California Forgoes Insurance On Municipal Bonds

In an interesting twist, California sells $1 Billion of State bonds Forgoing Insurance.

California, the largest borrower in the U.S. municipal market, sold $1 billion of general obligation bonds without insurance, joining a growing number of issuers questioning the value of buying such coverage.

California joins New York City, Tallahassee and other state and local governments in re-evaluating the benefits of AAA bond insurance -- applied to almost half of all municipal bonds to lift their ratings, ease trading and guard against default. Credit-rating services are reviewing the insurers following their backing of debt linked to defaulted home loans.

"The premium to be realized from bringing a deal insured has widened out enough that a lot of these issuers are just saying, `Let's go uninsured,' if nothing else than just to test the waters," said Evan Rourke, a municipal portfolio manager at M.D. Sass Associates in New York.
A quarter of the $11.1 billion in California general obligation bonds issued so far this year carried policies guaranteeing timely payment of interest and principal from various companies, including MBIA Inc. and FGIC Corp.

Insurance Value

"We are buying a triple-A rating with insurance, and given the current situation, we have to wonder, are we really getting that value?" said Tom Dresslar, Lockyer's spokesman.

Three weeks ago, Tallahassee, Florida's capital, sold $154 million of sewer bonds uninsured, scrapping plans to buy Ambac's backing for the deal. New York City is planning to forgo buying insurance in a $100 million of variable-rate bond offering as soon as next week.

Well so much for the idea that Ambac (ABK) and MBIA (MBI) will raise rates to dig themselves out of the hole they are in. Given that their "guarantees" are essentially worthless, why should anyone bother with insurance? That seems to be what a number of states have decided.

Ambac and and MBIA executives said "they could slow new business or issue debt to meet new ratings agency requirements". See Will Ambac and MBIA Survive? for further discussion.

But it looks like business is slowing already and I doubt that is a good sign for either company. As for issuing debt, who would want it in this environment? If anyone did what would the price be?

Ambac and MBIA as well as financials in general rallied big today as if the bailout proposal by Paulson, the administration and various lenders will accomplish anything. But as I said in "temporary" mortgage freeze is doomed, that bailout plan will have negative benefits and is doomed from the start.

Mike Shedlock / Mish
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

"temporary" mortgage freeze is doomed

The Bush Administration is proposing a "temporary" freeze on interest rates in the latest misguided government intrusion into private business activity.

The Bush administration and major financial institutions are close to agreeing on a plan that would temporarily freeze interest rates on certain troubled subprime home loans, according to people familiar with the negotiations.

The plan is being negotiated between regulators including the Treasury Department and a coalition of mortgage-related companies including Citigroup Inc., Wells Fargo & Co., Washington Mutual Inc. and Countrywide Financial Corp. People familiar with the talks say the individual members have agreed to follow any agreement reached by the coalition, which is called the Hope Now Alliance.

Mr. Paulson, who is philosophically opposed to federal meddling in markets, at first rejected a sweeping approach to loan modifications when the idea was floated by Federal Deposit Insurance Corp. Chairwoman Sheila Bair. But he shifted his position recently. He told The Wall Street Journal last week that it would be impossible to "process the number of workouts and modifications that are going to be necessary doing it just sort of one-off."

Mr. Paulson had it right the first time. Even if is theoretically possible for such meddling to work, history shows that government meddling always makes things worse in actual practice. Also remember that the lion's share of the blame for this mess goes to the Fed and Congress. With that in mind, the likelihood that this bailout proposal actually makes anything better is infinitesimal.

Details are Sketchy

• The government and the coalition have largely agreed to extend the lower introductory rate on home loans for certain borrowers who will have trouble making payments once their mortgages increase.
• Exactly which borrowers will qualify for the freeze and how long the freeze would last are yet to be determined.
• Under one scenario, the freeze could run as long as seven years. The parties are developing standard criteria that would determine eligibility. The criteria should be finalized by the end of year.
• Treasury officials say financial institutions are likely to set criteria that divide subprime borrowers into three groups: those who can continue to make their payments even if rates rise, those who can't afford their mortgages even if rates stay steady, and those who could keep their homes if the maturity date of their mortgages were extended or the interest rates remained at the teaser rates. Only the third group would be eligible for help.

So now the lenders all get together and decide who can afford to pay what. I have a counter proposal. Why don't grocery stores all get together and decide how much customers can afford to pay for a loaf of bread? Seriously, that is what is being discussed here.

But let's get one thing straight right up front. This has nothing whatsoever to do with "saving people's homes". This is about saving financial institutions from collapse. And the plan will fail. It rewards those who cannot afford to pay. The details are not in yet but I suspect one measure of the ability to pay will be whether or not one is current on their loans.

Anyone who wants a freeze should stop paying their mortgage now. It's clear that lending institutions do not want those homes back. This is best explained by example, and the best example is on Calculated Risk's blog in Florida REO: Priced Below 2002 New Home Price.

That in a nutshell is why we have this panic proposal from Bernanke, the Treasury Department and a coalition of mortgage-related companies including Citigroup Inc. (C), Wells Fargo & Co. (WFC), Washington Mutual Inc. (WM) and Countrywide Financial Corp (CFC).

Lending institutions are in a panic about the possibility of taking on more REOs. (Real Estate Owned, in this case by foreclosure).

I am not opposed to the free market working out these kinds of solutions, but the free market would not have come up with this solution. That in and of itself is another reason it will fail. In fact, had we not had a Fed lowering interest rates to 1% to foster this credit bubble, the bubble would never have gotten this big in the first place.

How those collective minds think this plan will work is beyond me. Here are three simple reasons the plan will fail:

• This plan will encourage those on the edge to fall behind just to get a freeze.
  
• This plan will foster resentment from those not being bailed out.
• This plan is a transparent attempt to make people debt slaves forever.

Point number three above is really what this misguided plan is all about. It will fail because it is in the best interest of those underwater on their loans to make it fail. People are going to understand they are way upside down on their home loans, and those people along with everyone who resents others being bailed out will have every reason in the world to walk away. So walk away they will. Book it.

Mike Shedlock / Mish
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Freeze Is On In Florida

On Wednesday in Florida School Fund Faces Bankruptcy Over ABCP I made a prediction: "The State of Florida will freeze withdrawals and come up with a hokey plan to fix things just as happened with ABCP in Canada."

So it was no shock that on Thursday Florida Halts Withdrawals From Local Investment Fund.

Florida officials voted to suspend withdrawals from an investment fund for schools and local governments after redemptions sparked by downgrades of debt held in the portfolio reduced assets by 44 percent.

The Local Government Investment Pool had $3.5 billion of withdrawals today alone, putting assets at $15 billion, said Coleman Stipanovich, executive director of the State Board of Administration, which manages the fund along with other short- term investments and the state's $137 billion pension fund.

"If we don't do something quickly, we're not going to have an investment pool," Stipanovich said at the meeting in the state capitol in Tallahassee. The fund was the largest of its kind, managing $27 billion before this month's withdrawals.

My Comment: You already don't have an investment pool. What you have is frozen toxic waste. Freezing toxic waste does not make it any less toxic. Furthermore, and as a friend emailed me today "there's no reason to keep an investment pool aside from a bunch of bureaucrats wanting to preserve their sinecures".

"The people who withdrew were right to withdraw," said Joseph Mason, finance professor at Drexel University in Philadelphia and a former economist at the U.S. Treasury Department.

"The people who trusted in the good faith of the pool's management were burned. This is a severe blow if not a death knell to the concept of state-run investment pools."

My Comment" Every one of these managers thought they were geniuses for eking out an extra .1-.2% annually. All of that has now been given back and then some.

The board met today to consider ways to shore up the fund, including obtaining credit protection for $1.5 billion of downgraded and defaulted holdings hurt by the subprime market collapse.

My Comment: It's far too late to be thinking about credit protection. For starters it's amazingly expensive now (it was cheap 8 months ago) but the second problem is you cannot trust the protection you will get.

Stipanovich raised the possibility of having the state pension fund shoulder the risk of some of the troubled securities with a credit-default swap, through which the retirement fund would guarantee the debt in exchange for an insurance premium.

"It will be a wonderful diversifier," Stipanovich said.

My Comment: It will not diversify anything. It will rob Peter to pay Paul. What kind of diversification is that?

The trustees discussed an exemption to the suspension in withdrawals that would allow cities and schools to take money from the pool to pay employees; it was rejected.

"It's not set up to pay payroll," Crist said.

Because the trustees' decision to freeze withdrawals was an oral vote, not based on approving a written document, it is possible exceptions will be made to allow municipalities to meet their payrolls, said State Board of Administration spokesman Mike McCauley.

My Comment: These conversations get loonier and loonier. I predicted "hokey". I have to take that back already. It's loony. They were actually discussing freezing the plan but making payroll payments from it based on a distinction between a written document and an oral vote. Would anyone but a bureaucrat desperate to shield himself from blame concoct such a strategy? Sheeesh.

Here are three simple questions: Don't you have to sell something to make payments? Can you sell something if it's frozen? Does it make any difference if the vote is oral vs. written?

Paychecks Threatened

Hal Wilson, chief financial officer for the school district in Jefferson County, located 30 miles (42 kilometers) east of Tallahassee, said he had decided not to pull the district's $2.7 million from the fund. He said he relied on assurances from the state board that the money would be secure for his 1,559-student school system, with 220 employees.

"I might not be able to pay our employees tomorrow," he said, referring to his $850,000 payroll. "I am sure that those money managers who withdrew all their funds are feeling really smug right now, thinking they did the right thing. But it left the rest of us holding the bag."

My Comment: Hal, you clearly forgot the first rule of panic: If you are going to panic, do so before everyone else does. In this case it probably is not even panic we are talking about. Rather it's ability to smell a rat.

The pool was created in 1982 to provide higher short-term returns for local schools and governments than were available at banks. Today, Crist suggested the pool's time may have passed.

My Comment: The time to stop chasing yield has long passed. Please consider GE's "enhanced" cash fund breaks the buck. "GE made an extra .1%+- or so for three years (.3%+- total) and now have given back 4% in one fell swoop." The situation in Florida looks far more serious.

Local Government Return Pools


click on chart for crisper image

The above chart is thanks to SBA Florida Investing for Florida's Future.

That chart was the pride and envy of the nation. I now wonder how many other plans got sucked into similar strategies.

Those left in the fund are going to bear the brunt of the losses. However, those losses are not possible to calculate at this time. The sad fact is there simply is no market for a lot of the junk remaining in the fund.

Mike Shedlock / Mish
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Lenders Rapidly Tighten Credit

While everyone is focused on what the Fed will or won't do on December 11, a far more significant event is happening right now: Lenders are Rapidly Tightening the Flow of Credit.

Credit flowing to American companies is drying up at a pace not seen in decades, threatening the creation of jobs and the expansion of businesses, while intensifying worries that the economy may be headed for recession.

The combined value of two leading sources of credit � outstanding commercial and industrial bank loans, and short-term loans known as commercial paper � peaked at about $3.3 trillion in August, according to data from the Federal Reserve. By mid-November, such credit was down to $3 trillion, a drop of nearly 9 percent.

Not once in the years since the Fed began tracking such numbers in 1973 has this artery of finance constricted so rapidly. Smaller declines preceded three recessions going back to 1975; at other times such declines tended to occur in conjunction with an economic downturn.

Watch LIBOR

While the amateurs are pouring over every word the Fed says on interest rates policy as if any of it could be believed, the pros are watching LIBOR. In case you missed it Professor Depew addressed the question Why Should You Care About LIBOR? on November 16.

In a nutshell, LIBOR is about bank to bank willingness to lend. Increasing LIBOR rates show decreasing willingness to lend and/or an inability to lend (a lack of cash).

For more on the lack of cash theme, please see Where's the Cash?

With all the above in mind it should not be a shock to see LIBOR rising given that credit is contracting at the fastest rate ever going all the way back to 1973.

But it's not really the rate itself, but the spread between LIBOR and the Fed Funds Rate that shows stress. I talked about this idea on November 26 in LIBOR Rates Show Stress.

Here is a chart from that post.



click on chart for a sharper image

My comments on November 26 were as follows.

Six months ago the spread between the 1 month LIBOR and the Fed Funds Rate was a mere 7 basis points. The spread between the 3 month LIBOR and the Fed Funds Rate was a mere 11 basis points.

Today, the spreads are 30 basis points and 55 basis points respectively. They are also headed the wrong way compared to a month ago.

This is a sign that banks are reluctant to lend overnight to one another. They are holding onto to cash and treasuries which is driving up costs of overnight lending. Real cash is in short supply.

November 29 LIBOR



click on chart for a sharper image

The 1 month and 3 months spreads to the Fed Funds Rate are now 72 basis points and 62 basis points respectively with the yield on the 1 month higher the three month.

Inquiring minds may be asking "If LIBOR showed stress at 30 basis points what does 72 basis points show?" The answer is increasing risk of a major bank failure or major market dislocation.
As long as LIBOR stays elevated, this market is at extreme risk.

Dollar & Euro LIBOR Spreads

The LIBOR issue goes beyond the US.

In fact, it is worse in Europe as the following chart from the Financial Times shows.



That chart is now a few days old and LIBOR is higher today, however a quick glance is all it should take to see a nice correlation between LIBOR and stock market action. Right now, either LIBOR is wrong or the stock market is wrong because it is highly unlikely that the stock market keeps shooting up along with the recent increase in LIBOR spreads.

Text from the Financial Time article is interesting. It shows how twisted financial thought became.

The feverish financial innovation seen this decade has enabled banks to turn corporate and consumer loans into securities that have then been sold all over the world. Until recently it was presumed that this innovation had made banks stronger than before, because they had passed credit risk on to others.

Consequently, regulators and investors tended to presume that the main threats to stability in the modern financial world came not from banks but risk-loving players such as hedge funds. Recent events have, however, turned these assumptions on their head.

Instead, share prices of the banking groups have slid as it became clear that banks had offloaded less risk from their books as investors and regulators had presumed.
When the credit crisis first emerged this summer, many economists initially thought it would have limited impact on US growth. Some cited parallels with the events of 1998 surrounding Long Term Capital Management, a hedge fund that imploded: that an event shocked Wall Street but barely affected the wider American economy, let alone that of the world.

But it is now clear that the 2007 credit shock has implications that extend well beyond hedge funds or Wall Street. As the credit losses pile up, the banks� capital resources are being squeezed � and that is forcing them to cut lending, particularly to riskier companies and consumers.

It is simply impossible for every player to offload risk, especially when risk was so embraced with leverage as it has been. Greenspan pounded the table on the virtues of offloading risk, but the miracle never came. In fact, the opposite has happened and as a result the entire financial system is at risk.

Long Range Affects Of Raining Liquidity

I happened to stumble on something that Professor Succo wrote in a buzz on 12/28/2006 that is very pertinent to this discussion:

As central banks rain liquidity (credit) down on markets, its long range effects eventually cause the very thing central banks are trying to avoid: deflation. The reason people don�t understand this is that it is cumulative; the accumulation of debt is in itself inflationary, but at a certain point it becomes unmanageable. Why is this?

Easy or free money (when central banks drive real interest rates below inflation rates) is irresistible. It wouldn�t be if people managed risk properly but they do not. Easy money causes competition for �projects� to increase; companies with free money take risk with it for less and less return. I am seeing deals getting done in LBO land and commercial real estate being built using very aggressive assumptions and low cap rates. With all that �money� out there, rates of return drops dramatically. Everyone is starved for income.

At the very time income and returns are dropping, debt is increasing. Less income with more debt means that eventually it gets impossible to service that debt.

Well here we are. It has become impossible to service that debt. Massively rising foreclosures in the residential sector should be proof enough. And the downturn in commercial real estate has just started. Bank capital is severely impacted already and supposedly we are not even in a recession yet. We soon will be and watch what happens to unemployment rates and additional credit impairments when we do.

The problems are now so huge that it does not matter what the Fed does with interest rates. Asset prices are dropping like a rock even though the stock market has not yet gone down for the count. With the enormous leverage in the system, credit and capital is being destroyed at a very fast clip and it will be destroyed at an even faster clip once the stock market and corporate bond market head south in a major way. Both will.

A key point in this mess is the Fed cannot provide capital (drop money out of helicopters) all it can do is provide liquidity. However, liquidity is not the problem here, solvency is.

Mike Shedlock / Mish
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Sensors - does size and type matter?

Photography has advanced considerably from its conception into the digital age. Along with such advancements come additional complications - different sensor types, a variety of sensor sizes, formats and files! So what does it all mean, and why does it even matter?

A bit of background

Early optical or photographic devices (such as the camera obscura) were little more than a simple opening - sometimes with an equally simple lens - that would allow light to pass through, the goal being to generate an image circle broad enough to cover the area required.

Notice 'image circle' - given the physical properties of light, when it passes through an aperture (i.e. opening) it will reform the image as a circular image element; we simply crop this down to a rectangular image for convenience, partly because the image circle will not be sharp or bright to the very edges, nor are circular formats consistantly useful:

Mike Lowe

more : thinkcamera

Sensors - does size and type matter?

Photography has advanced considerably from its conception into the digital age. Along with such advancements come additional complications - different sensor types, a variety of sensor sizes, formats and files! So what does it all mean, and why does it even matter?

A bit of background

Early optical or photographic devices (such as the camera obscura) were little more than a simple opening - sometimes with an equally simple lens - that would allow light to pass through, the goal being to generate an image circle broad enough to cover the area required.

Notice 'image circle' - given the physical properties of light, when it passes through an aperture (i.e. opening) it will reform the image as a circular image element; we simply crop this down to a rectangular image for convenience, partly because the image circle will not be sharp or bright to the very edges, nor are circular formats consistantly useful:

Mike Lowe

more : thinkcamera

Five Reasons Film Cameras Are Still Better Than Digital

Digicams are the success story of the decade. The world is taking more pictures than ever, thanks to convenience and low cost (never buy film again!). Photo sharing site Flickr has passed the two billion picture mark, every cellphone carries a camera and in my tourist-honeypot hometown, vacationers tote DSLRs. But while film is almost dead, there are still some things that the old school does better.

Shutter Lag

For landscape photography, this doesn�t matter, but for anything that requires (literal) split second timing, even a tiny delay means the difference between a perfect smile and a grimace, a touchdown and a heap of sweaty men. Digital cameras have delay built in at every step: Out of the box you have focus assist lamps, redeye-reducing bursts of flash, slow startup times and shutter lag.

DSLRs do better, but compacts � even Canon�s top-end G9 � has woolly feeling gap between pressing the shutter and taking a picture. Result? Frustration and missed pictures. There�s a reason Henry Cartier-Bresson called it the �Decisive Moment�. And that�s why he used a Leica.

Charlie Sorrel

more : blog.wired

Five Reasons Film Cameras Are Still Better Than Digital

Digicams are the success story of the decade. The world is taking more pictures than ever, thanks to convenience and low cost (never buy film again!). Photo sharing site Flickr has passed the two billion picture mark, every cellphone carries a camera and in my tourist-honeypot hometown, vacationers tote DSLRs. But while film is almost dead, there are still some things that the old school does better.

Shutter Lag

For landscape photography, this doesn�t matter, but for anything that requires (literal) split second timing, even a tiny delay means the difference between a perfect smile and a grimace, a touchdown and a heap of sweaty men. Digital cameras have delay built in at every step: Out of the box you have focus assist lamps, redeye-reducing bursts of flash, slow startup times and shutter lag.

DSLRs do better, but compacts � even Canon�s top-end G9 � has woolly feeling gap between pressing the shutter and taking a picture. Result? Frustration and missed pictures. There�s a reason Henry Cartier-Bresson called it the �Decisive Moment�. And that�s why he used a Leica.

Charlie Sorrel

more : blog.wired

SensorLoupe 7X

November 30, 2007: Owners of DSLR camera without built-in dust-reduction systems will welcome the release of the SensorLoupe 7X, the most powerful tool available for inspecting image sensors.

Featuring BriteVue XL technology with high quality BK9 optical glass and six super bright LEDs with vari-angled orientation, the SensorLoupe 7X makes it possible to locate even the smallest dust particle that can ruin an image. The LEDs can be adjusted to provide an almost 3D view of dust particles and reveal defects or scratches on the surface of the imaging chip.

more : photoreview

SensorLoupe 7X

November 30, 2007: Owners of DSLR camera without built-in dust-reduction systems will welcome the release of the SensorLoupe 7X, the most powerful tool available for inspecting image sensors.

Featuring BriteVue XL technology with high quality BK9 optical glass and six super bright LEDs with vari-angled orientation, the SensorLoupe 7X makes it possible to locate even the smallest dust particle that can ruin an image. The LEDs can be adjusted to provide an almost 3D view of dust particles and reveal defects or scratches on the surface of the imaging chip.

more : photoreview

SPAA Hosts Sports Photography Seminars

The one-day seminars will cover sports photography basics and business.

The Sports Photographers Association of America will host sports photography seminars in three cities in December 2007. Presented by photographers Jeff Gump, Frank Harrison, and John Pittman, the one-day seminars will cover sports photography basics, posed action shots, shoot logistics, and sports photography sales and distribution. The seminars will be held in Ft. Lauderdale, FL, Charlotte, NC, and Baltimore, MD, and cost $95. For further information, go to the SPAA Web site.

Aimee Baldridge

more : popphoto

SPAA Hosts Sports Photography Seminars

The one-day seminars will cover sports photography basics and business.

The Sports Photographers Association of America will host sports photography seminars in three cities in December 2007. Presented by photographers Jeff Gump, Frank Harrison, and John Pittman, the one-day seminars will cover sports photography basics, posed action shots, shoot logistics, and sports photography sales and distribution. The seminars will be held in Ft. Lauderdale, FL, Charlotte, NC, and Baltimore, MD, and cost $95. For further information, go to the SPAA Web site.

Aimee Baldridge

more : popphoto

White Stripes Rock Lomography

The Lomographic Society and the band The White Stripes have collaborated to create limited-edition Meg Diana+ and Jack Holga cameras.

The Lomographic Society has collaborated with the band The White Stripes to create two limited-edition cameras. The Jack Holga and Meg Diana+, named after Jack White and Meg White of the White Stripes, use the band's signature red, black, and white color motif and peppermint logo. Functionally identical to plain, unrocking Holga and Diana+ models, the Jack Holga and Meg Diana+ are plastic medium-format film cameras with fixed-focal-length lenses. They have been produced in editions of 3000 units each, and come in specially designed packages with a customized set of accessories.

Aimee Baldridge

more : popphoto

White Stripes Rock Lomography

The Lomographic Society and the band The White Stripes have collaborated to create limited-edition Meg Diana+ and Jack Holga cameras.

The Lomographic Society has collaborated with the band The White Stripes to create two limited-edition cameras. The Jack Holga and Meg Diana+, named after Jack White and Meg White of the White Stripes, use the band's signature red, black, and white color motif and peppermint logo. Functionally identical to plain, unrocking Holga and Diana+ models, the Jack Holga and Meg Diana+ are plastic medium-format film cameras with fixed-focal-length lenses. They have been produced in editions of 3000 units each, and come in specially designed packages with a customized set of accessories.

Aimee Baldridge

more : popphoto

Garden Photographer of the Year 2008 Competition

Over �25,000 worth of prizes announced!

This page tells you about the competition, how to enter, how to prepare your images for the competition, and the types of entry we have.

The competition is open to everyone, amateurs and professionals alike. There are no restrictions on the type of camera you use, or the techniques you use to produce your final image. See Competition rules.

There will be a range of cash and other prizes available to winners and to runners-up.

The judges will select around 100 finalists whose photographs will be printed to exhibition standard and shown at amajor exhibition at Kew Gardens, London in the summer of 2008, with substantial press coverage. All finalists will receive an invitation to the private view. Details of this will be announced later in the year.

One finalist will win the title �Garden Photographer of the Year� and an under 16 finalist will win �Young Garden Photographer of the Year�.

Each category will have a winner and two runner-up prizes. An additional prize will be awarded for the best portfolio and there will be two portfolio runners-up prizes.

Another 50 highly commended photographers will receive a prize. All finalists and commended photographers will have their images shown on the Garden Photographer of the Year website during 2008/09.


How to Enter

You must first register then login. Follow the instructions on screen.

The competition costs �10 to enter. First, you must choose which category fits your image best.

For �10 you can enter up to 4 images in one of the categories. If you wish to enter another category, then this costs an additional �10 for up to 4 images. You can enter as many images in as many categories as you like.

Or you may choose to enter a portfolio of 6 themed images. This costs �20 per category entered. You can enter as many portfolios as you like.
NOTE: �10= approx USD19.00/EURO15.00

Preparing your Images

The system will remind you of how to prepare your images before you upload.

When preparing your images please follow these recommendations.
Format: Only images saved in JPEG format can be used
Size: Images should be 800 pixels along their longest side.
Resolution: For best viewing on the site, images should be 72 dpi resolution. Refer to your imaging software (Photoshop etc) for more information.

You must have taken the picture on a camera that will enable good prints to be made from them for
the exhibition at Kew .This means that if your photograph is shortlisted, you will need to supply high quality jpeg images of around 1 megabyte as a minimum. More advanced users should aim to supply image files in 8bit TIFF format, with a filesize between 20-50 mb � this size would enable us to make larger prints if desired. See also rules.

You can still be a winner with a small camera - commended pictures will also be shown in a special online gallery during 2008/9.

Images scanned from transparencies or negatives are also welcome. The high-resolution scan that
will be required for short-listed images should be between 20 and 50mb as an uncompressed tiff file,
although a high-quality jpeg is acceptable. (8 bit, Adobe RGB 1998 colour space).

Digital manipulation by software such as Photoshop is allowed.

No responsibility can be taken by the organisers for images that are incorrectly submitted.

If you have any questions about digital formats, colour spaces and so on, please visit www.gpauk.org where you will find a set of general digital guidelines that you may find useful.

Types of entry

Single images: These are judged as individual, stand-alone photographs.

Portfolios: A portfolio is a group of photographs that work both as individual images and as part of a themed collection. A portfolio can explore a location, a mood, a colour, a plant group, in fact any garden-related subject that fits into one of the categories - but all the images should relate to one another and to the theme as a whole.

Enter now

Closing date: 31st January 2008

source : gpoty

Garden Photographer of the Year 2008 Competition

Over �25,000 worth of prizes announced!

This page tells you about the competition, how to enter, how to prepare your images for the competition, and the types of entry we have.

The competition is open to everyone, amateurs and professionals alike. There are no restrictions on the type of camera you use, or the techniques you use to produce your final image. See Competition rules.

There will be a range of cash and other prizes available to winners and to runners-up.

The judges will select around 100 finalists whose photographs will be printed to exhibition standard and shown at amajor exhibition at Kew Gardens, London in the summer of 2008, with substantial press coverage. All finalists will receive an invitation to the private view. Details of this will be announced later in the year.

One finalist will win the title �Garden Photographer of the Year� and an under 16 finalist will win �Young Garden Photographer of the Year�.

Each category will have a winner and two runner-up prizes. An additional prize will be awarded for the best portfolio and there will be two portfolio runners-up prizes.

Another 50 highly commended photographers will receive a prize. All finalists and commended photographers will have their images shown on the Garden Photographer of the Year website during 2008/09.


How to Enter

You must first register then login. Follow the instructions on screen.

The competition costs �10 to enter. First, you must choose which category fits your image best.

For �10 you can enter up to 4 images in one of the categories. If you wish to enter another category, then this costs an additional �10 for up to 4 images. You can enter as many images in as many categories as you like.

Or you may choose to enter a portfolio of 6 themed images. This costs �20 per category entered. You can enter as many portfolios as you like.
NOTE: �10= approx USD19.00/EURO15.00

Preparing your Images

The system will remind you of how to prepare your images before you upload.

When preparing your images please follow these recommendations.
Format: Only images saved in JPEG format can be used
Size: Images should be 800 pixels along their longest side.
Resolution: For best viewing on the site, images should be 72 dpi resolution. Refer to your imaging software (Photoshop etc) for more information.

You must have taken the picture on a camera that will enable good prints to be made from them for
the exhibition at Kew .This means that if your photograph is shortlisted, you will need to supply high quality jpeg images of around 1 megabyte as a minimum. More advanced users should aim to supply image files in 8bit TIFF format, with a filesize between 20-50 mb � this size would enable us to make larger prints if desired. See also rules.

You can still be a winner with a small camera - commended pictures will also be shown in a special online gallery during 2008/9.

Images scanned from transparencies or negatives are also welcome. The high-resolution scan that
will be required for short-listed images should be between 20 and 50mb as an uncompressed tiff file,
although a high-quality jpeg is acceptable. (8 bit, Adobe RGB 1998 colour space).

Digital manipulation by software such as Photoshop is allowed.

No responsibility can be taken by the organisers for images that are incorrectly submitted.

If you have any questions about digital formats, colour spaces and so on, please visit www.gpauk.org where you will find a set of general digital guidelines that you may find useful.

Types of entry

Single images: These are judged as individual, stand-alone photographs.

Portfolios: A portfolio is a group of photographs that work both as individual images and as part of a themed collection. A portfolio can explore a location, a mood, a colour, a plant group, in fact any garden-related subject that fits into one of the categories - but all the images should relate to one another and to the theme as a whole.

Enter now

Closing date: 31st January 2008

source : gpoty

Today's archidose #157

California Academy of Sciences* / de Young Museum**, originally uploaded by fdo h.

The California Academy of Sciences (under construction) by Renzo Piano Building Workshop, as seen from the M.H. de Young Museum by Herzog & de Meuron. Both are situated in San Francisco's Golden Gate Park.

Photo is best viewed SUPER LARGE to see the detail of the Academy of Sciences in the distance.

To contribute your Flickr images for consideration, just:

:: Join and add photos to the archidose pool, and/or
:: Tag your photos archidose

Where's the Cash?

With the mad scramble of Citigroup (C), Ambac (ABK) , MBIA (MBI) and other corporations to raise cash, and with banks reluctant to even lend to each other overnight, inquiring minds just might be asking Where the Heck Is all the Cash?

It's a good question too, so let's sneak a peak inside in the latest Fed report on Assets and Liabilities of Commercial Banks to see if we can find some clues.

November 23, 2007 Asset Highlights

Total Assets $10.734 Trillion

Loans and Leases $6.698 Trillion

• Commercial & Industrial Loans & Leasing $1.400 Trillion
• Real Estate Loans & Leasing $3.555 Trillion
  
• Consumer $.791 Trillion
• Security $.291 Trillion
• Other $.660 Trillion
  

Actual Cash $308 Billion
Other Assets $934 Billion.

November 23, 2007 Liability Highlights

Total Liabilities $9.617 Trillion

Deposits $6.683 Trillion
Transaction $606 Billion
Nontransaction $6.076 Trillion

Transaction Deposit are deposit against which check may be withdrawn. This includes demand deposits, Negotiable Order of Withdrawal (NOW) saving accounts on which check may be withdrawn, Money Market Deposit (MMD)which have limited check writing privileges.

Nontransaction Deposits are interest bearing account against which check can�t be written. This includes passbook savings accounts, small time deposits, and negotiable CDs.

The balance spread between assets and liabilities seems healthy on the surface but such analysis presumes the value of the loans, property, etc were marked to market when the asset side was totaled.

That health also presumes there will not be significant future deterioration in receivables. See FASB 157 Partial Deferral Implications for marking assets to market.

Let's leave that discussion for a later time and look at actual cash.

Demand Deposits



click on chart for a sharper image

Demand deposits are checking accounts. They are called demand deposits because the money is supposed to be available "on demand". The above chart shows roughly $300+- billion in deposits. The assets and liabilities numbers at the top of this post show there is $300+- billion in cash.

On the surface everything seems perfectly normal, but inquiring minds are now asking "What about sweeps?"

What are Sweeps?

Sweeps are automated programs that "sweep" funds from one type of account into another type of account automatically. In this case we are talking about programs that allow banks to "sweep" funds from checking accounts to other types of accounts such as savings accounts that allow money to be lent out.

Sweeps were initiated by Greenspan in 1994. Take a look at the above chart to see what has happened since then.

For more on sweeps, M1, M2,, savings accounts, and credit transactions, please see my post Money Supply - A Question About Credit.

The Fed has also written about sweeps.

Federal Reserve Board Data on OCD Sweep Account Programs

Since January 1994, hundreds of banks and other depository financial institutions have implemented automated computer programs that reduce their required reserves by analyzing customers' use of checkable deposits (demand deposits, ATS, NOW, and other checkable deposits) and "sweeping" such deposits into savings deposits (specifically, MMDA, or money market deposit accounts).

Under the Federal Reserve's Regulation D, MMDA accounts are personal saving deposits and, hence, have a zero statutory reserve requirement.

Retail sweep programs have substantially distorted the growth of M1, total reserves and the monetary base, as Chairman Greenspan noted in his July 1995 Humphrey-Hawkins Act testimony to the Congress.

Something For Nothing

If that is not bizarre enough for you, please consider this "win win" miracle of modern finance proposal.

Retail deposit sweep programs increase bank earnings by reducing the amount of noninterest bearing deposits that banks hold at Federal Reserve banks. A bank's transaction deposits beyond approximately the first $50 million are subject to a 10 percent reserve requirement ratio, which is satisfied by holding vault cash or noninterest-bearing deposits at Federal Reserve banks. In contrast, savings deposits are subject to a zero percent ratio.

Retail deposit sweep programs take advantage of this difference by "sweeping" transaction deposits into savings deposits�that is, relabeling transaction deposits as savings deposits for reserve-requirement purposes.

This "win-win" experience with retail deposit sweep programs�higher bank earnings without increased federal funds rate volatility�has led some members of Congress to propose relaxing regulatory constraints on retail deposit sweeping.

Proposed legislation would increase that limit to 24 transfers per month, more than one for each business day.

Such a change would be economically equivalent to reducing the reserve-requirement ratio to zero for banks with sweep programs�effectively, the end of binding statutory reserve requirements in the United States.

Wow! Let's lend out every penny. Why not? Who needs cash? Savings deposits already have a reserve requirement of zero, checking accounts are the next logical extension.

Inquiring minds are now asking "How much money are we talking about?" That's a good question too. As stated, 100% of savings deposits have been lent out. If you have money in a savings account it simply isn't there.

Savings deposit figures are readily available. However, checking deposit figures are grossly distorted by sweeps as discussed.

Sweeps Data

The Fed hides sweeps data in an obscure online publication called swdata. Scrolling to the bottom we see 759.8 billion in sweeps. That means only $300+- billion of $1.059+- trillion cash that should be available on demand is actually available on demand.

Inquiring minds will note that the data is now 2 months old. It is never less than two months old. I have no idea why it takes the Fed 2-3 months to post this data. I suppose we should be grateful they publish it at all.

M' vs. M1

When constructing the monetary aggregate I call M Prime (M') missing months are extrapolated because it is the best we can do.

M' is essentially (but not exactly) what M1 used to be before Greenspan allowed sweeps. It's pretty absurd that we have to do this but what the heck, it gives me something to write about. By the way, it took nearly a year to figure this all out.

Those interested in seeing the rationale behind M' can read Money Supply and Recessions. I should have another M' update out soon. Bear in mind that it typically changes very slowly.

Where's the Cash?

As for savings accounts, none of it is actually in your account. Reserve requirement on savings accounts are zero. 100% has been lent out.

As for checking accounts, most of the money you think is sitting in your checking account simply is not there either. Less than a third of it is there. Based on the "win win" success of sweeps to date, the financial wizards think that none of it should be there.

So where's the cash? You tell me. Perhaps it's sitting in SIVs, mortgages, lent to hedge funds, in asset backed commercial paper ABCP, or for conservative banks sitting in short term treasuries.

All I know is that money isn't where most people think it is: In their checking accounts.

By the way, the real extent of the problem is far worse that appears at first glance because with the miracle of fractional reserve lending, money that was "borrowed into existence" was lent out over and over again.

This was not a problem until now. As long as asset prices are rising banks have plenty of capital to lend. But now that bank balance sheets are impaired there is a mad scramble for cash but there isn't much cash anywhere except of course China, Japan, and the oil states, all sitting on huge US dollar reserves and not knowing what to do with them.

In the end, Citigroup had to be bailed out by Abu Dhabi, an obscure country that no one had heard of until several days ago when Petrodollars Returned Home. Expect to see more cash infusions like that, because there is little cash to be found here.

Mike Shedlock / Mish
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Olympus FE-300 gets reviewed

Olympus FE-300 gets reviewed

While its smile-detection feature alone may be enough to entice some buyers, the folks at PhotographyBLOG decided to dig a little deeper into Olympus' new FE-300, and they've now churned out a full review of the camera. That feature aside, however, it seems that the camera is a decidedly unimpressive affair, with it boasting some decent specs on paper that unfortunately don't all add up to a top-notch camera. On the upside, the camera is apparently easy to use for novices, and it's said to be 'reasonably swift' in operation, but its overall image quality seems to leave quite a bit to be desired. As is often the case, things get particularly bad when you start to move up the ISO settings, with camera shake posing some problems as well. So, unless you're really having trouble capturing the slightest of smiles on your subjects, it seems that you can likely do better elsewhere.

(Via Engadget.)

Olympus FE-300 gets reviewed

Olympus FE-300 gets reviewed

While its smile-detection feature alone may be enough to entice some buyers, the folks at PhotographyBLOG decided to dig a little deeper into Olympus' new FE-300, and they've now churned out a full review of the camera. That feature aside, however, it seems that the camera is a decidedly unimpressive affair, with it boasting some decent specs on paper that unfortunately don't all add up to a top-notch camera. On the upside, the camera is apparently easy to use for novices, and it's said to be 'reasonably swift' in operation, but its overall image quality seems to leave quite a bit to be desired. As is often the case, things get particularly bad when you start to move up the ISO settings, with camera shake posing some problems as well. So, unless you're really having trouble capturing the slightest of smiles on your subjects, it seems that you can likely do better elsewhere.

(Via Engadget.)

Casio EXILIM Hi-ZOOM EX-V8 Camera

Casio EXILIM Hi-ZOOM EX-V8 Camera

Casio, a leading producer and supplier of Digital camera is proud to present its new range of Exilim EX-V8 digital cameras. The Casio Exilim EX-V8 has got a wide range of features in its kitty. The camera features a slim yet dominant optical zoom like other models in the Exilim series and delivers 8.1 effective mega pixels. The camera is designed perfectly in a shape which is slim and compressed sufficient to fit in your palm. Its other features include a 7x optical inner zoom lens and 2.0 image processing module.

The Casio Exilim V8 camera provides to the users four haze decline technique and an CCD-shift image stabilization mechanism. The digi cam establishes the best suitable ISO sensitivity and shutter speed. Other than all this the camera employs a You Tube� Capture Mode, which is very helpful for the user to shoot and save movies at the most excellent possible size.

The camera also sports a 2.5 inch Bright LCD display through which the user can view the thumb nail of the images being taken. The cool new camera EX-V8 is currently obtainable at a pricing of $329.99 and can be brought in two beautiful camera body colors: silver and black.

(Via Image-Acquire.com.)

Casio EXILIM Hi-ZOOM EX-V8 Camera

Casio EXILIM Hi-ZOOM EX-V8 Camera

Casio, a leading producer and supplier of Digital camera is proud to present its new range of Exilim EX-V8 digital cameras. The Casio Exilim EX-V8 has got a wide range of features in its kitty. The camera features a slim yet dominant optical zoom like other models in the Exilim series and delivers 8.1 effective mega pixels. The camera is designed perfectly in a shape which is slim and compressed sufficient to fit in your palm. Its other features include a 7x optical inner zoom lens and 2.0 image processing module.

The Casio Exilim V8 camera provides to the users four haze decline technique and an CCD-shift image stabilization mechanism. The digi cam establishes the best suitable ISO sensitivity and shutter speed. Other than all this the camera employs a You Tube� Capture Mode, which is very helpful for the user to shoot and save movies at the most excellent possible size.

The camera also sports a 2.5 inch Bright LCD display through which the user can view the thumb nail of the images being taken. The cool new camera EX-V8 is currently obtainable at a pricing of $329.99 and can be brought in two beautiful camera body colors: silver and black.

(Via Image-Acquire.com.)

Initial Unemployment Claims Jump

If the Fed was looking for an excuse to cut 50 basis points it found one as Unemployment Insurance Weekly Claims soared.

SEASONALLY ADJUSTED DATA

In the week ending Nov. 24, the advance figure for seasonally adjusted initial claims was 352,000, an increase of 23,000 from the previous week's revised figure of 329,000. The 4-week moving average was 335,250, an increase of 5,750 from the previous week's revised average of 329,500.

The advance seasonally adjusted insured unemployment rate was 2.0 percent for the week ending Nov. 17, an increase of 0.1 percentage point from the prior week's unrevised rate of 1.9 percent.

The advance number for seasonally adjusted insured unemployment during the week ending Nov. 17 was 2,665,000, an increase of 112,000 from the preceding week's revised level of 2,553,000. The 4-week moving average was 2,589,250, an increase of 20,500 from the preceding week's revised average of 2,568,750.

Continuing claims rose by 112,000 the highest mark since Dec 24, 2005.

The only debate now is how much the Fed cuts in December. If the next monthly jobs report is miserable and weekly claims remain elevated, the Fed is likely to cut 50 basis points.

Mike Shedlock / Mish
http://globaleconomicanalysis.blogspot.com
Click Here To Scroll Thru My Recent Post List

Best Stock Photo of 2007 Competition

Stockvault.net is now accepting entries for The Best Stock Photo of 2007 competition, with a top prize of $1000!*

Entries are welcomed from photographers of all ages, skill levels and location. Remember that some of the best photos in history came from amateur photographers with basic equipment, so if you have a great photo, do try your luck. If you don't enter, you don't have a chance!

To be in with a chance of winning, enter your photo following the submission guidelines. You can enter as many different photographs as you wish, and entry is absolutely free!

Competition Guidelines:
To submit an image, you must login, or sign up as a photographer here.
There is no special theme. Normal upload rules apply.

* Cash prizes will be paid via paypal.com. The winner has 14 days to claim his prize after we contact him.

Good luck to all of you!

Best Stock Photo of 2007 Competition

Stockvault.net is now accepting entries for The Best Stock Photo of 2007 competition, with a top prize of $1000!*

Entries are welcomed from photographers of all ages, skill levels and location. Remember that some of the best photos in history came from amateur photographers with basic equipment, so if you have a great photo, do try your luck. If you don't enter, you don't have a chance!

To be in with a chance of winning, enter your photo following the submission guidelines. You can enter as many different photographs as you wish, and entry is absolutely free!

Competition Guidelines:
To submit an image, you must login, or sign up as a photographer here.
There is no special theme. Normal upload rules apply.

* Cash prizes will be paid via paypal.com. The winner has 14 days to claim his prize after we contact him.

Good luck to all of you!

Canon USA to commence EOS-1D Mark III sub-mirror fix program on December 3

On December 3, Canon USA will begin accepting EOS-1D Mark IIIs that are eligible for the sub-mirror fix, the company has announced. Canon will cover the cost of receiving the camera and returning it after the repair is complete, plus the cost of the repair itself. They have also established a dedicated facility separate from their existing factory service centres in Jamesburg, NJ and Irvine, California and will be performing sub-mirror repairs at that facility for the foreseeable future.


Rob Galbraith

more : robgalbraith

Canon USA to commence EOS-1D Mark III sub-mirror fix program on December 3

On December 3, Canon USA will begin accepting EOS-1D Mark IIIs that are eligible for the sub-mirror fix, the company has announced. Canon will cover the cost of receiving the camera and returning it after the repair is complete, plus the cost of the repair itself. They have also established a dedicated facility separate from their existing factory service centres in Jamesburg, NJ and Irvine, California and will be performing sub-mirror repairs at that facility for the foreseeable future.


Rob Galbraith

more : robgalbraith

'Budget'-priced ringflash converter unveiled

Aimed at studio photographers on a 'tight budget' comes the Ringlite Converter from UK-based lighting group Bowens.

Priced at around �294, the attachment is claimed to be compatible with all digital SLRs and is designed to allow photographers to convert a standard Bowens flashhead to produce 'ringflash-style light'.

A Bowens spokesman added: 'Using this new converter photographers can simply put the camera lens through the centre of the light source.

'This creates a softer, wholesome surrounding light around the lens which reduces shadows. It can also create shadowing around the outline of the subject so users can work with a specific photographic effect.'

Chris Cheesman

more : amateurphotographer

'Budget'-priced ringflash converter unveiled

Aimed at studio photographers on a 'tight budget' comes the Ringlite Converter from UK-based lighting group Bowens.

Priced at around �294, the attachment is claimed to be compatible with all digital SLRs and is designed to allow photographers to convert a standard Bowens flashhead to produce 'ringflash-style light'.

A Bowens spokesman added: 'Using this new converter photographers can simply put the camera lens through the centre of the light source.

'This creates a softer, wholesome surrounding light around the lens which reduces shadows. It can also create shadowing around the outline of the subject so users can work with a specific photographic effect.'

Chris Cheesman

more : amateurphotographer

Photography Tips For Digital Camera Buying

Digital cameras and camcorders are hot products this year, but if you make the wrong purchasing choices you can end up with an expensive camera that doesn�t meet your needs. The following �mistake� list outlines the most common mistakes buyers make and how to avoid them.

Mistake No. 1: Not knowing what you want
The most common mistake camera buyers make is to be unsure about exactly what they want from a camera. Regardless of whether you want a digital or film camera or a still or video camera, it�s important to research the market to home in on the type of camera that will be best for the pictures you plan to take.

Start by being quite clear about what types of shots you want - and how you plan to use your pictures. If you only want a camera for taking pictures to email, just about any digital camera will do (including a camcorder with stills capture to memory card). If you want to print your pictures, a 2-megapixel digicam is the lowest resolution you can use to obtain anything like photo quality for snapshot size prints.

Know what field of view meet your needs and make sure it�s covered by the camera at both ends of the zoom range. Check the size and performance of the LCD screen, both indoors and in bright lighting, to ensure it can provide a decent view. Assess the viewfinder�s usability: how bright it is, how much of the subject it shows and whether it provides a clear and comfortable view of the subject.

Mistake No. 2: Not doing enough research
The camera market becomes more complex every month as new models are added. While film cameras haven�t changed substantially for a decade or so, the digital camera market is evolving rapidly. Smart buyers will learn about the different types of cameras available, what their advantages and limitations are and how much they cost before stepping into a store.

There�s plenty of information available on the Internet and in magazines such as Photo Review Australia and the Photo Review pocket guides contain a useful checklist to help you home in on the features and functions you need. Learn the basic digital photo jargon so you understand what resolution and quality are and know how the number of megapixels in the sensor affects the camera�s picture quality and how large you can print your shots.

Understand the limitations of digital cameras. For some applications (such as photographing small, active children and pets), a film camera or digital camcorder can be a better option than a digital still camera . For creative photography, a film SLR gives you more versatility for your dollar than a high-resolution compact digicam or a digital SLR. The Photo Review pocket guides can help you to �talk the talk� when you go to the shops to make your selection.

Margaret Brown

more : buy-n-shoot

Photography Tips For Digital Camera Buying

Digital cameras and camcorders are hot products this year, but if you make the wrong purchasing choices you can end up with an expensive camera that doesn�t meet your needs. The following �mistake� list outlines the most common mistakes buyers make and how to avoid them.

Mistake No. 1: Not knowing what you want
The most common mistake camera buyers make is to be unsure about exactly what they want from a camera. Regardless of whether you want a digital or film camera or a still or video camera, it�s important to research the market to home in on the type of camera that will be best for the pictures you plan to take.

Start by being quite clear about what types of shots you want - and how you plan to use your pictures. If you only want a camera for taking pictures to email, just about any digital camera will do (including a camcorder with stills capture to memory card). If you want to print your pictures, a 2-megapixel digicam is the lowest resolution you can use to obtain anything like photo quality for snapshot size prints.

Know what field of view meet your needs and make sure it�s covered by the camera at both ends of the zoom range. Check the size and performance of the LCD screen, both indoors and in bright lighting, to ensure it can provide a decent view. Assess the viewfinder�s usability: how bright it is, how much of the subject it shows and whether it provides a clear and comfortable view of the subject.

Mistake No. 2: Not doing enough research
The camera market becomes more complex every month as new models are added. While film cameras haven�t changed substantially for a decade or so, the digital camera market is evolving rapidly. Smart buyers will learn about the different types of cameras available, what their advantages and limitations are and how much they cost before stepping into a store.

There�s plenty of information available on the Internet and in magazines such as Photo Review Australia and the Photo Review pocket guides contain a useful checklist to help you home in on the features and functions you need. Learn the basic digital photo jargon so you understand what resolution and quality are and know how the number of megapixels in the sensor affects the camera�s picture quality and how large you can print your shots.

Understand the limitations of digital cameras. For some applications (such as photographing small, active children and pets), a film camera or digital camcorder can be a better option than a digital still camera . For creative photography, a film SLR gives you more versatility for your dollar than a high-resolution compact digicam or a digital SLR. The Photo Review pocket guides can help you to �talk the talk� when you go to the shops to make your selection.

Margaret Brown

more : buy-n-shoot

Zoom with a view

Digital camera buyers have more options than ever before. Digital single-lens reflex (SLR) models, which offer more control and the ability to change lenses, have fallen below $1,000. Simpler compact digital cameras, meanwhile, are gaining fun new features. Grant Buckler zooms in on models that are worth a look

Olympus E-510 Digital SLR

$679.99 Here's one for the photographer who wants more than quick and simple snapshots. It offers all the control of a single-lens reflex camera, including the ability to interchange lenses, at a price not too far above a compact digital. It takes 10-megapixel images and has a 2.5-inch LCD monitor. Like most digital SLRs, it doesn't offer as many idiot-proofing features - like face detection - as some of the pricier compact models do. But like most compacts - and unlike many SLRs - its live mode allows you to see what you're photographing on the LCD display as well as through the viewfinder. (Comes with 14-42mm lens.)

Nikon D40x Digital SLR

$729.95 The D40x is a 10.2-MP digital SLR with a 2.5-inch LCD monitor. It comes with a handful of scene modes. A remote control - making it possible for you to be in the photo, too - is an option. The D40x has plenty of features, and learning to use its full potential will take a bit of time, but learning to take basic photos isn't much more complex than with a compact camera. It is also lighter than most digital SLRs. (Comes with 14-42mm lens.)

GRANT BUCKLER

more : theglobeandmail

Zoom with a view

Digital camera buyers have more options than ever before. Digital single-lens reflex (SLR) models, which offer more control and the ability to change lenses, have fallen below $1,000. Simpler compact digital cameras, meanwhile, are gaining fun new features. Grant Buckler zooms in on models that are worth a look

Olympus E-510 Digital SLR

$679.99 Here's one for the photographer who wants more than quick and simple snapshots. It offers all the control of a single-lens reflex camera, including the ability to interchange lenses, at a price not too far above a compact digital. It takes 10-megapixel images and has a 2.5-inch LCD monitor. Like most digital SLRs, it doesn't offer as many idiot-proofing features - like face detection - as some of the pricier compact models do. But like most compacts - and unlike many SLRs - its live mode allows you to see what you're photographing on the LCD display as well as through the viewfinder. (Comes with 14-42mm lens.)

Nikon D40x Digital SLR

$729.95 The D40x is a 10.2-MP digital SLR with a 2.5-inch LCD monitor. It comes with a handful of scene modes. A remote control - making it possible for you to be in the photo, too - is an option. The D40x has plenty of features, and learning to use its full potential will take a bit of time, but learning to take basic photos isn't much more complex than with a compact camera. It is also lighter than most digital SLRs. (Comes with 14-42mm lens.)

GRANT BUCKLER

more : theglobeandmail

Konica Minolta Dynax 7D Digital Camera Review

Konica Minolta has finally entered the arena for high end DSLR's with the new Dynax 7D digital camera - producing some outstanding results. In many reviews on the web, you will find that each review has been conducted using a zoom lens which is good, but by no means as good a fixed focal length pro lens. This review was conducted using 3 professional fixed focal length lenses - 20mm, 50mm and 100mm AF lenses, to see what the camera is really capable of.

On first impressions, the body looks and feels great. It's built with a strong metal frame and has a combination of hard black plastic for a shell and rubber on the grip. It is well sized, a good working weight for balance and feels ergonomically good in the photographer's hands. There is a big LCD (2.5 inches) for quick reviewing which for a pro body should be standard by all manufactures design briefs, and a brightly lit viewfinder. It's worth noting that the Dynax 7D is one of only a few DSLR's on the market with a 2.5 inch LCD.

The camera has plenty of individual buttons for the main functions and an easy menu for navigation, which does not impend on shooting time when on the job. It looks and feels very sturdy and appears to be designed for photographers to have access to all the main 7D's functions without breaking stride while shooting.

more : buy-n-shoot

Konica Minolta Dynax 7D Digital Camera Review

Konica Minolta has finally entered the arena for high end DSLR's with the new Dynax 7D digital camera - producing some outstanding results. In many reviews on the web, you will find that each review has been conducted using a zoom lens which is good, but by no means as good a fixed focal length pro lens. This review was conducted using 3 professional fixed focal length lenses - 20mm, 50mm and 100mm AF lenses, to see what the camera is really capable of.

On first impressions, the body looks and feels great. It's built with a strong metal frame and has a combination of hard black plastic for a shell and rubber on the grip. It is well sized, a good working weight for balance and feels ergonomically good in the photographer's hands. There is a big LCD (2.5 inches) for quick reviewing which for a pro body should be standard by all manufactures design briefs, and a brightly lit viewfinder. It's worth noting that the Dynax 7D is one of only a few DSLR's on the market with a 2.5 inch LCD.

The camera has plenty of individual buttons for the main functions and an easy menu for navigation, which does not impend on shooting time when on the job. It looks and feels very sturdy and appears to be designed for photographers to have access to all the main 7D's functions without breaking stride while shooting.

more : buy-n-shoot

Review: Olympus E-510 DSLR with 14-42mm Zuiko lens

Olympus E-510 DSLR with 14-42mm Zuiko lens
Price: $1500
Excellent camera

Lowdown: This digital single-lens reflex is built around the Four Thirds system of sensor (10 megapixels) and lens, pioneered by Olympus. The camera has "live view", meaning that the LCD screen can be selected as the viewfinder - and the implementation on this model is an improvement over the earlier versions on the 300 series cameras. There is no body-top camera status LCD and the viewfinder is not the brightest, but the general construction quality is good. The camera is smaller and lighter than the competition, and the kit lens (28-84 mm film equivalent) is very light indeed. There is in-body image stabilisation and auto sensor cleaning when the camera is turned off.

Terry Lane

more : smh

Review: Olympus E-510 DSLR with 14-42mm Zuiko lens

Olympus E-510 DSLR with 14-42mm Zuiko lens
Price: $1500
Excellent camera

Lowdown: This digital single-lens reflex is built around the Four Thirds system of sensor (10 megapixels) and lens, pioneered by Olympus. The camera has "live view", meaning that the LCD screen can be selected as the viewfinder - and the implementation on this model is an improvement over the earlier versions on the 300 series cameras. There is no body-top camera status LCD and the viewfinder is not the brightest, but the general construction quality is good. The camera is smaller and lighter than the competition, and the kit lens (28-84 mm film equivalent) is very light indeed. There is in-body image stabilisation and auto sensor cleaning when the camera is turned off.

Terry Lane

more : smh

Review : Canon EOS 40D Digital SLR - PCWORLD

New Canon digital SLR camera strikes a terrific balance between performance and price.

I've used a wide spectrum of digital SLRs, from entry-level models up to pro models. Once you have a taste of the capabilities of a professional camera, you can't easily go back to a digital SLR that's less full-featured; likewise, if you want to step up from an entry-level digital SLR, you have to get something with extra oomph. The Canon EOS 40D ($1300 body only, or $1500 with a 28mm to 135mm lens, as of November 2, 2007) delivers outstanding image quality at a price that's in reach for photo enthusiasts and professionals alike.

The EOS 40D received a score of Superior in the PC World Test Center's image-quality tests. Images were well balanced, with good color saturation and accuracy, under both flash and natural light.

One of the EOS 40D's advantages is that it has enough high-powered features to appeal to enthusiasts as well as to professionals seeking a second camera. It has many of the same capabilities, in fact, as its higher-end cousin, Canon's $4500 1D Mark III, which the company introduced this past spring. The two models share a 3-inch, live-view, 230,000-pixel LCD; Canon's DIGIC III image processor; highlight tone priority for preserving the details in bright areas of an image; and similar menus and controls.

Melissa J. Perenson

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Review : Canon EOS 40D Digital SLR - PCWORLD

New Canon digital SLR camera strikes a terrific balance between performance and price.

I've used a wide spectrum of digital SLRs, from entry-level models up to pro models. Once you have a taste of the capabilities of a professional camera, you can't easily go back to a digital SLR that's less full-featured; likewise, if you want to step up from an entry-level digital SLR, you have to get something with extra oomph. The Canon EOS 40D ($1300 body only, or $1500 with a 28mm to 135mm lens, as of November 2, 2007) delivers outstanding image quality at a price that's in reach for photo enthusiasts and professionals alike.

The EOS 40D received a score of Superior in the PC World Test Center's image-quality tests. Images were well balanced, with good color saturation and accuracy, under both flash and natural light.

One of the EOS 40D's advantages is that it has enough high-powered features to appeal to enthusiasts as well as to professionals seeking a second camera. It has many of the same capabilities, in fact, as its higher-end cousin, Canon's $4500 1D Mark III, which the company introduced this past spring. The two models share a 3-inch, live-view, 230,000-pixel LCD; Canon's DIGIC III image processor; highlight tone priority for preserving the details in bright areas of an image; and similar menus and controls.

Melissa J. Perenson

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Panasonic Lumix DMC-L10 DSLR camera Review

28 November 2007 - The Panasonic Lumix DMC-L10, to give it its full title, espouses the rangefinderesque styling and design of its blocky L1 brethren and instead Panasonic has opted for a more traditional looking digital SLR with compact and lightweight lines and a 10.1-megapixel Live MOS sensor that provides the neat Live View functionality.

The new 14-50mm Leica D Vario-Elmar F3.5-F5.6 zoom kit lens provides a very useful 28-100mm 35mm format equivalent focal range but is a slower aperture affair over the L1�s lens (it has a F2.8 to F3.5 aperture range) with a more modest F3.8-F5.6 maximum aperture range and is the benefit of the continuing strategic alliance with Leica for lenses.

Panasonics MEGA OIS (optical image stabilisation) is built into the lens and works very well indeed and helps offset some of the slower aperture problems you�ll encounter in low light for example, where you will slower shutter speeds at your disposal. However, it makes control of depth of field less flexible so lowers the camera�s creative flexibility in that regard.

Doug Harman

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Panasonic Lumix DMC-L10 DSLR camera Review

28 November 2007 - The Panasonic Lumix DMC-L10, to give it its full title, espouses the rangefinderesque styling and design of its blocky L1 brethren and instead Panasonic has opted for a more traditional looking digital SLR with compact and lightweight lines and a 10.1-megapixel Live MOS sensor that provides the neat Live View functionality.

The new 14-50mm Leica D Vario-Elmar F3.5-F5.6 zoom kit lens provides a very useful 28-100mm 35mm format equivalent focal range but is a slower aperture affair over the L1�s lens (it has a F2.8 to F3.5 aperture range) with a more modest F3.8-F5.6 maximum aperture range and is the benefit of the continuing strategic alliance with Leica for lenses.

Panasonics MEGA OIS (optical image stabilisation) is built into the lens and works very well indeed and helps offset some of the slower aperture problems you�ll encounter in low light for example, where you will slower shutter speeds at your disposal. However, it makes control of depth of field less flexible so lowers the camera�s creative flexibility in that regard.

Doug Harman

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Red-Eye in Flash Photos

What is red-eye, and why does it happen?
We�ve all seen it in snapshots we�ve either taken ourselves, or been shown by others: the pupils of your subject�s eyes are lit up in a devilish bright red color, unlike anything we�re used to seeing in real life. And of course, you never saw it in your camera�s viewfinder when you took the picture.

What is happening is that the pupil of a person�s eye, even though it appears to be black when we view it, is actually clear. Since the inside of the eyeball is normally never illuminated, we see it as a small black circle. But in some flash photos, if the flash is close to the lens of the camera, its illumination sends a burst of light right through to the rear of the inside of the subject�s eyeball. The retina of your subject�s eyes is rich in red blood vessels, and this produces the bright red color we see in the pictures.

If the flash is close enough to the lens, the light not only enters your subject�s inner eye, but can then reflect straight back out and actually be recorded by the camera. With the retina in your subject�s eye now fully illuminated, you get the tell-tale bright red glow that we all now know as "red-eye." So the first thing to know is that for all intents and purposes, red-eye in photos is a flash phenomenon. It�s very unlikely you�ll encounter it using sunlight, or available light only when shooting indoors.

Using the built-in flash:
Cameras like the Canon EOS Digital Rebel XT and XTi have a built-in flash, that pops upwards an inch or two for easy and convenient flash photography � at least, as long as your subjects are not too far away. And nearly every compact digital camera has a built-in flash as well. Since many of these cameras are so small in size, the designers are often forced to put the built-in flash nearly right next to the lens. Any time you use a built-in flash that�s close to the lens, you run the risk of occasionally getting red-eye in any pictures with people in the scene.

Obviously, you can�t physically move the built-in flash away from the camera lens (well, you could, but you wouldn�t be able to take pictures with it any more!). So manufacturers have resorted to another feature: Red-Eye Reduction.

Red-eye Reduction:
The idea of this feature is that by one means or another, the camera sends out light to your subject before the picture is taken. Since the subject�s pupils normally tend to dilate, or get wider, in dim light (and get smaller in bright light conditions), the idea is to reduce the level of red-eye by making the user�s pupils appear smaller before the picture is taken. With smaller pupils, there�s less area to be marred by red-eye, and even if it does show up in your pictures, it�ll tend to be less noticeable.

Some cameras do this by rapidly flashing the flash unit with "pulses" of flash illumination, for a second or two before the picture is taken. The hope is that your subject�s eyes will react to these rapid pops of light and the pupils will become smaller. A moment later, that actual picture is taken, with the flash firing again, but at (usually) greater power.

Canon�s cameras take a different approach, using a small, built-in lamp to shine continous white light directly at your subject for about two seconds, prior to the picture being taken. In fact, a scale appears on EOS digital SLRs with this feature in the viewfinder, to count down the two seconds that this red-eye reduction lamp is active, so that you know when to fully press the shutter button and take the picture. Again, the idea is that this added light before the picture is taken will cause the subject�s pupils to contract, and therefore reduce the level of red-eye if it appears.

It�s important to understand that neither of these approaches to in-camera red-eye control ever claim to completely eliminate the chance of getting visible red-eye. As the feature�s name says, it�s red-eye reduction, not red-eye elimination.

Using accessory speedlites:
Since an accessory flash unit (like Canon�s Speedlite 430EX, or 580EX) is larger and sits on top of the camera, the flash unit itself is raised several inches above the lens. The flash-emitting part of these units is nowhere near as close to the lens as in the case of a built-in flash. This distance between lens and flash means that right from the start, you�re less likely to get red-eye in your pictures. Let�s be clear: we�re not saying you won�t or can�t get red-eye in pictures taken with an accessory flash unit, only that because it starts out being a few inches farther from the lens, you can often avoid the probem in your shots of people.

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