Ken Block in the Mexico round of the WRC – Click above for high-res image gallery
Ken Block and co-driver Alex Gelsomino put on a helluva show at the Corona Rally Mexico round of the World Rally Championship. A number of incidents, including a puncture, some boulder kissing, and a fully day of stages were missed because of rather nasty date with a ditch, the pair still managed a classification of 18th out of 25. We’ll find out in two weeks at the Rally of Turkey if Block’s Mexico foray was a building block – and if it was, this could be a very good year for the man and his Monster Ford Escort. Dirty pics are in the gallery below, and a press release and video recap are after the jump.
After all the leaked reports, Lexus today officially announced the details on its Nurburgring edition of the new Lexus LFA supercar.
“The new Nurburgring package provides additional aerodynamic features and technical revisions that improve handling and downforce without compromising the exceptional speed and acceleration that are central to the LFA’s driving character,” Lexus said in a statement. “Greater downforce, essential to peak track performance, has been gained through revisions and additions to several of the LFA’s CFRP components, including a larger front spoiler, side fin-type spoilers and a new fixed rear wing.”
Power still comes from the mid-front-mounted 4.8L V10 engine, but power has been increased to 562-hp (base LFA makes 552-hp) and gearshift times have been cut to just .15 seconds. Lexus also made some handling modifications including sports tuning of the suspension and mesh-type wheels shod with dedicated high-grip tires.
Only 50 units of the 500 limited production run of the LFA will be made with the Nurburgring Package. Buyers of the Nurburgring Package will also receive a one-year driving pass to the track.
Remember the debate about whether or not anonymous commenters were good or evil? Well, let’s take it up a notch. The Cleveland Plain Dealer — who amusingly just recently told its reporters they needed to engage more in the comments on their stories — had a persistent commenter, who was a bit vocal, and at times mean. After she posted a comment questioning the mental state of a relative of a reporter, the newspaper decided to look into who was behind the comments, and realized that it is a high profile local judge, who has actually been in the news a lot lately. The judge’s daughter tried to claim credit for the posts, but apparently there’s some evidence that suggests the judge made many, if not all, of the comments (it was her email address, and apparently it’s clear that many of the comments came from her work computer). Some of the comments even came on cases she was involved in. Of course, it’s also worth noting that she had threatened a reporter from the Plain Dealer with jailtime if he didn’t reveal his source for a story (and, yes, this is why we need a strong journalism shield law), so the Plain Dealer may be seen as having an axe to grind.
Still this raises a bunch of questions that lots of sites struggle with. We’ve often wondered about it ourselves, as there are times when it’s obvious who a commenter is — and even here on Techdirt we’ve had high level execs pseudononymously comment (while doing little to hide their real identity) — even at times about issues they were involved in. And, to some extent, those situations seem newsworthy — though not everyone would agree. Along those lines, we’ve sometimes pointed out that two commenters may be the same person, though never revealing who they actually are in real life. But, again, does that reach an ethical standard? Of course, a few months ago, there were similar concerns when the online editor at StlToday.com called the boss of a commenter, leading the commenter to resign. But that was purely vindictive, and of no journalistic significance.
It’s easy to just say that no publication should ever reveal such info — but if it has journalistic value, and the commenter has done little to hide their actual identity, it certainly reaches a gray area. I can see the arguments on both sides of this issue. In the end, I don’t think it’s a good idea to “out” commenters’ true identities, but if there is journalistic value in the information, rather than just doing it out of spite or anger, I don’t think it’s as clear cut as some are making it out to be.
Carbon Motors E7 – Click above for high-res image gallery
Carbon Motors Corp. plans to deliver its first police car in 2013 – assuming the company’s request for a $310 million loan from the U.S. Department of Energy is approved. As we mentioned nearly three years ago, Carbon is diving into the rarefied purpose-built vehicle segment with the goal of delivering thousands of its “E7” police cars to municipalities across the country, powered by a BMW twin-turbo inline-six diesel engine.
Unlike the police cars typically put out by the Detroit 3, built on a modified civilian platform and returned to civilian duty at the end of its life cycle, the E7 will use an aluminum space frame covered in composite panels. Patrol-related hardware and flashing lights are already integrated, and since the body panels will be paint-free, graphics will be applied with vinyl decals. Sold directly to law enforcement agencies (not through a dealer network), the vehicles would be returned back to Carbon Motors at the end of their service life for reconditioning or dismantled for parts.
The automaker reportedly has the buyers lined up. “We have over 13,000 reservations from 350-plus law enforcement agencies in 48 states,” says CEO William Santana Li. While the company is funded by private investors, it needs the Obama administration’s loan approval to get rolling. The decision is expected over the summer. With the money in hand, Carbon Motors has scheduled deliveries to follow 36 months later.
Mercedes-Benz plans on offering a shooting brake version of its new CLS, which will be based on the F800 Style Concept that made its debut at the 2010 Geneva Motor Show. According to AutoCar, the model will make its concept debut at the 2010 Beijing Motor Show next month, with sales to begin around 2012.
The Mercedes-Benz CLS Estate is part of the Stuttgart automaker’s plans to diversify its lineup with range of niche cars to appeal to younger customers. The CLS Estate will also give Mercedes-Benz buyers an alternative to the recently introduced BMW 5-Series Gran Turismo.
Norwegian based electric-car company Think announced today that it plans on bringing its Think City electric-car to customers in New York City. New York ranked third in THINK’s EV-Ready Cities Index based on the great fit EV’s have for city driving and the strength of the state and local governments support. Los Angeles came in at No. 1.
“Bringing the THINK City to New York will play a positive role in PlaNYC, the city’s comprehensive sustainability plan that seeks to reduce the City’s greenhouse gas emissions by 30 percent from 2005 level by 2030,” Think said in a statement. “The Think City, all electric vehicle provides excellent opportunities for both city fleets and private vehicles operating within the City’s borders.”
Separately, Think announced a significant investment in a brand new, state-of-the-art product development facility at its corporate headquarters in Fornebu, Oslo, Norway.
The Think City electric will have a top speed of more than 70 miles per hour and a range of more than 100 miles per full charge.
Prior to its debut at the 2010 New York Auto Show later this week, images of the 2011 Infiniti QX56 have leaked onto the internet.
Nissan announced in September that it will export U.S. made 5.6L V8 engines and engine parts to Japan to install in the 2011 Infiniti QX and will ship the finished product back to U.S. dealerships. Apparently, the round-trip is more cost-efficient than building an engine plant in Japan.
The Infiniti QX56 has been produced at Nissan’s Canton, Miss., until now. Nissan will now move production of the low-volume luxury SUV to an assembly plant at Shatai Kyushu, Japan.
On the day we’ve reviewed two descendants of his original creation, we find out that the man who designed the Mustang, Donald Frey, passed away at 86. As with the car’s decades of success, the inspiration for it was unlikely: the Chevrolet Corvair.
Frey, who was assistant general manager and and chief engineer of a Ford Motor Company still suffering dry heaves over the Edsel, said he watched GM put bucket seats in the Corvair and rename it Monza, and it began to pick up with customers. There was also the dinner table motivation of his kids telling him his cars stunk.
Frey’s first take on the Mustang was a mid-engined convertible in 1962 which, while working with Ford General Manager Lee Iacocca, he would develop into the car introduced to the World’s Fair in 1964. When the coupe predicted to sell 80,000 units a year actually sold a million-plus units in its first two years – and then sold and sold and sold – Frey became an American legend. The rest is not just history, it’s the present and the future, with the Mustang certain to be a staple in the Ford portfolio for years to come.
From Autoblog and Mustang fans around the world, our condolences and best wishes go to the Frey family.
richw alerts us to a fascinating essay from a member of the band Fucked Up (different, apparently, than the band we recently wrote about going by the name Holy Fuck) explaining the economics of SXSW for bands. Actually, though, it’s much more than that. It explains the economics of the music industry, with a single point underlined: as a band, you need to figure out how to get money, and stop waiting for others to just give it to you. The key point is made somewhere in the middle:
You may have heard that the music industry is sort of falling apart. It isn’t really a matter of there being less money in the pool – just that the money people have to spend on entertainment (which will always be somewhat of a constant) is just being diverted away from where it historically has gone (record labels and managers). The music industry is by definition an operation invented to divert money spent on music away from actual musicians – the problems that the music industry is currently facing have specifically to do with the fact that the money that would usually flow directly to the bigger economic actors is now going somewhere else.
This is such a succinct and accurate example of what we’ve been talking about for over a decade, it’s worth repeating. As we’ve seen over and over again in numerous studies, the amount of money being spent on the music industry (remember: that’s more than just selling records) hasn’t gone down at all, and, in fact appears to have gone up over the last decade. The “issue” is that it’s going to many other players in the market, rather than the record labels. In the past, the record labels did their best to keep that money from ever going to musicians. These days, a lot of that money is up for grabs — and the record labels are upset that they’re not getting more of it. Instead, it may be going to others, such as Apple or an ISP or someone else entirely. But, really, it’s up for grabs — and that’s why we see a lot of smart musicians figuring out how to take advantage and get their share. But it is a scramble. And if you want to succeed in the music business these days, you need to figure out how to get your share:
Sxsw should be an example of where some of that money is going. While labels are trying to figure out how they can get their piece back, the question sxsw should leave for bands is how to get theirs, or to at least not throw it directly at hospitality and energy conglomerates in order to get to Austin and see your fans money go straight down the throats of Mountain Dew incorporated instead of into your pocket. And again, just to re-iterate – it’s not like these companies are inherently evil or vicious. I kind of like Mountain Dew. It’s just that they are way better than you at figuring out how to get peoples money, and while your job as an artists should mostly be about making great art, it should also be a little bit about how to be smart at if not making money, then at least not throwing an undue amount away just so someone else can make money at your expense. This is the crux of the matter – there is a big pool of money out there that everyone is trying to get – the music industry is panicking because a lot of the money that used to go from music consumers right to them, is now going to companies that are posted just on the periphery of music, letting bands and labels spend money making music, and then swooping in with music related marketing strategies aimed at getting some of that relatively free money.
The realization is key: basically, there’s a pool of money that people are fighting for, and you need to figure out how to get your share, not whine about others who are doing a better job of figuring out how to get their share. It’s a recognition that you’re in business, and business means competition. In this case, the band appears to have worked out a deal with a clothing company to help fund its performance at SXSW, as part of an effort to show that it could be done, rather than having to lose money and hope that someone at SXSW decides to just give you a big check.
And that’s, effectively, all we’ve been talking about here for more than a decade. It’s about recognizing that the market has shifted, no one is automatically owed a living, but in this period of dynamic change, there really are a tremendous number of new opportunities. In the past, if you wanted to be a success, you were much more limited, because you had to wait for one of the big gatekeepers to anoint you. Today, your fate is in your own hands. It doesn’t mean that everyone will succeed. Just as in any industry, many will fail along the way. But sitting around demanding money isn’t going to work. As Dave Allen put it last year, it’s time for musicians to start “being brilliant” from the business model side or to just get out of the way.
For those who believe in some mystical ratio between oil and natural gas (which are substitutes in everything but actual practice), your time has not come. Just when it looked like oil might revert back to some historical mean ratio with natural gas, here comes the widening again.
To mark the end of production for the current Ford Focus RS, Ford of Europe is celebrating with this limited-edition RS model called the RS500. Limited to just 500 units, the Ford Focus RS500 will make its debut at the 2010 Leipzig Motor Show in Germany next month.
“We were determined to mark the end of production for the current and acclaimed Focus RS with something even more special,” said Joe Bakaj, Ford of Europe’s vice president for Product Development. “From its stunning looks to its intoxicating performance, we have no doubt that the RS500 will be appreciated and quickly snapped up by performance car enthusiasts.
Power for the Ford Focus RS500 comes from the same turbocharged Duratec RS 2.5-L 5-cylinder engine found in the RS. However, power has been increased to 345-hp with a maximum torque of 339 lb-ft. That allows the Focus RS500 to go from 0-62 mph in 5.6 seconds with a top speed of 163 mph.
Sales of the Ford Focus RS500 will start in May for 20 lucky European countries.
Hit the jump for the press release and the high-res image gallery.
2011 Ford Focus RS500:
Press Release:
NEW LIMITED EDITION FORD FOCUS RS500 IS THE ULTIMATE PERFORMANCE FORD
• Powerful new limited-edition Ford Focus RS500 for performance car enthusiasts
• Strictly limited run of 500 vehicles marks the end of current Focus RS production
• Tuned 350 PS, 2.5-litre 5-cylinder engine with 460 Nm of torque provides muscular performance
• Technical enhancements improve engine’s breathing and combustion • Upgraded powertrain teamed with class-leading chassis to deliver the definitive
Focus RS driving experience
• Maximum visual impact with unique matt black ‘foil’ paint finish and matching 19-inch alloy wheels
• Premium specification for all vehicles, combining enhanced standard luxury equipment and special RS500 detailing
• Production run of 500 individually-numbered cars available for customer order across 20 European markets from May
• Global debut at the Leipzig Motor Show on April 9 2010 – further information available from dedicated website: www.focusrs500.com
COLOGNE, March 31, 2010 – A new and powerful limited edition Focus RS model, called the RS500, is being launched as the ultimate performance Ford and will provide the definitive driving experience for serious performance car enthusiasts.
Making its global debut at the 2010 Leipzig Motor Show in Germany on April 9, the new model has been given the RS500 designation to highlight its strictly-limited production run of 500 individually-numbered vehicles, all of which will be offered for customers to purchase.
The new Focus RS500 features a muscular 350 PS 2.5-litre 5-cylinder engine, which generates 15 per cent more power than the standard Focus RS and delivers truly exhilarating performance.
The RS500’s breathtaking power is matched by an equally dramatic appearance. The limited edition model sports a unique matt black ‘foil’ paint finish with matching alloy wheels to deliver a powerful visual impact which is unlike any other production Ford.
“We were determined to mark the end of production for the current and acclaimed Focus RS with something even more special,” said Joe Bakaj, Ford of Europe’s vice president for Product Development. “From its stunning looks to its intoxicating performance, we have no doubt that the RS500 will be appreciated and quickly snapped up by performance car enthusiasts.
“This vehicle joins a long line of iconic RS Fords and is a worthy recipient of the RS500 name, which became synonymous with success on the road and track with the legendary Sierra RS500 Cosworth that dominated saloon car racing during the late 1980s,” Bakaj added.
Strictly Limited Production Run of 500 Individually Numbered Vehicles
The RS500 marks the end of production for the current generation Focus RS, with the last vehicles scheduled to leave Ford’s Saarlouis Assembly Plant in Germany during September 2010.
While overwhelming customer demand has ensured that total Focus RS output is expected to exceed 11,000 units (significantly more than the 7,000 to 8,000 originally forecast), production of the RS500 will start at Ford’s Saarlouis plant in Germany during May and will be strictly limited to 500 customer vehicles for twenty European markets.
Each RS500 will carry a metal plaque on the centre console, hand-engraved with a unique identification number from 001 to 500.
A small number of pre-production vehicles produced for internal Ford use – such as product development or press demonstrators – will have their own unique numbering scheme, to ensure the exclusivity of the 500 customer cars.
Demand for the RS500 is expected to exceed supply by a considerable margin, and the full production run of just 500 vehicles is being allocated across 20 European markets in line with the anticipated level of interest. For some countries, the very small number of vehicles allocated means the RS500 will, indeed, be a very exclusive purchase for its customers.
A dedicated website – www.focusrs500.com – will allow customers and enthusiasts to gain further information, including projected quantities of available vehicles by market, plus access to download photography and video clips. The site will also provide links to national Ford websites so customers can identify dealers and prices.
Focus RS also has its own Facebook page – www.facebook.com/fordfocusrs – with more than 13,500 fans from across the world, and RS500 launch activities will be shared on this site.
Upgraded 350 PS Powertrain
“The more urgent engine sound and sheer thrust of the mid-range performance tell the driver immediately that this is not a standard Focus RS,” said Gunnar Herrmann, Ford’s Global C-Car Vehicle Line Director. “With 15 per cent more power and the same gutsy, sporting character, our new powertrain gives the RS500 the special engine it deserves.”
To provide the RS500 with a fitting power unit, the 305 PS turbocharged Duratec RS 2.5-litre engine from the standard Focus RS has been upgraded to deliver significantly more top-end and mid-range power, but without compromising the base engine’s strength and responsiveness at lower revs.
Peak power is increased by 45PS to 350PS at 6,000rpm, while torque has been increased from 440 to 460Nm, delivered across a broad speed range from 2,500 to 4,500rpm.
To achieve the required balance of muscular mid-range and top-end performance, the engine has benefitted from a comprehensive package of enhancements aimed at improving the engine’s breathing and combustion.
The changes include a significantly larger air-to-air intercooler to deliver a cooler, denser charge; a larger air filter box for increased airflow; larger diameter exhaust downpipe; and an uprated fuel pump, along with an updated software calibration to optimise the performance of the revised engine.
“The engine’s improved breathing has allowed us to increase power without having to raise turbo boost pressure significantly,” explained Herrmann. “This has made it possible to enhance peak performance while maintaining the excellent driveability, fuel consumption and emissions of the standard Focus RS.”
Preliminary performance figures for the Focus RS500 indicate that it achieves 0-100km/h in 5.6 seconds, with a top speed similar to the 263 km/h in the standard RS.
Engineered by Performance Car Enthusiasts
The Focus RS500 engine has been modified by a team enthusiast engineers from Ford TeamRS in partnership with Revolve Technologies, the automotive engineering firm which develops Ford approved performance upgrades through its Mountune brand.
The shared development and testing programme ensured that the 350 PS Duratec RS engine achieved the specified performance targets while also delivering the standards of durability and serviceability expected by Ford RS customers.
The comprehensive engineering details already developed for the 305 PS Focus RS engine – including a revised cylinder head gasket, ultra-durable metal sprayed cylinder bores, revised pistons and new connecting rods – have ensured that no further mechanical changes were required to cope with the increased performance of the 350 PS RS500 unit.
Advanced Front Wheel Drive Chassis
A key factor in the success of the latest generation Focus RS has been its advanced front wheel drive chassis, which combines a wider track, the unique ‘RevoKnuckle’ front suspension design and a Quaife helical limited slip differential to deliver responsive steering, outstanding traction and a minimum of unwanted torque steer.
The same chassis design has proved equally effective in handling the increased torque levels of the Focus RS500, and the specification is unchanged for this application, helping to retain the same sporting and responsive dynamic character which is central to the appeal of the acclaimed standard Focus RS.
The high-performance braking system, and the 19-inch wheels and 235/35/R19 tyres, are also carried over unchanged from the standard vehicle, although red brake calipers and a dramatic black finish for the alloy wheels are unique to the RS500.
Performance Tested to the Limit
In recognition of the extreme performance potential of the Focus RS500, the limited edition model has been subjected to a series of concentrated durability tests which have focused on the car’s track capabilities.
The development programme included a dedicated endurance test at the infamous Nürburgring Nordschleife in Germany, where Ford TeamRS engineers were joined by three Ford-employed racing drivers working in shifts to complete 10,000km of non-stop driving, equivalent to competing in ten consecutive Nürburgring 24-hour races without a break.
“We wanted to be sure that serious enthusiasts could drive the Focus RS500 to the limit on track, without any concerns about the car’s stamina,” said Matthias Tonn, Focus RS500 Chief Programme Engineer. “This meant going beyond our standard test routines, and pushing the car to the edge of its performance envelope. After 500 non-stop laps of the Nürburgring, we are very confident of its durability and delighted at the way it performed, with an 8-minute lap time within reach”.
Unique Matt Black ‘Foil’ Paint Finish for Maximum Visual Impact
The standard Focus RS already creates a lasting impression with its functional yet striking design, but the unique matt black ‘foil’ paint finish of the Focus RS500 makes this limited edition car even more special.
Stunning matt black bodywork is combined with matching metallic black alloy wheels, and the gloss black finish of the trapezoidal lower front grille and splitter, twin-blade rear spoiler and the rear venturi, which manages airflow beneath the rear of the car.
Small flashes of colour around the vehicle – including the red brake calipers, blue RS badges, and the special blue and red RS500 badge on the tailgate – only serve to emphasise the car’s unique appearance.
“We deliberately set out to ensure that the Focus RS500 looks like no other production vehicle,” added Tonn. “With its dramatic black finish and imposing stance, this car really is mean, moody and magnificent!”
The matt black foil finish for the RS500 was developed in partnership with the technology company 3M, which specialises in advanced film products for the automotive industry.
All Focus RS500 vehicles will be painted in a standard Panther Black metallic colour, before being shipped to a dedicated 3M facility near Frankfurt, Germany, where a special foil film will be applied to the bodywork to create the matt black effect.
The film is extremely durable, and is specifically designed to resist superficial marks and scratches in automotive applications. In the event of damage to the bodywork, Ford dealers will be fully supported by a Europe-wide network of 3M agents who can replace the film on the affected panels.
Special Focus RS500 Interior Detailing
Attention to detail on the RS500 exterior is also reflected inside the car, with a series of special features which are unique to this limited edition model.
The centre console is distinguished by the car’s individually-numbered metal plaque, and by a unique carbon-effect finish to the bezel which carries a distinctive RS pattern.
In contrast to the blue detailing on the standard Focus RS, the RS500 features a special red colour scheme, notably on the stitching of the leather trim on the steering wheel, door trim and gear lever gaiter, and on the floor mats.
Customers also have the option of specifying the bespoke Recaro front sports seats in full red leather, to further enhance the visual impact.
Premium Specification for All Vehicles
All Focus RS500 vehicles will be equipped to a very high specification as standard, with only two features available as optional items. In addition to the comprehensive equipment levels on the standard Focus RS, the RS500 includes the following features as standard:
• Dual-zone automatic climate control • Heated windscreen • Rear parking distance sensors • Tyre deflation detection system
• Automatic headlights and rain-sensing wipers • Auto dimming rear-view mirror • Ford key-free start • Enhanced connectivity with Bluetooth®, voice control and USB port • Sony 6-CD audio system
• Recaro sports front seats with partial leather trim
The two optional features are touchscreen DVD navigation and audio system, and the full leather Recaro front seats in red.
“We believe that customers lucky enough to secure one of the limited edition Focus RS500 models will be getting a real collectors item,” said Joe Bakaj. “From its stunning looks, to its immense driver appeal and its complete specification, the Focus RS500 provides enthusiasts with the ultimate performance Ford for the road.”
Nice work, guys. When we’re behind the wheel, we’re apparently a danger to human life. TheNew York Times reports that a recent study by the Social Issues Research Centre (SIRC) says that men are 50 percent to 100 percent more likely to be behind the wheel in a fatal accident than are our female counterparts. The SIRC theorizes that the reason for the discrepancy is that men just don’t like rules.
Not just any rules, mind you. We’re talking driving rules. The NYT cites several studies that show men are more likely to drink and drive, run a red light, race other drivers and tailgate. Further, one study showed that men were up to four times more likely to drink and drive as women. We’re more aggressive, we’re three times more likely to honk the horn, and we’re statistically proven to be more likely to take risks.
The authors of all these studies feel that the reason for our aggression and risk-taking has something to do with our DNA. Apparently, the hunter within each of us compels us to value speed, strength and a solid quarter mile run. But men aren’t always the worst drivers. One study cited by the Times reportedly showed that women were more likely to get into accidents on a per-mile basis. We’d take a moment to celebrate our lone victory, but with the overwhelming evidence pointing out that we’re more dangerous drivers than women, our hypocrisy only travels so far.
“Climate change prevention” policies advanced by President Obama and his Administration are often in direct conflict with his energy, economic and human welfare goals. Perhaps nowhere is this more starkly apparent than in Africa. Their vision and intentions may be admirable, but their policies often undermine their desired outcomes. And yet, the news media and even African leaders have failed to point out this clear disconnect.
This informative article summarizes these errors and oversights … and the need for reform.
We hope you will post the column, to help initiate policy changes that would do much to improve life and reduce disease and mortality for hundreds of millions of people in Africa and other impoverished regions.
If you could use the bio included with this article, we would greatly appreciate it. The bio will appear with all future Roy and Niger Innis columns.
Thank you for posting it, and helping to lead lifesaving, prosperity-building reforms in America’s energy and foreign policies.
Paul
Paul Driessen
Senior policy advisor, Congress of Racial Equality
MUST READ: Recently uncovered and unbelievably accurate: Sir John Templeton’s last predictions – written in 2005 – By: Christopher Ruddy – NewsMax.com
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more on the Big Mac Index: More Chinese Food – … or years now, the Economist has kept tabs on purchasing power parity through the price of a near global commodity, the Big Mac, which is produced in about 120 countries. As the magazine says, “It is arguably the world’s most accurate financial indicator to be based on a fast-food item.” … – Annaly Salvos ————
read the job description – Google Is Hiring Bond Traders – Gregory White – … A source who interviewed for one of the positions said that this was a means for Google (GOOG) to make use of its large cash reserves. … Trader, Foreign Government Bonds – Mountain View – This position is based in Mountain View, CA – The area: Finance … – Silicon Alley Insider at Business Insider
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“Geritol Gang” abduct Financial Advisor – In a rather bazarre story, a group of 60-80 year olds abducted their financial advisor for having lost them £2M in the US real-estate market. “Two of his kidnappers are said to have hit him with a Zimmer frame outside his home in Speyer, western Germany, before he was bound up with duct tape, bundled into the boot of a car … During his alleged confinement in an unheated cellar, Mr Amburn, 56, claims he was burned with cigarettes, beaten, had two of his ribs broken was hit with a chair leg and chained up ‘like an animal.’“ … – Surly Trader Blog
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China and U.S. on ‘Collision Course’ Over Yuan, Roubini Says – The U.S. and China are on a “collision course” over the Chinese currency and investors are underestimating the “consequences” for global financial markets, according to Nouriel Roubini. There is a 50 percent chance that the U.S. government will label China a currency manipulator, Roubini, a professor at New York University, wrote in a note to clients. – Bloomberg BusinessWeek ————
Gold in US Dollars Correlated to US Sovereign Debt – The fundamentals supporting the long term trend. – Jesse’s Cafe Americain
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charts and logic – As The Fed Runs Out Of Low-Rate Options, The UST Is Likely Considering An Orchestrated Move Of Risky Asset Into Bills – Submitted by Tyler Durden - … as the Treasury rolls down its Bill holdings, as it has been doing, the Fed’s ability to influence rates is getting progressively less and less. Couple this with an ever increasing record amount of total US debt, and you have a recipe for disaster, or as we call it, the curve Black Swan. … – Zero Hedge
The Yen Collapse Has Only Just Started – Submitted by madhedgefundtrader – has trade idea – Zero Hedge
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Why The Yuan Can’t Become The World’s Reserve Currency – Ignacio de la Torre – Far too many things would have to go right in China and wrong in the U.S. – Forbes
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What if it was all just a big bubble? – Tim Iacono – One of the things that many people go through their entire lives without ever realizing is that conditions haven’t always been the way they remember them to be. Due to the length of a typical lifetime and the number of those years that individuals are productive, it’s reasonable to think that someone in their mid-60s could retire today and look back at the last 40 years only to conclude that what they just experienced was normal. But, what if the last 40 years were anything but normal? – The Mess That Greenspan Made
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MysteryHedgie: Swap Spreads 101 – … (2 theories on swaps spreads going negative) 1. The “risk bullish” argument is that corporate debt issuance is so heavy, as customers search for yield pickup, that hedging rate risk into the government market has caused the inversion. 2. The “sovereign risk” argument is that the swap spread condition is occurring because the US government will have difficulty “paying for” the approved healthcare bill, as well as the recognition that the Fed will cease its QE program on 3/31, pressuring government yields higher. We don’t know the reason, but view this “tail event” as an unintended consequence of government involvement in markets. The violent reaction of the US$ tells us that there are other “tails” worth trading… – more 3 thoughts at Outside The Box Blog
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Why Inflation Concerns Are Overblown: Annual M2 Growth Falls Below 1%, Lowest Rate Since 1995 – Mark Perry – Carpe Diem Blog
Do you live in a flood plain, or have borrowers that do? Be forewarned that the Senate adjourned Friday without extending the National Flood Insurance Program. Language that would have kept the program in place until April 30 was part of a more comprehensive House bill that extended a variety of federal programs was stalled in the Senate. Personally, I have not heard exactly what will happen to transactions whereby flood insurance is required but unavailable. http://www.property-casualty.com/News/2010/3/Pages/Senate-Adjourns-Without-Extending-Flood-Insurance.aspx
All investors (Citi, Chase, BofA, Flagstar, etc., etc.) are reminding their clients that, as a result of January’s FHA’s Mortgagee Letter 2010-02, the Upfront Mortgage Insurance Premium (UFMIP) will increase to 2.25% effective for all case number assigned on or after Monday, April 5, 2010. This applies to FHA purchase transactions and all refinance transactions including FHA-FHA Streamline credit qualifying and non-credit qualifying loans. Even ordering case numbers late this week may not get in under the deadline – best to do it as early as possible. (Title 1, HECM’s, Hope for Homeowners, Hawaiian Homelands, and a few others are exempt.) At this time, there is no change to the annual (monthly) mortgage insurance premium factors.
“FDIC”, “Friday”, and “four banks” all start with the letter “F”. Four U.S. banks were seized Friday by state regulators, two in Georgia (McIntosh Commercial Bank and Unity National Bank, taken over by CharterBank and Bank of the Ozarks, respectively), one in Florida (Key West Bank, assumed by Centennial Bank of AR), and one in Arizona (Desert Hills Bank, assumed by New York Community Bank), bringing the total number of bank failures since the beginning of 2008 to 206 and to 41 this year.
The FDIC announced that when the FDIC is appointed receiver and simultaneously announces a sale of the failed bank’s assets, that does not mean that these assets are automatically transferred by state law, nor does it mean that the buyer can be deemed a “successor” to the failed bank. The “conveyance of all assets, including real and personal property interests, purchased by the assuming bank under this agreement shall be made, as necessary, by receiver’s deed or receiver’s bill of sale… The FDIC is prepared to execute releases, deeds of REO, assignments, etc. as receiver.” The FDIC will commonly grant a power of attorney to certain individuals at the failed bank, at the buyer bank, or internally, to enable the execution of these instruments, and the institution is responsible for ensuring that the power of attorney complies with state law requirements for the recordation of these instruments.
Wells Fargo joined other lenders in offering a “new” jumbo product on a risk-based approval system to broker and correspondent clients who have solid past performance. The program goes up to $2 million, LTV’s of 80% (no subordinate financing), fixed rate and ARM’s, purchases and rate/term refinances, primary residences, with a 720 minimum FICO. It starts today.
Starting next Monday, SunTrust will be implementing changes to the DU Refi Plus loan program. Changes include a revision to the LTV/TLTV/HTLTV requirements for Non-STM to STM Agency Plus DU Refi Plus transactions, updating the maximum debt-to-income ratio for non-STM to STM Agency DU Refi Plus loans, and revising the minimum credit score requirements for Non-STM to STM Agency Plus DU Refi Plus transactions. And with a nod toward changing energy sources, SunTrust also updated its “Key Loan Program” whereby modular homes with geothermal heat pumps are now eligible and updated its list of ineligible properties for this program.
SunTrust also reminded clients that starting Monday the last HPML/Section 35 requirement takes effect and applies to all first lien transactions with that date or later: all such loans must have escrows for taxes and required property insurance. “As of April 1, 2010, escrows for taxes and required insurance are mandatory on any first lien transactions which are classified as HPML. The Servicer may permit the borrower to cancel the escrows after one year but is not required to do so.”
More jobs continue to become available in the “mortgage space”. PIMCO, a well known investor, is looking for people to work in its distressed asset fund: “experience in managing and resolving distressed residential real estate assets, the pricing and acquisition strategy of the pools, significant knowledge of the workout/liquidation process.” Anyone looking to run the program should contact Paul Conway at (919) 833-4800 or e-mail[email protected] . In Northern California Plaza Loans (retail) is looking for DE underwriter – contact [email protected], and Parkside Lending (wholesaler) is looking for additional operations managers and other operations positions as it is expanding its wholesale operations: [email protected].
What are the smart folks out there saying about the HAMP changes that were announced last week? The new FHA program will take underwater borrowers, write them down to 97.5%, and the borrowers will then be refinanced into a new FHA loan. Apparently any second liens don’t have to be extinguished, borrowers don’t have to show hardship, and the new program is from the US Treasury so it probably falls under servicer safe harbor jurisdiction. Previously modified loans will be eligible. Borrowers must be eligible for FHA loans (not a high bar) and have to provide documentation. From an investor point of view, apparently the news is good.
Last week was not the best week for interest rates (including mortgage rates). Overall a combination of the increasing US Government budget deficit, continued problems with Greece and European debt were the primary culprits, along with some signs that our economy is picking up a little steam (stocks are hitting 18-month highs). Two out of the three auctions did not go well, and gee, what will the Fed do with the $1+ trillion of agency Fannie/Freddie product it has purchased? This week brings the end of the Fed’s buying program – and who is going to buy mortgages? Smart money is betting that the same institutions that invested in mortgages prior to the Fed will take up the slack: pension funds, insurance companies, hedge funds, money managers, and banks. Besides, origination is supposed to drop, right? And if rates go up too high, our housing market will get smacked – something that the Federal Government doesn’t want to see happen.
Unfortunately departments within the Treasury Department (OCC and OTS) said the percentage of current and performing mortgages fell to 86.4% at the end of the fourth quarter of 2009, falling for the seventh consecutive period. This means that serious delinquencies rose: a 21.1% increase in mortgages 90 or more days past due to 4.7% of all mortgages in the portfolio at the end of 2009. The increase in seriously delinquent mortgages was most pronounced among prime borrowers, which account for 68% of all mortgages. To continue the “good news”, home sales are slumping, with New Home Sales falling to an all-time low and Existing Home Sales dropping for the third consecutive month, and homebuilder sentiment has dropped.
What do we have to look forward to this week? Besides Easter coming up next Sunday, today we have Personal Income & Consumption and the PCE Price Index, Tuesday the S&P/Case-Shiller Home Price Index & Consumer Confidence, Wednesday the Chicago Purchasing Managers Index, Thursday we have Initial Jobless Claims, Construction Spending, and the ISM Manufacturing data, and then on Friday we’ll see the employment data – expected to show a pickup in jobs.
Personal Income was expected +.2% but came out as unchanged for February. Personal consumption expenditures were expected to rise, and did, coming out at +.3%. After the data, bonds and stocks didn’t do much. The 10-yr seems happy for the moment around 3.87%, and mortgage prices are about unchanged from Friday’s closing levels.
Three sisters, ages 92, 94 and 96, live in a house together.
One night the 96-year-old draws a bath. She puts her foot in and pauses. She yells to the other sisters, “Was I getting in or out of the bath?”
The 94-year-old yells back, “I don’t know. I’ll come up and see.” She starts up the stairs and pauses “Was I going up the stairs or down?”
The 92-year-old is sitting at the kitchen table having tea listening to her sisters. She shakes her head and says, “I sure hope I never get that forgetful, knock on wood.”
She then yells, “I’ll come up and help both of you as soon as I see who’s at the door.”
The great thing about jobs report week is that we can talk all week about how it’s the only thing that matter, and that everything is all just a big undercard while we wait for the main event.
Economists expect a reading of 190,000 jobs gained when the BLS reports nonfarm payrolls this Friday.
But although such a reading might constitute something resembling real job growth, it might not convince investors that it indicates real job creation.
As Calculated Risk reminds, the number is distorted by two factors: Census hiring (real, but temporary) and the punk February weather, which may have depressed hiring and pushed it forward.
Meanwhile, some analysts see us missing the 190K consensus.
Here’s Wells Fargo which sees only 177K:
For March, we are finally expecting to see a positive net non-farm payroll print. The payroll report for February was encouraging in this regard: it revealed only a modest 36,000 net job loss in a month plagued by winter storms, suggesting the U.S. economy is on the verge of positive employment growth. A strong monthly boost from Census Bureau hiring should be the catalyst that finally pushes the payroll change into positive territory. The unemployment rate is expected to hold steady at 9.7 percent, though re-entering job seekers could still push the unemployment rate slightly higher in the months to come. Look for additional gains in working hours and hourly earnings to confirm the firmer labor market tone. Jobless claims remain stubbornly high, pointing to a weak underlying trend in private employment growth, and consumer confidence stumbled in light of labor market uncertainty.
Of course… for investors addicted to cheap money, none of this may apply. You may actually want a weak reading.
The SCCA Pro Racing World Challenge lost Speed as a title sponsor for 2010, but they’ve picked up a new class of racing and a new schedule that features four double-header events with back-to-back racing on Saturdays and Sundays. 2010 will also see GT, GTS and Touring Car classes in mixed on-track action for the first time since 1999.
This weekend was the first (and second) race of the season, the Acura Sports Car Challenge of St. Petersburg, run on the streets of St. Pete’s. While the top-billed IndyCars have had their race postponed until later today because of torrential rains, the WC boys and girls were able to squeeze two action-packed events into the weekend.
Follow the jump to see how rounds one and two of the 2010 World Challenge championship went down.
[Source: SCCA World Challenge | Images: SCCA Pro Racing, Inc.]
The main issue we seek in the global warming debate is the truth. The only question in this debate is “Does human emission of CO2 causes global warming?”
One way to answer this question is to verify the IPCC projections for the mean global temperature anomaly that states [1]
For the next two decades, a warming of about 0.2°C per decade is projected for a range of SRES emission scenarios.
This result can be verified by comparing it with actual measurement (hadcrut3 [2]) as shown in the chart above, which shows IPCC projection is incorrect. Actually, the observed mean global temperatures anomalies are even less than the projections with emission commitment held constant at year 2000 values, as shown by the orange curve in the above chart.
Mercedes-Benz F800 Style – Click above for high-res image gallery
When the next generation Mercedes-BenzCLS hits the streets in the next 24 months, the car that started the industry-wide trend towards “four door coupes” is expected to be joined by a shooting brake variant. That car may well appear as a concept at next month’s Beijing Motor Show. and is sure to be inspired by the F800 concept we saw in Geneva last month.
AutoCar has the liberty of producing a rendering of the concept, and in traditional shooting brake form, the CLS wagon is more five door hatch than pure utilitarian wagon like the E-Class. The back end of the CLS will probably draw on the look of the 2008 Fascination concept, with motivation provided by the next generation direct injected and boosted gas engines, as well as the usual array of diesels. Expect more details to follow in the run-up to next month’s show in China.
The email conversations at the heart of ‘Climategate’ suggest a campaign to nobble journals, marginalise climate-change sceptics and withhold data from other researchers, says Andrew Montford.
The leaking, or perhaps hacking, of hundreds of emails from the servers of the Climatic Research Unit at the University of East Anglia late last year has thrown the already turbulent world of climatology into turmoil. The significance of the emails is hotly disputed, but sceptics of the so-called consensus position allege that they contain evidence of the undermining of the peer-review process, attempts to pressurise journals, the withholding of data and code from outsiders, and at least one episode of the manipulation of results.
The accusations and denials will fly for months to come. So far, no fewer than five inquiries have been announced into various aspects of what has come to be known as Climategate, and some of these will not report until the middle of the year. However, regardless of the outcome, the affair raises ethical issues that will be of interest far beyond the narrow confines of climate science. Some of the most important concern the world of academic publishing.
Among the most serious allegations to emerge in the wake of the leaked emails is that CRU scientists tried to “nobble” scientific journals that accepted papers from sceptics. There are suggestions in the emails that as many as four different journals may have had their normal procedures interfered with.
Click source to read FULL report by Andrew Montford
