When I grew up it was the 1950s. I followed my father's footsteps in many ways. He was the Valedictorian of his High School and I was not. However, he got me interested in everything electrical, and planes and cars and motorcycles as a little boy. I always expected to become an airline pilot when I grew up but didn't because of one thing. My father's little brother was lost in a plane likely. However, it was so top secret even his father and mother weren't told the whole truth (or likely any of it) and neither was the rest of the family for about 50 years and even then it is mysterious to some degree.
My grandfather became and electrician at least by 1905 and an Electrical Contractor by 1910 all over the western United States until he settled down in Lake Forest Park outside of Seattle and bought a home on 2 1/2 acres of land around 1927 then.
However, the paradigm shifts I want to talk about here are the ones I have already lived through to give you an idea of what you are about to live through too.
Imagine this: When I was little there were no radial tires, disc brakes, color tvs that actually worked enough to want to buy one, CDs, Dvds, cassette tape players, microcomputers, or microchips until I believe 1959. In fact, transistors weren't even invented until the year I was born.
I remember having a little yellow transistor radio with a single little earplug to listen to the two rock and roll stations when I was 8 years old in 1956. The transistor radio was about the size of my hand and had a single ear plug that plugged into it so it wouldn't disturb other people if I wanted to do that. But it sounded a lot better if I just played it through the external speaker on the little radio. It didn't play any tape or CD's because they hadn't been invented yet, just AM radio stations. I don't think the first ones even had FM stations yet.
I was about 15 to 17 years old when I first bought a Cassette player. Now, I bought this at Sears and it was the size of a 15 inch screen Macbook Pro but about 4 inches thick and had to be played on end for best results. I kept that thing for at least 15 years and played casettes I recorded as well as many I bought. But, when I bought it I don't think you could buy music cassettes pre-recorded yet just record your own stuff. So, this would have been 1963 to 1965. Around this same time I started Watching STar Trek on TV with Leonard Nemoy and William Shatner. it was the cat's meow for someone who had been reading science fiction since I was 10 in 1958.
So, around this time in 1966 I graduated High School in Santa Fe, New Mexico at a private school I went to my last year of High school from Glendale, California where my family lived then. So, my parents prepared me for going to college by having my sell my 1956 Ford STationwagon that I called my "Surf WAgon" and had me buy a 1965 VW Bug Seablue in color. I put camber compensators on it and bought the first set of Radial tires with chrome wheels on it for college. However, mostly I loved that it got over 30 miles per gallon which took me a long way for 17 cents a gallon of gas then.
By 1968 I had taken a lot of college courses in computer programming and operating IBM computers and peripherals and started making a lot of money working for computer companies by age 20. However, I got very discouraged when I realized the technology wasn't yet developed enough to do what I wanted to do which was to build myself and computer robotic sentient female that I had fantasized about after an episode of STar Trek on TV. (There was this beautiful blonde that William Shatner fell in love with that turned out to be a perfect sentient robot that looked and acted exactly like a beautiful woman).
So, that was discouraging. However, then I realized that literally all women are nit picky and that if you are going to live with one (anyone of them) this is something you have to learn to deal with as a man. So, it sort of goes with the territory. However, I was in my mid 20s when I finally came to terms with all this even though I had been dating girls since I was 15 ongoing.
I think the point I'm trying to get across is that we then had no idea of what the future would be like. Especially the 1960s and the 1970s were probably the biggest surprise. Then I would have to say that from 2001 until now has been even more insane in some ways than from 1960 until 1975 which was about as insane a time in the U.S. as I ever want to see again.
There just was too much intense change in the U.S. (and around the world) from 1960 to 1975 to ever want to go through that again. I would be like asking to go insane or something like that.
The same is true of what has happened on earth from 2001 until the present. It has been really insane in a way like few things have been since the GReat Depression and World War II.
But, being adaptable and knowing somehow you are going to survive (by the Grace of God) (if you believe in God) might be the most useful attitude. Because from my point of view the world mostly has just been too crazy to want to survive more than one decade at a time.
For me I was 27 in 1975. Anything after about 1975 has felt like I'm living in the future. For me, about 1975 has been my personal singularity where life just like always has seemed sort of like science fiction ever after.
Luckily, I'm a very adaptable person so I have survived it all. However, this is how I have felt since 1975. It's sort of like: "TOTO! I don't think we're in Kansas anymore!" However, life's a lot like that. What happens is almost never what you expect. Because life is what happens while you are busy making other plans.
If you understand that, you have a chance of dealing with all the changes you will experience in life. If not, Good luck!
To the best of my ability I write about my experience of the Universe Past, Present and Future
Thursday, October 31, 2013
ABC News:Syria Could Turn Into Somalia if Peace Talks Fail
TIME | - 56 minutes ago |
When
Syrian President Bashar Assad met with the UN-Arab League envoy on
Wednesday to discuss the possibility of peace talks that might bring an
end to a civil war that has killed more than 115,000 Syrians, he made
one thing clear.
I can't seem to quote this article here so it you want to read it please click "Syria could turn Into-----" above.
AFP Manufacturing Strengthens From China to South Korea
Bloomberg | - 6 minutes ago |
Manufacturing
strengthened from China to South Korea last month in a sign that growth
risks are abating in Asia and expansion may pick up this quarter.
Manufacturing Strengthens From China to South Korea: Economy
By Bloomberg News -
Oct 31, 2013 8:43 PM PT
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Manufacturing strengthened from China
to South Korea last month in a sign that growth risks are
abating in Asia and expansion may pick up this quarter.
China’s official manufacturing Purchasing Managers’ Index (CPMINMAN) rose more than estimated to an 18-month high and a measure from HSBC Holdings Plc and Markit Economics topped projections. HSBC’s reading for South Korea was above the expansion-contraction dividing line of 50 for the first time since May and Taiwan’s PMI rose to 53 from 52. An Australian index also advanced.
Asian economies are benefiting from a demand pickup aided by the U.S. Federal Reserve’s extension of monetary stimulus even as global risks remain from budgetary wrangling in Washington. A sustained recovery in China, the world’s second-biggest economy, may give the government more room to implement reforms the World Bank has said are critical for the nation to become a high-income nation.
“The Asia momentum is part of a global recovery story,” said Xie Dongming, a Singapore-based economist with Oversea-Chinese Banking Corp. While the recovery “may last longer than expected” due to improved fundamentals in the U.S. and Europe, it’s still subject to changes in demand in those areas and Japan, Xie said.
The MSCI Asia Pacific Index of stocks fell 0.4 percent as of 12:33 p.m. in Tokyo, as speculation the Federal Reserve will reduce stimulus in coming months overshadowed the manufacturing data. China’s benchmark Shanghai Composite Index was up 0.1 percent at the 11:30 a.m. local-time break.
“That confirms that economic activity continues to expand following the rebound in the third quarter” and that the government’s full-year target of 7.5 percent growth is “within reach,” Ding Shuang, Citigroup Inc. senior economist in Hong Kong, said on Bloomberg Television. The PMI’s subindexes, by comparison, raise questions about “how sustainable the growth rebound will be.”
Zhang Liqun, an economist with the Development Research Center of the State Council, said in the logistics federation’s statement today that the official PMI report points to China’s expansion stabilizing at about 7.5 percent, yet the foundation of growth is “not solid.”
The better-than-estimated data may bolster confidence among top Communist Party officials who meet in Beijing next week to map out how to cut red tape, push forward tax and financial changes, and spur a shift toward a consumption-driven economy.
A Markit manufacturing PMI for Japan yesterday showed an increase to 54.2 in October from 52.5. Vietnam’s PMI from HSBC and Markit was unchanged at 51.5, data today showed.
The official China PMI was above the estimates of 24 of 31 economists in the Bloomberg News survey. The output index was also the highest in 18 months. A gauge of export orders was above 50 for a third month, while a new orders index fell to 52.5 from 52.8, which was the highest since April 2012.
The number of companies in the official China manufacturing survey increased earlier this year to 3,000 from 820. The HSBC survey is based on responses from purchasing managers at more than 420 businesses, and is weighted toward smaller private companies.
HSBC’s China index was the highest since March. Output showed the fastest growth in six months and a gauge of new orders was the highest since March. Backlogs of work rose at the quickest pace since March 2011, HSBC said.
Consumer-focused companies are benefiting from the upturn. German automaker Volkswagen AG (VOW) this week posted third-quarter operating profit that beat estimates, with nine-month deliveries in China rising 18 percent.
Elsewhere in the world today, Markit will release PMI gauges across Europe and North America, including for the U.K., U.S. and Mexico. Brazil will report on industrial production for September.
China’s top leadership, led by president and Communist Party chief Xi Jinping, will hold a four-day meeting, known as the Third Plenum, starting Nov. 9, to discuss and set a blueprint for social and economic reforms to meet the party’s goal of doubling per capita income in the decade through 2020.
In a report last year titled China 2030, the World Bank and Development Research Center warned that the nation’s growth model isn’t sustainable and put forward policy changes that would help avoid the middle-income trap, a situation where a country’s productivity and income growth stalls as it loses competitiveness and fails to upgrade its economy.
--Nerys Avery. With assistance from Zhou Xin, Stephen Tan, Regina Tan and Stephen Engle in Beijing and Ailing Tan in Singapore. Editors: Nerys Avery, Scott Lanman
To contact Bloomberg News staff for this story: Nerys Avery in Beijing at navery2@bloomberg.net
To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net
end quote from:
China’s official manufacturing Purchasing Managers’ Index (CPMINMAN) rose more than estimated to an 18-month high and a measure from HSBC Holdings Plc and Markit Economics topped projections. HSBC’s reading for South Korea was above the expansion-contraction dividing line of 50 for the first time since May and Taiwan’s PMI rose to 53 from 52. An Australian index also advanced.
Asian economies are benefiting from a demand pickup aided by the U.S. Federal Reserve’s extension of monetary stimulus even as global risks remain from budgetary wrangling in Washington. A sustained recovery in China, the world’s second-biggest economy, may give the government more room to implement reforms the World Bank has said are critical for the nation to become a high-income nation.
“The Asia momentum is part of a global recovery story,” said Xie Dongming, a Singapore-based economist with Oversea-Chinese Banking Corp. While the recovery “may last longer than expected” due to improved fundamentals in the U.S. and Europe, it’s still subject to changes in demand in those areas and Japan, Xie said.
The MSCI Asia Pacific Index of stocks fell 0.4 percent as of 12:33 p.m. in Tokyo, as speculation the Federal Reserve will reduce stimulus in coming months overshadowed the manufacturing data. China’s benchmark Shanghai Composite Index was up 0.1 percent at the 11:30 a.m. local-time break.
Median Estimates
China’s official PMI was at 51.4, the National Bureau of Statistics and China Federation of Logistics and Purchasing said today in Beijing. That compares with 51.1 in September and the 51.2 median estimate in a Bloomberg News survey of analysts. The gauge from HSBC and Markit rose to 50.9 from 50.2, matching a preliminary reading and exceeding the 50.7 median estimate in a Bloomberg survey.“That confirms that economic activity continues to expand following the rebound in the third quarter” and that the government’s full-year target of 7.5 percent growth is “within reach,” Ding Shuang, Citigroup Inc. senior economist in Hong Kong, said on Bloomberg Television. The PMI’s subindexes, by comparison, raise questions about “how sustainable the growth rebound will be.”
Zhang Liqun, an economist with the Development Research Center of the State Council, said in the logistics federation’s statement today that the official PMI report points to China’s expansion stabilizing at about 7.5 percent, yet the foundation of growth is “not solid.”
‘Relatively Cautious’
The decline in gauges of finished-goods inventories and input prices showed that companies are “still relatively cautious about market prospects,” Zhang said.The better-than-estimated data may bolster confidence among top Communist Party officials who meet in Beijing next week to map out how to cut red tape, push forward tax and financial changes, and spur a shift toward a consumption-driven economy.
A Markit manufacturing PMI for Japan yesterday showed an increase to 54.2 in October from 52.5. Vietnam’s PMI from HSBC and Markit was unchanged at 51.5, data today showed.
The official China PMI was above the estimates of 24 of 31 economists in the Bloomberg News survey. The output index was also the highest in 18 months. A gauge of export orders was above 50 for a third month, while a new orders index fell to 52.5 from 52.8, which was the highest since April 2012.
Growth Momentum
Chang Jian, China economist at Barclays Plc in Hong Kong, said in a note that the new orders gauge “points to softening demand and growth momentum.”The number of companies in the official China manufacturing survey increased earlier this year to 3,000 from 820. The HSBC survey is based on responses from purchasing managers at more than 420 businesses, and is weighted toward smaller private companies.
HSBC’s China index was the highest since March. Output showed the fastest growth in six months and a gauge of new orders was the highest since March. Backlogs of work rose at the quickest pace since March 2011, HSBC said.
Consumer-focused companies are benefiting from the upturn. German automaker Volkswagen AG (VOW) this week posted third-quarter operating profit that beat estimates, with nine-month deliveries in China rising 18 percent.
Elsewhere in the world today, Markit will release PMI gauges across Europe and North America, including for the U.K., U.S. and Mexico. Brazil will report on industrial production for September.
GDP Estimate
China’s GDP will increase 7.6 percent this year, according to the median estimate of 52 economists surveyed by Bloomberg last month. That’s the same pace as 1999, which was the weakest expansion since 1990. Growth may slide to 7.4 percent in 2014, according to the median projection of 47 analysts.China’s top leadership, led by president and Communist Party chief Xi Jinping, will hold a four-day meeting, known as the Third Plenum, starting Nov. 9, to discuss and set a blueprint for social and economic reforms to meet the party’s goal of doubling per capita income in the decade through 2020.
In a report last year titled China 2030, the World Bank and Development Research Center warned that the nation’s growth model isn’t sustainable and put forward policy changes that would help avoid the middle-income trap, a situation where a country’s productivity and income growth stalls as it loses competitiveness and fails to upgrade its economy.
--Nerys Avery. With assistance from Zhou Xin, Stephen Tan, Regina Tan and Stephen Engle in Beijing and Ailing Tan in Singapore. Editors: Nerys Avery, Scott Lanman
To contact Bloomberg News staff for this story: Nerys Avery in Beijing at navery2@bloomberg.net
To contact the editor responsible for this story: Paul Panckhurst at ppanckhurst@bloomberg.net
end quote from:
Manufacturing Strengthens From China to South Korea: Economy
Tesla Model S: vehicle of choice for many of wealthiest zip codes in U.S.
MORE AT EDMUNDS.COM
I was curious how this wealth affected Tesla Model S ownership, as that car has become the undisputed darling of the Silicon Valley set. What I found was surprising - I expected to see good numbers in California but I wasn't expecting to see double-digit market share in several wealthy West Coast areas.
New Yorkers don't share the same love for Elon Musk's company as Californians do (having a single-occupant carpool lane sticker is pretty sweet) so I was curious to look at market share farther down the Forbes list in expensive California zip codes beyond the top 25.
The results? A strong showing throughout the Golden State.
Newport Beach 92662's registration share looks pathetic on this list at a meager 1.4% but it is still 893% higher than the national (retail) average of 0.1%. Of course, the average house in America is significantly less than the cool $3.2M median found in 92662. That said, it's not as if Tesla is the most expensive car in America. In fact, there are several more extravagantly priced new cars on the market. Shouldn't they be more popular among people buying multimillion-dollar homes?
In most cases, the answer is "no." The Tesla Model S is the most registered vehicle in 2013 in 8 of the 25 most expensive zip codes in the US. That's pretty remarkable. More so, it takes the #1 spot in more top 25 zip codes than any other vehicle.
Why is any of this important?
Influential people set trends while the mainstream aspires to follow. We've seen this countless times in many different retail sectors. Cars are no different, albeit more expensive than most other purchases. Additionally, with the proclivity of tech geek being chic, the Silicon Valley area will set trends faster than traditional high-income markets like New York that have roots in (highly vilified) banking. While Millennials were protesting against and occupying Wall Street, Silicon Valley remains a land of post-recession opportunity.
So, as Tesla increases the number of models on offer and price points, it could find itself in demand by more than just those in these wealthy enclaves. After all, most luxury car companies find the most volume in their entry-level vehicles.
Next time, we'll dive further into the customer profile and look beyond these wealthy buyers, and try to determine if Tesla's demographics are setting it up for great success or if there is a chink in its armor that could lead to an unfortunate demise.
Jessica Caldwell is the Senior Director of Pricing & Industry Analysis for Edmunds.com. Follow @jessrcaldwell on Twitter.
end quote from:
http://autos.yahoo.com/news/tesla-model-s-is-the-vehicle-of-choice-in-many-of-america-s-wealthiest-zip-codes-220857728.html
Part of this is the zero to 60 at an unbelievable rate and the same with zero to 100. Also, you could stack 9 of these on top of each other's roofs without collapsing the bottom one's roof. This is literally the safest car ever made. So, the combination of a plug in electric with zero to 60 that is amazing combined with being the safest and presently most stylish car in the U.S. makes it what it is.
Miley dressed as Lil Kim for Halloween?
Miley shows skin dressed as Lil' Kim for Halloween
Lindsay Deutsch, USA TODAY
12:15 p.m. EDT October 31, 2013
And Lil' Kim loves it!
Cyrus dressed up as the rapper for Halloween, re-creating her much-buzzed-about look from the 1999 MTV VMAs.
The Wrecking Ball singer posted multiple shots of herself on Twitter, including a silhouette of her blowing smoke out of her mouth.
Lil' Kim had nothing but love for Cyrus, tweeting the picture to her more-than-a-million followers and writing, "Awwww. Look at my baby @mileycyrus tonight!!! Looking GORGEOUS!!! I wish I was there to squeeze your boob :) :) Love U so much !!!! #mytwin"
Jenny McCarthy dresses up as Miley Cyrus' tongue
Jenny McCarthy dresses up as Miley Cyrus' tongue
Lindsay Deutsch, USA TODAY
4 p.m. EDT October 31, 2013
Thousands of people may be dressing up as twerking pop star Miley Cyrus this Oct. 31, but The View co-host Jenny McCarthy decided to up the ante and get a bit more, um, specific.
She's Miley's tongue! (A bit cheeky, don't you think?)
The actress tweeted a selfie of the creative costume, writing, "Yes indeed I am Miley's tongue. I craved sledgehammers all day."
The Wrecking Ball reference received a tongue-wag of approval from Miley. She tweeted six tongue emojis back to McCarthy.end quote from:
Average rate on 30-year mortgage at 4.1%
USA TODAY | - 2 hours ago |
WASHINGTON
- Average U.S. rates on fixed mortgages fell for the second straight
week and are at their lowest levels in four months.
Average rate on 30-year mortgage at 4.1%
Marcy Gordon, AP
1:50 p.m. EDT October 31, 2013
Mortgage buyer Freddie Mac said Thursday that the average rate on the 30-year loan declined to 4.10% from 4.13% last week. The average on the 15-year fixed loan eased to 3.20% from 3.24%.
Rates have been falling since September when the Federal Reserve surprised investors by continuing to buy $85 billion a month in bonds. The purchases are intended to keep long-term interest rates low.
Rates had spiked over the summer when the Fed indicated it might reduce those purchases later this year. But hiring has slowed since then. Many now expect the Fed won't taper until next year.
The average on the 30-year loan has now fallen about half a percentage point since a hitting two-year high over the summer. The lower rates appear to be sparking a surge in activity by prospective homebuyers and homeowners looking to refinance.
Mortgage applications jumped 6.4% in the week ended Oct. 25 from the previous week, according to the Mortgage Bankers Association. Applications for purchases rose 2% from a week earlier, while refinance applications soared nearly 9%.
U.S. home prices rose in August from a year earlier at the fastest pace since February 2006, according to the latest Standard & Poor's/Case-Shiller 20-city home price index. But the price gains slowed in many cities from July, a sign that the spike in prices over the past year may have peaked.
To calculate average mortgage rates, Freddie Mac surveys lenders across the country on Monday through Wednesday each week. The average doesn't include extra fees, known as points, which most borrowers must pay to get the lowest rates. One point equals 1% of the loan amount.
The average fee for a 30-year mortgage declined to 0.7 point from 0.8 point. The fee for a 15-year loan rose to 0.7 point from 0.6 point.
The average rate on a one-year adjustable-rate mortgage increased to 2.64% from 2.60%. The fee eased to 0.4 point from 0.5 point.
The average rate on a five-year adjustable mortgage dipped to 2.96% from 3.00%. The fee was unchanged at 0.4 point.
end quote from:
Average rate on 30-year mortgage at 4.1%
Bloomberg | - 19 minutes ago |
Euro-area
inflation cooled to the slowest in almost four years in October, moving
further away from the European Central Bank's goal.
Euro-Area Inflation Rate Falls to Four-Year Low
By Corina Ruhe & Jana Randow -
Oct 31, 2013 7:07 AM PT
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QUEUEQ
Euro-area inflation cooled to the slowest in almost four years in October, moving further away from the European Central Bank’s goal.
The annual rate fell to 0.7 percent, the lowest since November 2009, from 1.1 percent in September, the European Union’s statistics office in Luxembourg said in a preliminary estimate today. The median forecast in a Bloomberg News survey of 42 economists was for the rate to stay at 1.1 percent. Separate data today showed unemployment was at a record 12.2 percent in September.
The data mark the ninth straight month that the rate has been less than the ECB’s 2 percent ceiling, and they prompted BNP Paribas SA and JPMorgan Chase & Co. to forecast an interest-rate cut by the ECB in December. The central bank, which will publish new economic projections that month, has said there is a “subdued outlook” for inflation in the 17-nation euro area.
“Today’s numbers should strengthen the case for more policy easing,” said Neville Hill, an economist at Credit Suisse Group AG in London. “Draghi may want to leave the door open to the possibility of a rate cut at the December meeting” when he holds his monthly press conference next week, he said.
The ECB will probably keep its key interest rate at 0.5 percent after a meeting of its Governing Council on Nov. 7, according to a Bloomberg survey of economists. The central bank has pledged to keep the rate at the current level or lower for an extended period.
The ECB in September predicted inflation of 1.5 percent this year and 1.3 percent in 2014. In his forecast change, JPMorgan economist Greg Fuzesi said the data today raise “very big” questions about the outlook and the ECB’s response.
Ken Wattret, chief euro-area economist at BNP in London, said inflation is “persistently undershooting the ECB’s definition of price stability, which risks unanchoring inflation expectations on the downside.”
“The appreciation of the exchange rate is leading to an inappropriate tightening of financial and monetary conditions in the euro area,” he said.
The euro has strengthened about 4 percent against the dollar since early September and about 2 percent on a trade-weighted basis. The currency weakened 0.9 percent against the dollar today, to $1.3618 as of 2:53 p.m. London time.
In Asia, the Bank of Japan stuck with its campaign of unprecedented monetary easing, intended to jolt the nation out of a 15-year deflationary malaise. Governor Haruhiko Kuroda’s board maintained a pledge to expand the monetary base by 60 trillion to 70 trillion yen ($711 billion) a year.
Back in the euro area, the labor-market report showed that the jobless rate in August was revised to 12.2 percent from 12 percent previously. The jobless rate among those under the age of 25 was 24.1 percent in September.
In Spain, the total unemployment rate held at 26.6 percent in September, while Italy’s joblessness climbed to 12.5 percent. Germany’s jobless rate fell to 5.2 percent.
The core inflation rate dropped to 0.8 percent in October from 1 percent, also surprising economists, who had forecast that it would remain unchanged.
“With energy-price base effects becoming less favorable in the coming months and some indirect tax increases in the pipeline early next year, the falling streak in inflation is probably nearly over,” said Martin van Vliet, an economist at ING Bank NV in Amsterdam. “However, euro-zone headline inflation is still set to remain well below the ECB’s target in the foreseeable future.”
Today’s inflation data are an estimate and the statistics office will release final figures for October on Nov. 15.
To contact the reporters on this story: Corina Ruhe in Amsterdam at cruhe@bloomberg.net; Jana Randow in Frankfurt at jrandow@bloomberg.net
To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net
The annual rate fell to 0.7 percent, the lowest since November 2009, from 1.1 percent in September, the European Union’s statistics office in Luxembourg said in a preliminary estimate today. The median forecast in a Bloomberg News survey of 42 economists was for the rate to stay at 1.1 percent. Separate data today showed unemployment was at a record 12.2 percent in September.
The data mark the ninth straight month that the rate has been less than the ECB’s 2 percent ceiling, and they prompted BNP Paribas SA and JPMorgan Chase & Co. to forecast an interest-rate cut by the ECB in December. The central bank, which will publish new economic projections that month, has said there is a “subdued outlook” for inflation in the 17-nation euro area.
“Today’s numbers should strengthen the case for more policy easing,” said Neville Hill, an economist at Credit Suisse Group AG in London. “Draghi may want to leave the door open to the possibility of a rate cut at the December meeting” when he holds his monthly press conference next week, he said.
The ECB will probably keep its key interest rate at 0.5 percent after a meeting of its Governing Council on Nov. 7, according to a Bloomberg survey of economists. The central bank has pledged to keep the rate at the current level or lower for an extended period.
Gradual Recovery
The last time inflation was this low, the euro area was mired in a recession, companies were cutting costs and unemployment was rising. The region’s economy shrank 4.4 percent in 2009. While the economy resumed expansion in the second quarter and surveys have improved, unemployment is continuing to increase and the ECB predicts only a “gradual” recovery.The ECB in September predicted inflation of 1.5 percent this year and 1.3 percent in 2014. In his forecast change, JPMorgan economist Greg Fuzesi said the data today raise “very big” questions about the outlook and the ECB’s response.
Ken Wattret, chief euro-area economist at BNP in London, said inflation is “persistently undershooting the ECB’s definition of price stability, which risks unanchoring inflation expectations on the downside.”
“The appreciation of the exchange rate is leading to an inappropriate tightening of financial and monetary conditions in the euro area,” he said.
The euro has strengthened about 4 percent against the dollar since early September and about 2 percent on a trade-weighted basis. The currency weakened 0.9 percent against the dollar today, to $1.3618 as of 2:53 p.m. London time.
Emergency Swap Lines
Central banks said today that emergency currency-swap lines established during the global financial crisis will be made permanent, providing backstops to safeguard against future turbulence.In Asia, the Bank of Japan stuck with its campaign of unprecedented monetary easing, intended to jolt the nation out of a 15-year deflationary malaise. Governor Haruhiko Kuroda’s board maintained a pledge to expand the monetary base by 60 trillion to 70 trillion yen ($711 billion) a year.
Back in the euro area, the labor-market report showed that the jobless rate in August was revised to 12.2 percent from 12 percent previously. The jobless rate among those under the age of 25 was 24.1 percent in September.
In Spain, the total unemployment rate held at 26.6 percent in September, while Italy’s joblessness climbed to 12.5 percent. Germany’s jobless rate fell to 5.2 percent.
Energy Prices
The inflation statistics showed that energy prices dropped an annual 1.7 percent in October after a 0.9 percent decline the previous month. Prices of food, alcohol and tobacco rose 1.9 percent, slowing from a 2.6 percent pace in September, while the cost of services increased 1.2 percent.The core inflation rate dropped to 0.8 percent in October from 1 percent, also surprising economists, who had forecast that it would remain unchanged.
“With energy-price base effects becoming less favorable in the coming months and some indirect tax increases in the pipeline early next year, the falling streak in inflation is probably nearly over,” said Martin van Vliet, an economist at ING Bank NV in Amsterdam. “However, euro-zone headline inflation is still set to remain well below the ECB’s target in the foreseeable future.”
Today’s inflation data are an estimate and the statistics office will release final figures for October on Nov. 15.
To contact the reporters on this story: Corina Ruhe in Amsterdam at cruhe@bloomberg.net; Jana Randow in Frankfurt at jrandow@bloomberg.net
To contact the editor responsible for this story: Craig Stirling at cstirling1@bloomberg.net
end quote from:
Euro-Area Inflation Rate Falls to Four-Year Low
Fannie sues 9 banks over Libor-related losses
USA TODAY | - 34 minutes ago |
Fannie
Mae sued nine major banks Thursday for allegedly causing the mortgage
finance giant at least $800 million in losses by rigging a financial
benchmark used to set rates on trillions of dollars in mortgages, credit
cards, loans and financial derivatives.
Fannie sues 9 banks over Libor-related losses
Kevin McCoy, USA TODAY
5:32 p.m. EDT October 31, 2013
The lawsuit is the latest legal action focused on suspected bank manipulation of crucial financial benchmarks.
Widening an international legal battle over the manipulation, Fannie Mae accused the banks of "pervasive" manipulation of the London Interbank Offered Rate to favor their own trading.
The lawsuit targets U.S. banks JPMorgan Chase, Bank of America and Citigroup, along with global banks Barclays, UBS, Royal Bank of Scotland, Deutsche Bank,Credit Suisse and Rabobank. The action also accused the British Bankers' Association, which administers Libor.
The banks declined to comment on the action. However, UBS, Royal Bank of Scotland, Barclays, Rabobank and a major inter-broker dealer have previously acknowledged wrongdoing in the Libor scandal and agreed to pay more than $3 billion in settlements.
Libor rates are set each weekday morning based on what global banks operating in London say they would expect to pay for short-term loans from each other in numerous monetary currencies for varying time lengths. But court records in the settlement cases and other lawsuits showed that some bank traders regularly conspired to push Libor rates up or down to favor their own trading positions.
Outstanding interest rate contracts linked to Libor were valued at about $450 trillion in the second half of 2009, the Bank for International Settlements estimated. Nearly all 2008 subprime adjustable rate mortgages in the U.S. were similarly pegged to Libor, according to a Federal Reserve Bank of Cleveland report.
Fannie Mae buys loans from mortgage lenders and packages them in securities. Most are sold to investors, though the mortgage finance giant holds some in its own portfolio. According to the complaint filed Thursday in New York federal court, Fannie Mae lost millions of dollars on interest-rate swap transactions that were linked to the financial benchmark.
Although the banks and banking association represented "that Libor was based on honest submissions" by bank representatives who set the rates, the complaint charged that "convincing evidence now demonstrates" the financial benchmark was "wrongfully suppressed."
"Fannie Mae filed this action to recover losses it suffered as a result of the defendants' manipulation of Libor. We have a responsibility to be good stewards of our resources," the mortgage finance giant said in a statement Thursday.
The lawsuit is similar to one filed against banks earlier this year by Freddie Mac, another federally sponsored mortgage finance entity.
Contributing: Associated Press
end quote from:
Floodwaters prompt rescues in Central Texas
Houston Chronicle | - 52 minutes ago |
AUSTIN,
Texas (AP) - Heavy rains across Central Texas created a frightening
scene for a couple whose SUV was swept away by floodwaters, leaving them
clinging to trees for hours until a helicopter rescued them on
Halloween morning.
Texas flooding kills 1, prompts dozens of rescues
By DIANA HEIDGERD and WILL WEISSERT, Associated Press | October 31, 2013 | Updated: October 31, 2013 5:45pm
Photo By Deborah Cannon/AP
1 of 15
A
man walks with two dogs through floodwaters on Quicksilver Boulevard in
Austin, Texas, on Thursday, Oct. 31, 2013, after heavy overnight rains
brought flooding to the area. The National Weather Service said more
than a foot of rain fell in Central Texas, including up to 14 inches in
nearby Wimberley, since rainstorms began Wednesday.
AUSTIN,
Texas (AP) — One man was killed as heavy rains across Central Texas
swelled rivers and creeks and triggered flash flooding Thursday,
prompting dozens of rescues across a region that's been dealing with a
long, punishing drought.
About 10 miles south of Austin, one frightening rescue involved a couple whose SUV was swept away by floodwaters. They were forced to cling to trees for hours until a helicopter rescued them on Halloween morning.
In all, the National Weather Service said, more than a foot of rain fell across Texas' midsection, including up to 14 inches in Wimberley, southwest of the state capital.
The storm system stretched across much of the nation, from the Great Lakes to the Gulf Coast, and carried heavy rain and strong winds. In South Texas, Houston motorists were slowed during morning rush hour because of downpours and sporadic flooding.
The Austin American-Statesman and KVUE-TV reported that the Caldwell County Sheriff's office said a man died Thursday after driving on a low-lying portion of road overtaken by flooding. The victim, who has yet to be identified, was swept out of his vehicle in Dale, south of Austin.
Emergency crews in and around Austin responded to more than 100 rescue calls, often with boats and life rafts, but few were more harrowing than one in the town of Buda.
Around 4 a.m., rescuers near Little Bear Creek spotted a man and his girlfriend in trees about 200 yards from the roadway.
Fire Capt. Craig Odell said rescuers encouraged the pair to "hang on" until the helicopter arrived. The man and woman, whose names were not released, estimated they were in the water about four hours before they were hoisted to safety, Odell said.
"They're definitely very lucky," Odell said. Both victims suffered lacerations and were treated for hypothermia; the man broke his nose.
By Thursday afternoon, the skies had cleared in much of the state and a warm sun was shining, meaning most youngsters didn't have to rethink trick-or-treating. Their parents might, however.
The Texas Department of Public Safety warned those out for Halloween fun "to be prepared for continued rising water and flooding."
First Independent Baptist Church in south Austin had hoped to attract 2,500 students Thursday night to a fall festival featuring booths and music on the church grounds.
"I think people will be here tonight, working," pastor Daniel Trinidad said of his church, where head-high floodwaters washed away an outdoor baptismal deck and reduced the vestibule to a soggy mess of water-logged pews and mud.
Community members were sweeping water out of the building and trying to dry framed artwork and church documents.
"They want to help out, not do Halloween," Trinidad said.
Elsewhere, Austin's Onion Creek overflowed, trapping Sabrina Loyless' neighbors atop their car. Loyless was awakened around 5 a.m. by their screams for help, and the 30-year-old tried to wade across the street — but ended up clinging to tree branches.
"When I got about halfway across the road, I realized how bad an idea it was," said Loyless, who hours after her rescue was wrapped in a firefighters' blanket and waiting for the water to recede so she could get back into her home.
Mike Brown, 54, was still barefoot as he waited for permission to return to his trailer, which he thinks will be a total loss. The auto-salvage yard employee said he awoke to water all around him — even seeping into his bed.
"My possessions were floating around," he said. "I opened my door and swam out."
The Red Cross deployed two relief trucks from Fort Worth to Austin to aid flood victims with clean up.
On a front lawn near Brown, landscaper Lee Dufrene was keeping watch over three small horses from a local ranch. He and others led another 15 larger horses to high ground, but when floodwaters crested, the animals were gone.
"I woke up at three-thirty to the sound of horses plunging through the water," said Dufrene, who choked back tears when he talked of his missing 1-year-old horse, Sunny.
The horses might have run away and then been rescued by emergency crews, but he didn't know.
"I've still got hope," Dufrene said.
END QUOTE FROM:
About 10 miles south of Austin, one frightening rescue involved a couple whose SUV was swept away by floodwaters. They were forced to cling to trees for hours until a helicopter rescued them on Halloween morning.
In all, the National Weather Service said, more than a foot of rain fell across Texas' midsection, including up to 14 inches in Wimberley, southwest of the state capital.
The storm system stretched across much of the nation, from the Great Lakes to the Gulf Coast, and carried heavy rain and strong winds. In South Texas, Houston motorists were slowed during morning rush hour because of downpours and sporadic flooding.
The Austin American-Statesman and KVUE-TV reported that the Caldwell County Sheriff's office said a man died Thursday after driving on a low-lying portion of road overtaken by flooding. The victim, who has yet to be identified, was swept out of his vehicle in Dale, south of Austin.
Emergency crews in and around Austin responded to more than 100 rescue calls, often with boats and life rafts, but few were more harrowing than one in the town of Buda.
Around 4 a.m., rescuers near Little Bear Creek spotted a man and his girlfriend in trees about 200 yards from the roadway.
Fire Capt. Craig Odell said rescuers encouraged the pair to "hang on" until the helicopter arrived. The man and woman, whose names were not released, estimated they were in the water about four hours before they were hoisted to safety, Odell said.
"They're definitely very lucky," Odell said. Both victims suffered lacerations and were treated for hypothermia; the man broke his nose.
By Thursday afternoon, the skies had cleared in much of the state and a warm sun was shining, meaning most youngsters didn't have to rethink trick-or-treating. Their parents might, however.
The Texas Department of Public Safety warned those out for Halloween fun "to be prepared for continued rising water and flooding."
First Independent Baptist Church in south Austin had hoped to attract 2,500 students Thursday night to a fall festival featuring booths and music on the church grounds.
"I think people will be here tonight, working," pastor Daniel Trinidad said of his church, where head-high floodwaters washed away an outdoor baptismal deck and reduced the vestibule to a soggy mess of water-logged pews and mud.
Community members were sweeping water out of the building and trying to dry framed artwork and church documents.
"They want to help out, not do Halloween," Trinidad said.
Elsewhere, Austin's Onion Creek overflowed, trapping Sabrina Loyless' neighbors atop their car. Loyless was awakened around 5 a.m. by their screams for help, and the 30-year-old tried to wade across the street — but ended up clinging to tree branches.
"When I got about halfway across the road, I realized how bad an idea it was," said Loyless, who hours after her rescue was wrapped in a firefighters' blanket and waiting for the water to recede so she could get back into her home.
Mike Brown, 54, was still barefoot as he waited for permission to return to his trailer, which he thinks will be a total loss. The auto-salvage yard employee said he awoke to water all around him — even seeping into his bed.
"My possessions were floating around," he said. "I opened my door and swam out."
The Red Cross deployed two relief trucks from Fort Worth to Austin to aid flood victims with clean up.
On a front lawn near Brown, landscaper Lee Dufrene was keeping watch over three small horses from a local ranch. He and others led another 15 larger horses to high ground, but when floodwaters crested, the animals were gone.
"I woke up at three-thirty to the sound of horses plunging through the water," said Dufrene, who choked back tears when he talked of his missing 1-year-old horse, Sunny.
The horses might have run away and then been rescued by emergency crews, but he didn't know.
"I've still got hope," Dufrene said.
END QUOTE FROM:
Floodwaters prompt rescues in Central Texas
Google, Oracle Workers Enlisted for Obamacare Tech Surge
Bloomberg
5 minutes ago
|
|
Google
Inc. (GOOG), Red Hat Inc. (RHT), Oracle Corp. (ORCL) and other
technology companies are contributing dozens of computer engineers and
programmers to help the Obama administration fix the U.S.
Google, Oracle Workers Enlisted for Obamacare Tech Surge
By Alex Wayne -
Oct 31, 2013 12:26 PM PT
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QUEUEQ
The help is arriving as the government’s main site for medical coverage remains plagued by repeated outages a month after its Oct. 1 debut. Michael Dickerson, a site reliability engineer on leave from Google, and Greg Gershman, innovation director for smartphone application maker Mobomo, are among those helping, the Obama administration said today.
“They are working through the analytics of what happens on the site to prioritize what needs to be fixed,” Julie Bataille, a spokeswoman for the Centers for Medicare and Medicaid Services, told reporters on a conference call. Dickerson is working to improve the stability of the website, while Gershman is “helping the development process be more agile.”
The administration began touting a “tech surge” on Oct. 20, to cure the software and technology errors on the federal website healthcare.gov that have prevented people from enrolling in health plans and insurers from collecting data. Kathleen Sebelius, the U.S. Health and Human Services secretary, apologized yesterday and said her agency has pulled in outside help to achieve “an optimally functioning” exchange by the end of November.
Offering Help
“I know it’s a very political topic,” Oracle Chief Executive Officer Larry Ellison said today at the software maker’s annual meeting. “As an information technology company we are doing everything we can to help.”Redwood City, California-based Oracle is the world’s largest database-software maker.
The federal website is the main portal for millions of uninsured people in 36 of the 50 U.S. states to shop for private health insurance plans, with the help of government tax credits, as part of the Patient Protection and Affordable Care Act of 2010. Fourteen states have created their own health insurance websites. An estimated 7 million people will gain coverage in 2014 through the federal and state exchanges, according to the Congressional Budget Office.
Top Adviser
The administration hasn’t previously quantified the tech surge. Jeffrey Zients, President Barack Obama’s incoming chief economic adviser, was brought in to advise Bataille’s agency, and the project’s management has since been reorganized, with UnitedHealth Group Inc. (UNH)’s Quality Software Services unit now overseeing the entire operation.The site previously had no lead contractor. It was built largely by a unit of Montreal-based CGI Group Inc. (GIB/A) The UnitedHealth unit, QSSI, built a service called the “data services hub” that collects information about customers from the Internal Revenue Service and other agencies, and feeds it to the federal and state websites.
Dickerson is working with QSSI, while Gershman is working with CGI Group, Bataille said today.
The Centers for Medicare and Medicaid Services, led by Marilyn Tavenner, had been responsible for building and running the exchange website. She appeared before the House Ways and Means Committee this week and blamed the contractors for the website woes.
Her comments followed a hearing a week prior where units of CGI Group and UnitedHealth said a branch of the health agency was responsible for the end-to-end testing of the site that should have been done months earlier. The government conducted final tests just days before the site went public Oct. 1, while similar projects are tested for months, the contractors said.
Enrollment Deadline
About 8.6 million people visited the federal website in the first week, encountering software flaws and long waits that prevented many from even registering. HHS has said that capacity is being added to the system and multiple upgrades are being made to the software code, though as of yesterday error messages were still being displayed for some users.Getting the site fixed soon is critical as Americans who don’t have health insurance by March 31 may have to pay a fine of as much as 1 percent of their income.
To contact the reporter on this story: Alex Wayne in Washington at awayne3@bloomberg.net
To contact the editor responsible for this story: Reg Gale at rgale5@bloomberg.net
END QUOTE FROM: