Author: Serkadis

  • CHART OF THE DAY: History Shows Why Another Sovereign Debt Crisis Is Right Around The Corner

    This chart from Gerard Minack at Morgan Stanley, inspired by the research of Harvard professor Ken Rogoff, shows how, surprisingly, sovereign debt crises are pretty common from a historical perspective.

    The developed world has gone through many cycles of debt accumulation followed by sharp and sudden corrections of debt imbalances via sovereign debt crises of some form as shown below. The blue line indicates the percentage of nations either in default or restructuring their debt each year. You can see that individual national crises tend to clump together and happen in waves. The last wave was around 1990, while the 2000's were characterized by a lull in overt sovereign debt problems.

    Which means that a new wave of sovereign debt defaults could be just around the corner and would be perfectly normal historically speaking; since as Morgan Stanley said in their recent related report, 'this time will probably not be different.'

    chart of the day, Sovereign External Debt, 1800-2006


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  • Herschel Museum of Astronomy

    England, U.K. | Inspired Inventions

    Few amateur astronomers have enjoyed the success and fame of the brother and sister observing pair of William and Caroline Herschel. Together they were responsible for the discovery of one planet, four moons, and at least eight comets. The Herschel Museum of Astronomy, located in the Herschel’s former home in Bath, England, is dedicated to acknowledging the achievements of the German-born astronomers.

    The small museum houses a unique collection of the Herschel’s astronomical as well as musical artifacts (both siblings were accomplished musicians who earned their living composing, performing, and teaching). It also focuses on the experience of daily life for the English middle class in the 1700s, when the Herschel’s inhabited the modest Georgian-style town house. Some of the collection’s highlights include rare books and journals that belonged to Caroline and the original furnace where William melted the metal for the mirrors of his telescopes.

    For all of the recognition that the Herschels now receive, one might be surprised to learn that the scientific community did not always accept them. William was rather eccentric by nature, and his claim to have observed forests and cities on the moon did little to earn him respect. When Herschel discovered the planet Uranus in 1781, however, his fellow astronomers were forced to acknowledge his gifts for observing and telescope-making. He would then go on to discover moons orbiting Saturn and Uranus and the rotation of Saturn’s rings while Caroline became an expert comet-hunter and the first woman honored by the Royal Astronomical Society.

    An important theme of the museum is William Herschel’s telescope-making abilities, which were unrivaled at the time. In the home’s basement, which has changed very little since the late 1700s, is the original workshop where Herschel ground his mirrors and a replica of his polishing machine that can be handled by visitors. Also on display is a reproduction of Herschel’s 7-foot telescope, which he used to discover Uranus, and prompted him to say, “I have looked further into space than any human being did before me.” Today we are able to glimpse light from significantly more distant sources, but much is owed to Herschel, who in his dedicated observing alone doubled the known size of our solar system.

  • National Center for the History of Electronic Games

    New York, US | Unique Collections

    The National Center for the History of Electronic Games (NCHEG) is located at the Strong National Museum of Play, the only museum in the world solely dedicated to exploring the history of play and its broader impact on society. As the electronic gaming division, NCHEG explores the ways in which electronic games have changed throughout history, and how they have shaped players’ interactions with one another.

    The permanent collection includes an extensive range of over 20,000 games and consoles, from the early years of the Atari models to today’s Nintendo Wii. Included in the collection are over 10,000 individual video game titles, 5,000 children’s educational games, 100 different hand held models, and a large collection of electronic toys, such as Tamagotchi and Webkinz.

    Most of the consoles on display are in working condition and available to play, such as the first coin-operated arcade game, Computer Space, which became popular in the 1970s. Other rare collector’s items on display include a Nintendo World Championships 1990 gray cartridge, and the original papers and prototypes of the Magnavox Odyssey, the first home video game system.

  • Google snubs Chinese Android developers, creates opportunities for Windows Mobile

    In Google’s ongoing battle with China, the supposedly open source Android OS has once again been caught in the middle.

    Google has pulled out of a scheduled Android developers’ conference in Beijing. While shows in Hong Kong and Taiwan will still go ahead, the Beijing one has been cancelled as part of Google’s continuing efforts to shift itself out of China.

    In January Google postponed the Chinese launch of two Android handsets – one Samsung and one Motorola – saying that it would be "irresponsible" to launch them when the search giant’s own future in China was so uncertain.

    While Google imagines itself placing pressure on the Chinese government, the truth is that it is snubbing Android developers as much as the government itself, which could lead to rising sentiment against the company and its products.  Google only holds a minority position in the Chinese search engine market, unlike its dominance everywhere else.

    Microsoft has already indicated that it will not participate in the posturing Google has adopted, and recent moves to make its Windows Mobile 6.x OS free in emerging markets should her endear it to OEM’s in China, while Google demonstrates exactly the opposite attitude.

    Read more at the Register here.

  • Care conference brings consensus

    With the publication of the care and support White Paper, the Government aims to herald the creation of a National Care Service that provides every adult in England with the care and support they need – when, where and how they need it.

    If the White Paper is to deliver this, it needs to have the support of the whole care and support sector. We need everybody to agree on the need for reform, on what the care system should look like, and how it should be delivered.

    That is why the Care and Support Conference on 19 February was so important – and why it was so encouraging that those present reached broad agreement on a number of the key issues.

    Delegates from 36 organisations attended, including members of the Care and Support Alliance and other key stakeholders, to give their views to politicians.

    Equally, the conference was an opportunity for Government to hear the view of stakeholders following a letter to the Times by members of the Care and Support Alliance calling for a serious debate.

    All delegates agreed to a statement, endorsing the vision of a National Care Service as set out in the Green Paper Shaping the Future of Care Together and setting out areas of further agreement.

    There was consensus around the need for a National Care Service where individuals make a contribution in partnership with the state, and where assessments of need are portable across the country, but delivered locally.

    People agreed on the need for services to be personalised and fitted around each individual’s needs, and preventative to help prevent, where possible, existing care needs increasing.

    There was also recognition that service providers need to work more closely together, with other services (such as housing, leisure and transport), and that people should have clear information and advice when accessing services.

    There was concern over the possible reform of disability benefits, with delegates saying that any reform needs to capture the strengths of the current benefits system.

    They also identified the need for more emphasis on the vital role of carers, the importance of including adults of working age in the reform, and workforce planning and development.

    With regard to funding, the majority view was in support of a comprehensive system which offered people a variety of ways to pay their contribution. There was support for an element of compulsion in this, but also for the need to be sensitive to people’s differing abilities to pay in.

    All in all, the event was a tremendous success, with rich, constructive and good-humoured discussion all round. I would like to extend my thanks to everyone who attended – to hear so many of the great and good of the sector agreeing on such crucial issues was hugely encouraging for those of us working on the White Paper.

  • New-home sales up in Midwest; plunge nationally

    New-home sales in the Midwest was the only bright spot in a government report that sales nationwide plunged to a record low in January.

    Sales of new homes in the Midwest increases 2.1 percent while sales nationwide dropped 11.2 percent, underscoring the formidable challenges facing the housing industry as it tries to recover from the worst slump in decades.

    The Commerce Department reported Wednesday new-home sales dropped to a seasonally adjusted annual sales pace of 309,000 units, the lowest level on records going back nearly a half century. The big drop was a surprise to economists who had expected sales would rise about 5 percent over December’s pace.

    The January decline will heighten fears about the fledgling recovery in housing. Economists were already worried that an improvement in sales in the second half of last year could falter as various government support programs are withdrawn.

    The sales decline in January marked the third straight monthly drop following decreases of 3.9 percent in December and 9.5 percent in November.

    January’s weakness was evident in all regions except the Midwest. Sales were down 35 percent in the Northeast, 12 percent in the West and almost 10 percent in the South.

    The drop in sales pushed the median sales price down to $203.500. That was down 5.6 percent from December’s median sales price of $215,600, and off 2.4 percent from year-ago prices.

    Distributed via Chicago Press Release Services


  • Hate crimes charges against 3 in gay beating on CTA

    CHICAGO (STMW) — Charges against three men who allegedly beat up an openly gay Rogers Park man have been upgraded to felony hate crimes.

    On Jan. 10, 2010, Sean Little, Benjamin Eder and Kevin McAndrew were riding the CTA Red Line train when Little allegedly began verbally harassing and shoving a gay youth.

    Daniel Hauff, of Rogers Park, came to the youth’s aid, at which point Little allegedly began directing anti-gay slurs at Hauff and pushed him. Eder and McAndrew, who had been watching before, allegedly joined in the assault, calling Hauff a “stupid fa***t,” and all three men began punching and bloodying Hauff’s face in front of train passengers, according to a release from Hauff’s attorney.

    Another man tried to help Hauff and numerous other passengers pushed the train’s emergency button, the release said. A witness confirmed Little had been harassing and shoving a young man for being homosexual.

    The misdemeanor battery charges the three men faced were dropped Tuesday by the State’s Attorney’s office, the release said. As the three men left the courtroom, they were immediately re-arrested and charged with felony hate crimes as a result of a review of the case by the State’s Attorney and the Chicago Police Department, the release said.

    The State’s Attorney’s office confirmed that the charges were upgraded.

    Read the original article from WBBM News Radio.

    Distributed via Chicago Press Release Services


  • Mega Millions rolls over, jackpot soars

    CHICAGO (STMW)  — No one matched all the numbers in Tuesday night’s Mega Millions drawing and the grand prize increased to nearly $100 million.

    The winning numbers in Tuesday night’s drawing were: 04 – 16 – 36 – 40 and 53, and the Mega Ball number was 18.

    The estimated grand prize in Tuesday night’s game was $83 million.

    No one matched all six numbers and in Illinois, the closest any player came to becoming a multimillionaire were the 104 people who matched four of five numbers, according to the Illinois Lottery. They will each receive $150.

    The estimated grand prize for Friday night’s Mega Millions drawing is $99 million.

    Read the original article from WBBM News Radio.

    Distributed via Chicago Press Release Services


  • Prospect High brings home honors from state speech tournament

    It should come as no surprise that the same hallways that produced the hit TV show, “Glee” has spawned a state ranked speech team, that won medals for its dramatic interpretation and duet acting, among others.

    Prospect High School’s speech team placed 7th overall at the IHSA state tournament on Saturday in Peoria, propelled by four teens who made it to the final round and including a state champion.

    Senior Laura Winters of Mount Prospect took first place in dramatic interpretation, while senior Evelyn Smith of Mount Prospect was runner up in oratorical declamation.

    “The trick is to take someone else’s writing and make it your own,” says Smith about the speech she delivered. “You’re not trying to imitate a speaker. You’re trying to make it conversational as opposed to neat and clean and rehearsed.”

    Junior Nate Werner of Mount Prospect paired with Winters to earn sixth place for their dramatic duet acting, while junior Lauren Matthews of Arlington Heights placed fifth in humorous interpretation, for her performance from “The 25th Annual Putnam County Spelling Bee.”

    “The people in the spelling bee are sort of like members of a speech team,” Matthews said. “It put me in the right frame of mind. I thought, ‘I am one of these characters.’ “

    Prospect was the only Northwest suburban school to crack the top 10 in the state – as a team.

    Individual medalists included Buffalo Grove High School senior Greg Ward who placed third in impromptu speaking, Fremd senior Yale Cho who took second in original comedy, and Rolling Meadows High School junior Abby Horan who placed sixth in prose reading.

    “These are the best results in Prospect’s history with forensics,” said head coach Jeremy Morton. “These are talented and driven kids, who are strong leaders and took us all the way to state.”

    The last time Prospect had a state champion in speech was in 1993, and before that in 1987. Winters’ medal in dramatic interpretation, however, is a first.

    To do it, she performed a monologue from “In the Divide,” playing a woman addicted to pills as a result of her dysfunctional family.

    “I know, it’s a downer,” Winters says with a laugh. “It’s really dark and depressing but there are some lighthearted moments.”

    Part of her reason for choosing the piece, she says, was the challenge to see if she could convince people she was a woman addicted to drugs. Her friends said she could never do it. Winters set out to prove them wrong.

    Working with her coach and her teammates, she analyzed every nuance in the 81/2-minute monologue.

    “We dissected every movement,” Morton says, “so that she could internalize the character and all her raw and painful emotions.”

    Winters has appeared in nearly all of Prospect’s theater offerings and like her teammates, now is in rehearsal for the spring musical, “Curtains.” However, she never dug into a role before like this one.

    “I really enjoy acting and I love performing,” says Winters, who also plays in the school’s marching band. “I guess I just love the challenge of trying to move people.”

    Read the original article on DailyHerald.com.

    Distributed via Chicago Press Release Services


  • Teacher tackles gunman suspected in school shooting

    LITTLETON, Colo. — The gunman was walking through a middle school parking lot and taking shots at students with a hunting rifle as terrified teenagers ran for their lives. He had just wounded two students and seemed ready to unleash more violence when a math teacher named David Benke sprung into action.

    Benke confronted the 32-year-old gunman, tackled him and pinned him to the ground with the help of another teacher, stopping what could have been a much more violent encounter in a city all too familiar with tragic school shootings. The shooting occurred less than three miles from where the Columbine High School massacre happened nearly 11 years ago.

    “Unfortunately he got another round off before I could grab him,” Benke said. “He figured out that he wasn’t going to be able to get another round chambered before I got to him so he dropped the gun and then we were kind of struggling around trying to get him subdued.”

    The two students survived Tuesday’s shooting and one remained hospitalized.

    Police said they aren’t immediately sure about what motivated Bruco Strongeagle Eastwood to target Deer Creek Middle School just after classes had ended for the day. Eastwood has an arrest record in Colorado dating back to 1996 for menacing, assault, domestic violence and driving under the influence, and he is believed to have a history of mental issues.

    Jefferson County Sheriff Ted Mink praised Benke and called him a hero, and the math teacher’s status seems to be growing by the minute. A Facebook page called “Dr. David Benke Is A Hero!!!!” quickly grew to more than 12,000 members by Wednesday morning.

    Benke, a father of 7-year-old twins and a 13-year-old girl, fought back tears after Mink thanked him.

    “Believe me when I say, I think he stopped what could have been a more tragic event than it was this afternoon,” Mink said.

    The victims, students Reagan Webber and Matt Thieu, were both treated at Littleton Adventist Hospital, where spokeswoman Christine Alexander said Webber was treated and released to her home. Thieu was transferred to The Children’s Hospital, where he was listed in critical condition late Tuesday.

    Benke, a 6-foot-5 former college basketball player who oversees the school’s track team, was monitoring the parking lot in the afternoon when he heard what he thought was a firecracker and began walking toward the noise.

    “At first when I was walking over there, it was kind of what a teacher does,” Benke said, still shaken hours after the shooting. “‘Hey kid, what are you doing,’ you know that kind of thing.”

    He said another teacher was quickly on the scene and both of them pinned the gunman to the ground. Eastwood was armed with a bolt-action rifle.

    “I basically have my arms and legs wrapped around him, (the other teacher) has his forearm around his front and we were basically trying to get the guy to quit struggling.”

    “I talked to him while we were on the ground,” Benke added. “I was underneath him and his face was pretty close to mine. I asked him, ‘Why did you do this? Were you a student here?’

    “He either didn’t respond or his responses didn’t make a whole lot of sense,” Benke said.

    The shooting rattled a city that was devastated in 1999 when two students shot and killed 12 students and a teacher in one of the deadliest school rampages in U.S. history. The middle school is right down the road from Columbine High School, and is located on West Columbine Drive.

    Benke told a TV station that he took part in drills after Columbine and recalled thinking that if the same thing happened, “I hope that I could go after him.”

    Investigators said Eastwood visited the school previously and was inside shortly before the shooting. He is expected to make his first court appearance Wednesday and may face at least two counts of attempted murder.

    Denver station KUSA-TV reported that Eastwood attended Deer Creek Middle School in the early 1990s.

    In 2005, Eastwood participated in a NASA-funded medical study in which he spent 10 days in a hospital bed so scientists could study muscle wasting, an affliction experienced by astronauts during long flights, according to a story in the Rocky Mountain News at the time.

    He told the newspaper that he had a lifelong dream of being an astronaut and described his occupation to the newspaper as horse trainer working at his father’s ranch. He pocketed $2,200 from the study and was able to spend a week and a half watching DVDs and playing video games during the bed experiment.

    A man who answered the phone Tuesday night at a number listed for Eastwood identified himself only as “Mr. Eastwood” and said he was Bruco Eastwood’s father. He was at a loss for words.

    “There’s nothing you can say about it. What can you say?” the man told The Associated Press. “Pretty dumb thing to do. I feel bad for the people involved.” He wouldn’t comment further.

    As for Benke, he said he still wishes he could have done: “It bugs me that he got another round off” before Benke tackled him to the ground.

    Read the original article on DailyHerald.com.

    Distributed via Chicago Press Release Services


  • Jury convicts Edward Tenney of 1992 murder

    A DuPage County jury found Edward Tenney guilty Wednesday of the execution-style murder of a young Aurora father killed three weeks after his second child was born.

    Members deliberated about four hours over two days before convicting the three-time killer of a crime that brought such pain, it reverberates still, nearly 18 years later.

    The panel now will begin hearing evidence in the trial’s next two phases to decide if Tenney is eligible for a death sentence and, finally, whether his execution is the appropriate punishment.

    Tenney opened fire on Jerry Weber late April 16, 1992, before robbing him of a wallet containing $6 during a chance encounter in a muddy field at Sheffer and Vaughn roads, near what is now the sprawling Stonebridge subdivision.

    The slain man’s widow, Sharon Weber, and his mother, Karen Bond, waited nearly two decades to hear the guilty verdict.

    Tenney, 50, showed no outward reaction upon learning his fate.

    He maintained his innocence during the hard-fought trial. But his cousin, Donald Lippert, 34, testified he watched Tenney commit the murder after the two spotted Weber trying to free his white work van from a muddy Aurora field.

    Lippert, also armed and admittedly drunk and high during the fatal robbery, said he gave Tenney his weapon after the other one jammed.

    Tenney is serving life prison sentences for the 1993 shootings of two Kane County women, killed in separate home invasions, including dairy heiress Jill Oberweis. Lippert was his co-defendant in those cases, too.

    Prosecutors David Bayer, Robert Berlin and Michael Pawl argued Tenney executed Weber, 24, a carpet installer whose wife, Sharon, discovered his bullet-ridden body the next morning when he failed to return home from gathering flagstones for a backyard garden project.

    Sharon Weber, a widow at 21, gave birth to their second child just three weeks earlier. She has not remarried and raised their two sons, David and Erik, while putting herself through school to become a registered nurse.

    Lippert received an 80-year prison term in a 1996 plea deal for his role in the three slayings. He is eligible for parole in 2035 after serving half the sentence.

    In a 1999 handwritten letter, Tenney told Lippert: “I still can’t see why you ran your mouth. All you had to do was keep quiet. No evidence then. Damn, I want to pop you in the eye for putting me through this.”

    “I think we got a chance. It’s up to you,” Tenney wrote at the end of the letter.

    Read the original article on DailyHerald.com.

    Distributed via Chicago Press Release Services


  • Carpentersville mayor eyes former school for village hall

    There’s a 15,000-square-foot office block on the east side of Carpentersville that Village President Ed Ritter says the village could purchase and convert into a more spacious village hall complex.

    Ritter mentioned the idea at a recent village board meeting and trustees are set to discuss the option at the March 3 board meeting.

    “We have been looking at ways to increase space,” Ritter said this week. “We thought about unfinished space in the new public works building that we could use for some village offices. Then I thought maybe we have some existing space within the village and I thought about the Larkin (school).”

    Ritter said the village could purchase the building for about $1.2 million.

    Problem is, the building at 20 S. Grove Ave. – known as the old Larkin School – is not for sale.

    Tom Roeser, the property owner and President of Otto Engineering, said the building is not on the market. Roeser purchased the building from Elgin’s Larkin Center in 2002 and renovated the building into office spaces. The property is about 80 percent occupied.

    “There is no need to sell it unless it would be good for the city,” Roeser said. “If, however, that building is good for the city, I have a nicer space over at 11 W. Main.”

    Tenants in the renovated building include Habitat for Humanity of Northern Fox Valley, a medical records firm and a telemarketer.

    Under Ritter’s proposal, the building would house the village manager’s office, as well as the community development, economic development, finance and engineering departments. The relocation would then enable the police department to expand into the vacated space at the current village hall at 1200 L.W. Besinger Drive.

    The idea stemmed from the village’s discussions regarding office space at the planned public works facility on Tamarac Drive. Trustees have considered building a shell that could be converted into usable office space later should the village’s community development and engineering departments relocate from village hall.

    But the plan tacked on an additional $600,000 to the $12 million budget that trustees vowed to meet.

    “Rather than spend $600,000 or so for space within the public works building that would only accommodate two other departments, it seems more prudent to spend a little more and have the entire village hall under one roof instead of in two different places,” Ritter said.

    The cramped confines of the Besinger Drive locale have forced the police department to take over meeting rooms and administrative areas. Some offices were also moved into trailers.

    Some trustees said that even if the building were for sale, they would oppose the idea because the village is struggling with a projected $1 million shortfall in the coming budget year.

    “If we were in a better position, I would say it is not a bad idea,” Trustee Patricia Schultz said. “I would rather use space and renovate it than bond out for a new building. But I don’t see how we can do it. We already have a $1 million gap.”

     

    Read the original article on DailyHerald.com.

    Distributed via Chicago Press Release Services


  • Fun With Stats: Do 80% Of Australians Really Support Gov’t Censorship Of The Internet?

    Ah, the fun you can have with survey data. It’s well known that if you get to control how survey questions are worded, you can get large groups of people to support almost anything. Take, for example, what’s happening down in Australia with the fight over the government’s latest plan (after many previous attempts) to force filters on the entire internet, requiring ISPs to block a secret list of sites the gov’t doesn’t like. A lot of people are up in arms about this blatant censorship. But supporters of the plan can eagerly point to a recent survey that got 80% of people to say they were in favor of “having a mandatory Government Internet filter that would automatically block all access, in Australia, to overseas websites containing material that is Refused Classification.” 80%? That seems really surprising.

    But, it shouldn’t be if you saw how the question was asked.

    SG points us to the news about how that particular question was prefaced by asking people to read the following “definition” of what kinds of content would be blocked:

    • child sexual abuse
    • bestiality
    • sexual violence
    • gratuitous, exploitative or offensive sexual fetishes; and
    • detailed instructions on or promotion of crime, violence or use of illegal drugs

    You read that list — especially given what it starts off with — and who’s going to say “no, I want to make sure that’s available”? Not that many people. Obviously, they’re going to say they support blocking it. But that doesn’t really mean they support government censorship. It seems quite likely that what people want is for the government not to focus on useless and expensive censorship campaigns, but to focus that same effort on catching those who are actually breaking the law and stopping them from engaging in the illegal activities. In fact, the very same study found that 91% don’t like the fact that the government will be censoring the internet via a secret list. Basically, people don’t want government censorship, but that doesn’t mean they support the things in the list. It’s just that they would prefer the government do something real to stop it, rather than brushing it under a digital rug.

    Permalink | Comments | Email This Story





  • Is The US About To Adopt A “Maastricht Treaty” To Restrict States’ Rights And Their Ability To Run Deficits?

    EU Treaty

    The longer you think about it, the harder and harder it is to see a difference between the situation in the EU right now, and the USA with its various states facing a budget crisis.

    The only big difference — which is grim — is that Europe is facing a crisis over one of its minor states (Greece), while we’re facing a crisis with our biggest, most economically important state (California).

    George Soros is arguing that the Greece crisis exposes the folly of a system whereby states of their own Treasury departments, but share a common currency — again, just like the US.

    So this raises a question, which we’ll just toss out to you, will the US eventually adopt some kind of Maastricht Treaty (the treaty the EU countries all signed whereby the agreed to limit their deficits, among other things) that applies to states?

    If the US does in fact bail out California, and really, that seems unavoidable, then there would have to be conditions on spending, right?

    Join the conversation about this story »

    See Also:

  • Think Turkey’s Coup Fears Are A Bunch Of Baloney? Then Check Out This ETF That Just Crashed

    Investors are panicking out of the iShares MSCI Turkey ETF (TUR) after a coup plot was discovered.

    ETFdb:

    According to various sources, including the BBC and the Canadian Press, prosecutors interrogated 51 Turkish Military commanders on Tuesday about alleged plans to destabilize the country by blowing up mosques and provoking Greece into shooting down a Turkish plane over the Aegean Sea in order to trigger a coup and topple the government. This event brought up memories of the forced resignation of the Turkish Prime Minister in 1997, the fourth overthrow or forced resignation since 1960, and left investors to wonder how far the emerging market has really progressed and whether EU membership is attainable at any point in the near future.

    Here’s the drop:

    Chart

    Great, but A) this is an emerging market and coup plots are pretty common and shouldn’t scare people, and more importantly B) in reference to the past political events mentioned above, let’s ask ourselves a simple question — did the Turkish economy grow since 1960, and more recently since 1997? Of course.

    We’re not saying anything is guaranteed here, but it’s at least worth an investigation because the ETF is now well off its recent ~$60 high and in the long-term, Turkey’s economy is likely to keep growing regardless of its current political tumult.

    Just be aware that this ETF has had a great run over the last year, so timing is probably key. True contrarians will hope for even more coup-related panic.

    The author does not own shares in TUR.

    Join the conversation about this story »

    See Also:

  • Toyota CEO apologizes for recall; LaHood to testify

    Akio Toyoda, scion of the beleaguered Toyota empire, is apologizing Wednesday before a House committee investigating deadly flaws that sparked the recall of 8.5 million cars.

    Toyoda, the automaker’s 53-year-old chief executive, says the company grew too fast to keep up with safety controls.

    “We pursued growth over the speed at which we were able to develop our people and our organization,” Toyoda said in testimony prepared for delivery Wednesday. “I regret that this has resulted in the safety issues described in the recalls we face today, and I am deeply sorry for any accidents that Toyota drivers have experienced.”

    An apology won’t be enough for the feisty panel of lawmakers on the House Oversight and Government Reform Committee in a year in which every one faces re-election. Nor will any culture gap; Japanese CEOs typically serve symbolic roles akin to figureheads without much power to control operations.

    Toyoda at first declined to appear before the panel but acquiesced last week when he was officially invited. He shouldn’t expect an easy day. His appearance comes as Japan opened its own investigation into unintended acceleration with Toyota and other vehicles in that country.

    In advance of the hearing on Capitol Hill, Rep. Paul Kanjorski, a member of the committee, said he expects a lot from Toyoda. “I’m naive enough to believe that a global CEO is a global CEO,” he said, adding that an apology alone will not suffice.

    “He’s going to have to say more than that,” the Pennsylvania Democrat said. “We all have questions for him.”

    In harmony-loving Japan, company chiefs are usually picked to cheerlead the rank and file. As the grandson of the company’s founder, Toyoda was groomed to play that role — and even dubbed “the prince” of the auto empire for a time.

    Japanese corporate royalty or no, Toyoda is familiar with the United States and its corporate culture. He received his MBA in 1982 at Babson College in Massachusetts. He spent time in California as vice president of a joint venture between Toyota Motor Corp. and General Motors Corp., a period the Contra Costa Times described as a stint learning the family business while studying the American mind.

    “We do not seek the spotlight,” the casual Toyoda was quoted as saying in his first interview. “We try always to be low-key, not to be outspoken.”

    A dozen years later, the blood from dozens of claims over fatal crashes staining the family dynasty, Toyoda has no choice. A significant chunk of Washington’s lobbying industry and some part of the struggling American economy hang on his appearance as it’s broadcast around the world.

    Japan’s national Asahi newspaper said in an editorial that Toyoda’s testimony “not only determines Toyota’s fate, but may affect all Japanese companies and consumer confidence in their products. President Toyoda has a heavy load on his shoulders.”

    Toyoda, who speaks halting English, planned to appear with a translator by his side, as well as Yoshimi Inaba, president and CEO of Toyota Motor North America Inc., who is fluent in English.

    Transportation Secretary Ray LaHood and David Strickland, the new head of the National Highway Traffic Safety Administration, also were expected to testify. Also scheduled to appear was the mother of an off-duty California highway patrolmen killed with three family members in a runaway Lexus on a San Diego highway in August.

    LaHood defended NHTSA in his prepared testimony, saying it has acted aggressively to force Toyota to address safety problems. He told lawmakers Tuesday that the agency is looking closely at whether electronics are to blame.

    “We will get in the weeds on this,” he testified.

    Rep. Darrell Issa, the leading Republican on the House investigative panel, accused NHTSA Wednesday of falling down on the job, saying on CBS’s “The Early Show” he believes the agency was too cozy with the industry it regulated and that NHTSA had “abandoned” safety investigations that should have been further pursued.

    Mississippi Gov. Haley Barbour, in an op-ed editorial in Wednesday’s editions of The Washington Post, said, “I hope Congress will resist the temptation to attack Toyota simply to advance the interests of American competitors.”

    Lawmakers indicated they will continue to push Toyoda for answers on whether his company’s top-selling cars and trucks are safe to drive. The Transportation Department’s vehicle safety division also faces continued questions over whether it took the problem seriously enough and paid attention to warnings signs with Toyotas long before the recalls.

    Toyoda’s three-page statement departs somewhat from his native formality. In it, Toyoda emphasizes that he personally test-drives Toyotas. And he makes a personal appeal for credibility.

    “My name is on every car,” he says.

    Read the original article from Journal Star.

    Distributed via Chicago Press Release Services


  • Life Remembered: Trooper Voges ‘gave 120% on her worst day’

    OGDEN – Sue Voges wasn’t one to go silently into the night.

    Indeed, the 53-year-old Ogden woman engaged the cancer she had for 11 years with an indomitable spirit to the end, which came Monday morning at her home where she was surrounded by family and friends.

    While many cancer victims go down fighting, those who knew Voges well say what may have set her apart was her willingness to share her experience to help others with their own health care decisions or to just brighten their day.

    And because of Voges, more than $130,000 was raised for the Mills Breast Cancer Institute at Carle.

    “When you’re diagnosed and see the writing on the wall, you have a tendency to open up and be more honest and outgoing and make people more at ease,” Tim Voges theorized about why his wife was the way she was.

    They learned of her breast cancer just weeks before their wedding in June 1999. They had been dating seven years.

    “I’m a much better person than I was when we got married 11 years ago because of what she shared and the things I learned,” he said. “If it’s possible to have a good experience from cancer, we had it because of the support of family and friends.”

    Now a captain at the Champaign County Sheriff’s Office, Tim Voges turned his attention first to his wife and second to raising money for breast cancer research. He is one of four Champaign County deputies who have lost their wives to cancer in the last 10 years.

    “The fundraising was my outlet and my way of keeping my sanity,” he said. “She wasn’t somebody who initially wanted to share her story, but after she thought about it, she said, ‘I’m doing this for you but to also raise awareness and to help out a lot of other people.’”

    And help she did. Voges said his wife frequently shared her library of literature and her own experience with others who were virtual strangers.

    On a trip to Carle just weeks before her death, at a time when she was in great pain, Sue Voges stopped to chat with and hug a woman, her husband said. Asking her later who it was, Sue didn’t know the woman’s name but recognized her as someone who went through radiation with her and was scared.

    The woman “was so grateful. (Sue’s gesture) had touched her heart,” he said, adding that scene was replayed over and over in their years together.

    “We could never go anywhere and get there on time because she saw someone and had to stop and talk, even strangers in the check-out lane,” said Cathy Morris of Georgetown, Sue’s older sister by 17 months, who was often confused for Sue because of their similar looks. The girls were raised in Georgetown by their late parents, J.C. and Martha Dill.

    Her best friend for almost 30 years, Barb Callaghan, 55, of Champaign, recalled a time when she and Sue were shopping and came across a lady in her 80s searching for an Easter dress. The woman’s 60-something-year-old son was not able to offer much help.

    “The next thing I know, we’re in the dressing room helping this lady. She got two dresses. That’s what Sue does. Wherever we go, she extended herself,” said Callaghan, who was introduced to her husband by Voges more than 20 years ago.

    Voges was an Illinois State trooper for 25 years, retiring from the force on Jan. 31 even though her health had kept her from working for the last few months. A colleague donated sick time so Sue could continue to be paid until her retirement.

    State Police Director Jonathon Monken and a handful of administrators and union representatives came to her home three weeks ago to present her with her retirement badge.

    “Everybody respected Sue and knew her reputation,” said fellow trooper Ed Woods of Chatham, who was there. “She gave the state police 120 percent on her worst day.”

    Woods worked for 22 years with Voges, both as a trooper on the road and in investigations.

    “It was nothing for her to spend money out of her own pocket to buy people meals, put gas in their tanks, take hitchhikers farther than she should have,” Woods said – even those who gave her fits.

    “I would say, ‘Sue, why are you helping that person?’ She would say, ‘Because it’s the right thing to do,’” Woods said.

    Woods said his colleague was a devoted member of the Fraternal Order of Police union – always bringing her famous home-baked goodies to the meetings – and twice turned down promotions to master sergeant so she could remain in the bargaining unit as a trustee.

    Master Sgt. Tom Houser of Sullivan knew Voges from the job but not well until 2001, when he was diagnosed with non-Hodgkins lymphoma. Sue called his wife to she if she could answer questions. A year later, Houser ended up working with Voges in investigations.

    “It’s a good bond when you know what someone’s been through. Sue’s had 20 times more of a fight than I had, but it’s still a bond that puts you closer to a person than just being a co-worker,” he said. “Sue could be having the worst day she was ever having as a cancer patient, sicker than a dog, and somebody would need something and she was the first one there.”

    Woods said the state police was the No. 2 priority on Voges’ list, right behind her family.

    Last fall, Voges bought a new handicapped-accessible van for her sister Deb, who cares for their older sister Shirley, 60, who has Down syndrome, and a younger foster sister, Sheri, 38, who has cerebral palsy.

    Tim Voges said he swallowed hard at the thought of the hefty expenditure but had his “reality check” about Sue’s short time left when she told him she wanted her sisters to have reliable transportation to come see her when she could no longer visit them.

    “She was trying to think ahead,” he said.

    Distributed via Chicago Press Release Services


  • UI’s College of Media names head of journalism department

    URBANA – Reporting and photography could be entering a golden age, says the new head of the journalism department at the University of Illinois.

    “My belief is that people will realize what a value-added proposition journalism is,” with citizen journalists teaming with trusted institutions to offer a variety of words and images never before available, Brian Johnson said.

    “People are going to be wary and exhausted, and wonder, ‘Is this a hoax?’ with some outlets,” he said. The best ones will still use many traditional journalistic techniques, combined with the latest technology, he added.

    Johnson, 50, has been the interim department head since last year. His elevation is subject to campus and Board of Trustees approval.

    Johnson, who has been at the UI for 22 years, still carries a camera with him as much as possible. Previously he was an award-winning photographer at The News-Gazette.

    He is an expert on media technology, occasionally appearing on WILL-AM to talk about cameras and computers.

    “Brian is a dedicated, diligent and far-sighted teacher and practitioner. He’s respected by our colleagues here and nationally by those in his multimedia field,” said Walt Harrington, the interim dean of the College of Media, in an email to staff.

    “We are in difficult times,” he continued, “and Brian is deeply experienced in the college and university cultures. He will promote and defend journalism’s mission with vigor, creativity and intelligence.”

    There were four candidates for the position, Harrington said.

    Johnson said he was always interested in academia; his father served as a professor and department head at the University of Wisconsin-Stevens Point.

    He said the media industry is in challenging times, and journalism education must reflect that.

    “We’ll be taking a hard look at our curriculum, to see where we need to go based on what’s happening in journalism and the media industry broadly” in the digital era, he said.

    “I actually feel very upbeat about where journalism is. Especially for the students, it’s really an exciting time. A former student calls this the new golden age of journalism,” Johnson said.

    Distributed via Chicago Press Release Services


  • Slow Cooked: Aromatics can get the mouth watering early on

    One of the benefits of using a slow cooker is coming home after a long day and smelling food that’s been cooking all day.

    We compiled a few recipes – not just entrees, either – that use especially aromatic ingredients.

    That way, you’ll enjoy your slow cooker and food inside it with more than just your taste buds.

    Dilled Pot Roast

    Originally from Kathryn Yoder, Minot, N.D. (Reprinted from “Fix-It and Forget-It BIG Cookbook.” Copyright by Good Books (http://www.GoodBooks.com). Used by permission. All rights reserved.)

    Makes: Eight servings

    Prep time: Five minutes

    Cooking time: 7 1/4 to 9 1/4 hours

    Ideal slow cooker size: 4- or 5-quart

    2 3/4-pound beef pot roast
    1 teaspoon salt
    1/4 teaspoon black pepper
    2 teaspoons dried dill weed, divided
    1/4 cup water
    2 tablespoons wine vinegar
    4 tablespoons flour
    1/2 cup water
    2 cups fat-free sour cream

    Sprinkle both sides of beef with salt, pepper and 1 teaspoon dill weed. Place in slow cooker. Add 1/4 cup water and vinegar. Cover and cook on low for seven to nine hours. Remove meat from pot. Turn cooker to high. Stir flour into 1/2 cup water. Stir into meat drippings. Stir in additional 1 teaspoon dill weed if you wish. Cover. Cook on high five minutes. Stir in sour cream. Cover and cook on high another five minutes. Slice beef and serve with sour cream sauce.

    Creamy Nutmeg Chicken

    Originally from Amber Swarey, Donalds, S.C. (Reprinted from “Fix-It and Forget-It BIG Cookbook.” Copyright by Good Books (http://www.GoodBooks.com). Used by permission. All rights reserved.)

    Makes: Six servings

    Prep time: 25 minutes

    Cooking time: Three hours

    Ideal slow cooker size: 4-quart

    6 boneless chicken breast halves
    oil
    1/4 cup chopped onions
    1/4 cup minced parsley
    2 10 3/4-ounce cans cream of mushroom soup
    1/2 cup sour cream
    1/2 cup milk
    1 tablespoon ground nutmeg
    1/4 teaspoon sage
    1/4 teaspoon dried thyme
    1/4 teaspoon crushed rosemary

    Brown chicken in skillet in oil. Reserve drippings and place chicken in slow cooker.

    Saute onions and parsley in drippings until onions are tender. Stir in remaining ingredients. Mix well. Pour over chicken.

    Cover. Cook on low three hours or until juices run clear. Serve over mashed or fried potatoes, or rice.

    Vanilla Hot Mulled Cider

    Originally from Shirley Unternahrer Hihn, Wayland, Iowa (Reprinted from “Fix-It and Forget-It BIG Cookbook.” Copyright by Good Books (http://www.GoodBooks.com). Used by permission. All rights reserved.)

    Makes: 12 servings

    Prep time: Five minutes

    Cooking time: Five hours

    Ideal slow cooker size: 3 1/2-quart
    2 quarts apple cider
    1/4 to 1/2 cup brown sugar, according to your taste preference
    1/2 teaspoon vanilla
    1 cinnamon stick
    4 cloves

    Combine ingredients in slow cooker. Cover.

    Cook on low five hours. Stir.

    Distributed via Chicago Press Release Services


  • Champaign council member leaving

    CHAMPAIGN — District 5 city council member Dave Johnson will resign his position following the March 2 city council meeting, according to a press release.

    Johnson will be moving to Cleveland to begin a new job, according to the release. He has served on the city council since his election in April 2009.

    The council will discuss the process to fill his vacant seat during its March 2 meeting, according to the release. His replacement would serve until April 2011, at which time voters would select who would complete Johnson’s 4-year term.

    Those interested in Johnson’s seat must have lived in Champaign for at least a year and be a resident of District 5.

    Distributed via Chicago Press Release Services