will ensure that the program's funds are used in ways that are in the interest of taxpayers.

These are momentous steps, but they are being taken to address a problem of historic dimensions. In one respect, however, we are fortunate. We have learned from historical experience with severe financial crises that if government intervention comes only at a point at which many or most financial institutions are insolvent or nearly so, the costs of restoring the system are greatly increased. This is not the situation we face today. The Congress and the Administration chose to act at a moment of great stress, but one at which the great majority of financial institutions have sufficient capital and liquidity to return to their critical function of providing new credit for our economy. The steps being taken now to restore confidence in our institutions and markets will go far to resolving the current dislocations in the markets. I believe that the bold actions taken by the Congress, the Treasury, the Federal Reserve, and other agencies, together with the natural recuperative powers of the financial markets, will lay the groundwork for financial and economic recovery.

Friday, July 25, 2008

Parents Can Help Ease the Burden By Mara Lee Special to The Washington Post Saturday

Parents Can Help Ease the Burden By Mara Lee Special to The Washington Post Saturday

See also:
20080719 Mom's House, Your Responsibility by Mara Lee, Special to The Washington Post

http://kevindayhoff.blogspot.com/2008/07/moms-house-your-responsibility-by-mara.html

Related:
Business and Economics, Business and Economics Wills and Estates, Children Parenting and Intergenerational studies, Real Estate, Real Estate property management

By Mara Lee Special to The Washington Post Saturday, July 19, 2008; F02

There are things parents can do to make it easier for their children to handle their affairs after they die or if they should become unable to manage them.

Most important: Tell them where everything is. Where's your will? Where do you have bank accounts, stock holdings or safety deposit boxes? Where are those statements? Where are your tax records? Your utility bills?


Read the rest here:
Parents Can Help Ease the Burden