The Canon IXUS 990 IS, a deluxe compact camera is equipped with a 12.1-megapixel CCD sensor. As the premium model in Canon�s IXUS range, it comes with some extraordinary features, including a 5x optical zoom lens, high-definition video recording, an enlarged LCD display with an ultra-stylish design. It's one of the best looking cameras on the market, with a shiny finish, sleek curves and a compact body. The metallic body turns to silver and gold, based on how the light falls on it. In short, IXUS 990 IS is an eye-catching and elegant camera.
For navigation, the camera has a traditional control wheel configuration that supports this purpose. Images are sharp, well detailed and accurately colored after use. The addition of anti-shake and a powerful inbuilt flash offers users to capture great night photos with this camera. The Canon IXUS 990 IS also performs well in high-contrast situations. In terms of IXUS 990 IS's imaging performance, it satisfies the consumers by producing stunning photos.
The ability to shoot high-definition movies is one of the Canon IXUS 990 IS�s main highlight to fame. It records video in the QuickTime MOV format at a high resolution The Canon IXUS 990 IS comes with blink detection, which alerts the subjects for closing the eyes at the critical moment. Other Features offered by the Canon IXUS 990 IS include advanced face detection, an anti-shake system with inbuilt motion detection, Smart Auto mode, manual exposure, continuous shooting and 19 scene modes. This looks to be enough to satisfy casual users. With its advanced chipset and three EXR modes, the Canon IXUS 990 IS offers more versatility.
The 10-Megapixel FinePix Z33WP - Black is available in four striking colors � green, pink , blue and black � and is ready for any adventure including underwater activity up to approximately 10 feet (3M)! A 2.7�, 230,000 dots resolution LCD screen � the largest of any Z-series camera yet � and Fujinon 3x Optical Zoom lens allows for a clearer view of those not-to-be-missed moments on the beach, on the ski slopes, hiking in the mountains or boating at the lake. It�s also perfect for everyday activities in the rain, the pool or any other place you might think twice about taking a conventional digital camera.
A Senate panel approved new restrictions on credit-card interest rates that are broader than those adopted by the Federal Reserve in December, brushing aside objections from Republicans and the banking industry.
Senate Banking Committee Chairman Christopher Dodd said the measure was needed to protect consumers from having their interest rates raised on previous balances, unless certain conditions are met. The legislation would prevent credit-card companies from unilateral changes to the terms of an agreement.
The bill, known as the Credit Card Accountability, Responsibility and Disclosure Act, also would require the signature of a parent for a borrower under age 21, unless there�s proof of independent income or completion of a financial education course. Universities that forge marketing deals with card companies would be subject to the rule.
�The list of troubling credit-card practices is as lengthy as it is disturbing,� said Dodd, a Connecticut Democrat. The measure passed on a 12-11 vote, with all the panel�s Republicans opposing it.
The legislation also would require card companies to disclose how long it would take to pay off a balance when making a minimum monthly payment and require statements to be mailed at least 21 days before the payment due date, up from 14 days.
It would also prohibit banks from charging interest on fees, such as those imposed for late payments or exceeding credit limits.
Consumers are falling behind on credit-card payments as U.S. unemployment reached 8.1 percent in February, the highest level in more than a quarter century.
Almost all of the cards studied -- 93 percent -- allowed the lending company to raise any interest rate at any time. Also, 87 percent of the cards allowed automatic penalty interest averaging 27.99 percent on all balances even if the account was less than 30 days past due, Pew said in a statement today.
When it comes to over limit fees, there should not be any. Banks approve the transaction so should be comfortable with it. If they do not want to authorize the amount it is simple enough to reject the transaction.
I also object to self-modifying contracts. Sadly 93% of cards issued allow rate hikes at any time for any reason upon notice. Moreover, sending a notice to someone in fine print that no one can understand even if they manage to read it hardly constitutes "notice" in my book.
Also irritating is the practice of banks mailing out statements a mere 14 days before payment is due such that anyone on two week's vacation is bound to be late, triggering late fees and interest. Another thing banks do is require payment by 10:00AM when the mail for the day does not come in until Noon. This effectively cheats customers out of one of the days.
The credit card industry is getting what it deserves for their practices, even though a case can be made that such things ought to be left to the "free market" to solve. Then again self-modifying contracts under such terms hardly seems to be a "free market construct".
Moreover, the reason people can get credit lines way bigger than they deserve stems from the Bankruptcy Reform Act of 2005 whose sole purpose was to make people debt slaves forever. That act is now blowing up, just as I predicted it would.
Geithner's Heist America Plan
In a galling move that has nothing to do with credit card reform at all, the Senate slipped in a provision to allow the "FDIC to borrow up to $100 billion from the U.S. Treasury, an increase from $30 billion now. The FDIC has said the additional borrowing authority may reduce a special one-time fee imposed on banks to replenish the deposit insurance program."
This tactic has nothing to do with replenishing deposit insurance, but rather is a move to cater to more bank implosions and to provide a cushion for Geithner's Heist America Plan (GHAP). Please see Geithner's Plan Can Succeed for details about Heist America.
Sigma Corporation is pleased to announce that firmware Ver.1.1 for the 50mm F1.4 EX DG HSM is now available for update. 50mm F1.4 EX DG HSM for FOUR THIRDS firmware Ver.1.1 is available for update at the following site. http://www.sigma-photo.co.jp/english/support/soft/firm/index.htm
Sigma Corporation is pleased to announce that firmware Ver.1.1 for the 50mm F1.4 EX DG HSM is now available for update. 50mm F1.4 EX DG HSM for FOUR THIRDS firmware Ver.1.1 is available for update at the following site. http://www.sigma-photo.co.jp/english/support/soft/firm/index.htm
CENTER VALLEY, Pa., March 31, 2009 � Olympus announces its new entry-level digital single lens reflex (DSLR) camera, which is small in size and powerful in creativity. The new E-450 continues the E-400 series� heritage of a small and portable design, powerful features, and ease of use for any skill level, including first time digital camera users. Thanks to Art Filters pioneered with the E-30 and E-620, the E-450 provides consumers with the creative freedom to capture their images in new fun and exciting ways.
The three Art Filters � Pop Art, Pin Hole and Soft Focus � bring greater creativity and freestyle experimentation to the new E-450. The creative filters were first introduced in Olympus� E-30 prosumer DSLR earlier this year, and now enable consumers to express themselves and capture it all � limited only by their imagination. The E-450 offers the 10-megapixel imager and other features from the E-420.
The new camera also provides heavyweight technologies, including a bigger, more viewable 2.7-inch LCD and fast consumer-friendly On-Screen Autofocus, Face Detection, Shadow Adjustment Technology and Perfect Shot Preview to get the most out of the Live View experience. Additionally, when it comes to Live View, not all LCDs are created equal. At 2.7-inches, the portable E-450 LCD is large enough for users to compose and review images without squinting. The small camera�s LCD is part of a camera with technologies intelligent enough to take advantage of the Live View photography experience. These innovative technologies include:
* On-Screen Autofocus works as seamlessly as a point-and-shoot to display subjects in focus on the LCD the instant the shutter is pressed half way; * Face Detection Technology targets and locks on up to eight faces to ensure they are in focus and crystal clear for amazing portraits; * New and Improved HyperCrystal II� Technology delivers twice the contrast and better viewing in extreme lighting conditions, a broader range of color detail, and a wider angle of view on the LCD so you and your friends can see it up to 176 degrees off-center; * Shadow Adjustment Technology captures detail in the bright areas of a frame and opens up detail in the shadows that other cameras would render too dark or underexposed; and * Perfect Shot Preview enables you to view and select your favorite effect right on the LCD, and see how the image will look before you even capture it, so you know that what you see is what you get.
Olympus is scheduled to launch the E-450 DSLR on leading multimedia retailer QVC� Saturday, May 9. �We are thrilled to debut the much-anticipated Olympus E-450,� said Rob Ellerstein, director of electronics merchandising for QVC. �Thanks to our strong relationship with Olympus, we are not only offering the most innovative new products but we are also giving our customers the opportunity to order them before they hit stores.�
The product will be widely available in the U.S. and Canada in July.
Make Your Vision Come to Life with Art Filters If you�re hoping to get more out of your camera than simply capturing and documenting a scene, and enjoy enhancing or customizing an image to make it your own, then you will value the camera�s Art Filters. The filters, which are built into the camera, provide incredible individual artistic control over an image, and remove the need to spend time altering images on the computer with editing software.
This camera was made for free-style shooting, experimenting and engaging with events and subjects. Enjoy the freedom of Autofocus Live View and dramatic effects to transform your day-to-day shots into compositions that you can be proud of with the following in-camera Art Filters:
* Pop Art: Enhances colors, making them more saturated and vivid, creating high-impact pictures that express the joyful, lighthearted feeling of the Pop Art style of the 1960s; * Soft Focus: Creates an ethereal, otherworldly atmosphere that renders subjects in a heavenly light without obscuring details; and * Pin Hole: Reduces the peripheral brightness of an image as though it were shot through a pin hole, connecting the viewer intimately with the subject at the center of the picture.
Art Filters are easily activated with the mode dial on the right side of the camera body. The effects are viewable right on the new camera�s 100 percent accurate 2.7-inch Live View LCD when using the E-450 in Live View mode or when reviewing the captured image.
The Live View Experience Olympus was the first to bring Live View to a consumer DSLR (the E-330 in 2006), and Live View has revolutionized DSLR photography. Anyone who has photographed young children knows that you get the best reactions when you hold the camera away from your face and maintain eye contact and an engaging smile. If you have tried to take photos high above the heads in a crowd or low near the ground, you will appreciate that it is easier to use the LCD screen than to climb a ladder or lie on the ground.
The E-450 solves these problems with its Live View LCD, which enables photographers to easily and comfortably hold the camera at angles that could not be reached by using the optical viewfinder alone. The E-450�s Live View autofocus functionality now simplifies the process by working just like a point and shoot. By simply pressing the shutter button halfway, your subjects come into focus on the LCD, so when the perfect moment occurs it is easy to capture sharp images.
Always Find a Face in the Crowd A camera this consumer-friendly is perfect for taking portraits of friends and family while out and about. The E-450�s Face Detection feature distinguishes between people�s faces and the background. It tracks up to eight faces within the image area and automatically focuses and optimizes exposure for sharp, brilliant portrait pictures. Even if your subjects are moving, the camera continuously tracks their faces.
Bright Day or Deep Shadow, Never Miss a Detail Shooting scenes with shadows can be tricky because of the extreme contrast between dark and bright areas. The E-450 addresses this challenge with Shadow Adjustment Technology that compensates for extreme contrast when shadow areas are underexposed and lack visible detail. Now users can preview and capture images with the same fine contrast they see with their own eyes.
Preview All the Possibilities With 18 pre-set scene-select modes for every imaginable shooting scenario and full manual controls, the E-450 offers a world of possibilities to photographers. Additionally, Perfect Shot Preview enables users to preview and select various photographic effects on a live, multi-window screen on the LCD before snapping the shot. This feature shows photographers what their images will look like beforehand under various settings, ensuring that they capture exactly what they want. It is an ideal way for novice users to learn about the effects of different photography techniques, such as exposure compensation, white balance and metering.
Enlarge Your Photos Capturing, enlarging and displaying amazing images on your wall is a snap thanks to the E-450�s 10 million pixels for high-resolution photos. The 10-megapixel sensor gives users the flexibility to enlarge prints to the sizes supported by many of today�s printers, or crop the image to print only a part of the image that is important to them. The high-performance Live MOS image sensor in the E-450 delivers excellent dynamic range for accurate color fidelity and a state-of-the-art image processor dramatically reduces noise and captures fine image details in the highlight and shadow areas.
Improved Auto White Balance Many digital SLR users want to focus their attention on things other than white balance while they are on the move. As a result, the E-450 features an improved automatic white balance performance with a new algorithm for more accurate color.
TruePic III+ for Image Clarity & Speed Olympus� TruePic III+ Image Processor produces crystal clear photos using all the pixel information for each image to provide the best digital images possible for every photo with accurate color, true-to-life flesh tones, brilliant blue skies and precise tonal representation in between. TruePic III+ also lowers image noise by one step to reduce graininess in images shot at higher ISO settings, enabling great results in low-light situations.
Worried about missing the winning goal at the soccer game? The image processor on the E-450 enables it to shoot up to 3.5 frames per second in sequential shooting mode, which means that photographers will be able to capture fast-paced action as it happens.
Dust Reduction System for Spot-Free Images Life moves too fast to spend time worrying about dust ruining your images. Olympus� proven Dust Reduction System produces spot-free photos with the exclusive Supersonic Wave Filter�. The patented ultrasonic technology vibrates to remove dust and other particles from the front of the image sensor and captures it on a special adhesive membrane every time the camera is turned on. This results in beautiful images free from dust spots, which could ruin or be distracting on an image.
Media Versatility Accepting both CompactFlash Type I & II, Microdrives, and xD-Picture Cards, the E-450 provides a choice of data storage options for enhanced flexibility, and it is possible to transfer image files from one card to the other right inside the camera.
Wireless Flash Capability If you decide to venture into the arena of advanced lighting, the E-450 is ready to meet the challenge. The E-450 is compatible with the Olympus FL-50R and FL-36R wireless electronic flashes that are designed exclusively for digital photography. When these flashes are used in combination with the E-450, wireless multi-flash photography is possible. The E-450 can control up to three wireless flash groups independently, with several flash units per group.
Availability The Olympus E-450 DSLR will be available in July 2009. It includes E-450 Body, ED 14-42mm f3.5/5.6 Zuiko Digital Zoom Lens, ED 40-150mm f4.0/5.6 Zuiko Digital Zoom Lens, USB Cable, Video Cable, Li-Ion Battery Pack (BLS-1), Li-Ion Battery Charger (BCS-1), Shoulder Strap, OLYMPUS Master 2 Software CD-ROM, Manuals and Warranty Card.
U.S. Pricing E-450 Two-Lens Kit Estimated Street Price: $699.99
Journalists interested in further information on the Olympus E-450, Zuiko Digital Lenses and E-System accessories, please contact Jeff Hluchyj, Mullen Public Relations, 978-468-8939 or jeff.hluchyj@mullen.com, or Jennifer Lyons, public relations manager, Olympus Imaging America Inc., 3500 Corporate Parkway, Center Valley, PA 18034, ph: (484) 896-5350 / (800) 622-6372 or the Olympus website: http://www.olympusamerica.com.
CENTER VALLEY, Pa., March 31, 2009 � Olympus announces its new entry-level digital single lens reflex (DSLR) camera, which is small in size and powerful in creativity. The new E-450 continues the E-400 series� heritage of a small and portable design, powerful features, and ease of use for any skill level, including first time digital camera users. Thanks to Art Filters pioneered with the E-30 and E-620, the E-450 provides consumers with the creative freedom to capture their images in new fun and exciting ways.
The three Art Filters � Pop Art, Pin Hole and Soft Focus � bring greater creativity and freestyle experimentation to the new E-450. The creative filters were first introduced in Olympus� E-30 prosumer DSLR earlier this year, and now enable consumers to express themselves and capture it all � limited only by their imagination. The E-450 offers the 10-megapixel imager and other features from the E-420.
The new camera also provides heavyweight technologies, including a bigger, more viewable 2.7-inch LCD and fast consumer-friendly On-Screen Autofocus, Face Detection, Shadow Adjustment Technology and Perfect Shot Preview to get the most out of the Live View experience. Additionally, when it comes to Live View, not all LCDs are created equal. At 2.7-inches, the portable E-450 LCD is large enough for users to compose and review images without squinting. The small camera�s LCD is part of a camera with technologies intelligent enough to take advantage of the Live View photography experience. These innovative technologies include:
* On-Screen Autofocus works as seamlessly as a point-and-shoot to display subjects in focus on the LCD the instant the shutter is pressed half way; * Face Detection Technology targets and locks on up to eight faces to ensure they are in focus and crystal clear for amazing portraits; * New and Improved HyperCrystal II� Technology delivers twice the contrast and better viewing in extreme lighting conditions, a broader range of color detail, and a wider angle of view on the LCD so you and your friends can see it up to 176 degrees off-center; * Shadow Adjustment Technology captures detail in the bright areas of a frame and opens up detail in the shadows that other cameras would render too dark or underexposed; and * Perfect Shot Preview enables you to view and select your favorite effect right on the LCD, and see how the image will look before you even capture it, so you know that what you see is what you get.
Olympus is scheduled to launch the E-450 DSLR on leading multimedia retailer QVC� Saturday, May 9. �We are thrilled to debut the much-anticipated Olympus E-450,� said Rob Ellerstein, director of electronics merchandising for QVC. �Thanks to our strong relationship with Olympus, we are not only offering the most innovative new products but we are also giving our customers the opportunity to order them before they hit stores.�
The product will be widely available in the U.S. and Canada in July.
Make Your Vision Come to Life with Art Filters If you�re hoping to get more out of your camera than simply capturing and documenting a scene, and enjoy enhancing or customizing an image to make it your own, then you will value the camera�s Art Filters. The filters, which are built into the camera, provide incredible individual artistic control over an image, and remove the need to spend time altering images on the computer with editing software.
This camera was made for free-style shooting, experimenting and engaging with events and subjects. Enjoy the freedom of Autofocus Live View and dramatic effects to transform your day-to-day shots into compositions that you can be proud of with the following in-camera Art Filters:
* Pop Art: Enhances colors, making them more saturated and vivid, creating high-impact pictures that express the joyful, lighthearted feeling of the Pop Art style of the 1960s; * Soft Focus: Creates an ethereal, otherworldly atmosphere that renders subjects in a heavenly light without obscuring details; and * Pin Hole: Reduces the peripheral brightness of an image as though it were shot through a pin hole, connecting the viewer intimately with the subject at the center of the picture.
Art Filters are easily activated with the mode dial on the right side of the camera body. The effects are viewable right on the new camera�s 100 percent accurate 2.7-inch Live View LCD when using the E-450 in Live View mode or when reviewing the captured image.
The Live View Experience Olympus was the first to bring Live View to a consumer DSLR (the E-330 in 2006), and Live View has revolutionized DSLR photography. Anyone who has photographed young children knows that you get the best reactions when you hold the camera away from your face and maintain eye contact and an engaging smile. If you have tried to take photos high above the heads in a crowd or low near the ground, you will appreciate that it is easier to use the LCD screen than to climb a ladder or lie on the ground.
The E-450 solves these problems with its Live View LCD, which enables photographers to easily and comfortably hold the camera at angles that could not be reached by using the optical viewfinder alone. The E-450�s Live View autofocus functionality now simplifies the process by working just like a point and shoot. By simply pressing the shutter button halfway, your subjects come into focus on the LCD, so when the perfect moment occurs it is easy to capture sharp images.
Always Find a Face in the Crowd A camera this consumer-friendly is perfect for taking portraits of friends and family while out and about. The E-450�s Face Detection feature distinguishes between people�s faces and the background. It tracks up to eight faces within the image area and automatically focuses and optimizes exposure for sharp, brilliant portrait pictures. Even if your subjects are moving, the camera continuously tracks their faces.
Bright Day or Deep Shadow, Never Miss a Detail Shooting scenes with shadows can be tricky because of the extreme contrast between dark and bright areas. The E-450 addresses this challenge with Shadow Adjustment Technology that compensates for extreme contrast when shadow areas are underexposed and lack visible detail. Now users can preview and capture images with the same fine contrast they see with their own eyes.
Preview All the Possibilities With 18 pre-set scene-select modes for every imaginable shooting scenario and full manual controls, the E-450 offers a world of possibilities to photographers. Additionally, Perfect Shot Preview enables users to preview and select various photographic effects on a live, multi-window screen on the LCD before snapping the shot. This feature shows photographers what their images will look like beforehand under various settings, ensuring that they capture exactly what they want. It is an ideal way for novice users to learn about the effects of different photography techniques, such as exposure compensation, white balance and metering.
Enlarge Your Photos Capturing, enlarging and displaying amazing images on your wall is a snap thanks to the E-450�s 10 million pixels for high-resolution photos. The 10-megapixel sensor gives users the flexibility to enlarge prints to the sizes supported by many of today�s printers, or crop the image to print only a part of the image that is important to them. The high-performance Live MOS image sensor in the E-450 delivers excellent dynamic range for accurate color fidelity and a state-of-the-art image processor dramatically reduces noise and captures fine image details in the highlight and shadow areas.
Improved Auto White Balance Many digital SLR users want to focus their attention on things other than white balance while they are on the move. As a result, the E-450 features an improved automatic white balance performance with a new algorithm for more accurate color.
TruePic III+ for Image Clarity & Speed Olympus� TruePic III+ Image Processor produces crystal clear photos using all the pixel information for each image to provide the best digital images possible for every photo with accurate color, true-to-life flesh tones, brilliant blue skies and precise tonal representation in between. TruePic III+ also lowers image noise by one step to reduce graininess in images shot at higher ISO settings, enabling great results in low-light situations.
Worried about missing the winning goal at the soccer game? The image processor on the E-450 enables it to shoot up to 3.5 frames per second in sequential shooting mode, which means that photographers will be able to capture fast-paced action as it happens.
Dust Reduction System for Spot-Free Images Life moves too fast to spend time worrying about dust ruining your images. Olympus� proven Dust Reduction System produces spot-free photos with the exclusive Supersonic Wave Filter�. The patented ultrasonic technology vibrates to remove dust and other particles from the front of the image sensor and captures it on a special adhesive membrane every time the camera is turned on. This results in beautiful images free from dust spots, which could ruin or be distracting on an image.
Media Versatility Accepting both CompactFlash Type I & II, Microdrives, and xD-Picture Cards, the E-450 provides a choice of data storage options for enhanced flexibility, and it is possible to transfer image files from one card to the other right inside the camera.
Wireless Flash Capability If you decide to venture into the arena of advanced lighting, the E-450 is ready to meet the challenge. The E-450 is compatible with the Olympus FL-50R and FL-36R wireless electronic flashes that are designed exclusively for digital photography. When these flashes are used in combination with the E-450, wireless multi-flash photography is possible. The E-450 can control up to three wireless flash groups independently, with several flash units per group.
Availability The Olympus E-450 DSLR will be available in July 2009. It includes E-450 Body, ED 14-42mm f3.5/5.6 Zuiko Digital Zoom Lens, ED 40-150mm f4.0/5.6 Zuiko Digital Zoom Lens, USB Cable, Video Cable, Li-Ion Battery Pack (BLS-1), Li-Ion Battery Charger (BCS-1), Shoulder Strap, OLYMPUS Master 2 Software CD-ROM, Manuals and Warranty Card.
U.S. Pricing E-450 Two-Lens Kit Estimated Street Price: $699.99
Journalists interested in further information on the Olympus E-450, Zuiko Digital Lenses and E-System accessories, please contact Jeff Hluchyj, Mullen Public Relations, 978-468-8939 or jeff.hluchyj@mullen.com, or Jennifer Lyons, public relations manager, Olympus Imaging America Inc., 3500 Corporate Parkway, Center Valley, PA 18034, ph: (484) 896-5350 / (800) 622-6372 or the Olympus website: http://www.olympusamerica.com.
How To Draw Forest Landscape Background for storyboard or comics
This quick conceptual sketch tutorial. How To draw forest landscape background. Draw and paint environmental sketch conceptual art using digital media photoshop. This one has a bit more color than my usual work...for the change trying things out and stuff. It's more vibrant and saturate, could it be the Spring weather? No, it's not even sunny here in Seattle, sadly
I am actually trying to do more panel as a tutorial along with the Manga comics...hopefully it will work out and I won't get bored creating the same genre and element. We'll see.
Here is final environmental sketch tutorial Forest Escape:
As IBM was firing thousands of American workers last week, the U.S. Patent and Trademark Office published Big Blue's application to copyright a computerized system that calculates how to offshore jobs while maximizing government tax breaks.
In their application to patent a "method and system for strategic global resource sourcing," five Hudson Valley IBMers describe how it weighs such plans as "50 percent of resources in China by 2010," against such factors as labor costs, infrastructure and the "minimum head count to qualify for incentives."
Lee Conrad, national coordinator for Alliance@IBM, a group trying to unionize Big Blue, was stunned to learn of the application.
"This is obviously outrageous � a patent on how to offshore U.S. jobs," Conrad said. "IBM is obviously doing all it can to decimate the U.S. work force, and it is all the more reason why IBM should not get any tax breaks or stimulus money. They clearly are abandoning the U.S. work force."
The application says the system weighs moving into or out of a particular country against criteria such as wages, political systems, "incentive contracts" and the economic impact of "violating and/or satisfying those incentives."
What Makes IBM Special?
IBM CEO Sam Palmisano speaks at an IBM event in 2006 in Bangalore, India. IBM workers invented a system that calculates how to offshore jobs while maximizing government tax breaks.
Q: What Makes IBM Special? A: Filing for an outsourcing strategy patent twice in 17 months only to withdraw the application when it was publicized.
California's poor economy has led to surprisingly low bids on transportation projects across the Bay Area and state, as construction companies fight for their business lives to capture whatever work they can. In an industry where unemployment is at 18.5 percent and more than 30,900 jobs were lost last month, according to the Bureau of Labor Statistics, dozens of firms are vying for work that in the past might draw interest from a handful.
From major highway construction to small sidewalk improvements, bids are sometimes close to half as much as public works officials had projected.
When the Santa Clara County Roads & Airports Department recently sought a contractor to do bicycle and pedestrian improvements along three streets, it expected the cost to be about $975,000. The winning offering was just $543,533.
"Twenty bidders, with the low bid 44 percent under," said Dan Collen, a deputy director with the agency. "Six bidders would have been considered a good turnout, but things have moved beyond competitive. They are desperate."
On the carpool lane project on Interstate 680 from Fremont to Milpitas, the three contracts awarded last month totaled about $88 million � compared with the $136 million Caltrans anticipated.
Repairing bridge decks on Highway 237, Highway 84 and El Camino Real will cost $982,000 � $529,000 less than forecast. Repaving four streets in Cupertino will cost $3.6 million, nearly $1 million under what the city figured it would have to pay. And making the northeast corner of the Virginia-Budd street intersection accessible to the disabled will cost $2,090 instead of $3,000.
No one is certain how much agencies across the state are saving. But it could run into hundreds of millions, maybe even into the billions of dollars.
"I've never seen better bidding in my 35 years in transportation," said Dennis Fay, head of the Alameda County Congestion Management Agency.
Lower costs and better bidding are just what the doctor ordered.
Mercy James thought she had lost her rental property here to foreclosure. A date for a sheriff�s sale had been set, and notices about the foreclosure process were piling up in her mailbox.
Ms. James had the tenants move out, and soon her white house at the corner of Thomas and Maple Streets fell into the hands of looters and vandals, and then, into disrepair. Dejected and broke, Ms. James said she salvaged but a lesson from her loss.
So imagine her surprise when the City of South Bend contacted her recently, demanding that she resume maintenance on the property. The sheriff�s sale had been canceled at the last minute, leaving the property title � and a world of trouble � in her name.
�I thought, �What kind of game is this?� � Ms. James, 41, said while picking at trash at the house, now so worthless the city plans to demolish it � another bill for which she will be liable.
City officials and housing advocates here and in cities as varied as Buffalo, Kansas City, Mo., and Jacksonville, Fla., say they are seeing an unsettling development: Banks are quietly declining to take possession of properties at the end of the foreclosure process, most often because the cost of the ordeal � from legal fees to maintenance � exceeds the diminishing value of the real estate.
In Ms. James�s case, the company that was most recently servicing her loan is now defunct. Its parent company filed for bankruptcy and dissolved. And the original bank that sold her the loan said it could not find a record of it.
In Buffalo, where officials said the problem had reached �epidemic� proportions in recent months, the city sued 37 banks last year, claiming they were responsible for the deterioration of at least 57 abandoned homes; the city chose a sampling of houses to include in the lawsuit, even though the banks had walked away from many more foreclosures. So far, five banks have settled.
In Kansas City, Rachel Foley, a lawyer who handles housing cases, said bank walkaways were �a rare occurrence two to three years ago.�
�We�re seeing them dumped more and more at the moment,� she said.
In Ms. James�s case, it has been impossible to determine who canceled the sheriff�s sale, since her last mortgage holder went out of business. Even the city clerk�s records did not provide an answer.
�Nobody has any idea who owns what or who�s responsible,� said Judy Fox, Ms. James�s lawyer at the Notre Dame Legal Aid Clinic. �It�s a very common story.�
Property abandonment is getting so bad in Flint that some in government are talking about an extreme measure that was once unthinkable -- shutting down portions of the city, officially abandoning them and cutting off police and fire service.
Homes in Flint and other such areas, have indeed fallen to their true value (less than zero). No one wants them at any price. Moreover there's little incentive for anyone to do anything about this. Thus the discussion involves "shutting down portions of Flint, officially abandoning them and cutting off police and fire service."
Our throw-away society has effectively reached a new level of efficiency: the throw-away city.
Walk Away Recap
I have talked about Walking Away on many occasions. Here is a sampling.
Everyone is looking for a way out. Some are angry that home owners are waking away from houses sticking banks with properties. What about banks walking away from houses? What about cities abandoning sections of cities?
Imagine praying to be foreclosed on then having the bank walk away from the foreclosure sale because your home is no longer an asset to anyone. You don't have to imagine it, it's happening.
I just found a really good article today. I thought about it accumulate some thinking write some stuff and thought I would share it with you guys.
The line often blur half of the time between being a Concept artist and an illustrator. Good illustration doesn't make it a good concept art piece to solve the puzzle. Likewise, great concept art piece doesn't make it a decent illustration either. So what make them differ? What define concept art? What define Illustration?
Concept Artist vs. Illustrator
Concept Art define: Concept art is a form of (rough or detail) illustration where the main goal is to convey a visual representation of a design, idea, and/or mood for use in movies, video games, animation, or comic books before it is put into the final product. Concept art is also referred to as visual development and/or concept design. A concept artist is an individual who generates a visual design for an item, character, or area that does not yet exist. This includes, but is not limited to, film production, animation production and more recently video game production. A concept artist may be required for nothing more than preliminary artwork, or may be required to be part of a creative team until a project reaches fruition. While it is necessary to have the skills of a fine artist, a concept artist must also be able to work to strict deadlines in the capacity of a graphic designer. Interpretation of ideas and how they are realised is where the concept artist's individual creativity is most evident, as subject matter is often beyond their control. Term of concept art is base on reference to preproduction design is ambiguous at best, but it may have come about as part of automotive design or as part of the animation industry. Certainly, both industries had need for people who did this job even if the term had not come into use.
Illustration: An illustration is a visualization such as a drawing, painting, photograph or other work of art that stresses subject more than form. The aim of an illustration is to elucidate or decorate textual information (such as a story, poem or newspaper article) by providing a visual representation. An illustrator is a graphic artist who specializes in enhancing writing by providing a visual representation that corresponds to the content of the associated text. The illustration may be intended to clarify complicated concepts or objects that are difficult to describe textually, or the illustration may be intended for entertainment, as in greeting cards, or cover art or interior art for books and magazines, or for advertisement, as on posters.
In the game industry and elsewhere, there is a position called "concept artist". The job responsibility for a concept artist is to communicate to the development team what the game will look like. It is a simple task to define, but there are few people who excel at it. Even worse, most people who are hiring or working with concept artists don't really understand what makes good concept art.
The root of this problem is that most people do not understand the difference between a piece of concept art and an illustration. Yes, they are both static, graphic depictions of something. But the difference in intent could not be larger.
An illustration is an end in itself. It is meant to be presented directly to the final audience. The audience is meant to see an illustration, and come away with a certain feeling or understanding of a visual event. This directly implies a hard division between what is and is not important in illustrative work.
It is important that an illustration be attractive. It must use color and shading in a way that evokes the desired response in the audience. It should been constructed so that line weight and spatial contrast work to convey certain feelings about the different portions of the drawing.
I am changing my tune. Geithner's plan can succeed. Before anyone collapses on the floor or starts screaming that I have lost my mind, it's important to define what success means and what the plan is.
What Success Is Not
Getting banks to lend.
Having a fair bidding process.
Arriving at a fair market value of bank assets.
The first is not going to happen and it would be a bad thing if it did, even though Geithner is foolish enough to actually want that. Rather the idea is to make it appear as if there is a fair bidding process so that a fair market value of bank assets can be determined.
The key word in the above sentence is appear.
Geithner does not want a fair bidding process, nor does he want to arrive at a fair market value of assets. Rather, Geithner does want to avoid a hit to bondholders, at seemingly any taxpayer cost.
From early reports regarding the toxic assets plan, it appears that the Treasury envisions allowing private investors to bid for toxic mortgage securities, but only to put up about 7% of the purchase price, with the TARP matching that amount - the remainder being "non-recourse" financing from the Fed and FDIC. This essentially implies that the government would grant bidders a put option against 86% of whatever price is bid. This is not only an invitation for rampant moral hazard, as it would allow the financing of largely speculative and inefficiently priced bids with the public bearing the cost of losses, but of much greater concern, it is a likely recipe for the insolvency of the Federal Deposit Insurance Corporation, and represents a major end-run around Congress by unelected bureaucrats.
Make no mistake - we are selling off our future and the future of our children to prevent the bondholders of U.S. financial corporations from taking losses. We are using public funds to protect the bondholders of some of the most mismanaged companies in the history of capitalism, instead of allowing them to take losses that should have been their own. All our policy makers have done to date has been to squander public funds to protect the full interests of corporate bondholders. Even Bear Stearns' bondholders can expect to get 100% of their money back, thanks to the generosity of Bernanke, Geithner and other bureaucrats eager to hand out the money of ordinary Americans.
I do not agree with Hussman's views on inflation, but he is always a great read. Please read the above article because protecting bondholders at any expense is indeed part of the plan.
Gross private debt currently stands at about 350% of GDP, about double the historical norm. Meanwhile, many of the assets underlying this debt are being marked down in value by 20-30% or more. Given that GDP itself is about $14 trillion, a continued policy of bailouts will eventually require a commitment of public funds amounting to a significant fraction of $14 trillion.
The Treasury's proposal to address insolvency is to finance the purchase of impaired assets from the banks, primarily using taxpayer funds. But note that if the questionable assets are taken off of the bank's books at their actual value, there is absolutely no change on the liability side of the balance sheet. The bank's capital position does not improve. The �toxic asset sale� simply replaces the bad assets with cash. While this might improve the �quality� of the bank's balance sheet, it does not make the institution solvent.
Indeed, the only way for the toxic asset sale to increase shareholder equity is if the buyer overpays for the asset. To accomplish this, the Geithner plan creates a speculative incentive for private investors, by effectively offering them a �put option,� whereby taxpayers would absorb all losses in excess of 3-7% of the purchase amount. This is essentially a recipe for the insolvency of the Federal Deposit Insurance Corporation itself, which would provide the bulk of the �6-to-1 leverage.� To the extent that it is not acceptable for the FDIC to fail, the Geithner plan implies an end-run around Congress, and would ultimately force the provision of funds to cover probable losses.
An equal concern is that there is no link between removing �toxic assets� from bank balance sheets and avoiding large-scale home foreclosures and loan defaults. All the transaction accomplishes is to take the assets out of the bank's hands, to offer half of any speculative gains to private �investors,� and to leave the public at risk for 93-97% of the probable losses. What the plan emphatically does not do is to affect the payment obligations of homeowners in a way that would reduce the likelihood of foreclosure. Moreover, the last thing that a bank would do with the proceeds would be to refinance such mortgages, because that would provide full repayment to the original lenders while taking on the risk of the newly refinanced loans.
The Real Plan
Here is the real plan that now seems odds on to succeed.
The Plan: Dump $500 billion of toxic assets on to unsuspecting taxpayers via a public-private partnership in which 93% of the losses are born by the taxpayer.
This is not a new revelation, there have been many articles on that theme over the past week. However, most missed the corporate bond connection.
Interfluidity
Steve Waldman is another one who caught the corporate bond connection in Dark Musings.
I am filled with despair, not because what we are doing cannot "work", but because it is too unjust. This is not my country.
I think that critics of the Geithner plan are missing some of its tactical brilliance. My guess is that behind the scenes, Geithner has arranged a kind of J.P. Morgan moment.
I don't think the scandal of the Geithner plan is going to turn out to be the subsidy to well-connected investors embedded in the non-recourse loan put option. On the contrary, I think that Treasury has already lined up participants for the "Legacy Loans Public-Private Investment Fund" and persuaded them to offer prices so high that despite the put, investors will expect to take a major loss. My little conspiracy theory is that the Blackrocks and PIMCOs of the world, the asset managers who do well by "shaking hands with the government", will agree to take a hit on relatively small investments in order first to help make banks smell solvent, and then to compel and provide "good optics" for a maximal transfer from government to key financial institutions.
Why would PIMROCK go along with this? Because they feel it is their patriotic duty to work with the government for the good of the financial system, even if that involves accepting some sacrifices. And because they hold $100B in J.P. Citi of America bonds, and they've received assurances that if we can get the nation out of the financial pickle it's in, there will be no haircuts on those bonds. "Shaking hands with the government" means that nothing ever has to be put in writing.
Welcome to America, 2009. Change we can believe in.
The theoretical foundations of Geithner�s plan are provided by Lucian Bebchuk from Harvard University among others. He explains that �if the underlying market failure is at least partly one of liquidity, an effective plan for a public-private partnership in buying troubled assets can be designed. The key is to have competition at two levels.
Geithner�s plan seems to follow these guidelines to a large degree. In particular, on the one hand the government subsidy allows private investors to bid a higher price than otherwise warranted (i.e. the government gives investors the equivalent of a call option.) On the other hand, the fact that the private investor is bound to lose its entire equity stake if the asset value deteriorates from artificially high valuations provides an incentive to bid conservatively. Both effects together may contribute to a reasonable level of price discovery.
We can quickly dismiss the idea of a "reasonable level of price discovery".
Corporate Bond Prices
Inquiring Minds are investigating corporate bond prices vs. the S&P 500.
Chris Puplava at Financial Sense was kind enough to select some bond issues from a Bloomberg terminal last weekend to test an idea I had.
The following bonds were selected at random from hundreds of pages of bonds. These issues may or may not be representative, but the price action appears to be leading (or at least coincident with) the stock market in direction although not magnitude.
Click on any chart below for a sharper image.
Citigroup 2018 Bond C 6 1/8 - 05/15/18 - CUSIP 172967ES6
Bank of America 2017 Bond BAC 5 3/4 - 12/01/17 - CUSIP 060505DP6
Citi 2018 Bond Yield Less 10-Yr Treasury Rate vs. S&P 500
BAC 2017 Bond Yield Less 10-Yr Treasury Rate vs. S&P 500 S&P 500 Daily Chart
The S&P 500 bottomed on March 9, the same day that the Bank of America bond bottomed. Also note that the stock market made a new low with the Bank of America bond even though Citigroup and Wells Fargo bonds bottomed last year.
Bank of America (and Bank of America bonds), have arguably taken over from Citigroup as the most important financial stock and bonds to watch.
$500 Billion Just The First Round
Unfortunately we can be certain that $500 billion is just the first round. We know this from Hussman's analysis. We also know this from what Geithner is saying.
�Some banks are going to need some large amounts of assistance,� Geithner said yesterday on the ABC News program �This Week.� The terms of a $500 billion public-private program to aid banks �cannot change� for investors or they�ll lose confidence in the plan, he said on NBC�s �Meet the Press.�
After allocating about 80 percent of $700 billion in aid approved by Congress, administration officials want to keep open the option of seeking more.
Geithner said the Treasury has about $135 billion left in a financial-stability fund while declining to say whether he will request additional money.
�If we get to that point, we�ll go to the Congress and make the strongest case possible and help them understand why this will be cheaper over the long run to move aggressively,� he told ABC News.
Geithner announced this month a plan shore up the nation�s banks with a public-private partnership to finance the purchase of illiquid real-estate assets. The program will ensure banks emerge from the crisis �cleaner� and �stronger,� Geithner told ABC News.
�The great risk is that we do too little rather than too much� to revive credit and stem what economists say may be the worst recession in seven decades, he said.
Banks need to show more willingness to take risks and restore lending to businesses in order for the U.S. economy to recover from the recession, Geithner said.
�To get out of this we need banks to take a chance on businesses, to take risks again,� he said.
�The investors are taking risk, their money is at risk and at stake,� he said. Allowing investors to leverage their money with government contributions and guarantees �is a relatively conservative structure,� similar to when an individual obtains a mortgage to buy a house, he said.
Risk Taking Insanity
We are in this mess because banks and financial institutions took insane levels of risk. It is virtually impossible that risk taking can take us out of this mess. This is the part of Geithner's plan that is going to fail spectacularly.
Blatant Lies From Geithner
Geithner's two statements below are blatant lies.
1) �The investors are taking risk, their money is at risk and at stake�
1R) The reality is the investors at "PIMROCK" who participate in this plan will be reducing risk. They are willing to take a 7% hit by overbidding on toxic assets in order to guarantee payout on $trillions of bonds.
2) Allowing investors to leverage their money with government contributions and guarantees �is a relatively conservative structure,� similar to when an individual obtains a mortgage to buy a house.
2R) The reality is that Geithner's plan is NOT a "relatively conservative structure". Geithner's plan is a purposeful attempt to dump trillions of dollars worth of toxic assets right into taxpayers' laps, just to bail out the banks that got us into this mess.
Rep Gresham Barrett: "The last question I have guys, which is the $64 million question or I guess I should say $64 trillion question is: What's the backup plan? If everything fails what do we do? Where do we go from here?"
Treasury Secretary Geithner: "Congressman this plan will work. This plan because of the authority provided not just by Congress but the treasury and the Fed gives us broad ability to do what you need to do to get through a financial crisis like this. It just requires will; It's not about ability. We just need to keep at it. We just need to work with Congress to make sure we do this on a scale that will make it work."
Returning to the original thesis, Geithner's statement about "will" now makes sense.
The "will" Geithner is referring to is the "will" of Congress to allow the Treasury and the Fed to sell off our future and the future of our children to prevent the bondholders of U.S. financial corporations from taking losses.
Unfortunately, as it sits right now, that part of Geithner's plan can succeed. However, Geithner's plan sure as hell will not revitalize our economy.
Samsung has released a new digital camera model -- PL60, the camera using Smart Auto Mode which uses extremely clever technology to assess the type of photo that the users are shooting and then optimizes the camera automatically to ensure the best results. It is a powerful must-have compact camera with a sleek 5x Optical zoom lens. With Dual Image Stabilization and Face Detection technology, this digital camera ensures improved image quality and outstanding photos without blur, even in low light conditions.
Moreover, this device incorporates �Beauty Shot� feature allows users to retouch facial skin for a brighter and smoother skin tone so every picture is enhanced in appearance. This gadget has 10 megapixel camera along with Smart Scene Recognition� technology which has 11 optimized picture pre-settings such as Portrait, Night portrait, Macro and Macro Colour helping people take the perfect shot regardless of the conditions. The camera features Samsung�s unique Digital Contents Management system (DCM) which significantly reduces the time to find our favorite photos thereby acts quicker and easier to store and manage our photo collection.
Due to the addition of Blink Detection function, the camera detects when a subject�s eyes are closed and this feature triggers the camera to automatically take three shots in order to capture the eyes open. In an overall view, this camera is perfect for photography enthusiasts and for those looking for a slim compact model. With some key features, the Samsung PL60 digital camera is making a huge impact in the global market.
At just 16.6mm thick (excluding the lens), the ST50 is the ideal solution for consumers in search of an easy-to-use, portable, pocket-sized digital camera. Ultra-slim and stylish, the 12.2 mega-pixel ST50 features a 3x optical zoom and large 2.7 inch LCD housed in brushed stainless steel body. The camera also boasts Samsung�s new Smart Auto feature, which automatically selects the appropriate scene mode for the environment users may be shooting in. For example, the ST50�s Smart Auto feature will automatically set the camera to its landscape scene mode if the user is taking an image of a mountain range, and then switch gears and automatically select the portrait scene mode if the user proceeds to take an image of an individual. No manual interaction is required by the user.
[Mish Note: In the 15 minutes or so it took me to write this, the link title above was changed from "Obama denies bailout funds for automakers" to "Obama conditions bailout funds for automakers". A sub-headline reads as follows, "White House: GM, Chrysler fail to submit restructuring plan that will get them more money." As best as I can tell, the body of the article was not changed.]
The White House says neither GM nor Chrysler submitted acceptable plans to receive more bailout money, setting the stage for a crisis in Detroit and putting in motion what could be the final two months of two American auto giants.
President Barack Obama and his top advisers have determined that neither company is viable and that taxpayers will not spend untold billions more to keep the pair of automakers open forever. In a last-ditch effort, the administration gave each company a brief deadline to try one last time to convince Washington it is worth saving, said senior administration officials who spoke on the condition of anonymity to more bluntly discuss the decision.
Obama was set to make the announcement at 11 a.m. Monday in the White House's foyer.
Frustrated administration officials said Chrysler cannot function as an independent company under its current plan. They have given Chrysler a 30-day window to complete a proposed partnership with Italian automaker Fiat SpA, and will offer up to $6 billion to the companies if they can negotiate a deal before time runs out.
If a Chrysler-Fiat union cannot be completed, Washington plans to walk away, leave Chrysler destined for a complete sell-off. No other money is available.
For GM, the administration offered 60 days of operating money to restructure.
Fritz Henderson, GM's president and chief operating officer, became the new CEO, a Treasury Department source said. Board member Kent Kresa, the former chairman and CEO of defense contractor Northrop Grumman Corp., will be interim chairman of the GM board.
One official said a majority of the GM board was expected to step down.
Obama advisers saw public outrage come to an ugly head in recent weeks, as populist anger escalated over bonuses paid to American International Group executives. They realized Americans are frustrated with the economy and its business leaders; they also said they would not invest one dollar more than was necessary to keep the companies alive and would walk away if it looked impossible.
Officials said GM had not made good on promises made in exchange for $13.4 billion in government loans, although there are no plans to call in those loans.
Administration officials still believe GM's chances are good, given its global brand and its research potential. Officials say they are confident GM can put together a plan that will keep production lines moving in the coming years. They planned to send a team to Detroit to help with that restructuring.
In progress reports filed with the government in February, GM asked for $16.6 billion more and Chrysler wanted $5 billion more. The White House balked and instead started a countdown clock.
GM owes roughly $28 billion to bondholders. Chrysler owes about $7 billion in first- and second-term debt, mainly to banks. GM owes about $20 billion to its retiree health care trust, while Chrysler owes $10.6 billion.
An exasperated administration official noted that the companies had not done enough to reduce debt; in some cases, it actually increased during this restructuring and review process.
In February, GM said it intended to cut 47,000 jobs around the globe, or almost 20 percent of its work force, close hundreds of dealerships and focus on four core brands -- Chevrolet, Cadillac, GMC and Buick.
In an effort to bolster consumer confidence, Obama planned to announce government backing of warranties for GM and Chrysler vehicles. An administration official said there is no price tag yet associated with that promise.
Unless GM pulls a rabbit out of its hat by Tuesday, it is headed for restructuring, with 60 days financing provided by taxpayers. Moreover, You can kiss Chrysler goodbye completely unless Fiat is dumb enough to take it over. Many Chrysler dealers are likely to blow up on this news. However, given there is too much auto capacity, Chrysler going under is an overall good thing. Those directly involved will not see it that way.
It will be interesting to see what kind of auto discounts are available after this announcement.
Credit Event Triggered
One last point: This will be a "credit event" triggering payouts on credit default swap bets.
I have reported before that GM has a $trillion or so in credit default swaps written on it (but my information on this is well over a year old). If banks stocks rally tomorrow (or even if they simply do not collapse), you will know that banks are fully hedged or on the right side of those swaps.
However, given the swaps dwarf GM bonds, it is virtually guaranteed that someone is on the wrong side of them.
Addendum:
Instead of the "denies bailout funds" headline story later changed to "Obama conditions bailout funds for automakers", The New York Times presents a story that can be interpreted differently: U.S. Moves to Overhaul Ailing Carmakers.
The administration is giving G.M. 60 days to present a cost-cutting plan and will provide taxpayer assistance to keep it afloat during that time.
Representative Thaddeus G. McCotter, Republican of Michigan, whose district is just outside Detroit, expressed frustration over the ousting of Mr. Wagoner and with administration officials for not being clearer about the potential job losses that lie ahead.
�Why would you ask Rick Wagoner to resign when you are giving G.M. 60 days to meet a new target, but you aren�t saying what the new goal is yet,� Mr. McCotter said in an interview.
Is there 60 days to meet a new target or 60 days to restructure having missed targets?
The first article says "For GM, the administration offered 60 days of operating money to restructure."
60 days to meet a new target may not be a "credit event". 60 days of funding to restructure should be.
As Pure Digital's Flip cameras have amply demonstrated, there's plenty of folks looking for nothing more than a dead simple digital video camera, and it looks like Japan's Amadana is now looking to peel off a bit of that user base with its new SAL pocket camera. Somewhat notably, this one will let you connect it directly to another SAL camera to transfer videos without a computer, but it's otherwise a bit on the lackluster side, with it packing just 2GB of internal memory and not able to capture anything higher than basic VGA video at 30 fps. The $200 price tag and two hours of battery life don't exactly help things either, but if camera-to-camera video sharing is your top priority, you can look for this one to be available in Japan on May 22nd.
As Pure Digital's Flip cameras have amply demonstrated, there's plenty of folks looking for nothing more than a dead simple digital video camera, and it looks like Japan's Amadana is now looking to peel off a bit of that user base with its new SAL pocket camera. Somewhat notably, this one will let you connect it directly to another SAL camera to transfer videos without a computer, but it's otherwise a bit on the lackluster side, with it packing just 2GB of internal memory and not able to capture anything higher than basic VGA video at 30 fps. The $200 price tag and two hours of battery life don't exactly help things either, but if camera-to-camera video sharing is your top priority, you can look for this one to be available in Japan on May 22nd.
Ignoring global trade, monetary issues, the role of the Fed and Central bankers in the crisis, US dollar hegemony, and nearly everything else that makes sense to discuss, the G-20 Targets Hedge Funds as Leaders Near Consensus.
Leaders of advanced and emerging economies are closing ranks behind plans for tougher rules on financial markets to prevent another collapse like the one that wiped out much of Wall Street.
A global approach to regulation has been gaining momentum ahead of the Group of 20 summit April 2 in London. U.S. President Barack Obama, U.K. Prime Minister Gordon Brown and their G-20 counterparts aim to merge their national blueprints for strengthened regulation into a united front to rein in hedge funds, derivatives trading, executive pay and excessive risk-taking by financial firms.
Agreement on a shared regulatory agenda would provide the G-20 summit with a measure of success even as leaders remain at odds over trade policy, fiscal stimulus and the status of the dollar. A joint regulatory approach is crucial to prevent investors from seeking out markets with the most permissive rules, setting off a race to the bottom as countries vie to attract capital.
�Having the U.S. and Chinese on board makes it a whole lot more likely� that an international framework will eventually emerge, says Harvard University�s Kenneth Rogoff, former chief economist of the International Monetary Fund.
Rogoff says that �it seems virtually certain that four to five years from now, the world will have either a global financial regulator or, more likely, a treaty on global financial regulation with a secretariat, akin to the World Trade Organization.� Still, he adds, �nothing is going to happen quickly.�
G-20 Meetings a Complete Waste of Time, Money, Energy
Given that the World Trade Organization is essentially useless, it makes little difference if we get something "akin to the WTO", now, five years from now, or never.
"The G-20 leaders, representing 90 percent of the world economy, blamed the crisis on investors who "sought higher yields without an adequate appreciation of the risks."
Banks and brokerage packages sold poison apples. The G-20 is blaming those who bought poison apples not those who knowingly sold poison apples.
Blaming Hedge Funds for this crisis is an extension to the placing blame on buyers of poison apples theory.
