Canon PowerShot SX110

The PowerShot SX110 IS is equipped with many of the same features as a higher-end camera: An ultra-powerful zoom, eye-popping resolution and advanced picture-improving technology. This compact camera sports a fast, steady 10x optical zoom that keeps up with your most ambitious shooting: No more standing on the sidelines wishing you could get in closer. 9.0 megapixels of resolution give your photography incomparable depth and ensure that any section of any shot can be enlarged and cropped with no loss in quality.

Canon PowerShot SX110 Features:

Exceptional value in a compact ultra-zoom 9.0 Megapixel digital camera.

Zoom in for sharp, steady close-ups with Canon's 10x Optical Zoom lens with Optical Image Stabilizer Technology.

DIGIC III Image Processor with Genuine Canon Face Detection AF/AE/FE/WB sets the focus, exposure, flash and white balance automatically so you always capture the perfect face.

Take your camera everywhere with this new slim design and large, bright 3.0-inch LCD.

AA batteries for power anywhere.

A wide range of shooting modes to capture anything.

Print/Share Button for easy direct printing and downloading, plus ID Photo Print and Movie Print with select PIXMA Photo Printers and SELPHY Compact Photo Printers.

You will be able to pick up Canon PowerShot SX110IS at the end of this month for $299.99 in the US, while those in Europe will have to wait until September, paying a much more expensive �309.

The quick way to draw and sketch you idea into concept art

The quick way to draw and sketch you idea into concept art down to sketchbook.
If you have to many ideas inside your head, what is the quickest way to acquire ideas you have before it waters away.

If you ever end with no ideas in you mind, where you don't know what to make- I have a lot of things in mind but have no idea on what should I do!

First, Start with core idea first then narrow it down from there.
-What it is like guys, girls, character,
-If creature then what kind, bi-pedals, four legs, snake like, wings...look at one specific animal structure then derive from there.
-If it is a scene...narrow it down to what time period...what style of architecture...why is it there (what for). And what kind of events take place?
-Narrow it down to the specific as much as you can to filter your idea and make it solid.

Second, The key to make it happen is thumbnails them!

That's why we do thumbnails. We might have 50 ideas about one particular topic, but how do we know which one has to potential to be the best 5 out of those 50 ideas.
Thumbnails are the best way to filter your art work and select the best idea to work thru and present in your final collection.


Also Good advice from one of our readers (Thanks to Chris)
With what I usually do (fine art sculpture), when I get stuck I thumb through art books, browse the web, or I stick on some music and let my mind wander and do lots of little sketches. Doesn't matter what they are. Eventually something comes to me. It's also a good idea to go do something else for a bit (maybe even draw something from life) and take your mind off it, then when you come back fresh you might get a spark.

If you have too many ideas or don't know how to accomplish them, just quickly sketch those out too. I often find by doing this you get a clearer idea of what you want or what works and it naturally progresses. Failing that atleast you have a record of what's in your head and you can stick it in someones face and ask them what they would do, and again, something might spark from that.

I also find that if I don't know what direction I want to go in I give myself an ambiguous or vague title, subject or brief to work from i.e. "Generators" and then think of everything I can to do with it, as obvious or distant as I want. Then you can also research the subject, see what others have done and so forth.

Or perhaps for concept work something more focused like "futuristic gun", "desert enviroment", "barbarian", "cave dweller" and so on. Maybe even refine that further to help with ideas - "it's got to have big eyes, claws, clammy skin" etc. Then sketch as many ideas as you can.

Usually I think most of the time you would have to work to some sort of brief anyway, and I would think that in your portfolio if you could show the kind of ideas you would come up with when given a brief, it's gotta look good.

related posts:
-How to get better at painting
-Compositions tips for artist.
-5 tips to improve drawing skill for artist.
-Color temperature warm vs cool for artist.

New tutorials:
-How to draw Manga face expression feeling happy
-How to draw Manga male face
-Manga tutorials draw facial expression mad or angry girl face
-How to draw face of demonic creature Asura

FEATURE TUTORIAL:




-Character Design Tutorial: Dark Valkyrie


** If you have any basic questions or specific please looked up Q/A section. Most of the time your questions has already been answered in Q/A.

If you need any help or support you can
-post questions or comment on the post (seems to be the fastest way to get response)
Peace,

Hurricane Gustav Update

Those interested in Hurricane Gustav should tie into the Oil Drum thread Hurricane Gustav, Energy Infrastructure, and Updated Damage Models - Thread #3.

Recent track shifts have Gustav consistently hitting near New Orleans, east of the majority of oil and gas rigs; though this could still change in either direction, the models have continued to converge.

Extensive damage and an extended recovery time probably measured in months. The pipelines to shore are probably in a lot of trouble on this trajectory due to scour.

The discussion on the oil drum is always top notch. Please check it out.

On other boards I am reading, many are anticipating a huge jump in oil and gas prices next week. I do not know if that will happen, but I will offer the opinion that if it does not happen, or if it happens and prices quickly reverse lower, they will keep going a lot lower than most energy bulls think.

Short to intermediate term, it is highly likely that the slowing global economy will have far more effect on energy prices than peak oil.

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

Desperation at WaMu Puts Taxpayers at Risk

Desperation is in the air at Washington Mutual (WM). That WaMu is offering 5% on CDs should be proof enough. From LastNightInVegas.

If the 5% rate WaMu is offering on CDs isn't indication enough that there's trouble brewing, the fact that WaMu is promoting it with a hand drawn white board sign certainly clinches it.

On a more serious note, please consider the following chart of WaMu credit default swaps courtesy of Chris Puplava at FinancialSense.

WaMu 5-Year Credit Default Swaps



click on chart for sharper image

For more on Credit Default Swaps
Pimco: What Are Credit Default Swaps and How Do They Work?
Wikipedia: Credit Default Swaps
CBOT: CDS Example

In rally attempt after rally attempt in the financial sector, Washington Mutual is one of the last stocks to participate. There is good reason for this action. It's called "Death Spiral Financing". Previously I talked about Death Spiral Financing at WaMu, Merrill Lynch, Citigroup.

This is a different form of death spiral financing. WaMu is paying 5% on CDs at a time the Fed Funds Rate is 2.0% and the discount rate is 2.25%. Where can WaMu invest money safely and return 5%? The answer is nowhere.

It is a moral hazard that WaMu can even offer CDs at 5% with FDIC guarantees. Money is increasingly flowing to such endeavors, at taxpayer risk. Supposedly FDIC is self insured. I say supposedly. And although I am certain that FDIC guarantees will be honored, I am increasingly suspicious of how those guarantees will be honored.

LondonBanker has an excellent article on this subject called Is the FDIC another troubled monoline? It's a good read. Please take a look.

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

Cyborg 009, Top 100 manga of all time and you should read it.

Cyborg 009, Top 100 Manga of all time and you should read it.
This one is really ancient, and I remember reading some of them when I was a kid...also see some Anime rerun. I believe it might be as old as AstroBoy.

The special thing about it is that this original idea basically gives birth and inspire to so many Manga series later on.

The cool factor about it? Think x-men, but they are partially machine and been modify...they didn't really born with the special abilities.

Cyborg 009 (?????009, Saibogu Zero-Zero-Nain?) is a manga created by Shotaro Ishinomori. It was serialized in many different magazines, including Monthly Shonen King, Weekly Shonen Magazine, Monthly Shonen Jump, COM, Weekly Shonen Sunday, Weekly Shonen Big Comic, SF Animedia, and Shojo Comic in Japan. The manga was published in English by TOKYOPOP; as of 2006 it is out of print.


It is the tale of nine regular humans kidnapped by the evil Black Ghost organization to undergo human experiments. The result of this tampering are nine cyborgs, each one having super human powers. The nine cyborgs band together to fight for their freedom and to stop Black Ghost. The evil organization's goal is to start the next world war, by supplying any rich buyers with their choice of countless weapons of war and mass destruction.


The evil Black Ghost organization kidnapped several people from around the world and turned them into cyborgs designed to be perfect weapons, but their evil plan backfires because the nine cyborgs still retain some of their humanity. Once the cyborgs escape, they vow to defeat the Black Ghost and bring peace to mankind.

It starts when Cyborg 001 reaches out to Cyborg 009. When Cyborg 009 wakes up he finds himself in this laboratory, and he doesn't know how he got there. Then, when Cyborg 009 tries to find a way out, a lot of robots come after him. Cyborg 001 continues to reach out to Cyborg 009 by mind. Cyborg 009 finds out that he has these amazing powers, but what he doesn't know is that he's a cyborg.

When Cyborg 009 escapes, more robots came after him. He fell off a cliff into the ocean. Then Cyborg 008 was swimming around and spots Cyborg 009. He rescues him and brings him to land. Then more robots come after Cyborg 009. Then Cyborg 002 saves him by flight, and brings him to the others. But before they really got to know each other, they were attacked.

Elements of this series would later find their way into Kamen Rider (1971), another famous creation by Ishinomori. The plots are the same, except that the weekly threats are mutants, and there is just one hero (later two), as opposed to nine.

Related posts: (So far on the 100 collection list)
-Top 100 manga, Cobra Space Adventure
-Top 100 Manga, Fist of the North Star "Kenshiro"

New tutorials:
-How to draw Manga male face
-Manga tutorials draw facial expression mad or angry girl face
-How to draw face of demonic creature Asura
-How to draw fantasy female character Manga Mage
-Gatorfish or Fish-Gator Creature Design drawing.
-Drawing Mecha Bike
-How to sketch a Sorcerer Pink
-Manga tutorial, how to draw and color pirate girl.

FEATURE TUTORIAL:




-Character Design Tutorial: Dark Valkyrie


** If you have any basic questions or specific please looked up Q/A section. Most of the time your questions has already been answered in Q/A.

If you need any help or support you can
-post questions or comment on the post (seems to be the fastest way to get response)
Peace,

Sigma APO 120-400mm F4.5-5.6 DG OS HSM Lens Review

A close cousin to the APO 150-500mm F5-6.3 DG OS HSM lens, which has also been reviewed on the Photo Review website, Sigma's APO 120-400mm F4.5-5.6 DG OS HSM lens can be used on both 'full frame' and 'APS-C-sized' DLSR cameras as well as traditional 35mm SLRs. Smaller and lighter than the 150-500mm model, it is a significant upgrade on the 135-400mm f/4-5.6 lens it replaces.
Key features of the new lens are the inclusion of Sigma's original OS (Optical Stabiliser) and the use of the company's HSM (Hyper Sonic Motor), which provides fast and quiet autofocusing as well as full-time manual focusing capability. Like its sibling, it is compatible with Sigma's APO Tele Converters.
The optical design is similar to the 150-500mm lens, with 21 elements arranged in 15 groups. Three SLD (Special Low Dispersion) glass elements have been included to correct chromatic aberration and super multi-layer coating is applied throughout the optical system to minimise flare and ghosting. For general photography, this lens has a minimum focusing distance of 150cm throughout the zoom range and delivers a maximum magnification of 1:4.2, making it useful for close-up photography.
A rear focusing system minimises the risk of image softening caused by focusing and ensures optimum image quality throughout the entire zoom range. The maximum apertures of f/4.5 at 120mm and f/5.6 at 400m are relatively large for 3.3x zoom lenses of this type.|
Build quality is similar to the 150-500mm lens. With a metal mounting plate and stylish matte black coating. Rubberised focusing and zoom rings ensure a secure and positive grip. As in the 150-500mm lens, the zoom ring is towards the front of the lens barrel with the focusing ring about mid-way back to the camera.
The zoom ring in broader and measures just under 28mm deep and its rubber coating has thicker ridges than those on the focusing ring, which is 18mm thick. The removable tripod collar fits behind the focusing ring. Just behind it is a distance scale with markings for metres and feet.
Just behind the zoom ring on the side of the barrel is a lock that prevents the lens from extending when carried on a downward-facing camera. Behind the focusing ring are two sliders, the top one switching between auto and manual focus modes and the lower one controlling the optical stabiliser. Full-time Two stabilisation settings are provided, along with an off position.
According to Sigma's website, the lens is supplied with end caps, a hood and a soft carrying case (although we received only the end caps with the review lens).

Margaret Brown

more : photoreview

Sigma APO 120-400mm F4.5-5.6 DG OS HSM Lens Review

A close cousin to the APO 150-500mm F5-6.3 DG OS HSM lens, which has also been reviewed on the Photo Review website, Sigma's APO 120-400mm F4.5-5.6 DG OS HSM lens can be used on both 'full frame' and 'APS-C-sized' DLSR cameras as well as traditional 35mm SLRs. Smaller and lighter than the 150-500mm model, it is a significant upgrade on the 135-400mm f/4-5.6 lens it replaces.
Key features of the new lens are the inclusion of Sigma's original OS (Optical Stabiliser) and the use of the company's HSM (Hyper Sonic Motor), which provides fast and quiet autofocusing as well as full-time manual focusing capability. Like its sibling, it is compatible with Sigma's APO Tele Converters.
The optical design is similar to the 150-500mm lens, with 21 elements arranged in 15 groups. Three SLD (Special Low Dispersion) glass elements have been included to correct chromatic aberration and super multi-layer coating is applied throughout the optical system to minimise flare and ghosting. For general photography, this lens has a minimum focusing distance of 150cm throughout the zoom range and delivers a maximum magnification of 1:4.2, making it useful for close-up photography.
A rear focusing system minimises the risk of image softening caused by focusing and ensures optimum image quality throughout the entire zoom range. The maximum apertures of f/4.5 at 120mm and f/5.6 at 400m are relatively large for 3.3x zoom lenses of this type.|
Build quality is similar to the 150-500mm lens. With a metal mounting plate and stylish matte black coating. Rubberised focusing and zoom rings ensure a secure and positive grip. As in the 150-500mm lens, the zoom ring is towards the front of the lens barrel with the focusing ring about mid-way back to the camera.
The zoom ring in broader and measures just under 28mm deep and its rubber coating has thicker ridges than those on the focusing ring, which is 18mm thick. The removable tripod collar fits behind the focusing ring. Just behind it is a distance scale with markings for metres and feet.
Just behind the zoom ring on the side of the barrel is a lock that prevents the lens from extending when carried on a downward-facing camera. Behind the focusing ring are two sliders, the top one switching between auto and manual focus modes and the lower one controlling the optical stabiliser. Full-time Two stabilisation settings are provided, along with an off position.
According to Sigma's website, the lens is supplied with end caps, a hood and a soft carrying case (although we received only the end caps with the review lens).

Margaret Brown

more : photoreview

Sigma 120-400mm f/4.5-5.6 DG OS HSM: Lens Test

Clearly a sibling to Sigma's larger 150-500mm f/5-6.3 OS lens, this full-frame tele zoom ($850, street) is almost the mirror image of that longer lens, but about 25 percent smaller. It replaces Sigma's 135-400mm f/4.5-5.6 in the lineup, and it's a significant upgrade for a number of reasons: It uses Sigma's silent HSM focusing motor, is compatible with Sigma teleconverters, and, of course, includes Sigma's Optical Stabilizer. An 186-620mm equivalent when mounted on most DSLRs (that's 372-1240mm -- albeit without AF -- when used with a 2X teleconverter!), this lens incorporates three elements of super-low-dispersion glass for sharpness and is sold with hood, case, and a pretty cool tripod collar.

HANDS ON

The finish is Sigma's new ultra matte-black coat. Almost velvet-like, the surface looks prone to scuffing, but won't scratch (in normal use). Although the removable tripod collar is relatively large, it's cleverly designed with finger channels to help it double as an excellent grip for off-tripod shooting, even a good carrying handle for the lens and camera rig.

At 8.12 inches at its most compact, it's a big lens, but you can handhold its 3 pounds and 12-plus ounces easily due to smart positioning of zoom and focusing rings, and a pleasing balance overall.

The AF is near-silent thanks to the HSM AF motor -- and by the standards of such a long zoom, it's fast-focusing. In field tests, the AF system had no problem latching onto and following approaching cars, bicyclists, even pigeons. We suspect it would do well from gridiron sidelines or at waterside tracking soaring ospreys.

The amply sized zoom ring is somewhat stiff turning, but the smaller, well-placed manual-focus collar is nicely damped and a pleasure to use. Manual focus is possible in the lens' AF mode. Its barrel houses well-marked switches for AF/MF, the OS modes (on, off, and panning), plus a zoom lock at 120mm.

Julia Silber


more : popphoto

Sigma 120-400mm f/4.5-5.6 DG OS HSM: Lens Test

Clearly a sibling to Sigma's larger 150-500mm f/5-6.3 OS lens, this full-frame tele zoom ($850, street) is almost the mirror image of that longer lens, but about 25 percent smaller. It replaces Sigma's 135-400mm f/4.5-5.6 in the lineup, and it's a significant upgrade for a number of reasons: It uses Sigma's silent HSM focusing motor, is compatible with Sigma teleconverters, and, of course, includes Sigma's Optical Stabilizer. An 186-620mm equivalent when mounted on most DSLRs (that's 372-1240mm -- albeit without AF -- when used with a 2X teleconverter!), this lens incorporates three elements of super-low-dispersion glass for sharpness and is sold with hood, case, and a pretty cool tripod collar.

HANDS ON

The finish is Sigma's new ultra matte-black coat. Almost velvet-like, the surface looks prone to scuffing, but won't scratch (in normal use). Although the removable tripod collar is relatively large, it's cleverly designed with finger channels to help it double as an excellent grip for off-tripod shooting, even a good carrying handle for the lens and camera rig.

At 8.12 inches at its most compact, it's a big lens, but you can handhold its 3 pounds and 12-plus ounces easily due to smart positioning of zoom and focusing rings, and a pleasing balance overall.

The AF is near-silent thanks to the HSM AF motor -- and by the standards of such a long zoom, it's fast-focusing. In field tests, the AF system had no problem latching onto and following approaching cars, bicyclists, even pigeons. We suspect it would do well from gridiron sidelines or at waterside tracking soaring ospreys.

The amply sized zoom ring is somewhat stiff turning, but the smaller, well-placed manual-focus collar is nicely damped and a pleasure to use. Manual focus is possible in the lens' AF mode. Its barrel houses well-marked switches for AF/MF, the OS modes (on, off, and panning), plus a zoom lock at 120mm.

Julia Silber


more : popphoto

Chancellor Darling: UK In Worst Economic Crisis For 60 Years

The Telegraph is reporting Britain in grip of worst economic crisis for 60 years, admits Alistair Darling.

Britain is in the grip of its worst economic crisis for 60 years, Alistair Darling has admitted.The Chancellor of the Exchequer warns that the slump is going to be "more profound and long-lasting than people thought".

In an astonishingly frank interview, Mr Darling admits that voters are "p***** off" with Labour and says the party must recover the "zeal" which won it three successive general elections.

Since taking up the post, Mr Darling is said to have faced a crisis "every week", including the collapse of Northern Rock and the loss of millions of people's personal details from HM revenue & Customs.

There have been clear tensions between the Treasury and Number 10 in recent months and many of his comments will be read with dismay in Downing Street.

Mr Darling makes clear that he was not the source of a story earlier this month that he might temporarily suspend stamp duty in order to stimulate the housing market. The leak - which the Treasury suspects came from Downing Street - backfired and led to accusations that the uncertainty caused had actually caused home sales to stall.

The Chancellor says he has spent all his political life trying to avoid "this kind of interview". But his advisers have long claimed that he does not conform to his "boring" caricature and have chosen the eve of the new political season to improve his public image. However, many of his comments will be seized upon by his opponents.

Mr Darling says the economic times we are facing "are arguably the worst they have been in 60 years." "And I think it's going to be more profound and long-lasting than people thought," he adds. Further evidence that Britain is on the brink of recession emerged this week.

A report into house prices showed they had dropped 10 per cent in the last month - the biggest drop in prices since 1990.

And on Thursday David Blanchflower, a member of the Bank of England monetary policy committee, warned unemployment would hit two million by Christmas. Mr Darling admits Labour - currently 19 points behind the Tories in the latest Telegraph opinion poll - is in trouble.

UK Retailers Suffer Worst Month In 25 Years

The Independent is reporting Retailers suffer worst month in quarter of a century.

Retailers delivered their worst performance for nearly a quarter of a century last month and there is little sign of relief for them any time soon.

Some 60 per cent of UK retailers said that sales in the first half of August were lower than a year ago, while just 13 per cent said they had increased, the CBI Distributive Trades Survey revealed.

The CBI data reinforces a widely held view among retailers that it could be 2010 before consumers, who are squealing from soaring food prices, utility bills and motoring costs, return to the high street with the vigour of previous years. The survey is also the latest to contrast sharply with the Office of National Statistics' retail sales data, which showed a 0.8 per cent rise in July and have recently drawn gasps of disbelief from retailers.

My Comment: It appears the UK Office of National Statistics is being run by the same group of clowns that publishes the US GDP data. How did that happen? See GDP Much Weaker Than Headline Numbers for disbelief at some US numbers.

The figures will add to the clarion call of retailers for the Bank of England to lower interest rates at the earliest opportunity, and came on the same day that the building society Nationwide said house prices were falling at their fastest since 1990.

Ian McCafferty, CBI chief economic adviser, said: "Retail conditions have been extremely tough this summer, and the wet August has been a further blow. Sadly, no let-up is expected as we head into early autumn. The business outlook is particularly weak and retailers are having to scale back their employment and investment plans in an attempt to ride out the storm."

Gavin George, head of retail at the accountancy firm Ernst & Young, said: "It is not going to get any better for 18 months."

The CBI said sales were weak across all retailers, except for grocers, which posted modest growth on a year ago. It said the sectors related to the housing market, particularly durable household goods, furniture and carpets, continued to face "very difficult" conditions. For example, all the furniture and carpet retailers surveyed said their sales had fallen between 29 July and 13 August, compared with a net balance of plus 46 per cent for the same period last year.

Deflationary Hurricanes

This was easily foreseeable based on debt. Let's flashback to June 30, 2008 and a review of Deflationary Hurricanes to Hit U.S. and U.K.

Michael Saunders of Citigroup warned that - at 173pc of household incomes - the debt burden is higher even than Japan's when it peaked in 1990, before more than a decade of deflation.

Philip Shaw of Investec said: "Although we take the view that the economy will avoid a recession, our confidence is ebbing."

I Responded:

"Avoid A Recession? It will be hard for the US and UK to avoid a depression."

What started as a tropical storm called "Subprime" has intensified in magnitude to engulf Alt-A, HELOCs, credit cards, commercial real estate, municipal bonds, corporate bonds, and the stock market, just as baby boomers are headed for retirement.

If you prefer, you can think of this as Many Hurricanes, Many Eyes.

Attitudes Lead The Way

It took nearly 80 years for people to get as reckless as they did in 1929. 80 years! Few are still alive that went through the great depression. That is the nature of the game. People have to forget what a depression is like to bring about the conditions that cause them. And they did. And they made the same mistakes over again, except larger.

The madness of crowds, however, can only go so far. A significant reversal is now underway. The secular peak in consumption has been reached. A reversal in attitudes towards consumption started with houses, but it�s spreading to cars, boats, and even Starbucks coffee. It will take a long time for attitudes to get back to equilibrium. And attitudes, like pendulums, will not stop at equilibrium once they get there.

The odds of a significant bout of inflation now are about the same as they were in 1929. Next to none. History is about to repeat.

Darling Comment Of The Week

Darling Comment Of The Week: "People are pissed off".

Indeed they are. And there are going to be many more "pissed off" in the coming years as well. Peak Credit has arrived, globally. This is what the backside looks like.

Vancouver take note. The odds that Canada can avoid a housing crash similar to what is going on the US, UK, and Spain, are zero.

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

Shiny at IFA 2008: Rollei X-8 Sports is the Chuck Norris of cameras

Shiny at IFA 2008: Rollei X-8 Sports is the Chuck Norris of cameras

Duncan Geere writes... No, actually, it's not. Because nothing could possibly be as rugged than Chuck Norris. What it does rival is the Ricoh G600. When I say 'rival' though, I actually mean 'spec slightly worse in every category'. There isn't any price yet, though, so maybe that's where it can win out. The Rollei X-8 Sports is lightweight (158g), resistant to moisture, dirt and cold, waterproof to 10m, and can take a 1m drop. So it's pretty hardcore. It's reasonably-specced too. 8megapixel, 3x optical zoom, and up to 1600 ISO, along with a whole host of shooting presets.

(Via Shiny Shiny.)

Shiny at IFA 2008: Rollei X-8 Sports is the Chuck Norris of cameras

Shiny at IFA 2008: Rollei X-8 Sports is the Chuck Norris of cameras

Duncan Geere writes... No, actually, it's not. Because nothing could possibly be as rugged than Chuck Norris. What it does rival is the Ricoh G600. When I say 'rival' though, I actually mean 'spec slightly worse in every category'. There isn't any price yet, though, so maybe that's where it can win out. The Rollei X-8 Sports is lightweight (158g), resistant to moisture, dirt and cold, waterproof to 10m, and can take a 1m drop. So it's pretty hardcore. It's reasonably-specced too. 8megapixel, 3x optical zoom, and up to 1600 ISO, along with a whole host of shooting presets.

(Via Shiny Shiny.)

Gold Sale Spurs Manipulation Talk

MarketWatch is reporting Gold Sale Spurs Manipulation Talk

Recent heat from Congress and regulators, along with public speculation, over whether commodity prices are being manipulated has also reached gold pits, where the debate was stirred by a surge in bets last month that gold prices would fall.

"Congress is already investigating allegations of manipulation in the oil market, and it seems likely that it is only a matter of time before a similar investigation will be required in the precious metal markets," said Mark O'Byrne, executive director at Gold and Silver Investment.

"The data in the bank participation report is so clear and compelling that it is hard to conclude anything but manipulation," said Theodore Butler, a precious metals analyst, in a note.

But the fact that three big banks were singled out in the CFTC report is nothing new. The regulator's reports always show the largest three players in futures markets in any given month.

Jeffrey Saut, market strategist at Raymond James, also believes that the commodities bull run may have run out of steam, even if only temporarily, because of the upcoming elections.

"There is a lot of nervousness, especially in energy pits, about the efforts underway to propose wrong-footed legislation from politicians who want to bring down the price of gasoline," said Jeffrey Saut, market strategist at Raymond James.

"I don't believe we have a speculative bubble, but these moves are going to drive a lot of hot money out of commodities pits between now and the elections," he told MarketWatch back in July.

Fundamentals

Many analysts also point to fundamental factors that helped bring down prices in commodities over the past month and a half.

"There is indeed a rational explanation for the decline in the price of gold and silver: the dollar has staged one huge rally, and fundamentals suggested the dollar should rally," wrote Mike Shedlock, an investment advisor at Sitka Pacific Capital Management, in an online blog post on Wednesday.

Banks and markets

As for the banks involved in the recent short selling of gold, they are only market makers, taking orders from large money players, such as hedge funds, said Jeffery Christian, founder of commodities research firm CPM Group.

Banks "stand to buy or sell the commodities, taking the other side from other people or institutions entering a market," said Christian. Gold and silver prices slumped recently "because investors, particularly short-term, technically-oriented funds, were selling."

Short-term funds tend to use over-the-counter channels to trade gold and silver and their positions were therefore not recorded by the CFTC. "What you have here is the footprints of hedge funds exiting the commodities markets en masse," said Kitco's Nadler.

Banks, playing as a market maker to buy contracts from funds, hedge their risks by doing opposite trading in the futures market: They sell, or short, gold and silver contracts in the futures markets.

That explains the recent jump in banks' short positions, said Christian. "Banks are the passive agents usually in markets," Christian added. "They make the markets, and take what is coming at them."

"Banks are the passive agents"

Indeed, banks are the passive agents, acting as market makers. I want to reiterate what Trosky said in The Great Gold, Silver Conspiracy Explained.

Also, I would emphasize the CFTC's explanation - one that has been confirmed by the former CEO of PAAS, who took on Butler's claims as well - that the large commercial shorts do in fact have offsetting positions in both physical and OTC derivatives markets, where they act as middlemen for a much larger group of customers.

Therefore, the apparent 'concentration' comes from the fact that these traders (the 10 biggest) tend to aggregate offsetting customer positions and hedge them in the silver futures market.

The fact remains, Butler and others have ZERO proof because if they had proof, they would present it.

Time and time again Butler and others point out the "massive concentrated short position" as if that was proof of something in and of itself. What they fail to acknowledge (because believers in conspiracy theories can never look at any situation logically) is that the alleged conspirators try to remain market neutral.

It is the precious metal bulls who are leveraged long, not the commercials who are leveraged short. The huge irony in all this is that Butler and other conspiracy theorists have the situation completely ass backwards from reality.

Furthermore, and as I have pointed out before, Butler better be careful of what he wishes. If the CFTC does act on this, it will be to reduce speculation in the markets. And hedge fund speculation is one of the factors that has been driving commodity prices higher.

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

Nikon to release its wide zoom lens designed to Nikon's D90

Nikon expects to release its new lens 'AF-S DX NIKKOR 18-105MM F/3.5-5.6G ED VR' with a focal length between 18 and 105 mm(27 to 157.5 mm in 35 mm format).

The AF-S DX NIKKOR 18-105MM F/3.5-5.6G ED VR is useful in a broad range of shooting settings. The wide zoom range makes it suitable for shooting buildings and scenery while the telephoto zoom range is ideal for portraits. The AF-S DX NIKKOR 18-105MM F/3.5-5.6G ED VR 's built-in Vibration Reduction II system provides the equivalent of a shutter speed three stops faster than standard lenses, offering an extraordinarily high reproduction capacity.

The high-performance optical system features a single ED glass element and one aspherical lens optimized for use for digital SLRs. This allows you to make high resolution, high contrast images, and minimising chromatic aberration.

It is expected to be available in Japan market on September 19th, and suggested price is 68,250(JPY).

Samsung to release its new flash-based 1080i HD camcorder

Samsung Electronics continues to improve its camcorder offerings with the addition of the HMX20C Progressive HD Flash-based camcorder.

Featuring full HD and a1080i mode with 30 frames-per-second recording capability, the HMX20C's flash-based design makes this camcorder compact and easy-to-use. With an integrated docking station, users will find it simple to not only charge the HMX20C, but utilize the HDMI input and component connectivity to easily view home movies directly on an HDTV.

Furthermore, users are able to connect the HMX20C to their laptop or PC via a USB connection and share their home movies with family and friends quickly and easily. For added value and convenience, this multifunctional HD camcorder also delivers among the best still camera functionality within a camcorder on the market - up to 8 megapixels size through pixel-rising technology.

Sigma 10-20mm

Sigma 10-20mm, originally uploaded by alohadave.

Olympus E-10 DSLR

Olympus E-10 DSLR, originally uploaded by barjack.

Nikon D300 UnBoxing

Nikon D300 UnBoxing, originally uploaded by Matajuro1905.

Canon EOS 30D

Canon EOS 30D, originally uploaded by *Yueh-Hua 2008.

Sony Alpha 100 DSLR

Sony Alpha 100 DSLR, originally uploaded by crashcalloway.

Sony releases A350 DSLR Limited Edition

Sony releases A350 DSLR Limited Edition, originally uploaded by meteorit.

SF / Bay Area: For Sale, Sony Alpha A100 DSLR (body only, used): $400 obo

SF / Bay Area: For Sale, Sony Alpha A100 DSLR (body only, used): $400 obo, originally uploaded by loupiote (Old Skool).

50MP(!) Hasselblad DSLR Camera

50MP(!) Hasselblad DSLR Camera, originally uploaded by hypoluxa.

Nikon D80 DSLR Camera with Sigma 180mm 1:3.5 APO Macro DG HSM EX

Nikon D80 DSLR Camera with Sigma 180mm 1:3.5 APO Macro DG HSM EX, originally uploaded by clicks_1000.

Nikon D80 DSLR Camera with Sigma 180mm 1:3.5 APO Macro DG HSM EX

Nikon D80 DSLR Camera with Sigma 180mm 1:3.5 APO Macro DG HSM EX, originally uploaded by clicks_1000.

Nikon D80 DSLR Camera & AF-S Nikkor 18-200mm 1:3.5-5.6 G ED DX VR Lens with 18-135mm for comparison

Nikon D80 DSLR Camera & AF-S Nikkor 18-200mm 1:3.5-5.6 G ED DX VR Lens with 18-135mm for comparison, originally uploaded by clicks_1000.

Nikon D80 DSLR Camera & AF-S Nikkor 18-200mm 1:3.5-5.6 G ED DX VR Lens with lenshood

Nikon D80 DSLR Camera & AF-S Nikkor 18-200mm 1:3.5-5.6 G ED DX VR Lens with lenshood, originally uploaded by clicks_1000.

Nikon D80 DSLR Camera & AF-S Nikkor 18-200mm 1:3.5-5.6 G ED DX VR Lens

Nikon D80 DSLR Camera & 18-200mm 1:3.5-5.6 G ED DX VR Lens, originally uploaded by clicks_1000.

Sony DSLR-A350 Alpha Camera

Sony DSLR-A350 Alpha Camera, originally uploaded by Allen Qu.

Sony DSLR-A300 Alpha Camera

Sony DSLR-A300 Alpha Camera, originally uploaded by Allen Qu.

Nikon D80 DSLR camera

Nikon D80 DSLR camera, originally uploaded by hot_music_lamdiacd.

EuroZone Inflation Eases

Bloomberg is reporting European Economic Confidence Drops, Inflation Eases.

Aug. 29 (Bloomberg) -- Europeans' confidence in the economic outlook fell more than economists forecast this month as the economy teetered on the brink of a recession. Inflation unexpectedly slowed.

The euro pared gains after the reports, which signaled the slump in economic growth is extending through the third quarter and a 20 percent drop in oil prices from a record $147.27 a barrel last month is easing inflation pressures. Consumer-price increases are still above the European Central Bank's limit, prompting policy makers including Axel Weber to indicate they are in no hurry to cut interest rates even as expansion slows.

"The euro-zone economic situation is deteriorating markedly," said Carsten Brzeski, an economist at ING Group in Brussels. "Therefore, it is somewhat striking that some central bankers still consider interest rates to be accommodative."

Economists had forecast that inflation would remain at 4 percent, a 16-year high, in August, according to the median estimate of 31 economists in a Bloomberg News survey. National data this week showed inflation in Germany, Europe's largest economy, Spain and Belgium eased this month.

Confidence among euro-area manufacturers fell more than economists forecast to minus 10 this month from minus 8 in July, while sentiment among retailers also declined, according to today's report from the commission. Consumer confidence rose 1 point from July's minus 20, staying close to a 5 1/2-year low. In the U.K., consumer confidence stayed near a record low in August, GfK NOP said today in a separate report.

In the euro area, unemployment remained at 7.3 percent in July, another report showed.

European companies and consumers see less chance of prices rising, the data indicate. A measure of companies' selling-price expectations fell to 17 in August from 20 in July. Consumers' outlook for prices dropped to 22 from 30, below its average reading for the past 18 years.

Euro vs. US Dollar Weekly



click on chart for sharper image

A chart shows the Euro is consolidating at the lows, right on a weekly trendline. Axel Weber might not be in a hurry to cut rates, but souring EuroZone sentiment suggests otherwise. In the very short-term, the idea that the ECB may not be in a hurry could be adding some support to the Euro.

There is also trendline support as shown. Should Axel Weber be proven wrong, and I suspect he will be, the Euro is poised for another drop vs. the dollar (all other things being equal). Support is at 135.

Fundamentally there has been every reason for the dollar to rally, and it has. I discussed the dollar at length on

• August 08 Trichet Puts Spotlight on the Euro, Dollar
• August 09 U.S. Dollar Rally Continues
• August 11 Currency Intervention And Other Conspiracies
• August 18 Steve Saville On The US Dollar And Gold
  
• August 29 Is Massive Foreign Treasury Buying Causing A US$ Rally?
  

In the August 29th post above I took a look at the idea that Treasury buying was supporting a US$ rally. My post was from a technical point of view, showing there is no intermediate term correlation between a rising dollar and foreign treasury purchases. Caroline Baum, bless her heart, pinged me with this comment from a "why" aspect that I was aware of but failed to mention.

Baum: Foreign central banks ACQUIRE dollars in an effort to keep their currencies from rising. The only question is, what do they do with them? Check out custody holdings of agencies: They are down in the last 6 weeks, not by a ton. These folks are only looking at one source of dollar purchases.

Ding, ding, goes the bell. I completely agree with Caroline as to why foreign banks do it. And the beautiful irony is that it is exactly the opposite of what has been proposed. However, I question if such intervention really works, or if it does work I question for how long. For example, the RMB has managed to rise significantly in spite of a "peg" that Strong Dollar Paulson constantly yaps about. Certainly the Japanese intervention schemes early this decade show the folly of trying to suppress the value of a currency.

Damn the intervention cries, the plain fact of the matter is this: The dollar's gonna go, where the dollar's gonna go. And where it's gonna go will depend more on interest rate differentials, expected changes in interest rate differentials, fluctuations in sentiment, and changes in balance of trade, as opposed to any real or imagined intervention schemes.

Looking ahead (once again, all other things being equal), if the ECB cuts rates faster than expected then the dollar is likely to rally vs. the Euro. And if the ECB stands pat longer than expected, then look for the Euro to be firm.

Yes, it's likely to be as simple as that. One would never know it from all the other explanations being bandied about.

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

Baghdad Bonds Safer Than KeyCorp and National City

Bloomberg is reporting Iraq Safer Than Ohio Banks Stung by Credit Crisis.

Iraq's bonds are delivering the biggest returns in emerging markets as oil export revenue bolsters government finances and violence declines.

The country's $2.7 billion of 5.8 percent bonds due 2028 gained 45 percent since August 2007, according to Merrill Lynch & Co. indexes. Investors demand 4.84 percentage points more in yield to own the debt instead of Treasuries, down from 7.26 percentage points a year ago. The spread is narrower than for notes of Ohio banks National City Corp. and KeyCorp, suggesting Baghdad may be safer for bond investors than Cleveland.

Iraq's bonds, which don't have a credit rating, rallied even as more than $500 billion of credit market losses and writedowns drove investors away from all but the safest government securities.

National City (NCC) and KeyCorp (Key), based in Cleveland, have debt ratings of A and spreads of 9.59 percentage points and 7.55 percentage points. The banks are two of the more than 70 firms worldwide that have recorded about $512 billion in losses and writedowns since the start of 2007 amid the collapse of the subprime mortgage market.

FDIC Ready For More Bank Failures

The FDIC is ramping up staff in preparation for more bank failures. Please consider FDIC Adds Office Space in Dallas, Ready for More Bank Failures.

The Federal Deposit Insurance Corp. is preparing to sign a five-year lease to add five floors of space at its Dallas regional office as the agency prepares to increase scrutiny of failing and troubled U.S. banks.

The federal agency, which insures deposits and disposes of failed banks and their assets, will add 125,000 square feet to the 185,000 square feet it rented last year at 1601 Bryan St., a 49- story tower in downtown Dallas. That agency will add about 300 staff at the building, including some of the 69 retirees it is bringing back to help handle the increased workload, said spokesman Andrew Gray.

At least a dozen U.S. lenders and credit unions have been closed by state and federal regulators since last year, and the FDIC said on Aug. 26 it had 117 banks on its "problem list." On Aug. 22, Columbian Bank and Trust Co. of Topeka, Kansas became the ninth U.S. bank to collapse this year.

Dallas is the headquarters of the agency's Division of Resolution and Receivership, the unit that handles failed banks. The staff additions would bring the total number employees at that location to about 850, he said.

The FDIC last year leased seven floors at 1601 Bryan, also known as Energy Plaza, for 10 years, Gray said. The agency will be completely moved into the space by Nov. 1, he said.

The 1.3 million square-foot skyscraper should have about 300,000 square feet vacant once the FDIC takes its new space, said Carl Ewart, managing director at real estate brokerage Jones Lang LaSalle's Dallas office. Gray said the agency has no plans to expand beyond its current 310,000 square feet, "but that could change."

So Baghdad is safer than Cleveland. Who would have thought that?

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

Manga Friday "Kapow Express" page 1 from idrawgirls.com

Manga Friday: "Kapow Express"

Chapter 1: "Mei"
page 1

Here is "Kapow Express" *new name for Shanghai Express. I arrange the layout in pieces in stead of the whole Manga page for convenience viewing in the Blog format.
I also schedule to deliver at least ONE Kapow Manga page every Friday! And the rest...are More tutorial.

After I have about 10-20 pages, then I will combine them into a Manga page format and host them at KapowExpress.com (that's the plan anyway...but we'll see)

pg#1


pg#2


Here is page 3 Online Manga, Kapow Express.

Edited new font into the Manga (09/01/08)
Edited page layout (09/04/08)

to be continued...NEXT Friday. :)

Related posted:
-How to draw Manga comics panel Kapow Express
-Manga comics thumbnails page layout process
-Page 1 and 2 panel layouts, the lost project "Shanghai Express"

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.

New tutorials:
-How to draw Manga male face
-Manga tutorials draw facial expression mad or angry girl face
-How to draw face of demonic creature Asura
-Gatorfish or Fish-Gator Creature Design drawing.
-How to sketch a Sorcerer Pink


FEATURE TUTORIAL:




-Character Design Tutorial: Dark Valkyrie


** If you have any basic questions or specific please looked up Q/A section. Most of the time your questions has already been answered in Q/A.

If you need any help or support you can
-post questions or comment on the post (seems to be the fastest way to get response)
Peace,

Labor(-Free) Days

I'm taking time off over the holiday weekend to spend time with friends and family. Posts will resume Wednesday. If you're celebrating, have a happy Labor Day!

Is Massive Foreign Treasury Buying Causing A US$ Rally?

Here is an interesting theory stipulating that foreign central banks are behind the rally in treasuries and that in turn is causing a rally in the dollar. Please consider Foreign Central Banks Behind Rally In US Treasuries.

The huge amount of US Treasury purchases which has sent that chart nearly vertical helps to explain the continued rally in the US Dollar. It is a near certainty that something has been transpiring behind the scenes involving various Central Banks in regards to the US Dollar. Should any of this Foreign CB buying abate for any reason whatsoever, the Dollar will lose all of its support immediately. With yields on US Treasuries headed firmly lower only a foolish investor would see bonds or notes as a safe haven given what we all know about the real rate of inflation here in the US in contrast to the absurd and mentally insulting numbers that the knavish feds are dishing out.

I repeat my main assertion - Foreign Central Banks are behind the rally in US Treasuries and as a consequence the rally in the US Dollar.

Theory vs. Practice

Inquiring minds, being the inquiring minds that they are, want to see just how well theory stands up to practice. Let's match up the chart of custodial treasuries from the article above with a chart of the US$ for the exact same timeframe.

Custodial Holdings of Treasuries for Foreign Central Banks vs. US$ Index



click on chart for sharper image

So much for that theory.

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

Search Behavioral Targeting

Microsoft and Google both have plans for using users past search behavior to provide tailored search results, practice commonly known as Behavioral Targeting. While companies like Revenue Science and Tacoda (now part of AOL) use users web surfing behavior on the internet to determine what users are interested in and server Relevant Ads, search giants are using the past search queries and click though activity to determine users intent and show them relevant search results (organic and paid ads).

As these practices become more prevalent no two users will see the same results on search engine results page for same queries, some of this is already happening. In future even the same user might see her results change from one day to another based on what he/she searched and clicked on between those two days.

An example of how search behavioral targeting might work A user looks for hotels in Bahamas and then search for Scuba Diving lessons the next day, she might see the search results (organic and paid) that combine both the queries to show her Scuba Diving Lessons in Bahamas. Yet another day she decides to search for Jamaica. Guess what? Her organic and paid results might show her Hotels, Airfares (though she never searched for it) for Jamaica and maybe Bahamas or even some other Caribbean destination. She might also get results for local Scuba Diving lessons. So why will the search engine showing all these results when user never explicitly searched for them? Search engine is trying to determine user's intent based on what user searched for and then show the customized results based on the intent. In this case the user's intent is clear; she is looking to go somewhere, most likely in Caribbean. Since she is searching from a geo location other than Caribbean, she might need flight and hence airfare might be shown. She has already indicated she needs Hotel and is looking for Scuba diving lessons so her search results are related to those keywords as well. Once the intent is determined search engine can show can show customized results for a particular user. As the user searches more her intent become even clearer and the possibilities of how search results can be customized for this user are endless.

Last July Google started using immediate search queries to show targeted paid search results. Google is now expanding the time frame that it uses to look for search queries. Here is what NYTimes.com reported on Google�s plan:

Nick Fox, a director of product management who looks after ads on Google�s search site, said the company was now testing the use of more search queries in its ad targeting. He did not describe how it was doing that. But Internet experts said that it was most likely using its cookies.
Mr. Fox said that Google�s approach was different from what Yahoo, AOL and others call behavioral targeting. Those companies look at what a user did a few days earlier to show them ads about the same topic today. Google says it believes that search engine advertising is most effective if it relates to what the user has most recently searched for.
�We are trying to understand what the user is trying to do right now,� Mr. Fox said. �In some cases, those queries are ambiguous, so you need a little more context.�
Google�s previous system of looking at a user�s immediate past query was not useful enough, he said. �It is probably not just the previous query that matters,� Mr. Fox said. �You want to know if the user is still doing the same thing. You wouldn�t want to go back a month. You wouldn�t want to go back a day. But you may want to go back two or three queries.�

Microsoft plans to take it one step further and expand the �behavioral targeting� to the organic search results. Here what is what CNET reported:

Specifically, the company believes examining a full sequence of user queries can lead to more useful results. Today, the company only keeps track of the immediately prior search, but often users use search engines to explore subject areas broadly, said Satya Nadella, senior vice president of Microsoft's search, portal and advertising platform group, at the Search Engine Strategies conference.
"I believe this notion of understanding user intent--being able to analyze (search queries) and come up with search patterns and use them to shape the search experience--is one of the most important areas for us," Nadella said.

Recently Behavioral Targeting has been under a lot of fire from privacy advocates and lawmakers. It will be interesting to see how privacy police reacts to search behavioral targeting. Though Behavioral Targeting from Revenue Science is anonymous, Search Behavioral Targeting is based on user provided information (search keyword), which can easily be tied to PII information.

I have always advocated an opt-in model for Behavioral Targeting, a system where users give their consent to be tracked and have an easy option to turn the tracking on or off. I believe that Search behavioral targeting makes it even more desirable to have an opt-in model.

Comments? Questions?

--------------------------------------------------------------------------------
Looking to fill your Web Analytics or Online Marketing position? Try WebAnalytics Job Board

New Position

(Web Sales) Conversion Marketing Manager at Hewlett Packard (American Fork, UT)

---------------------------------------------------------------------------------

GDP Much Weaker Than Headline Numbers

The 2nd quarter 2008 preliminary GDP numbers are out.

Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 3.3 percent in the second quarter of 2008, (that is, from the first quarter to the second quarter), according to preliminary estimates released by the Bureau of Economic Analysis. In the first quarter, real GDP increased 0.9 percent.

The increase in real GDP in the second quarter primarily reflected positive contributions from exports, personal consumption expenditures (PCE), federal government spending, nonresidential structures, and state and local government spending that were partly offset by negative contributions from private inventory investment, residential fixed investment, and equipment and software. Imports, which are a subtraction in the calculation of GDP, decreased.

Incomes Lag, Corporate Profits Down

Bloomberg is reporting Lagging Incomes Signal U.S. Economy Weaker Than GDP Suggests.

The meager gains in earnings over the last year signal the U.S. economy is in much deeper trouble than the growth estimates indicate, economists said.

Gross domestic income (GDI), or the money earned by the people, businesses and government agencies whose purchases go into calculating gross domestic product, rose 0.3 percent in the 12 months ended in June after adjusting for inflation, according to Bloomberg calculations based on today's Commerce Department growth report. GDP expanded 2.2 percent.

"The income side of the economy, with profits down for four straight quarters and employment falling, looks like a recession," said John Ryding, chief economist at RDQ Economics in New York.

"What you are seeing is more legitimate economic weakness in the income numbers," said James O'Sullivan, a senior economist at UBS Securities LLC in Stamford, Connecticut. "The GDI numbers raise the potential that GDP is overstating growth."

The 1.9 percentage-point difference between the GDI and GDP over the last 12 months is the biggest in the post World War II era.

Corporate profits were down 7 percent in the year to June, the biggest drop since the last economic contraction in 2001, according to the Commerce Department.

"I'm looking at the labor market, and the GDP income numbers make more sense," said Ryding. "It certainly did not feel like 3.3 percent growth."

The disparity between income and growth may take a long time to be resolved, if ever. Once Commerce issues its final estimate for second quarter growth next month, the figures will not be updated again until the annual benchmark revisions are issued in July 2009.

Last Hurrah?

Bloombereg is reporting U.S. Economy Probably Expanded at Faster Pace on Export Gains.

"The second quarter GDP numbers will mark the economy's last hurrah," said Sal Guatieri, a senior economist at BMO Capital Markets in Toronto. "Exports will continue to expand, but at a much slower pace."

Separately, initial jobless claims will remain near a six- year high, indicating the job market has weakened, economists forecast a Labor Department report at the same time will show. Applications fell to 425,000, from 432,000 a week earlier, according to the survey median. Claims totaled 457,000 in the week ended Aug. 1, the most since March 2002.

A weakening labor market is one reason consumer spending is likely to slow after the government sent out about $92 billion in tax rebate checks. The U.S. has lost 463,000 jobs so far this year and wages haven't kept up with inflation, according to Labor Department data.

The longest expansion in consumer spending on record will probably end this year, according to economists surveyed by Bloomberg earlier this month. Retail sales fell in July for the first time in five months, led by a slump in auto purchases, according to Commerce data.

Government Consumption Expenditures

Count me in the group that is skeptical of any rises in GDP associated with government spending, but here are the numbers from the government report.

Real federal government consumption expenditures and gross investment increased 6.8 percent in the second quarter, compared with an increase of 5.8 percent in the first. National defense increased 7.4 percent, compared with an increase of 7.3 percent. Nondefense increased 5.5 percent, compared with an increase of 2.9 percent. Real state and local government consumption expenditures and gross investment increased 2.2 percent, in contrast to a decrease of 0.3 percent.

I question the merit of adding all government spending, no matter how useless, to the GDP, but that is what is done. Government consumption expenditures added .76 to the total.

GDP Deflator Manipulation

Barry Ritholtz at Big Picture is asking Is BEA Measuring Growth or Inflation?

Part of the reason the GDP number looked so good was because the GDP price index for the second quarter was marked at just 1.2. In other words, BEA subtracted from nominal GDP 1.2% in order to produce their version of "real" (inflation-adjusted) GDP.

[Mish Note: The CPI is running at 5.6%. A reasonable person would have expected the GDP deflator to be somewhere near 5.6% as opposed to 1.2% but a reasonable person would have been wrong. GDP would have been negative if a lager deflator was used.]

Mike Panzner sends along the chart below, along with these comments:

"Call me a skeptic, but based on the accompanying graph of the GDP inflation figure and headline CPI (which most people already believe is lower than reality), there seems to be something of a disconnect between the two (which would imply, of course, that U.S. economic growth is a lot lower than reported)."



click on chart for sharper image

Hedonics And Imputations

Of course one needs to add hedonics and imputations to the list of GDP distortions. Imputations are a part of GDP that the government decides to estimate value, where no cash actually changed hands. In other words, if I scratch your back and you scratch mine but no one gets paid, then back scratching is undercounted in the GDP.

One such imputation is the value of "free" checking accounts. The reality is bank checking accounts are not free. Banks are sweeping out nearly every penny every night and lending the money out. What's "free" is banks having free assess to your money. Nonetheless the BEA assigns a value to those free checking accounts and adds it to the GDP. Given that nearly every adult in the country has a checking account, the amount is non-trivial.

It goes far beyond that however, into complete fairy tale absurdities. For example: If you own your own house, the government recalculates your income as if you were really renting from yourself and paying yourself rent.

Imputed rent just happens to be one of the most frequently asked questions of the BEA. Here is their response: The BEA treats homeowners as businesses, which pay rent to themselves. Therefore, homeowners contribute to the real estate industry's GSP even if not employed by the industry. In addition, like businesses, homeowners' property taxes paid to state and local governments are included as part of real estate TOPI.

One can believe the GDP numbers or not. I don't. The US economy is contracting and the assumptions used to show expansion are getting more and more absurd with each report.

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

Four basic elements of composition for illustration, how to, tips and technique for artists, illustrator and comics

Four basic elements of composition in art, how to, tips and technique for artists, illustrator and comics

The 4 main elements of composition are:

1) Frame or Picture area: This is the surface within the four borders of your picture that is used for the drawing or painting. The picture area will help you determine placement of objects, and how big they should be.

2) Depth: This is the illusion of distance or a third dimension. Depth creates a three dimensional effect, making objects feel closer, or further away. The finished result will not appear flat on the paper or canvas if depth is created.

3) Line: **Two basic kind of lines are The line or direction the viewer's eye takes to go through the picture. The objects or forms within the picture should lead the eye to the focal point. When art is viewed, most people will begin in the bottom left corner, and continue through the picture to the right. A good composition will not allow the viewer to keep going right, all the way off the page. The viewer should be lead back into the painting in a flowing motion.

3a)Straight LINES: Horizontal, vertical, and angled lines all contribute to creating different moods of a picture. The angle and the relationship to the size of the frame both work to determine the influence the line has on the image. They are also strongly influenced by tone, color, and repetition in relation to the rest of image. Horizontal lines, commonly found in landscape, gives the impression of calm, tranquility, and space. An image filled with strong vertical lines tends to have the impression of height, and grandeur. Tightly angled convergent lines give a dynamic, lively, and active effect to the image. Viewpoint is very important when dealing with lines particularly in photography, because every different perspective elicits a different response to the photograph.

3b)Curved LINES are generally used to create a sense of flow within an image. They are also generally more aesthetically pleasing, as we associate them with soft things. Compared to straight lines, curves provide a greater dynamic influence in a picture. Curved lines can give gradated shadows when paired with soft-directional lighting, which usually results in a very harmonious line structure within the image.

4) Value: This is the lightness, or darkness of an area, or a shape within the picture. It is also used to create the over-all feel of the picture.

Related posts:
-Basic Composition for artist
-5 tips to improve drawing skill for artist.
-Color temperature warm vs cool for artist.
-Basic Color Scheme for Artist, Monochromatic.
-Basic Element of good design for artist.

New tutorials:
-How to draw Manga male face
-Manga tutorials draw facial expression mad or angry girl face
-How to draw face of demonic creature Asura
-How to draw fantasy female character Manga Mage
-Gatorfish or Fish-Gator Creature Design drawing.
-How to sketch a Sorcerer Pink


FEATURE TUTORIAL:




-Character Design Tutorial: Dark Valkyrie


** If you have any basic questions or specific please looked up Q/A section. Most of the time your questions has already been answered in Q/A.

If you need any help or support you can
-post questions or comment on the post (seems to be the fastest way to get response)
Peace,