Former Boston Red Sox pitcher Curt Schilling has made harsh comments about government bailouts while playing up personal responsibility in the past. Now he’s singing a different tune because his video game company 38 Studios is struggling and Rhode Island taxpayers could be on the hook for over $112 million dollars. The Young Turks host Cenk Uygur explains. Read more at Deadspin.com from Barry Petchesky: deadspin.com Subscribe to The Young Turks: bit.ly Find out how to watch The Young Turks on Current by clicking here: www.current.com The Largest Online New Show in the World. Facebook: www.facebook.com Twitter: twitter.com
Obama: More teeth needed for Wall Street reforms
May 19th, 2012President Barack Obama says the big trading loss at JPMorgan Chase shows the need to finally put in place banking rules he signed into law two years ago. He also is calling on Congress to stop trying to weaken the regulations.
The $2 billion loss has renewed calls by Democratic lawmakers for tougher rules on major financial institutions.
“Without Wall Street reform, we could have found ourselves with the taxpayers once again on the hook for Wall Street’s mistakes,” Obama said in his weekly media address Saturday. He added: “We’ve got to finish the job of implementing this reform and putting these rules in place.”
Obama promoted rules that would require big banks or financial institutions to have more cash on hand to cover losses and that would take away big bonuses and paydays from failed CEOs.
The president said financial institutions that “aren’t cheating customers or making risky bets that could damage the whole economy” have nothing to fear from reforms.
“Yes, it discourages big banks and financial institutions from making risky bets with taxpayer-insured money. And it encourages them to do things that actually help the economy _ like extending loans to entrepreneurs with good ideas, to middle-class families who want to buy a home, to students who want to pursue higher education,” he said.
Though Congress passed the tougher oversight of the financial sector in 2010, the law gave bank regulators time to write the new rules.
One focus of the financial oversight overhaul is a provision that restricts banks’ ability to trade for their own profit, a practice known as proprietary trading. It is named for Paul Volcker, a former Federal Reserve chairman. But a draft of the rule has failed to satisfy either banks, which says it would disrupt some of their core functions, or advocates of stronger regulation who say it would have prevented JPMorgan’s loss.
In the Republican’s weekly address, Wisconsin Sen. Ron Johnson faulted what he called a “do-nothing Senate” under Democratic Majority Leader Harry Reid of Nevada for the frustrations he said he has felt in his 16 months in Congress.
Noting that the Senate hasn’t passed a budget in three years, Johnson said House Republicans have fulfilled their responsibilities by passing a budget but that Senate Democrats have not fulfilled theirs.
This past week, the Senate rejected by a 99-0 vote a budget that Republicans offered up based on an Obama proposal in February. Four other budget plans also were voted down.
___
Online:
Obama address: www.whitehouse.gov
GOP address: www.youtube.com/gopweeklyaddress
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Obama: G-8 leaders put focus on eurozone crisis
May 19th, 2012The United States and other members of the Group of Eight industrial nations agree that Europe’s financial crisis must be addressed with a mix of growth and austerity measures, President Barack Obama said Saturday as leaders gathered for a shirt-sleeve discussion that also will cover world concerns about ups and downs in oil prices.
“All of us are absolutely committed to making sure that growth and stability and fiscal consolidation are part of an overall package,” Obama said as he and other leaders gathered in a rustic cabin at this wooded presidential retreat.
Obama was referring to the debt crises in Greece and Spain, primarily, although he was not specific in brief remarks to reporters.
Leaders of the United States, Germany, France, Canada, Italy, Britain, Russia, and Japan are trying to figure out how to tame Europe’s debt crisis while also increasing the demand for goods and spurring job growth.
Obama’s argument for additional stimulus measures alongside belt-tightening is primarily aimed at Germany, the strongest member of the union that uses the common Euro currency, although Obama did not say so. German Chancellor Angela Merkel was seated a few places away from Obama at a small round table.
Leaders of the world’s economic powers say Germany should balance its push for European fiscal austerity with doses of stimulus spending to avoid a financial calamity with global repercussions.
In talks Saturday, the leaders were looking to build consensus even though a decisive plan of action seemed out of reach for now.
“We’ll also be talking about uncertainty in the energy markets and how to resolve some of those issues,” Obama said at the start of discussions on the global economy.
Obama chose the secluded Camp David setting in part to give leaders a chance for a freewheeling discussion out of sight of most media and far from the raucous protests that have accompanied previous meetings of the G-8.
The G-8 session sets the stage for a far more consequential European summit in Brussels next week where the countries that share the euro as their currency hope to come together on specific steps to fight rising debt while spurring a recovery.
The Camp David gathering opened with a Friday evening discussion focused on global trouble spots Iran and Syria. Obama said the session also touched on North Korea’s aggression and hopeful signs of democratic change in Myanmar.
“We are unified on our approach to Iran,” and hopeful of progress ahead of a diplomatic meeting with Iran next week, Obama said Saturday.
Iran may have a peaceful nuclear energy program but misuse of that program for a nuclear weapon is unacceptable, Obama said. Ever-tighter economic sanctions cannot be loosened while the world encourages Iran to rein in its program, Obama said.
“All of us are firmly committed to continuing with the approach of sanctions and pressure in combination with diplomatic discussions,” Obama said. “And our hope is that we can resolve this issue in a peaceful fashion that respects Iran’s sovereignty and its rights in the international community, but also recognizes its responsibilities.”
On Syria, Obama said the group supports a United Nations cease-fire plan that has yet to be honored in full. He said a statement to be issued at the close of the G-8 summit will reflect that support for the plan brokered by envoy Kofi Annan, but also say that the plan has not taken hold fast enough.
Most of the leaders are part of overlapping international coalitions formed to address the Iranian nuclear problem and the newer crisis in Syria, where an estimated 9,000 people have died in more than a year of violence that arose from the pro-democracy Arab uprisings.
Faced with implacable Russian opposition to significant new United Nations punishments on the Syrian regime, U.S. officials are trying to get consensus among other allies about ways to promote the ouster of Syrian President Bashar Assad’s ouster.
“We all believe that a peaceful resolution and political transition in Syria is preferable,” Obama said Saturday.
A senior U.S. official said one goal of the closed-door discussions at Camp David was to impress on Russian Prime Minister Dmitry Medvedev that other nations that share Russia’s usual role at the forefront of international diplomacy are seeking ways to address the Syria debacle without Russian help.
Later Saturday the leaders were returning to foreign affairs topics with discussion of Afghanistan and the Middle East.
Obama established the tone for the G-8 on Friday after meeting with just-elected French President Francois Hollande, when he said the aim of the summit was to promote both fiscal consolidation and a “strong growth agenda.”
The two leaders, Obama said “agree that this is an issue of extraordinary importance not only to the people of Europe but also to the world economy.”
In a hint of the pressures facing the leaders, when Obama greeted Merkel and asked her how she was doing, the German leader only shrugged.
“Well, you have a few things on your mind,” Obama said.
A central economic topic, though hardly the only one confronting Europe, is the fate of Greece. That country is facing the most acute financial crisis of the eurozone and is set to hold elections June 17 to end political deadlock. At issue is whether Greece abandons the euro to escape austerity measures.
Hollande, after meeting with Obama at the White House, said, “We share the same views, the fact that Greece must stay in the eurozone and that all of us must do what we can to that effect.”
For Obama, Europe’s fate is critical to his own political survival. An economic recession that spreads to the U.S. could damage an already slow recovery and boost the argument by his Republican challenger, Mitt Romney, that the United States economy needs new leadership.
There is a get-acquainted aspect to the session as well.
The Camp David gathering, the largest collection of foreign leaders ever at the presidential retreat, is the first G-8 meeting for Hollande, for Italian Prime Minister Mario Monti and for Japanese Prime Minister Yoshihiko Noda. In what has been widely viewed as a snub, Russian President Vladimir Putin is skipping the G-8. He sent Prime Minister Dmitry Medvedev in his place.
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AP’s Jamey Keaton contributed to this report.
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LCQ7: Promoting development of innovation and technology
May 16th, 2012Hong Kong (HKSAR) – Following is a written reply by the Acting Secretary for Financial Services and the Treasury, Ms Julia Leung, (in the absence of the Secretary for Commerce and Economic Development) to a question by the Hon Samson Tam in the Legislative Council today (May 16):
Question:
Some members of the industry have pointed out that the existing procurement policy of the Government does not provide support for local innovative technology products, resulting in local enterprises lacking the experience in using such products which may serve as references, which has not only caused an outflow of technology but has also led to a drain of technology talents of the new generation. In order to change the present business environment in Hong Kong, will the Government inform this Council:
(a) whether it has conducted any study on the provision of incentives to encourage government departments and the commerce and industry sectors to accord priority to using the results of local scientific researches; if it has, of the details; if not, the reasons for that;
(b) whether the authorities have any proactive measure in place to boost the confidence of the domestic market and users in local innovative technology, and whether they will consider setting up a certification scheme similar to that of “Created by Hong Kong”, so as to improve the situation of local innovative technology being neglected in Hong Kong; if such measures are in place, of the details; and
(c) apart from providing funds to support the operation of the Research and Development Centres set up under the Innovative and Technology Fund, what specific measures the authorities have put in place at present to assist in the commercialisation of research and development results of enterprises so as to promote the development of local innovative technology?
Reply:
President,
The SAR Government has been attaching great importance to the development of innovation and technology, and it was designated in 2009 as one of the six industries where Hong Kong enjoys clear advantages.
It is a long-term investment to develop innovation and technology. Over the past decade, Hong Kong’s research and development (R&D) expenditure has been increasing at an average annual growth rate of about 7%.
The R&D expenditure by the public sector (including Government and higher education sectors) has increased at an average annual growth rate of 4.7%, from HK$5 billion in 2001 to HK$7.5 billion in 2010, accounting for 57% of the gross R&D expenditure.
My reply to the three parts of the question is as follows:
(a) As an international business centre, the SAR Government ought to follow an open and fair procurement policy which complies with the tender procedures as clearly set out by the World Trade Organisation. We treat all tenderers equally and will not accord any favourable treatment to products on the basis of their country of origin.
Nonetheless, we understand that there is a keen expectation from the research sector for the SAR Government to promote innovation and technology on various fronts, in particular on the trial use of local R&D outcome in the public sector. Such trials would bring social benefits by facilitating real world application of the research deliverables.
We have been pro-actively seeking flexible measures over the past two years through consultation with various stakeholders (including the Legislative Council), with the objective of nurturing indigenous innovation and technology.
Following the principles of fairness and openness outlined above, the prevailing Government procurement system puts emphasis on both the price and quality of products, including their usage track record. New products tend to cost more due to various reasons, for example when mass production may not yet be feasible to reduce unit cost. In relation to the usage track record, they do not usually fair well.
For these reasons it is difficult for new local R&D products to win in an open tender. In order to promote the use of local R&D products in the public sector, we should explore means to help new products to meet the level of requirements through the Innovation and Technology Fund (ITF), instead of varying the procurement system.
Before early 2011, the ITF would only provide financial support for the completion of the R&D work cumulating in the submission of a report; and any follow-up would not be funded. However, it is very difficult to convince users to adopt such R&D outcomes with confidence simply based on a report.
Most of them would like to study the prototypes or samples in more detail, or to compare them with existing products before they feel more confident about the new offers. It would be even more desirable to observe the products in a real world application to enable an accurate assessment of their merits (e.g. speed, reaction time, failure rates etc.).
To this end, we have extended the scope of ITF funding in early 2011 to cover, in addition to R&D work, the production of tools/prototypes/samples and the conduct of trial schemes in the public sector.
The public sector includes government departments, public bodies and trade associations, etc. The funding ceiling for these additional work is capped at 30% of the original R&D project cost. Moreover, the Commissioner for Innovation and Technology may exercise discretion for additional spending under exceptional circumstances (e.g.
the product developed would bring great benefits to the community).
The above new arrangements are beneficial to various parties:
(1) For the public sector such as government departments, they can conduct trial use of new technologies at no cost to improve their operations. They also have the benefit of sharing the knowledge and experience of the research experts;
(2)For technology developers such as university professors, they can witness real world applications of their R&D outcomes;
(3)For companies that have funded the R&D projects, they can collect user feedback in the process of product design and fine-tune research outcomes so that their products can better meet market needs. They can also obtain references for their products from the public sector through the trial, and that the references will be useful for future marketing efforts; and
(4)For the general public, they can also benefit from the enhanced service quality and efficiency of the public sector following the adoption of innovative technologies.
Since the launch of the new arrangements in 2011, a large number of projects have been conducted.
Some examples include:
(1)The Hong Kong R&D Centre for Logistics and Supply Chain Management Enabling Technologies has developed an E-lock-enabled tracking platform for the Customs and Excise Department to monitor the movement of the vehicles and ensure cargo security. Trial runs have been conducted at various control points;
(2)The Hong Kong Polytechnic University and the Hong Kong Applied Science and Technology Research Institute (ASTRI) have recently conducted R&D on various intelligent home systems and equipment and set up a demonstration centre in Yau Ma Tei with the Hong Kong Housing Society, providing information to enhance the quality of life for the elderly;
(3)The Highways Department has been conducting trial use of ASTRI’s LED lighting facilities; and
(4)The Nano and Advanced Materials Institute has installed a 10kW thin-film silicon solar cell unit on the rooftop of the Tseung Kwan O Hospital as a supplementary source of power.
(b) and (c) I strongly share the view expressed by a number of Members at different meetings that commercialisation of R&D results is vital to technology development. This is also regarded as a priority area in our efforts in promoting innovation and technology development.
Apart from the above-mentioned arrangements on extending the scope of ITF funding to cover the production of tools/prototypes/samples and the conduct of trial schemes in the public sector, other initiatives include:
(1) Encouraging the R&D Centres to set up dedicated teams on the commercialisation of research outcomes;
(2) The Innovation and Technology Commission organising various networking events to bring together representatives from the Government, industry, academic and research sectors to discuss their need in relations to R&D and commercialisation activities under different technology areas, so as to identify and devise R&D projects for collaboration;
(3) In order to support the R&D activities of technology-based small and medium enterprises (SMEs), the Administration has launched the Small Entrepreneur Research Assistance Programme (SERAP) to provide SMEs with funding in the form of a matching grant to encourage them to undertake R&D and promote commercialisation of deliverables. To enhance the effectiveness of SERAP, we have since April increased the funding ceiling for each project from $4 million to $6 million and expanded the funding scope to facilitate commercialisation, including industrial designs, testing and certification of prototypes, pre-clinical trials, etc.; and
(4) The Hong Kong Science Park also provides technology start-ups with a comprehensive incubation programme comprising consultancy services in training, business, legal and fund-raising, etc. to facilitate technopreneurship development.
Source: HKSAR Government
Published on: 2012-05-16
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HHS Launches Health System Management Project – Kaiser Health …
May 16th, 2012This new online tool will enable consumers to search a variety of federal health care data sets to monitor how the health system is performing.
Modern Healthcare: HHS Launches Health Data Comparison Tool
A new online tool will allow public searches of disparate federal healthcare data sets in one place. HHS launched the Health System Measurement Project on Tuesday to allow simplified tracking of healthcare trends in access to care, cost and affordability, disease prevention and health information technology, according to a news release (Daly, 5/15).
CQ HealthBeat: New HHS Tool Tracks Health System Performance Online
A new Web-based tool is bringing together data sets from across the federal government in one place so Americans can monitor and measure how the nation’s health care system is performing, Health and Human Services Secretary Kathleen Sebelius said Tuesday in launching the new site. Known as the Health System Measurement Project, it will allow policy makers, health care providers and the public to develop consistent data-driven views of changes in critical U.S. health system indicators, HHS officials said (Gramlich, 5/15).
This is part of Kaiser Health News’ Daily Report – a summary of health policy coverage from more than 300 news organizations. The full summary of the day’s news can be found here and you can sign up for e-mail subscriptions to the Daily Report here. In addition, our staff of reporters and correspondents file original stories each day, which you can find on our home page.
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Government’s Secret Plans to Evacuate Chicago Residents During NATO Summit
May 13th, 201204/26/2012 A leaked directive issued to the Red Cross indicates that the federal government has prepared plans to evacuate Chicago during the NATO summit. An email sent to Red Cross volunteers in the Milwaukee area notes that the NATO summit in May could "create unrest or another national security incident." "The American Red Cross in southeastern Wisconsin has been asked to place a number of shelters on standby in the event of evacuation of Chicago," the email, which was leaked to CBS News, reads. More: leaksource.wordpress.com
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The Prepper Report 05-09-2012 ( Prepper Condition 42 out of 80 )
May 13th, 2012Threat Level 42 Good place for solar info solarham.com Video on our economy for dummys www.youtube.com Iranian threat to US?? (video.foxnews.com (thehill.com (rt.com SHTF scale 1 = skittles and rainbows, 80 = Wrath Of God Is Upon Us!! Most of the time the scale cant go below 19 just because there is always risks of unannounced events THESE VIDEOS WILL BE DELATED AFTER 4 TO 5 DAYS Donate to dsarti1 2nd amendment defense fund link link ( www.paypal.com ) … Don’t forget your emergency supplies… at the Ready Store Best Price Guarantee … ( www.thereadystore.com )
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VW Passat 78.5 MPG (Imperial gallon) 65.2 MPG US gallon in the Uk
May 10th, 2012PLEASE READ THIS WHOLE DESCRIPTION BEFORE COMMENTING!!. THIS WILL PISS YOU OFF, VW is not allowed by the US government to sell high milage cars to US consumers. VW even makes the cars here that get 78 mpg but must ship it over seas. I have added this link that shows a test drive world record with the passat which was 75 mpg US www.vehix.com *****UPDATE**** I am still upset with myself for saying "THE CURRENT ADMINISTRATION"t. I understand that it is government regulations that crosses over all party lines. It was just that i had watch Obama talking about better milage cars and that was what upset me to make this video. Please understand I do not place the blame on him alone, this has been going on for decades. It seems this one poorly said statement has put off a lot of people to this message. and the wrong camera angle.
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GSA scandal prompts withdrawals in government meetings segment
May 10th, 2012Conventions — By Editor on May 10, 2012 8:26 am
Hoteliers are reporting cancellations of government meetings in the aftermath of the spending controversy involving the General Services Administration. Las Vegas has taken the brunt of the decline, but other parts of the U.S. are seeing cancellations as well.
“[W]e don’t have enough data to say definitively that it’s a widespread problem yet. What we do know is that the cancellations are going beyond GSA. There is an impact across other government agencies,” said Erik Hansen, director of domestic policy at the U.S. Travel Association.
A combination of election-year politics and heavy media scrutiny over the now-infamous U.S. General Services Administration 2010 conference in Las Vegas has hit the government meeting sector hard. And sources say things are likely to get worse before they get better.
“We are hearing there are cancellations [of government meetings],” said Erik Hansen, director of domestic policy at the U.S. Travel Association in Washington, D.C. “But we don’t have enough data to say definitively that it’s a widespread problem yet. What we do know is that the cancellations are going beyond GSA. There is an impact across other government agencies.”
“I’ve had eight government meetings cancel in the last week or so,” said the owner of a Washington-area independent meeting planning company who asked to remain anonymous.
“And my associate has had two more cancel, with another three likely to cancel. And none of them were in Las Vegas. They’re in places like San Antonio (Texas) and Richmond (Virginia)—totally noncontroversial destinations. But they’re canceling anyway.”
Lori Kolker, founder and president of Rockville, Maryland-based site selection firm Elle K Associates, another government vendor, has had no cancellations yet, but four of her upcoming meetings have been relocated out of Las Vegas. “Everybody is too scared to go to Las Vegas now,” she said.
Reza Sheybani, founder and principal of Bethesda, Maryland-based Conference Planning International, who has 30 years experience in government meeting planning, has had three major meetings cancel so far—in Washington, Atlanta and Charlotte, North Carolina.
“They all said, ‘Everything is being put on hold,’” Sheybani said, adding that Las Vegas is the major victim of the chilling effect. “You can’t even mention Las Vegas as a government meeting destination anymore. And I think that for the next year or two, the impact of all this is going to be serious.”
Something’s missing
Exacerbating the damage is what seems to be some miscommunication over a $12,601 commission and who ended up footing the bill.
In a 2 April report, GSA Inspector General Brian D. Miller said the $12,601 commission paid by The M Resort Spa Casino to Location Solvers, the site selection firm that facilitated the GSA meeting, represented a “redundant and wasteful” expenditure.
He said the GSA had in-house meeting planners who could have executed the booking, perhaps with lower net hotel rates. Additionally, in the report, Miller said the finder’s fee “indicates that further discounts might have been available to GSA if GSA had contacted the hotel directly, rather than working through Location Solvers.”
In reality, whether GSA’s in-house staff or Location Solvers would’ve booked the rooms, the rate would have been the same, meeting planner sources said. Commissions are considered an industry standard cost of doing business and have no impact on room rates.
“Hotels absorb the commission in order to preserve relationships with the third-party planning and site selection companies,” said Rich Keurajian, VP of sales and marketing at Kingsmill Resort in Williamsburg, Virginia.
“And the commissions have no impact on room rate, because of rate parity. The meeting host pays the same room rate whether a commission was paid to a third party or not.”
However, the commission issue became more complex when the Washington Post reported on 24 April that the Location Solvers commission was added onto the event’s food-and-beverage catering bill.
“In 28 years in this business, I’ve never done that and I’ve never heard of anyone doing that,” Keurajian said.
“It just does not happen,” Kolker added.
If it did happen in this instance, however, it could be construed as an illegal kickback, sources said. That’s one reason why the matter has been referred to the U.S. Justice Department for possible criminal prosecutions.
The GSA did not respond to multiple requests for comment and M Resort declined requests for comment for this story.
“I’m in shock about the way the media has reported this,” Kolker said. “They don’t realize the damage they are doing to an entire industry, or the importance of the meeting industry to the economy.”
Of equal concern to Hansen and U.S. Travels is the missing context that the GSA meeting was an anomaly. “You had federal officials deliberately negotiating to have the meeting be ‘over the top,’” he said.
“They were going for excess. And that’s the point that’s getting overlooked in the media coverage. It’s a fact that 99.9% of all government meetings are done properly, within prescribed guidelines.”
The damage done
Last week, both the House and Senate passed provisions, in two different bills, which would limit total government spending on meetings to 80% of 2010 levels.
“That would be a disaster, because in 2010 we were still in a recession,” Kolker said. “The industry would be devastated.”
Although Hansen said he thought such dire prognostications might be a little hyperbolic, he said, “I do think it’s likely you’d see fewer government meetings taking place (if this provision becomes law) because the total budgets of federal agencies would be shrunk.”
It remains to be seen, he said, whether the House and Senate can reconcile the two bills into one piece of legislation that President Obama will sign.
Yet another focus of the new provisions being touted in the wake of the GSA scandal is heightened transparency that will require government agencies to post detailed information about their meeting costs in a centralized web portal.
And with that heightened transparency will come more caution in terms of F&B expenditures and other typical meeting amenities, said Charles Sadler, executive director and CEO of the Society of Government Meeting Planners in Washington.
And that caution could have a further chilling effect on planner decisions. But, he stressed, increased accountability will ultimately be a good thing. “The more accountability, the better, for the whole process,” He said.
“But,” Sadler added, “there also will be planners who will be afraid again to send meetings to Las Vegas or Reno (Nevada), which were blacklisted for a while during the 2009 crisis, because they’ll be concerned about questions being asked.”
Source: http://www.hotelnewsnow.com/Articles.aspx/8092/Cancellations-pour-in-on-heels-of-GSA-scandal
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Romanian fixed income market negative on the new government …
May 10th, 2012This week Romania has a new government as a result of a no-confidence vote in the Parliament which the incumbent government did not pass.
What did markets think of the change? The exchange rate has depreciated moving above the EURRON 4.4 threshold. However, this market is not free and natural market movements that incorporate new information are controlled by the central bank.
But there is one more market that had the same view about the change (at least until now): the fixed income market. The yield curve which has been falling consistently until the no-confidence vote (see here) has jumped right after the fall of the incumbent government and continued to move upwards even after the new government was in place. The move is not significant yet, but the direction shows the apprehension of the market with the new government and its policies, so far.
Of course, part of the jump could be the result of the central bank not cutting the key policy rate from 5.25% to 5% as the market expected before the fall of the government. However, even the NBR justified its decision as being influenced by the political risks.
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