Cold Fusion Fact Or Fantasy?

Reports are out: Scientist Creates Cold Fusion For the First Time In Decades.

Yoshiaki Arata, a highly respected physicist in Japan, demonstrated a low-energy nuclear reaction at Osaka University on Thursday. In front of a live audience, including reporters from six major newspapers and two TV studios, Arata and a co-professor Yue-Chang Zhang, produced excess heat and helium atoms from deuterium gas.

Arata used pressure to force deuterium gas into an evacuated cell that contained a palladium and zirconium oxide mix (ZrO2-Pd). Arata said that the mix caused the deuterium's nuclei to fuse, raising the temperature in the cell and keeping the center of the cell warm for 50 hours.

Arata's experiment would mark the first time anyone has witnessed cold fusion since 1989, when Martin Fleishmann and Stanely Pons supposedly observed excess heat during electrolysis of heavy water with palladium electrodes. When they and other researchers were unable to make it work again, cold fusion became synonymous with bad science.

But the method Arata showed was "highly reproducible," according to eye witnesses of the event. If nobody calls this demonstration out as a sham, Arata might have finally found the holy grail of cheap and abundant energy�nuclear power, without its destructive heat.

Cold-fusion demonstration "a success"

PhysicsWorld is reporting Cold-fusion demonstration "a success".

These days the mainstream science media wouldn't touch cold-fusion experiments with a barge pole. They have learnt their lesson from 1989, and now treat "cold fusion" as a byword for bad science. Most scientists agree, and some even go so far as to brand cold fusion a "pathological science" � science that is plagued by falsehood but practiced nonetheless.

There is a reasonable chance that the naysayers are (to some extent) right and that cold fusion experiments in their current form will not amount to anything. But it's too easy to be drawn in by the crowd and overlook a genuine breakthrough, which is why I'd like to let you know that one of the handful of diligent cold-fusion practitioners has started waving his arms again. His name is Yoshiaki Arata, a retired (now emeritus) physics professor at Osaka University, Japan. Yesterday, Arata performed a demonstration at Osaka of one his cold-fusion experiments.

So, did this method work yesterday? Here's an email I received from Akito Takahashi, a colleague of Arata's, this morning:

"Arata's demonstration...was successfully done. There came about 60 people from universities and companies in Japan and few foreign people. Six major newspapers and two TV [stations] (Asahi, Nikkei, Mainichi, NHK, et al.) were there...Demonstrated live data looked just similar to the data they reported in [the] papers...This showed the method highly reproducible. Arata's lecture and Q&A were also attractive and active."

I also received a detailed account from Jed Rothwell, who is editor of the US site LENR (Low Energy Nuclear Reactions) and who has long thought that cold-fusion research shows promise. He said that, after Arata had started the injection of gas, the temperature rose to about 70 �C, which according to Arata was due to both chemical and nuclear reactions. When the gas was shut off, the temperature in the centre of the cell remained significantly warmer than the cell wall for 50 hours. This, according to Arata, was due solely to nuclear fusion.

Rothwell also pointed out that Arata performed three other control experiments: hydrogen with the ZrO2�Pd sample (no lasting heat); deuterium with no ZrO2�Pd sample (no heating at all); and hydrogen with no ZrO2�Pd sample (again, no heating). Nevertheless, Rothwell added that Arata neglected to mention certain details, such as the method of calibration.

Google Translation From Japanese

Here is a translation of the experiment held before a live audience.

Flashback to a Flashback

Dateline March 1, 1999

Whatever happened to cold fusion?

First announced ten years ago, cold fusion has been largely dismissed by the scientific community.

Most physicists can probably remember where they were when they first heard of Stanley Pons and Martin Fleischmann. On 23 March 1989 the two electrochemists grabbed the world's attention by announcing at a press conference in Salt Lake City, Utah, that they had observed controlled nuclear fusion in a glass jar. The excess heat measured in the experiment offered the promise of a new power source for the planet, as well as huge financial rewards.

However, it is clear that world energy production has not been affected in any way by cold fusion. No experiment has so far convinced the sceptics that cold fusion is real, and most of the big funding sources, which threw money at quick experiments in the early days of cold fusion, have pulled out. Retired particle physicist Douglas Morrison, one of the more persistent critics of cold fusion, says that after ten years there is "less science, fewer scientists, fewer funds, [although there are] more potential investors".

But cold fusion is not dead and buried. A dedicated circle of enthusiasts has kept the flame alive to varying degrees, carrying out jury-rigged experiments in garages and basements, and one or two more conventional institutions still have an interest. Although governments such as those of the US and Japan have officially pulled out, the cold-fusion faithful say that several government agencies are still giving money to the field, including the US Department of Defense. And the Italian and French governments are still supporting research in a small number of labs, according to one cold-fusion insider.

Cold fusion: the culture

Cold fusion may have been written off by the scientific community at large, but it has entered cultural consciousness in interesting ways. Hollywood embraced the subject in 1997 in the action movie The Saint.

Cold fusion has even been turned into a game. Trevor Pinch of the Science and Technology Studies Department at Cornell University created a hypertext game in which you pretend to be an experimenter trying to replicate the Pons and Fleischmann experiment. Depending on what choices you make, you end up either with your reputation intact or a career in tatters.

Cold fusion ten years on

What has become of the original protagonists? Martin Fleischmann apparently had a nasty falling out with Stanley Pons over the direction of research at IMRA and returned to Southampton in1995, where he is still working on theoretical models of cold fusion. In a recent phone interview, Fleischmann told Physics World that he just got fed up with his ideas being ignored.

Could This Device be a Real Mr. Fusion?

The Atomic Motor Blog is asking Could This Device be a Real Mr. Fusion?

As a nuclear engineer with a strong interest in nanotechnology for many years, there aren't many cold fusion devices that I've seen and read about over the years that excite me as much as the potential of Dr. Yoshiaki Arata's solid state fusion reactor which uses Palladium nanoparticles to help initiate his cold fusion reaction process, which creates He4, the gas found in children's balloons from Deuterium gas (a readily available hydrogen isotope). What is also released in the process is heat energy from fusion. No small accomplishment as any physicist would tell you, because this process should be impossible according to the known laws of nuclear physics and chemistry.

What is also significant besides excess heat generated [ awaiting confirmation according to latest news update], is that if his process could somehow be scaled up in large volumes, perhaps ...just perhaps it may be a way to replace Helium supplies someday, which according to the latest reports is becoming a scarce non-renewable resource, often times released to the atmosphere as natural gas is collected along with fossil fuels. The US strategic Helium reserves are also known to be a finite supply, and despite this are now being sold off to meet supply needs of the scientific and commercial sectors.

If any cold fusion fans have read Dr. Arata's earlier important papers on this device, first published in 2006 in a very reputable Italian journal found here, then you would probably agree that an announcement like this is significant from the standpoint that it shows for the first time his actual prototype laboratory device and that he is now demonstrating it in public as also reported here in an interview by New Energy Times.

The Atomic Motor would like to send out an atomic guitar hero award to Dr. Arata and other fellow scientists who diligently keep trying and making significant progress against all odds in keeping the clean energy cold fusion spirit alive.

There are some neat atomic diagrams that will appeal to scientific nerds in the above link. If nuclear engineers find this credible and someone of Arata's stature is willing to stick his neck on the line than I do not think it can be dismissed outright.

So.... Is this the real deal or another flash in the pan to be disgraced for 20 more years? Even if it is the real deal (and I hope it is), how long before there are practical applications to the technology? I do not pretend to know the answers. What I do know is that if is the real deal, at some point in the future there is likely to be incalculable benefits.

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

Book Review: Endless City

The Endless City (2008) edited by Richard Burdett and Deyan Sudjic
Phaidon Press
Hardcover, 512 pages



The stats on the cover of Phaidon's recent tome to expanding global urbanism paint a picture of what many people know but what many people don't want to believe: the world is primarily urban and it's becoming more so every day, from 10% in 1900 to 50% last year. The next 40 years will supposedly see this situation grow to 3/4 of humans living in cities. Buried within these statistics are the environmental, social, and economic problems that are increasingly defining life for many in the 21st century: destruction, isolation, and inequality, respectively (to name but a few). While this book does not have the answers to these and other difficult challenges, it does a great job of describing various cities around the world as we enter the time of the majority of humans being urban dwellers.

The book arose from a series of Urban Age conferences -- organized by the London School of Economics and Political Science with Deutsche Bank's Alfred Herrhausen Society -- that focused on six metropolitan areas: Berlin, Johannesburg, London, Mexico City, New York City, and Shanghai. While the continent of Australia is missing, and both Mumbai and S�o Paulo scream for inclusion (they missed the cut), the cities selected have enough diversity (geographically, economically, ethnically, culturally, etc.) that the organizer's goal of seeing particular conditions relative to worldwide urban trends is fairly successful.

The 500-page hulk of a book is broken down into digestible parts, beginning with introductory essays by the editors and other urban writers. Next, each of the six cities receives its own treatment of photos, stats, an essay by Sudjic, and an essay each on the characteristics of the city and the country/region in which it sits. After that roughly first half of the book, the reader is bombarded by more stats and is then treated to a number of thoughtful essays on urban issues by thinkers like Richard Sennett and doers like Enrique Pe�alosa. A presentation of projects "demonstrating new urban thinking" in the cities follows, with quotes from the conferences rounding out the book.

One could draw a line down the middle of the book, declaring the first half to be about "particular conditions" and the second half the "worldwide urban trends," but the text and data throughout make the difference between the two murky, as the distinction between local and global is not so easy to define when food, for example, is flown across oceans to feed those able to afford it. It's as if the butterfly effect is no longer limited to air currents; it is a suitable analogy for the interaction of local and global forces, be it the repercussions of consumer choices on distant populations or increasing carbon emissions on just about everybody. While this is not an analogy proffered in the pages of the book, it is perhaps indicative of the type of thinking that the text and data inspires.

Ultimately the book is optimistic about the future state of cities and the world, even if a lot of policy and practical change needs to occur at the city, national and supranational levels. The organizers and contributors share a belief in cities and a belief in the power of individuals, organizations and governments to affect change. The reader that makes it through all 500 pages is not guaranteed to be swayed to that optimistic position, but the understanding of the urban condition(s) gained from the various voices and the generous, well-presented data is the key to the publication of the book and the decision to read it. As the urban population continues to rise and issues like climate change and poverty swell alongside, surely more books will tackle these issues. If they have half the ambition of this book, they will be warranted and, more importantly, welcome.

or

Repackaged Mortgage Garbage Is Still Garbage

Bloomberg is reporting Deutsche Bank Unit May Begin Repackaging Its Mortgage Bonds.

Deutsche Bank AG's asset management business may join other firms in repackaging their home-loan bonds into new securities without creating collateralized debt obligations, which are being shunned by investors.

The unit of the Frankfurt-based bank has studied using the technique on bonds in the portfolios it oversees, Julian Evans, a director who helps manage insurer money at Deutsche Asset Management, said in an interview yesterday. Bankers including Goldman Sachs Group Inc. and JPMorgan Chase & Co. have created more than $5 billion of new home-loan securities called Re-REMICs out of existing ones this year, newsletter Inside MBS & ABS says.

By slicing up securities and creating new ones less exposed to loan defaults, the deals can raise the odds some of the debt will retain top ratings or appeal to buyers wary of downgrades or losses amid the U.S. housing slump. Securities firms are mostly repackaging their inventories rather than bonds held in outside funds, according to executives at Deutsche Asset Management.

"It's what financial engineering and securitization is all about: It's taking something nobody wants and creating something people will want, be able to finance, or able to hold,'' said James Grady, a managing director at the New York-based unit, which has $240 billion of fixed-income assets under management.

Re-REMIC issuance so far this year is near the pace that led to a record $25 billion in issuance last year. There have been no CDOs composed of mortgage bonds created this year, down from about $500 billion last year, according to JPMorgan Chase.

A "chief goal" of Re-REMIC deals this year has been to turn a portion of the underlying mortgage-bond balances into debt that won't suffer downgrades from the AAA ratings needed by some types of holders, UBS AG analysts said in a report earlier this month. Institutional Credit Partners LLC, a New York-based asset manager, has done six Re-REMIC deals in the past two months, according to Chief Executive Officer Thomas Priore.

Growth Potential

REMICs are real estate mortgage investment conduits, the tax-exempt vehicles used to turn mortgages into bonds by passing payments from the loans to different investors in varying orders of priority or at different times. Re-REMICs repackage some of those securities or a single class into new bonds in which payments are also directed in different ways.

More Financial Engineering

"It's what financial engineering and securitization is all about: It's taking something nobody wants and creating something people will want, be able to finance, or able to hold."

Excuse me for being cynical but isn't that what CDOs, CMOs, and arguably the Fed sponsored TAF, PDLF, TSLF swap-o-ramas were supposed to do? (See Fed Is Not King Midas for the Fed's non-solution to the problem). The misguided and now disproved theory on swap-o-ramas was that if the Fed was willing to take it someone else might too.

Furthermore, weren't the senior tranches of those CDOs supposed to be safe? Now we are taking existing garbage, and repackaging it as something called "Re-REMIC" and people are supposed to want to buy it? Perhaps they will but how many times can suckers be fooled with all this financial engineering?

Given that there was $500 billion of mortgage CDOs sold to fools last year, and none this year vs. a mere $25 billion in issuance of Re-REMICs, it does appear that there is a healthy bit skepticism towards this latest product. Rightfully so.

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

Today's archidose #216

Claude Watson School for the Performing Arts, originally uploaded by Scott Norsworthy.

Claude Watson School for the Arts in Toronto, Ontario by Kohn Shnier Architects. The school was featured previously on my weekly page.

To contribute your Flickr images for consideration, just:

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

Recycling Ideas

Back in 2000, then New York Gov. George E. Pataki "proposed building one of the first museums in the country to be devoted to women's history." The following year's competition for the Battery Park City site was won by Smith-Miller Hawkinson, but what interests me here is Weiss/Manfredi's runner-up design.


[Museum of Women's History | scan source]

Coming across the design in an issue of future devoted to New York City competitions, I was immediately reminded of this week's dose, Weiss/Manfredi's competition-winning design for the Barnard College Nexus now under construction.


[Barnard College Nexus | image source]

Note each design's section, which incorporates what the architects call (in the Nexus) a slipped atria. What interests me, as a practicing architect, is not so much the design of the slipped atria (which I do like) but the way the architects found a way to utilize the concept in a later project, after it failed to come to fruition years before. This is very common. Architects do not invent the wheel on each project, and they especially use competitions to explore ways of articulating space that may not arise in other commissions. This example illustrates how architects not only reuse and recycle design ideas, arising from site, program, and other concerns, but how those ideas can actually be the key ingredient in a design. To imagine the Nexus without the slipped atria is near impossible, as is (now) imagining the Nexus without the Women's History Museum.

Home Security Camera: A Focus On The Security Camera

Home Security Camera: A Focus On The Security Camera
by Steve Herzog

Reaching your house and then finding out that there has been an intrusion or an invasion of your home criminally is one of the worst things that would ever happen to your life. A lot of these instances have been happening a lot all over the world and in order to keep your home secure whether you and your family are there inside the house or are away, you should consider the installation of home security systems a good example is a security camera.

Installing a home security camera would give you a sense of security. Installing other home security systems aside from the security camera is of course a better idea if you have the money. Thanks to the fact that technology is becoming more and more affordable, home security cameras are considered to be one of the most affordable home security systems out in the market, not to mention the fact that the said cameras are proven to be effective in discouraging criminal intrusions into your home. Because of its affordability and effectiveness, a security camera installed in the home has gained popularity.

Studies have shown that the number one barrier in terms of burglaries and crimes would be the installation of home security systems, to be specific, home security cameras. This is because the burglars and criminals know for a fact that even if they succeed in pulling of their crimes, they will still be caught in the end because their actions were recorded on camera. That is why most of the criminals would choose to rob another house once they notice a security camera in the house they are presently in or see warning signs that the house is under video camera surveillance.

Another benefit of a home security camera would be the fact that the owner of the house would be able to view first who is the visitor at the front door before they decide to open it. This will help the owner get rid of unwanted guests and even report to the authorities if a suspected criminal is knocking on the front door. The latest models of home security cameras even have a two-way radio feature wherein the owner and the guests at the front door can communicate back and forth. The owner also has the option to program or record an audio message that will play to announce denial of entry to unwanted guests.

Pentax K20D Review

In case you haven't been paying close attention to the digital SLR market lately, there's been a shift toward CMOS sensors. Though Pentax has stuck with CCD for its entry-level K200D SLR, they have moved to a 14.6-megapixel CMOS chip in their new flagship K20D. That puts it ahead of some more expensive models in terms of pixel count. Notably, Canon's similarly priced EOS 40D sports a 10.1MP sensor, Sony's Alpha DSLR-A700 includes a 12.24MP chip, and even Nikon's pricier D300 checks in at 12.3 megapixels. As I always say, megapixels aren't everything, so let's see what else Pentax's K20D has going on.

The overall body design is essentially the same as the K10D's. In fact, they both use the same vertical grip. Pentax did upgrade the LCD to a 2.7-inch screen from a 2.5-inch display. The only other change to the body design is the addition of a PC terminal, which lets you connect the camera to a studio strobe. I was surprised that the K10D didn't have one, so it's nice to see it here, though I'm not sure how many people will really take advantage of it.

The similarity between the two bodies is a good thing. I always liked the K10D's design. It's on the small side compared with a lot of midlevel SLRs, making it easier to carry with you. There are two wheels--one near your thumb and one near your forefinger--to adjust shutter speed and aperture in manual exposure mode. This is much more convenient than the single-shell-plus-button-press system employed by most entry-level dSLRs. Pentax also includes plenty of switch and button controls for various functions, so you don't have to delve into the menus to change most of the functions you use while shooting. I came to really like the AF switch, which is on the left front of the body just behind the lens mount. It's a three-way switch with manual focus on the bottom and single-shot AF on top, which made it easy to change to manual focus when I wanted to override autofocus in favor of a more artistic, selective focus. A handful of controls are hidden in the function menu, but with the four-way rocker, these are still only a few button presses away.

Philip Ryan

more : reviews.cnet.com

Pentax K20D Review

In case you haven't been paying close attention to the digital SLR market lately, there's been a shift toward CMOS sensors. Though Pentax has stuck with CCD for its entry-level K200D SLR, they have moved to a 14.6-megapixel CMOS chip in their new flagship K20D. That puts it ahead of some more expensive models in terms of pixel count. Notably, Canon's similarly priced EOS 40D sports a 10.1MP sensor, Sony's Alpha DSLR-A700 includes a 12.24MP chip, and even Nikon's pricier D300 checks in at 12.3 megapixels. As I always say, megapixels aren't everything, so let's see what else Pentax's K20D has going on.

The overall body design is essentially the same as the K10D's. In fact, they both use the same vertical grip. Pentax did upgrade the LCD to a 2.7-inch screen from a 2.5-inch display. The only other change to the body design is the addition of a PC terminal, which lets you connect the camera to a studio strobe. I was surprised that the K10D didn't have one, so it's nice to see it here, though I'm not sure how many people will really take advantage of it.

The similarity between the two bodies is a good thing. I always liked the K10D's design. It's on the small side compared with a lot of midlevel SLRs, making it easier to carry with you. There are two wheels--one near your thumb and one near your forefinger--to adjust shutter speed and aperture in manual exposure mode. This is much more convenient than the single-shell-plus-button-press system employed by most entry-level dSLRs. Pentax also includes plenty of switch and button controls for various functions, so you don't have to delve into the menus to change most of the functions you use while shooting. I came to really like the AF switch, which is on the left front of the body just behind the lens mount. It's a three-way switch with manual focus on the bottom and single-shot AF on top, which made it easy to change to manual focus when I wanted to override autofocus in favor of a more artistic, selective focus. A handful of controls are hidden in the function menu, but with the four-way rocker, these are still only a few button presses away.

Philip Ryan

more : reviews.cnet.com

Hasselblad releases Phocus v1.0 for Mac

Hasselblad is pleased to announce the launch of Phocus version 1.0, a new generation of raw processor and camera control software. Phocus, released today, has been specifically designed to provide optimum workflow for photographic professionals and to achieve absolute image perfection from the world�s largest raw image files. This powerful software toolbox will enable photographers to get more from both their photographs and their photography in general.

Phocus provides:

Uncompromising Image Quality
The new Phocus RAW processor provides the ultimate in processing quality for Hasselblad digital images, including:
� Digital lens corrections for color aberration, distortion and vignetting
(DAC I, II, and III)
� Hasselblad Natural Color Solution for perfect colors
� Moir� removal directly upon of raw data, preserving image detail

New Camera Controls
Phocus also provides special extended controls with which to operate your Hasselblad camera. These features, such as live video for easier shot set-up and workflow, or the ability to control the lens drive for focusing when the camera is in a remote position or when the digital capture unit is mounted on a view camera, bring an entirely new level of flexibility to the way you shoot.

Leading Edge Moir� Removal Technology
With Phocus software, the moir� that can occur on even extremely high resolution images is effectively removed from your images. Phocus Moir� removal is automatically performed directly on the raw data, leaving image quality intact and eliminating the need to carry out special masking selections or other manual procedures, saving hours of tedious post-production work.

Flexible Workflow
The Phocus GUI features easy-to-use options that allow you to customize your set-up to suit a range of different workflow situations, such as choice of import source, browsing/comparison functions, file management, image export in a number of file formats, pre-setting of options for upcoming shoots, and much, much more.

New Metadata (GPS, etc)
The extended metadata included in all Phocus images provides for accurate and detailed cataloguing and indexing, easy image management, and includes added GPS data functionality in order to allow a range of new functions. Phocus links GPS data directly to Google Earth, for example, making geographic reference a snap and image storage and retrieval much easier.

Perfect Viewing Quality
The Phocus Viewer uses all the advanced features contained in Phocus to deliver image viewing quality that matches every detail of what you will see later in Photoshop.

In addition, the Phocus Viewer allows you to customize layout and composition to suit your current or desired workflow, providing a wide range of options including full view, compare, browse, horizontal, or vertical view, and so on. You can have multiple folders open simultaneously for side-by-side viewing, comparison, and selection.

Availability:

Phocus is available for download for registered users.
A comprehensive Phocus User Manual is included, and for an easy overview a Training Tutorial video in QuickTime format is part of the Phocus package.

A Phocus version for Windows is expected in Q3 of 2008.

source : hasselbladusa

Hasselblad releases Phocus v1.0 for Mac

Hasselblad is pleased to announce the launch of Phocus version 1.0, a new generation of raw processor and camera control software. Phocus, released today, has been specifically designed to provide optimum workflow for photographic professionals and to achieve absolute image perfection from the world�s largest raw image files. This powerful software toolbox will enable photographers to get more from both their photographs and their photography in general.

Phocus provides:

Uncompromising Image Quality
The new Phocus RAW processor provides the ultimate in processing quality for Hasselblad digital images, including:
� Digital lens corrections for color aberration, distortion and vignetting
(DAC I, II, and III)
� Hasselblad Natural Color Solution for perfect colors
� Moir� removal directly upon of raw data, preserving image detail

New Camera Controls
Phocus also provides special extended controls with which to operate your Hasselblad camera. These features, such as live video for easier shot set-up and workflow, or the ability to control the lens drive for focusing when the camera is in a remote position or when the digital capture unit is mounted on a view camera, bring an entirely new level of flexibility to the way you shoot.

Leading Edge Moir� Removal Technology
With Phocus software, the moir� that can occur on even extremely high resolution images is effectively removed from your images. Phocus Moir� removal is automatically performed directly on the raw data, leaving image quality intact and eliminating the need to carry out special masking selections or other manual procedures, saving hours of tedious post-production work.

Flexible Workflow
The Phocus GUI features easy-to-use options that allow you to customize your set-up to suit a range of different workflow situations, such as choice of import source, browsing/comparison functions, file management, image export in a number of file formats, pre-setting of options for upcoming shoots, and much, much more.

New Metadata (GPS, etc)
The extended metadata included in all Phocus images provides for accurate and detailed cataloguing and indexing, easy image management, and includes added GPS data functionality in order to allow a range of new functions. Phocus links GPS data directly to Google Earth, for example, making geographic reference a snap and image storage and retrieval much easier.

Perfect Viewing Quality
The Phocus Viewer uses all the advanced features contained in Phocus to deliver image viewing quality that matches every detail of what you will see later in Photoshop.

In addition, the Phocus Viewer allows you to customize layout and composition to suit your current or desired workflow, providing a wide range of options including full view, compare, browse, horizontal, or vertical view, and so on. You can have multiple folders open simultaneously for side-by-side viewing, comparison, and selection.

Availability:

Phocus is available for download for registered users.
A comprehensive Phocus User Manual is included, and for an easy overview a Training Tutorial video in QuickTime format is part of the Phocus package.

A Phocus version for Windows is expected in Q3 of 2008.

source : hasselbladusa

S&L Crisis vs. Current Crisis

I have been talking about an expected wave of bank failures for quite some time, most recently in Too Late To Stop Bank Failures. Recently I was asked to compare the current crisis to the 1980's S&L Crisis in regards to to whether or not this crisis will be worse.

By sheer number of failures the S&L crisis will dwarf what's coming hands down. Here is a chart from MarketWatch that tells the story.

However, numbers alone are not the proper way to measure things.

A proper focus must include an analysis of the magnitude of the failures, who will be affected by those failures, and what actions the Fed might have at its disposal to handle the situation.

Let's start with a look at bank consolidations. Following is a history of just one bank, courtesy of Mr. Practical :

Roll Up

Here's an incomplete list of former financial institutions that now comprise what is known as JPMorgan (JPM):

• Bank One
• Chase Bank
• U.S. Trust
• Manufacturer's Hanover Trust
• Chemical Bank
• First Chicago
• National Bank of Detroit
• First U.S.A
• Bear Stearns (BSC)

Of course there are thousands of smaller financial institutions that have been rolled up into this behemoth. Many of us believe that the last and most famous "acquisition� was really a bail-out of JPMorgan, the deal in reality injecting some $50 billion of capital into this amalgamation of finance.

So what you say? Well I think as we watch bank after bank (Royal Bank of Scotland(RBS) this morning as an example) take recurring �one-time� write-offs we can begin to see just what a ponzi scheme this has been over the years. Banks book loans, mark them up in value, and show the difference in profits. They've done the same thing with the phantom book value these deals present when consummated. Over the last few decades banks have not really made any money; they have merely been a conduit for the Fed to create massive credit. The U.S. money supply is now over 99% debt.

The ponzi scheme is unwinding and investors continue to be gullible. Those that bought Citigroup (C) on its dilutive stock offering are now over 20% in the red. The implications are vast. Risk is high.

The failure of Bear Stearns alone is enough to counterbalance hundreds of what really amounts to branch failures during the S&L crisis.

From the MarketWatch article: "During the late 1980s, banks in Texas couldn't open a new branch in another county without forming a new commercial bank. That meant there were lots more lenders in the state when the S&L crisis struck. So when a bank failed, "40 of its other banks failed on the same day," Cassidy recalls."

Today there are some huge banks and brokers at risk. Wachovia (WB), Washington Mutual (WM), Lehman (LEH), Citigroup (C), Morgan Stanley (MS), Merrill Lynch (MER), Countrywide Financial (CFC) , Keycorp (KEY), Fifth Third (FITB), and Regions Financial (RF) for starters.

That list looks ominous if not preposterous. Yet two years ago if someone said Bear Stearns and Countrywide would fail and that Citigroup, Morgan Staley, Lehman and others would need repeated capital infusions from Dubai, Singapore, and China they would have been laughed off the street.

For more on regional bank failures please see Charge-Offs Hammer Banks.

The Fed will likely act to prevent Citigroup from going under, but I do not believe Citigroup will survive in its current form. I said that last summer while Chuck Prince was still a "dancing fool".

Not every bank and broker in the above list will fail, but I am quite sure that some of them will. Others will be rescued by "shotgun marriage" just as the Fed orchestrated a rescue of JPMorgan by allowing it to take over the Bear.

Who Is Affected

Looking back at the S&L crisis, I do not recall knowing anyone who was directly affected. This mortgage crisis (credit crisis really) runs far deeper. Ridiculous lending standards compounded by consumer greed and Fed micro-management of interest rates are causing millions of foreclosures.

In the wake, tens of thousands of self-employed real estate agents have not had any income for months on end, the originate to securitize model is dying, and mortgage rates are not dropping in spite of massive rate cuts by the Fed. Unemployment is poised to soar which means still more foreclosures are coming. REOs are piling up on bank books. What was largely an institutional crisis in the 1980's is now a huge consumer crisis as well as a huge institutional crisis.

Fed's Inability To Counteract Crisis

In the 1980's the consumer was not tapped out. Today's consumer is so tapped out that many are walking away from their homes. Others are voluntarily choosing bankruptcy. The Fed can add liquidity now, but it cannot dictate where it goes. This poses a huge problem for the serial bubble blowers at the Fed because from a jobs creation standpoint, housing was the bubble of last resort.

No matter what the Fed does now, it is not going to spur jobs creation. On the other hand, Fed action may further stimulate commodity speculation, the very last thing the Fed wants. I talked about this in Commodities Speculation Symptom Of Larger Problem.

Furthermore, what was a US crisis in the 1980's is now a global problem. Property bubbles are busting in the US, Spain, Ireland, Australia, Canada, and other places. What was a US S&L crisis before is now an international credit bubble crisis.

And the popping of this bubble could not have happened at a worse time. Boomers are entering retirement en masse, and many have been counting on increases in the value of their home and the stock market to see them through. What boomers need is one thing, what they are going to get is another.

For more on the demographic problem, please see US and Canada Demographic Time Bomb and Pink Slips Hit Older Workers.

Finally, the Fed is facing additional problems of a falling US dollar, global wage arbitrage, and an economy at the mercy of hundreds of trillions of dollars worth of derivatives with suspect counterparties. Those derivatives dwarf the entire world's economy. This is all happening at a time when the world is increasingly less dependent on the US and is therefore less likely to bend to every whim of the Fed.

The Fed has attempted to counteract these problems with an alphabet soup of lending facilities. However, the Fed Is Not King Midas.

The root cause of this mess is the Fed itself and fractional reserve lending. The Fed created this mess, with help from Congress. If you prefer, Congress created this problem by creating the Fed. Whichever way you prefer it, the Fed and especially Bernanke are not going to fix it. Instead they are going to attempt to increase their power, disguised as a need for still more regulation. If you have not yet done so, please consider the Fed Uncertainty Principle.

Add it all up and the upcoming bank crisis is going to be far greater than what happened in the 1980's even though the number of failures will be far smaller.

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

Pentax DA* 300mm f/4 Lens Review

Pentax shooters have been waiting a long time for this lens: with precious little other high-grade glass available in this focal length (especially with AF), and basically no other widely available primes, if you're wanting a new fixed focal length lens in this range with auto focus, this is your choice. The fact that it's a pretty good one is probably icing on the cake if you're a diehard Pentax shooter, and for birding, general nature photography, or even sports work, the DA* 300mm is competent and reasonably compact.

If it's a pretty good lens, though, the latest DA* certainly didn't make the impact around here that it's smaller brother did. Whereas we came away feeling that the DA* 200mm f/2.8 was a superior lens for its price, size and weight, the DA* 300mm f/4 is merely a good one, all things considered. A slightly slow maximum aperture (by pro-glass standards) combined with some visible softness across the frame at f/4 will be a thorn in the side of persnickety users (though I rarely found myself unsatisfied with the sharpness in even 8x10 prints at maximum aperture).

While it may not be the near-perfect tool that the DA* 200mm proved to be, the 300mm variant largely lives up to the hype � filling an important niche for Pentax and doing so in a nice package for a fair price.

David Rasnake

more : digitalcamerareview

Pentax DA* 300mm f/4 Lens Review

Pentax shooters have been waiting a long time for this lens: with precious little other high-grade glass available in this focal length (especially with AF), and basically no other widely available primes, if you're wanting a new fixed focal length lens in this range with auto focus, this is your choice. The fact that it's a pretty good one is probably icing on the cake if you're a diehard Pentax shooter, and for birding, general nature photography, or even sports work, the DA* 300mm is competent and reasonably compact.

If it's a pretty good lens, though, the latest DA* certainly didn't make the impact around here that it's smaller brother did. Whereas we came away feeling that the DA* 200mm f/2.8 was a superior lens for its price, size and weight, the DA* 300mm f/4 is merely a good one, all things considered. A slightly slow maximum aperture (by pro-glass standards) combined with some visible softness across the frame at f/4 will be a thorn in the side of persnickety users (though I rarely found myself unsatisfied with the sharpness in even 8x10 prints at maximum aperture).

While it may not be the near-perfect tool that the DA* 200mm proved to be, the 300mm variant largely lives up to the hype � filling an important niche for Pentax and doing so in a nice package for a fair price.

David Rasnake

more : digitalcamerareview

Auction of the first series-produced LEICA M8 camera on June 7th, 2008

In cooperation with WestLicht Photographica Auction House, Vienna, Leica Camera AG, Solms, is auctioning the first series-produced LEICA M8 camera. The auction is to take place during the next Westlicht auction on June 7th, 2008. The camera is estimated to be worth between 20,000 and 30,000 Euros; the starting price is 10,000 Euros. Leica Camera AG will donate the proceeds to the press freedom organization Reporters Without Borders. The first LEICA M8 is being offered as lot number 147. Further information on the auction and the possibility of bidding online is available on the Internet at http://www.westlicht-auction.com/index.php?id=112351


Reporters Without Borders

More than a third of the world's population live in countries without press freedom. Reporters Without Borders works every day to ensure than news is available to everyone. Alerted by their worldwide network of more than 130 correspondents, they expose press freedom violations in all countries by informing the media and public opinion through press releases and publicity campaigns. They defend journalists and media workers who are in prison or hounded for doing their job and expose their ill-treatment and torture that is still common in many countries. They support journalists threatened in their own country and give financial help to their families when needed. Reporters Without Borders fights to roll back censorship and campaigns against laws curbing press freedom. They also work to improve the safety of journalists, especially in war-zones, and help rebuild media outlets in difficulty with funding and equipment. Further information: http://www.rsf.org/.

source : leica-camera

Auction of the first series-produced LEICA M8 camera on June 7th, 2008

In cooperation with WestLicht Photographica Auction House, Vienna, Leica Camera AG, Solms, is auctioning the first series-produced LEICA M8 camera. The auction is to take place during the next Westlicht auction on June 7th, 2008. The camera is estimated to be worth between 20,000 and 30,000 Euros; the starting price is 10,000 Euros. Leica Camera AG will donate the proceeds to the press freedom organization Reporters Without Borders. The first LEICA M8 is being offered as lot number 147. Further information on the auction and the possibility of bidding online is available on the Internet at http://www.westlicht-auction.com/index.php?id=112351


Reporters Without Borders

More than a third of the world's population live in countries without press freedom. Reporters Without Borders works every day to ensure than news is available to everyone. Alerted by their worldwide network of more than 130 correspondents, they expose press freedom violations in all countries by informing the media and public opinion through press releases and publicity campaigns. They defend journalists and media workers who are in prison or hounded for doing their job and expose their ill-treatment and torture that is still common in many countries. They support journalists threatened in their own country and give financial help to their families when needed. Reporters Without Borders fights to roll back censorship and campaigns against laws curbing press freedom. They also work to improve the safety of journalists, especially in war-zones, and help rebuild media outlets in difficulty with funding and equipment. Further information: http://www.rsf.org/.

source : leica-camera

Swap Traders Don't Trust Moody's, S&P

Bloomberg is reporting Moody's Implied Ratings Lab Reveals Ambac, MBIA Turning to Junk.

Moody's Investors Service has created a new unit that surprises even its own director.

The team from Moody's Analytics, which operates separately from Moody's ratings division, uses credit-default swap prices as an alternative system of grading debt. These so-called implied ratings often differ significantly from Moody's official grades.

The implied ratings frequently show that swap traders think debt is in more danger of defaulting than Moody's credit ratings signify. And here's the kicker: The swaps traders are usually right.

"When I first saw this product, my reaction was, 'Goodness gracious, Moody's has got a product that is basically publicizing where the market disagrees with Moody's,'" says David Munves, managing director for credit strategy research at Moody's Analytics.

Using the CDS market, Munves's unit rates both MBIA and Ambac Caa1. That's seven notches below junk and 15 below the official Moody's rating.

Swap traders see there's a huge risk that Ambac and MBIA will default, hedge fund adviser Tim Backshall says. He says swap traders don't trust S&P's and Moody's investment-grade ratings for the companies

"The only thing holding them at AAA is simply the model that the rating agencies claim they use to judge that capital and the fact they know that if they downgrade the companies, it'll push them into default," says Backshall, of Walnut Creek, California- based Credit Derivatives Research LLC.

The rating companies say their grades are correct.

"Moody's will not refrain from taking a credit rating action based on the potential effect of the action," says company spokesman Anthony Mirenda.

My Comment: There is hardly a person in the world that believe you Anthony. You have a severe credibility problem as well as a business model totally dependent on government sponsorship and based on conflicts of interest.

Munves says that over one year, the implied ratings have been a more accurate predictor of defaults than Moody's ratings. The Moody's unit reports that implied ratings for one year have a 91 percent accuracy ratio compared with an 82 percent ratio for Moody's official ratings.

"The Moody's accuracy ratio is consistently lower," he says.

The Surprising Thing

The surprising thing is that Moody's is surprised by their own findings.

Ambac (ABK) Daily Chart



click on chart for sharper image

MBIA (MBI) Daily Chart



click on chart for sharper image

Is there any explanation for maintaining AAA ratings of MBIA and Ambac through this debacle other than incompetence or corruption? If there is someone let me know what it is.

It's not just swap traders who do not trust the rating agencies, I do not think anyone does. How can they?

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

SanDisk Goes Extreme with Memory Stick PRO-HG Duo

With Read and Write Speeds of 30 Megabytes per Second, the New SanDisk Extreme III Memory Stick PRO-HG Duo Optimizes Camera Performance

SanDisk Corporation (NASDAQ: SNDK) today introduced the fastest card in its Memory Stick product family: the SanDisk Extreme� III Memory Stick PRO-HG Duo� with read and write speeds of 30 megabytes (MB)1 per second. The card, available in June in 4-gigabyte (GB)1 and 8GB capacities, is ideal for professional photographers and advanced amateurs who use Sony digital single-lens reflex (SLR) cameras.

SanDisk and Sony jointly developed Memory Stick PRO-HG Duo as an extension of the existing Memory Stick PRO format, to offer faster read and write speeds for PRO-HG capable Sony digital SLRs, point-and-shoot cameras and digital camcorders.

SanDisk is unveiling the SanDisk Extreme III Memory Stick PRO-HG Duo at the PMA Australia 2008 Imaging Technology Show, where the company is exhibiting at Stand 401 in the Brisbane Convention & Exhibition Centre from May 30 to June 1.

�The SanDisk Extreme III Memory Stick PRO-HG Duo continues our tradition of delivering best-in-class performance in the SanDisk Extreme product line,� said Susan Park, director of consumer product marketing for SanDisk�s performance cards. �Our customers know SanDisk Extreme cards not only deliver cutting-edge read and write speeds, but are designed for durability � even under harsh conditions.�

SanDisk Extreme III cards are capable of functioning in extreme temperatures, from -13 to 185 degrees Fahrenheit or -25 to 85 degrees Celsius, and carry a lifetime warranty. The cards also come with RescuePRO� software for recovering deleted images.

Pricing and Availability

SanDisk Extreme III Memory Stick PRO-HG Duo cards will be available worldwide in June. The manufacturer�s suggested retail price for the 4GB card is US $89.99 and for the 8GB card is US $149.99.

About SanDisk

SanDisk Corporation, the inventor and world�s largest supplier of flash storage cards, is a global leader in flash memory � from research, manufacturing and product design to consumer branding and retail distribution. SanDisk�s product portfolio includes flash memory cards for mobile phones, digital cameras and camcorders; digital audio/video players; USB flash drives for consumers and the enterprise; embedded memory for mobile devices; and solid state drives for computers. SanDisk (www.sandisk.com/corporate) is a Silicon Valley-based S&P 500 company, with more than half its sales outside the United States.

SanDisk Goes Extreme with Memory Stick PRO-HG Duo

With Read and Write Speeds of 30 Megabytes per Second, the New SanDisk Extreme III Memory Stick PRO-HG Duo Optimizes Camera Performance

SanDisk Corporation (NASDAQ: SNDK) today introduced the fastest card in its Memory Stick product family: the SanDisk Extreme� III Memory Stick PRO-HG Duo� with read and write speeds of 30 megabytes (MB)1 per second. The card, available in June in 4-gigabyte (GB)1 and 8GB capacities, is ideal for professional photographers and advanced amateurs who use Sony digital single-lens reflex (SLR) cameras.

SanDisk and Sony jointly developed Memory Stick PRO-HG Duo as an extension of the existing Memory Stick PRO format, to offer faster read and write speeds for PRO-HG capable Sony digital SLRs, point-and-shoot cameras and digital camcorders.

SanDisk is unveiling the SanDisk Extreme III Memory Stick PRO-HG Duo at the PMA Australia 2008 Imaging Technology Show, where the company is exhibiting at Stand 401 in the Brisbane Convention & Exhibition Centre from May 30 to June 1.

�The SanDisk Extreme III Memory Stick PRO-HG Duo continues our tradition of delivering best-in-class performance in the SanDisk Extreme product line,� said Susan Park, director of consumer product marketing for SanDisk�s performance cards. �Our customers know SanDisk Extreme cards not only deliver cutting-edge read and write speeds, but are designed for durability � even under harsh conditions.�

SanDisk Extreme III cards are capable of functioning in extreme temperatures, from -13 to 185 degrees Fahrenheit or -25 to 85 degrees Celsius, and carry a lifetime warranty. The cards also come with RescuePRO� software for recovering deleted images.

Pricing and Availability

SanDisk Extreme III Memory Stick PRO-HG Duo cards will be available worldwide in June. The manufacturer�s suggested retail price for the 4GB card is US $89.99 and for the 8GB card is US $149.99.

About SanDisk

SanDisk Corporation, the inventor and world�s largest supplier of flash storage cards, is a global leader in flash memory � from research, manufacturing and product design to consumer branding and retail distribution. SanDisk�s product portfolio includes flash memory cards for mobile phones, digital cameras and camcorders; digital audio/video players; USB flash drives for consumers and the enterprise; embedded memory for mobile devices; and solid state drives for computers. SanDisk (www.sandisk.com/corporate) is a Silicon Valley-based S&P 500 company, with more than half its sales outside the United States.

Large aperture, standard prime lens for the latest digital cameras 50mm F1.4 EX DG HSM

The Sigma Corporation (COO: Kazuto Yamaki) is pleased to announce the new large aperture 50mm F1.4 EX DG HSM standard lens.

This is a large aperture prime lens with a standard focal length of 50mm, ideal for digital cameras. This lens is perfectly suited for a wide range of subjects enabling outstanding, sharply defined images against a nicely blurred background. The fast, F1.4 aperture makes this lens desirable for use with Digital SLR cameras. This lens effectively becomes an 80mm medium telephoto lens on digital cameras with APS-C size image sensors. The optimum optical design and molded glass aspherical lens elements provide excellent correction for all types of aberrations. This lens has superior peripheral brightness and provides sharp, high contrast images even at the maximum aperture. Superior optical performance is also ensured throughout the focusing range. The super multi-layer lens coating reduces flare and ghosting. This lens has a minimum focusing distance of 45cm (17.7") and has maximum magnification of 1:7.4. The rounded 9 blade diaphragm creates an attractive blur. This lens incorporates HSM (Hyper Sonic Motor), which ensures a quiet and high-speed AF as well as full-time manual focus override.

50mm F1.4 EX DG HSM

Case, Petal-type Hood (LH829-01) supplied
Mounts: SIGMA, CANON, NIKON, PENTAX*, SONY*
*If the camera body does not support HSM, auto focus will not be available.



FEATURES

• It creates sharp images with high contrast and ensures superior peripheral brightness.
• Incorporates molded glass aspherical lens, perfectly correcting coma aberration and creating superior image quality.
• Super multi-layer lens coating reduces flare and ghosting.
• The rounded 9 blade diaphragm creates an attractive blur
• Hyper Sonic Motor (HSM) ensuring silent, high-speed AF with full time manual focusing
  

THE SPECIFICATIONS (Sigma mount)

THE SPECIFICATIONS
*Lens Construction : 6 groups 8 elements *Angle of View :46.8� *Number of blades : 9pcs *Minimum Aperture : F16 *Minimum Focusing Distance : 45cm/17.7in. *Maximum Magnification : 1:7.4 *Filter Size : �77mm *Lens Hood : Petal-type hood *Dimensions : �84.5mm x 68.2mm / 3.3in. x 2.7in. *Weight : 505g/17.8oz.
*The appearance and specifications are subject to change without notice.
*Barcode No. SIGMA:00-85126-31056-1 SONY:00-85126-31062-2 NIKON:00-85126-31055-4 PENTAX:00-85126-31061-5 CANON:00-85126-31054-7

OPTIONAL ACCESSORIES
SIGMA DG UV 77mm // 00-85126-92375-4
SIGMA DG WIDE CIRCULAR PL 77mm // 00-85126-92386-0
LENS HOOD LH829-01 (Supplied) // 00-85126-92655-7

Large aperture, standard prime lens for the latest digital cameras 50mm F1.4 EX DG HSM

The Sigma Corporation (COO: Kazuto Yamaki) is pleased to announce the new large aperture 50mm F1.4 EX DG HSM standard lens.

This is a large aperture prime lens with a standard focal length of 50mm, ideal for digital cameras. This lens is perfectly suited for a wide range of subjects enabling outstanding, sharply defined images against a nicely blurred background. The fast, F1.4 aperture makes this lens desirable for use with Digital SLR cameras. This lens effectively becomes an 80mm medium telephoto lens on digital cameras with APS-C size image sensors. The optimum optical design and molded glass aspherical lens elements provide excellent correction for all types of aberrations. This lens has superior peripheral brightness and provides sharp, high contrast images even at the maximum aperture. Superior optical performance is also ensured throughout the focusing range. The super multi-layer lens coating reduces flare and ghosting. This lens has a minimum focusing distance of 45cm (17.7") and has maximum magnification of 1:7.4. The rounded 9 blade diaphragm creates an attractive blur. This lens incorporates HSM (Hyper Sonic Motor), which ensures a quiet and high-speed AF as well as full-time manual focus override.

50mm F1.4 EX DG HSM

Case, Petal-type Hood (LH829-01) supplied
Mounts: SIGMA, CANON, NIKON, PENTAX*, SONY*
*If the camera body does not support HSM, auto focus will not be available.



FEATURES

• It creates sharp images with high contrast and ensures superior peripheral brightness.
• Incorporates molded glass aspherical lens, perfectly correcting coma aberration and creating superior image quality.
• Super multi-layer lens coating reduces flare and ghosting.
• The rounded 9 blade diaphragm creates an attractive blur
• Hyper Sonic Motor (HSM) ensuring silent, high-speed AF with full time manual focusing
  

THE SPECIFICATIONS (Sigma mount)

THE SPECIFICATIONS
*Lens Construction : 6 groups 8 elements *Angle of View :46.8� *Number of blades : 9pcs *Minimum Aperture : F16 *Minimum Focusing Distance : 45cm/17.7in. *Maximum Magnification : 1:7.4 *Filter Size : �77mm *Lens Hood : Petal-type hood *Dimensions : �84.5mm x 68.2mm / 3.3in. x 2.7in. *Weight : 505g/17.8oz.
*The appearance and specifications are subject to change without notice.
*Barcode No. SIGMA:00-85126-31056-1 SONY:00-85126-31062-2 NIKON:00-85126-31055-4 PENTAX:00-85126-31061-5 CANON:00-85126-31054-7

OPTIONAL ACCESSORIES
SIGMA DG UV 77mm // 00-85126-92375-4
SIGMA DG WIDE CIRCULAR PL 77mm // 00-85126-92386-0
LENS HOOD LH829-01 (Supplied) // 00-85126-92655-7

Shopping Cart Abandonment and Conversions

Shopping cart abandonment is a huge challenge for online merchants. eTailers are constantly struggling to understand how they compare to other eTailers and the reasons of cart abandonment so that they can improve their conversions.
Yesterday I came across some interesting survey data that will help shed some light on the average abandonment rates, conversion rate and the main reasons for cart abandonment.

Industry averages

The following charts are from MarketLive Performance Index Volume 4




Q1 2008


Note: �1-and-out� is commonly referred as �Bounce Rate�. I also conducted a survey on Bounce Rates, you can find the results at http://webanalysis.blogspot.com/2008/03/typical-bounce-rates-survey-results.html

Reasons for Cart Abandonment

A study conducted by Paypal and comscore showed the following reasons for cart abandonment




Chart Source: eMarketer.com

• 43 percent of consumers didn�t pay for items in their shopping carts because shipping charges were too high


• 36 percent of purchasers didn�t pay for items because they felt the total cost of the purchase was more expensive than anticipated


• 27 percent of shoppers didn�t pay for items because they wanted to comparison shop at other Web sites before making a purchase


• 16 percent of consumers didn�t pay for items because they could not contact customer support to answer questions


• 14 percent of shoppers didn�t pay for items because they forgot their usernames and passwords for their store accounts created with the merchants


• More 20% shoppers didn't complete purchases because their preferred payment option was not offered on the merchant's Web site


• 21 percent did not complete online purchases because their wallets were not easily accessible

You might also be interested in Targeting Cart Abandonment by Email
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Olympus FE-340

Olympus FE-340

I really wish Olympus would make up its collective mind about the FE range of mid-priced digital compacts. Are they supposed to be good, or are they crap? Last August we saw the disappointing FE-230, then in September we had the really rather good FE-250. In January this year we saw the truly horrible FE-290. Logically, extrapolating that trend to the top-of-the-range FE-340, it should be really, really good. But then again, logic is little tweeting bird chirping in meadow. Logic is wreath of pretty flowers that smell bad.

The FE-340 is an 8.0-megapixel, 5x zoom compact camera with a 2.7-inch, 230k monitor. It has an aluminium body and is available in a range of colours including black, grey, silver and the rather fabulous metallic pink of my review sample (and boy did I get some funny looks while testing it!). Currently available for just �120 it is definitely towards the budget end of the price spectrum, comparing well with similarly-specified cameras like the Pentax Optio L50 (�130), the Nikon CoolPix S550 (�150), the Sony Cyber-Shot S800 (�150) and the Samsung i85 (�160). Of the major brands only the new Fujifilm FinePix J50 is cheaper at around �106. However the low price is reflected in the camera's features and capabilities. If you're looking for sophistication and versatility then the FE-340 is not for you.
It also has to be said that even in pink it's not a particularly attractive camera. The design is an asymmetrical lumpy mish-mash of parts that look like they've been stuck onto the body as an afterthought. It is fairly light and compact though, measuring 96.9 x 57.5 x 22.6 mm and weighing only 131g including the battery. It is fairly easy to hold, with the chrome detail on the right edge providing some purchase for the fingers and the mode dial on the back doing double duty as a thumb rest. However while the overall build quality is good, the finish has some uncomfortably rough edges.

Bankruptcy Reform Act Finally Blows Sky High

The Debt Slave Act, better known as the Bankruptcy Reform Act of 2005 has at long last blown sky high. We will get to "how" in just a moment but first let's review some of the provisions of the bill. Lenders asked for and received everything on their wish list as follows:

Wish List

• A strict financial means test that may prohibit many debtors from filing a liquidation bankruptcy under Chapter 7;
• A requirement that all debtors must receive a briefing from an approved credit counseling agency at least six months before they can file their bankruptcy case; Note: Check with your local bankruptcy court to determine if they will waive the time restrictions in the beginning months.
• A requirement that debtors take an approved class on debt management techniques before they receive their bankruptcy discharge;
• A provision making it easier for a court to dismiss a bankruptcy case outright or to convert a Chapter 7 case to a Chapter 13 case; and
• A provision permitting a court to impose sanctions on attorneys, or even on debtors, for filing a Chapter 7 case that is dismissed or converted to a Chapter 13 case.

After the fairy godmother (Bush) signed the bill written by industry lobbyists and passed by Congress as "reform", banks and lending institutions went on a credit binge of previously unimaginable proportion. The most ridiculous abuse of common sense was the so called "Liar Loans" more commonly referred to as "Stated Income Loans".

In addition, much of the subprime mess and the HELOC (home equity) can be attributed to lending institutions behaving as if Sixteen Tons was the new state of being.

You load sixteen tons, what do you get
Another day older and deeper in debt
Saint Peter don't you call me 'cause I can't go
I owe my soul to the company store

Liar loans are now blowing up. I talked about this recently in Bring On The Alt-A Downgrades.

Liar Loans Discharged In Bankruptcy

Debt Slavery is now in reversal. Inquiring minds should consider this extremely significant ruling: BK Judge Rules Stated Income HELOC Debt Dischargeable.

Tanta writes:

This is a big deal, and will no doubt strike real fear in the hearts of stated-income lenders everywhere. Our own Uncle Festus sent me this decision, in which Judge Leslie Tchaikovsky ruled that a National City HELOC that had been "foreclosed out" would be discharged in the debtors' Chapter 7 bankruptcy. Nat City had argued that the debt should be non-dischargeable because the debtors made material false representations (namely, lying about their income) on which Nat City relied when it made the loan. The court agreed that the debtors had in fact lied to the bank, but it held that the bank did not "reasonably rely" on the misrepresentations.

I do not always agree with Tanta, but I would say that I do over 85% of the time. And I certainly agree with her post this time. She is correct on two counts:

1) This was an extremely significant ruling
2) This was the correct ruling

What is interesting to me was some of the comments, some of which defended the lenders. I have zero sympathy for the lenders and the following comments are in line with my thinking.

Tanta Writes:

Nat City gets zero sympathy for me on this one. Talk about a case of "fool me twice."

Jas Jain writes:

Tanta: �I argued some time ago that the whole point of stated income lending was to make the borrower the fall guy: the lender can make a dumb loan--knowing perfectly well that it is doing so--while shifting responsibility onto the borrower, who is the one "stating" the income and--in theory, at least--therefore liable for the misrepresentation.�

Bingo: And the reason this was carried to such an extreme was the debt slave act of 2005 in conjunction with absurd interest rate policy at the Fed, the Fed's direct sponsorship of ARMs and derivatives, and the "Ownership Society" of the Bush administration. All of which are also blowing sky high right now.

Uncle Festus writes:

A few random thoughts on things which have been raised in these comments:

1. I don't think that the lender will appeal this, because at this point it's not "binding" precedent on any other court (though it will be cited as "persuasive" precedent in future similar disputes). I think the lender will not appeal it because there is a real risk that the higher court (either the 9th Circuit itself or the Bankruptcy Appellate Panel) could affirm it and it would then become binding on the entire 9th Circuit, which encompasses the whole West Coast plus Arizona and Nevada. The money at risk in this individual case (if there is any at all) is minuscule compared to the risk of this becoming the law in the largest Circuit in the country.

Binding or not, the die is cast. Furthermore, under a Democratic Congress and Obama as president the entire bankruptcy reform act is likely to be rewritten.

As ye sow so shall ye reap.

Banks and lending institutions are now bearing the fruits of their attempts to make debt slaves out of consumers. I salute the ruling of Judge Leslie Tchaikovsky.

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

How to draw woman Manga Comics, rogue samurai girl female character design, sketch, illustration for manga, comics, anime free web video tutorial.

Learn to Draw and Sketch Comics woman rogue samurai, girl female character design, sketch, illustration for manga, comics, anime free web step by step and video tutorial.

Learn from Step by step and video tutorial. Drawing and sketching step by step: female character design for manga, video game, and comics basic. The process shows from basic sketching to finish drawing quick concept for comics cartoon illustration, manga, anime. The video demonstrates and narrates how to quickly create an efficient concept design from concept idea into visual. How to put rough idea onto the paper sketch and create fantasy or sci-fi character concept art online lesson for comics cartoon illustration, manga, and anime.

Here are step by step still images process:
1)
2)
3)
4)
5)

Here is a final sketch: Female Rogue Samurai


Watch the video process tutorial: How to draw Manga: Rogue Samurai


Drawing Software & Tools I used and recommended:
-Genius MousePen 6x8
-Wacom Intuos3 6X8 Pen Tablet
-Bamboo (Small) Pen Tablet (new from Wacom!) Economy for everyone.
Softwares:
-Gimp (Free Download)
-Adobe Photoshop CS2 (Professional software)
*You can just use pencil, paper, markers on this one...just practice rendering.

FEATURE TUTORIALS:




New tutorials:
-How to draw Batman
-How to draw manga superhero Mask Rider (Kamen Rider)
-How to draw manga female character
-How to draw comics female Viking Warrior
-How to draw Mech or Mecha
-How to draw Dragon #016
-How to draw comics, Barbarian Warrior
-Panting Battle Ship comp
-Drawing Manga Witch concept
-How to draw woman, "bride"
-How to draw Creature WereWolf
-How to draw Creature Goblin
-How to draw comics, woman character
-How to draw Comics woman, ninja
-Character Design Archetype, for Manga, Anime, Video Games
-How to draw Manga Female Body Figure


Thanks for all overwhelming support and e-mails guys!!! Due to the high volume of e-mails and questions, I apologized that I cannot usually reply to you within a day or two. I will try my best to answer them all personally and get all the questions answer either by Videos or Post.

** If you have any basic questions or specific please looked up Q/A section (under the blog menu on the right side). Most of the time your questions has already been answered in Q/A.

Great Day, Peace!!!