Blog

Your phone is now your hotel key. Well, could be your hotel key. Holiday Inn will trial new software for the iPhone, BlackBerry, and Android that will let you use your phone to open your hotel door. Even better: you can use the software to check out without having to futz around at the check-in desk. Convenient.

The trail begins later next month in two hotels, the Holiday Inn Chicago O’Hare Rosemont and the Holiday Inn Express Houston Downtown Convention Center. The trial will last for 60 days, and if all goes well, the program could be expanded across the country.

Incidentally, using your smartphone as your key would help eliminate the problem of room keys becoming de-magnitized. That happened to me once after I left my phone and my hotel key in the same pocket. “Well this is peculiar, the key doesn’t work anymore. I sure hope the front desk will be able to help.” And they did, and I was thankful.

A quick story, yes.

Flickr’d

Audi has long been pondering over filling the vacant spot between the A1 and the A3 and now the official word is that the Audi A2, slated to fit in the bracket will be a pure electric commuter. Banishing previous reports of the arrival of a fossil fuel driven car, the A2 will be an all-electric variant which will challenge the likes of the BMW Megacity which will arrive in 2013. Comparing the previous A2 and the fresh arrival, the difference will also be in the usage of a steel space-frame. The similarity between the two would be the continuance of the one-box style design. [via WCF]

The Space Shuttle Atlantis is due to land — for the last time — at Kennedy Space Center on Wednesday morning at 08:48 Eastern time (12:48 UT). If she gets waved off, the next landing opportunity is at 10:22 EDT (14:22 UT). If that doesn’t happen, it’ll be Thursday at 09:13 and 10:48 (and more chances on Friday if needed as well).

This is it for Atlantis. It’ll be fixed up and kept active in case it’s needed for a rescue mission for Discovery in September, but if not, that’s the last flight. You can watch the landing live on NASA TV, follow NASA on Twitter, and get more info at the NASA shuttle website.

Image credit: NASA

Football (soccer) writers are typically terribly serious about what they do. Relax, buddy, it’s just a game. A fun game, yeah, but just a game. The Guardian’s Barry Glendenning does things a little bit differently: he’s actually good! In a column today, Glendenning prepares us all for the inevitable complaints that will surround the Jabulani’s performance at the World Cup. It’s a time-honored tradition, complaining about the new ball: the ball is too heavy, the ball is too light, the ball swerves too much, the ball swerves too little, etc. Most accurate ball ever created? Obviously you haven’t seen a Michael Carrick pass.

There’s a lot of well-deserved rambling in the column, but the one thing that should resonate to the non-soccer fan is this: the “main” stadium, Soccer City in Johannesburg, is 1,694m above sea level. Playing the game at such great heights tends to do wacky things to both player performance and ball behavior. There’s less air way up there, so we may be looking at a case of Xavi Hernandez being able to pass just at sea level in Durban, but finding the ball going every which way in the final at Soccer City.

And just to be clear: we’re talking extraordinarily small differences here. It’s not like Xavi will mean to pass to David Villa and the ball instead swerves back to Casillas. But a pass that was meant to go right at Fernando Torres’ feet and instead is a fraction of a step “off,” well, that could be something.

WOO~!

A 1999 article about ‘Mental disorder among the Incas in ancient Peru’ in the History of Psychiatry journal has a listing of mental illness recognised by the Inca empire.

The name on the left is in Ancient Quechua, the language of the Incas, and the translation is on the right.

Chayapu oncuy – Frenzy, madness
Chayapuy – Frenzy, madness
Chayapuyniyoc – Frenetic
Chayapuyok urek – Lunatic
Cupaypa yaucusccan – Possessed by the devil
Haucha utek – Furious fool
Llakiy – Addiction, sadness, anxiety
Manchay Ilakllay – Fear
Manchay utek – Furious fool
Muzpaycachak – Fool madman
Poqques – Innocent fool who knows nothing
Pputirayay huaccanayay vnccoy – Melancholy
Putirayay – Melancholy
Putiy – Sadness
Soncconnak – Fool without common sense
Utek chanak – Madman
Utek chanaynin – Insanity
Utek cay – Insanity
Utek – Fool or madman without common sense

Interestingly, the translation is only approximate, not because the original terms were necessarily hard to understand but because we no longer know the meaning of the Spanish words which they were translated into.

Apparently, the the conquistadores had their own vocabulary for mental disorder which has now been lost to time.

However, it seems the Ancient Incas not only had a complex classification system but they also had a wide range of psychoactive plants which they used to try and treat mental problems.

Clearly there are some conditions mentioned that we wouldn’t recognise today but as soon as someone on the DSM committee gets hold of the article you can assured they’ll be proposed for the next edition. Probably alongside an academic article telling us that the condition is poorly recognised and woefully under-diagnosed.

I discovered the article via the excellent Spanish-language psychiatry blog Desde El Manicomio which also comes highly recommended.

Link to PubMed entry for Inca article.
Link to Desde El Manicomio.

For this week’s Photoshop Contest, I asked you to show Steve Jobs and Eric Schmidt making nice. After all, life is too short for bitter personal relationships. And you responded with some really hilarious images. More »

by David Roberts

A couple weeks ago, Michael Levi at the Council for Foreign Relations (one of the best energy analysts out there; bookmark his blog) wrote a post called “In Defense of CCS.” (For non-nerds: CCS is carbon capture and sequestration.) I’ve done plenty of bashing of CCS, so I read it with interest. It is structured as a fisking of a recent anti-CCS op-ed in the NYT. One of the arguments he debunks, however, deserves a closer look:

“Carbon dioxide is a worthless waste product, so taxpayers would likely end up shouldering most of the cost. …”

If you have no interest in dealing with greenhouse gas emissions, then this argument kills CCS. If greenhouse gas emissions are an issue—and that’s the only reason anyone is talking about CCS—then this completely misses the point. It will cost money to reduce emissions. CCS may be too expensive, in which case people will need to focus on other options. It may be relatively cheap, in which case it will be the way to go. The fact that it costs more than zero tells you almost nothing.

In one sense Levi is obviously right: We’ll have to spend money to reduce emissions, and we’ll probably want to choose the least expensive options, whatever they turn out to be. But I also think he dismisses the argument too quickly. There’s something there, an attempt to capture an important difference between investing in CCS and investing in renewable energy.

Here’s one way of putting it: Every dollar spent on CCS makes coal power more expensive, while every dollar spent on renewables makes clean power cheaper. A CCS facility is attached to a coal plant as a “parasitic load.” Its net effect is to siphon power away from the plant, reducing its fuel efficiency by about a third. And for what? To comply with environmental regulations, by capturing and disposing of a worthless waste product. That’s deadweight cost.

That’s been the history of coal in the U.S. since the 1970s (a process the industry has fought tooth and nail): Environmental standards rise and a larger proportion of investment dollars are redirected from generating power to cleaning up mess. Mandates for CCS will accelerate that trend with a vengeance, as will higher upcoming standards for mercury, NOX, and coal ash. As coal reserves become deeper, dirtier, and harder to get to (like we’re seeing with oil), demand rises (particularly in emerging economies), and capital costs like concrete and steel rise, inputs will grow dirtier and more expensive while the outputs get cleaner … and more expensive. Particularly as the old plants of the ‘70s are phased out, coal power is on an inexorable march upward in price.

Renewable energy faces roughly a mirror-image situation. Right now it’s just beginning to scale up, while dozens of old, dirty, fully amortized coal plants have been cranking harder and harder for decades. But every dollar invested in renewables not only generates power but makes the next dollar go farther through innovation and economies of scale. It puts in place energy infrastructure that will some day be producing free American power. Fuel costs will be zero, forever, and per-mwh costs are marching downward. These are benefits private actors will be eager to claim instead of costs they are eager to externalize.

So Levi is right: We’re going to have to spend a ton of money to reduce emissions over the next few decades. But all investments in emission reduction are not equal. Some dollars build new industries and jobs—a new future—while some just clean up the messes of the past. It’s not crazy to prefer the former.

Related Links:

Disaster in east Tennessee

Coal’s dirty secret

Underground Green Economy Employing Millions

It may be hard for Lindsay Lohan to wear her new ankle bracelet at first but she’ll get used to it. This thing on her ankle might be just the right solution for her problem.

Its called the SCRAMx bracelet and checks every 30 minutes Lindsay Lohan for alcohol traces inside ther body. Definetely Lohan doesn’t want to end up in jail that’s why she now has this new device that will keep her away from alcohol. Its good that Lindsay realized to get back on the right path and to become clean for good.

Everything started after she didn’t appear for a mandatory court appearance after she lost her passport in europe that kept her there for a while.

Good luck then to Lohan because she has to wear the device 24 hours a day 7 days a week until her next court date on July 6^th. She’s also been warned that she will undergo random drug testing and should not drink any liquor, else the device will detect it.

We are talking here of jail time, any normal person would do whatever the law says just to keep out of jail but do you think she will make it, no drugs, not even a single drop of liquor?

Related posts:

1. Lindsay Lohan’s New Ankle Bracelet: Breathalyzer Technology
2. New Conditions on Lindsay Lohan
3. Lindsay Lohan in court after returning to Los Angeles

First, we brought you America’s cities with the lowest unemployment rates around. It’s good to see that not all of America is struggling to produce jobs for its citizens.

But now we’re back with a much darker list: 20 American cities with the worst unemployment rates around. Forged by data from the Bureau of Labor Statistics, these cities seriously need to come up with contingency plans before it becomes too late.

After all, no one wants to become the next Camden, New Jersey.

Bend, Oregon: 15.8% Unemployment Rate

From Wikipedia, a description of the area’s industry:

Tourism  is one of Bend’s largest sectors. The Mount Bachelor ski resort brings in tourists from all over Oregon, Washington, and California. The nearby Cascade Lakes are also a large draw for tourists. Recreational activities include downhill and cross country skiing, hiking, biking, rafting, golfing, camping, fishing, picnicking, rock climbing, and general sightseeing.

Bend is also home to the Deschutes Brewery, the largest of several microbreweries in the city. Since 2004, Bend has also hosted the Bend Film Festival.

In 2005, Bend’s economic profile comprised five industry categories: tourism (7,772 jobs); healthcare and social services (6,062 jobs); professional, scientific and technical services (1,893 jobs); wood products manufacturing (1,798 jobs); and recreation and transportation equipment (1,065 jobs).

Much of Bend’s rapid growth in recent years is also due to its attraction as a retirement destination. The rapid population growth has fostered organizations such as Central Oregon Landwatch and Oregon Solutions.

Source: BLS.gov

Monroe, Michigan: 16.0% Unemployment Rate

Monroe is a suburb of Detroit, Michigan, which is an epicenter of the automobile and manufacturing industry.

Source: BLS.gov

Flint, Michigan: 16.3% Unemployment Rate

From Wikipedia, a description of the area’s industry:

Flint is most known for being the birthplace of General Motors, and the Flint Sit-Down Strike of 1936–37 that played a vital role in the formation of the United Auto Workers. It has also become a symbol of the decline in the auto industry. Flint area native Michael Moore created the 1989 documentary film Roger & Me, dealing with the impact that the closure of several of Flint’s General Motors manufacturing plants in the late 1980s had on Flint and the surrounding area’s population. The city is often mentioned, and featured at various lengths, in most Moore documentaries.

The headquarters of Citizens Republic Bancorp (formerly known as Citizens Commercial and Savings Bank) has remained in its original location in downtown Flint since its formation in 1871.

Source: BLS.gov

Ocean City, New Jersey: 16.3% Unemployment Rate

Ocean City, New Jersey is a large tourist beach in southern New Jersey. It is known for a large boardwalk featuring rides, shops, and other amusements. Its main industry centers around tourism.

Source: BLS.gov

Muskegon-Norton Shores, Michigan: 16.5% Unemployment Rate

From Wikipedia, a description of the area’s industry:

Norton Shores might best be described as a suburban environment with a balance of industrial and commercial development. It has also led the county in residential construction permits for the past five years. The city offers educational opportunities from the Mona Shores Public Schools to Muskegon Community College, Baker College and Grand Valley State University.

Agriculture also appears to be a big part of Norton Shores’ economy.

Source: BLS.gov

Palm Coast, Florida: 16.6% Unemployment Rate

From Wikipedia, a description of the area’s industry:

Industrial parks within this town currently house more than 30 mid-size businesses with the largest one, the “Palm Coast Data” company, employing close to 1,000 people. Flagler County has had one of the highest rates of population growth in the United States since 1990, according to the U.S. Bureau of the Census. However, the area was hit extremely hard by the housing bust’s recession. In December 2009, it had the worst unemployment rate of the state of Florida’s largest metropolitan areas, according to the Bureau of Labor Statistics.The unemployment rate was 16.9 percent.

Source: BLS.gov

Salinas, California: 16.8% Unemployment Rate

From Wikipedia, a description of the area’s industry:

Salinas is known as the Salad Bowl of America or Salad Bowl of the World. Over 80% of the lettuce grown in the United States is grown in the Salinas Valley. The city’s labor force is 54.6% blue collar and 45.4% white collar. According to the 2000 US Census, 24% of the population worked in sales and office occupations, 21.4% worked in management, professional, and related occupations, 16.2% worked in service occupations, 14.9% worked in farming, fishing, and forestry occupations, 14.4% worked in production, transportation, and material moving occupations, and 9.1% worked in construction, extraction, and maintenance occupations. Many believe these numbers are skewed as they do not include a significant portion of farm workers and blue collar workers who are migratory and undocumented, and are present for approximately 9 months of the year.

Source: BLS.gov

Madera-Chowchilla, California: 17.5% Unemployment Rate

Source: BLS.gov

Redding, California: 17.7% Unemployment Rate

From Wikipedia, a description of the area’s industry:

In recent decades an influx of retirees from the San Francisco Bay Area and Los Angeles seeking lower cost housing and a slower pace of life has caused a shift in the city’s economic base towards the service sectors of medical, legal, retail and tourism. However, the unemployment rate is still consistently above the state average, and with few industrial jobs, wages tend to be low.

Source: BLS.gov

Rockford, Illinois: 17.9% Unemployment Rate

From Wikipedia, a description of the area’s industry:

The Rockford economy has suffered since the decline of the manufacturing industry in the late 1980s. Once a national leader in manufacturing and industry, the focus of the local economy has been forced to change. Many of the “family-owned” companies that once inhabited Rockford were bought out by larger companies, the larger companies then relocated the products being made to lower wage parts of the United States or sent them overseas altogether. The city’s new focus relies on high-technology businesses, tourism generated by outstanding museums and a great park system, and the westward growth of the Chicago metropolitan area.

As of 2006, new commercial and residential development is taking place in the downtown area. The city is also considering plans for a Convention Center, Casino, and Riverwalk. The Main Street Corridor (Illinois Route 2) is also expected to be redeveloped. Construction from the downtown area, south to US Highway 20 was expected to begin in 2007. Plans for 2007 also mark a major renovation of the MetroCentre in downtown Rockford.

Source: BLS.gov

Bakersfield-Delano, California: 18.3% Unemployment Rate

The city’s economy relies on agriculture, petroleum extraction and refining, and manufacturing, according to Wikipedia.

Source: BLS.gov

Stockton, California: 18.4% Unemployment Rate

From Wikipedia, a description of the area’s industry:

Although historically an agriculturally  based community, Stockton’s economy has since diversified into many other areas. These include telecommunications and manufacturing among others. Because of the new focus on renewable energy, the proximity to agriculture will become even more important in the future as research and development combine agriculture with alternative fuels.

Stockton is centrally located relative to both San Francisco and Sacramento. Given its location, its proximity to the state and interstate freeway system, and relatively inexpensive land costs, several companies base their regional operations in Stockton. These include Duraflame, Pac-West Telecommunications, Golden State Lumber Company and several others.

Stockton is rapidly becoming the community of choice for companies looking for an area to move or expand industries related to renewable energy. The Port of Stockton is one of the largest receivers of wind turbines in the world. Stockton’s rail capacity makes distribution from the Port seamless. The sun and wind potential in Stockton is among some of the best in the country and with 2,000 acres (8.1 km2) available, the Port is already home to biodiesel and ethanol plants. The City of Stockton and the Port have worked in partnership to focus resources on developing green sustainable industry. The City of Stockton has been leading the way with their own policies for supporting green and renewable technologies. Stockton is working with local educational institutions, including high schools, community colleges, and four year universities, to educate the workforce for the booming renewable energy industry.

Source: BLS.gov

Hanford-Corcoran, California: 18.6% Unemployment Rate

From Wikipedia, a description of the area’s industry:

Hanford is a major trading center serving the surrounding agricultural area. According to the California Employment Development Department, as of January 2007, most residents of the Hanford area were employed in services (29,200 employees), government (14,300 employees) and farming (7,600 employees) as well as in some manufacturing enterprises (3,400 employees).

The heavy industry sector has declined significantly over the past 20 years. An oil refinery formerly operated in the city under several different owners (Caminol Oil Co. from 1932-1967, Beacon Oil Co. from 1967-1982 and Ultramar Oil Co. from 1982-1987) until it permanently closed in 1987. A tire manufacturing plant was built in 1962 by the Armstrong Rubber Co., which operated it until that company was purchased by the Italian manufacturer Pirelli, which eventually closed the factory in 2001. On December 11, 2007, the Hanford City Planning Commission approved construction of a plant that is expected to produce 60 million gallons (227 million liters) of ethanol per year for use as a gasoline additive and alternative fuel for vehicles. Most of the feedstock will be corn shipped from the Midwest. The proposed plant would be operated by Great Valley Ethanol LLC and was expected to open in 2010. However, in March 2009, the president of Great Valley Ethanol stated that difficulty in obtaining financing and the low price of gasoline had delayed the opening.

The retail sector is growing with taxable sales of USD 414.7 million reported in 2002, up by 4.6% from 2001.

Source: BLS.gov

Fresno, California: 18.7% Unemployment Rate

From Wikipedia, a description of the area’s industry:

Fresno serves as the economic hub of Fresno County and California’s Central Valley. The unincorporated area and rural cities surrounding Fresno remain predominantly tied to large-scale agricultural production.

Fresno is unique in that it is home to many business incubators that serve as a resource hub for business entrepreneurs and new companies. Some of these incubators are found at California State University, Fresno. Many of the businesses formed at the incubators have gone on to become internationally known in the business world. Some of the businesses involved range from environmental engineering to fashion designers.

Fresno is also home to many military and naval bases.

Source: BLS.gov

Modesto, California, 19.2% Unemployment Rate

From Wikipedia, a description of the area’s industry:

Modesto has a large agricultural industry which is based on the fertile farmland surrounding the city. Despite this the city has traditionally had above average unemployment rates. In October 2009, MSN Money reported Modesto’s unemployment rate at 16.6% while the rest of the U.S. was reporting an unemployment rate of around 10%. Blue Diamond Growers, a nearby almond factory in Salida, is a major nut  supplier. Modesto is also home to the largest winery in the world: E & J Gallo Winery. Founded in 1933 by brothers Ernest and Julio Gallo, the company continually revolutionizes the wine industry in America. The Gallo Glass Company, a company of Gallo Winery, is the largest wine bottle manufacturing company in the world. The company provides thousands of office and manufacturing jobs to Stanislaus County residents.

Other major privately owned companies based in Modesto include Foster Farms Dairy, Royal Robbins, international award winner Fiscalini Cheese, Sciabica Olive Oil, Acme Construction, Aderholt Specialty, and 511 Tactical (formerly a part of Royal Robbins). A cannery downtown produces food which is usually shipped to Sacramento and Fresno for transfer to rail or ship. Ceres has a few cereal and snack factories in the area. Downtown there are several small steelworking  companies. In mid-2008, a number of road projects were being constructed, repaved or repaired, with an estimated total cost of nearly $120,000,000.

Source: BLS.gov

Visalia-Porterville, California: 19.4% Unemployment Rate

Agriculture forms the backbone of the Visalia area. The cities are surrounded by fertile land that export an abundance of crops, most notably cotton and milk. Tulare County, which encompasses the metro area, is the most productive county in the United States in terms of agricultural revenues, making US$3.5 billion in 2001, according to Wikipedia.

Source: BLS.gov

Yuma, Arizona: 19.9% Unemployment Rate

High unemployment remains an issue in Yuma. Citing April 2009 data, the Bureau of Labor Statistics ranked Yuma as #2 among the 13 U.S. cities that post unemployment rates above 15 percent. Yuma came in at 20.3 percent, under the 26.9 percent in El Centro, California. Yuma’s agricultural workforce, which adjusts to the picking season, is cited as the reason for the high unemployment by the Arizona Department of Commerce, according to Wikipedia.

Source: BLS.gov

Yuba City, California: 21.7% Unemployment Rate

Source: BLS.gov

Merced, California: 22.1% Unemployment Rate

From Wikipedia, a description of the area’s industry:

The economy has traditionally relied upon agribusiness and upon the presence of Castle Air Force Base. Over the past twenty years, more diversified industry has entered the area, including printing, fiberglass boat building, warehousing and distribution, and packaging industries.

In September 1995, Castle Air Force Base closed after phasing down over the previous three years. This has affected residential real estate and some sectors of the retail and service economies, but overall retail has continued to increase. No significant increase in unemployment has been noted. Re-use of the former base is actively proceeding. Industrial development is increasing in the area.

Since 1992, more than 400,000 square feet of new industrial activity has started. In May 1995, Merced was selected as the home of the next University of California campus. UC Merced opened with its first 1,000 students in September 2005. Local planning is underway to accommodate campus development, will eventually accommodate about 25,000 students.

Source: BLS.gov

El Centro, California: 27.0% Unemployment Rate

From Wikipedia, a description of the area’s industry:

As of 2009 the employment of El Centro residents is dominated by the local government, California state government, and federal government. Two nearby prisons and the U.S. Border Patrol provide employment; The Economist states that the prisons and border patrol were “relatively untouched” by the late-2000s recession. The El Centro area has many farming plots, where carrots, lettuce, and other crops are produced, and therefore the El Centro economy is subject to seasonal variations like other farming areas. Between November and March in winter periods, El Centro-area farmers harvest lettuce for $8–10 per hour. During March the harvest moves to the north and is no longer in El Centro; in previous eras farmers migrated, while in the 2000s many collect unemployment benefits during the summer.

El Centro is surrounded by thousands of acres of farmland that has transformed the desert into one of the most productive farming regions in California with an annual crop production of over $1 billion. Agriculture is the largest industry in Imperial County and accounts for 48% of all employment.

Being the commercial center of Imperial County, fifty percent of the jobs in the El Centro come from the service and retail sector.

Source: BLS.gov

Don’t miss:

The 20 Best Cities For Finding A Job ->

Join the conversation about this story »

When the Yankees lost two out of three games to the Mets last week at New York’s Citi Field, iPad owners could have tweeted about it, watched replay videos or switched to another game (an option many Yankee fans would have liked) using the device’s big, bright screen. When the two teams have their rematch next month at Yankee Stadium, iPadders will have to settle for an iPhone or other small-screen device; iPads are welcome at Citi Field, but have been declared off-limits at the House That George Built.

Yankee Stadium has a blanket ban on all computers, and stadium management considers the iPad just another laptop:

To Apple’s chagrin, no doubt, the Yankees apparently consider the iPad to be just another laptop—and such devices are banned from the stadium, along with firearms, knives, video cameras, and beach balls.

In the case of computers, the team said it’s a safety issue. Fans glued to, say, Facebook might be caught unawares by foul balls or flying bats headed in their direction.

Foul balls and flying bats were likely the last thing Yankee fans were thinking about last week, and if the team’s performance doesn’t improve, some fans may prefer squinting at other events on small-screen iPhones to watching the action on the field. We hear you can even score a video of last year’s World Series on iTunes, if you really feel the need to relive better days.

iPad Banned From Yankee Stadium [InformationWeek]

Robert Shiller spoke with Bloomberg Television reporter Margaret Brennan about the new Case-Shiller index numbers, but also the impact of the BP oil leak on consumer sentiment.

• 0:33 This is a time of extraordinary uncertainty about home prices, particularly because stimulus measures are being withdrawn
• 1:25 The government’s measures brought sales forward, and its going to have an impact on the summer buying season
• 2:10 The double dip worry is on people’s minds and it could happen, with worries over Greece and the BP oil spill
• 2:55 BP oil spill damages our sense of confidence in our government and corporations; unpredictable how that will impact the market
• 3:50 The stock market rally has been amazing, volatility suggests higher risk going forward

Join the conversation about this story »

Bloomberg is reporting that the Federal Reserve will probably transfer record earnings exceeding $70 billion into the US Treasury. The income is coming from assets that include mortgage-backed securities, says the Congressional Budget Office.

The Federal Reserve’s actions to stabilize the financial markets are likely to significantly increase the amount of its remittances over the next few years,” the CBO said in a report released today. It was prepared at the request of Senator Judd Gregg of New Hampshire, the senior Republican on the Senate Budget Committee.

Long story short — the various bailouts, including TARF (Term Asset-Backed Securities Loan Facility,) opened the Federal Reserve to risk — but it seems likely that they investments will eventually be profitable.

The CBO’s assessment supports the assertion of Fed officials that the purchase of toxic assets from Bear Stearns Cos. and American International Group Inc. will eventually be profitable. The CBO estimates that the Fed will earn $2 billion each from the two programs it created to help AIG and $200 million from the Bear Stearns rescue.

The CBO report estimates the earnings will remain above $70 billion in 2011 and fall to $41 billion by 2013 before rising to $55 billion by 2020.

Fed May Send Record $70 Billion to Treasury, CBO Says [Businessweek]

Lindsay Lohan (Lindsay Dee Lohan), an American actress, model and pop singer-songwriter made it again to the gossip pages this week. Lohan’s “all-night heavy partying” was allegedly criticised but her studio chiefs of her recent film Georgia Rule.

This time an alcohol-monitoring bracelet or breathalyzer keeps Lindsay Lohan from heavy drinking. An ankle monitor is a device that only ones that have probation or that are under house arrest can get, often they are strictly required to wear.

The device was handed to Lohan’s ankle last Monday for not showing up for a hearing last week in Beverly Hills, California. Instead of showing up on the scheduled hearing, she attended the Cannes Film Festival in France, but this is not the first time Lohan had a bracelet in her ankle.

The bracelet works by testing the skin every half hour. If alcohol is present, it will cause a reaction in the fuel cell of the device. After which, the information is sent from the device to the phone lines and then to the company. The information alerts the courts or the probation officer if alcohol is detected at a certain amount or level.

Related posts:

1. Anti Alcohol Bracelet For Lindsay Lohan
2. Lindsay Lohan in court after returning to Los Angeles
3. New Conditions on Lindsay Lohan

Best Buy and Tivo have finally consummated the union they first announced last year. The result: an Insignia TV pre-loaded with TiVo software. Just not of the DVR variety. More »

Posted by Hal Dardick at 12:40 p.m.



A City Council committee today recommended approval of the Toyota sign that will tower over Wrigley Field’s bleachers as a way for the Cubs’ new owners to generate more money at the historic North Side ballpark.



Approval came after local Ald. Thomas Tunney, 44th, signed off, saying the Cubs’ owners had agreed to a four-year moratorium on new signs that are within the foul lines or affect the views from rooftop bleachers overlooking the park.

During that time, Tunney said he will work with the Ricketts family, which now owns Wrigley, to come up with an overall plan for signs in the park.

The Toyota sign, which could go up shortly after the June 9 council meeting at which a final vote is expected, will generate millions of dollars in Cubs revenue “without increasing ticket prices or charging more for food," according to Cubs chairman Tom Ricketts.



One advocate with a rooftop owners’ group opposed the sign, saying it would look down on a residential neighborhood, and a Wrightwood neighborhood resident cautioned against approving it before a master sign plan was in place.

by Randy Rieland

Photo: The White House

Top Hat, Top Kill, Junk Shot, Enough Already. I don’t know
about you but it sure feels like nobody’s going to stop this leak. Even BP CEO
and chief spinmeister Tony Hayward is lowering expectations. This mess is officially
out of control.

“Plug
the damn hole”

Presidents don’t do impotence—usually. But while
BP pipes spew non-stop on webcams, President Obama reduced to sending Cabinet
members to the scene where they hold daily press briefings to explain what BP
is (or is not) doing. Should we be surprised then at Obama’s “Plug the damn
hole” outburst at a recent White House meeting? 

In his Washington
Post blog Joel Achenbach calls BP the ballerina and the federal government the Stage
Mom. But here’s an alt analogy: BP is the teen learning to drive and the
government is the parent in the front seat. Only he doesn’t know how to drive
either.

They got nothin’

The speculation in Washington is that if BP can’t
pull off its “top kill” gambit tomorrow, the White House will need to do something dramatic, like take over.

The feds do have the authority. But what would they do if they took charge of
the unstoppable spill? The government’s
top man in the field, Coast Guard Commandant Thad Allen, flat out concedes that
the feds are out of their league-technically-when it comes to plugging the
damn hole.

Got
any ideas? 

Andrew Revkin, in his Dot Earth blog in the New York Times, wants a swat team, of
gung-ho geologists and engineers. David Gergen, writing for CNN, wants to rally
the country’s best and brightest to brainstorm a solution. 

Sen. Bill Nelson (D-Fla.) wants to send in the troops.
Let the U.S. military take over the cleanup operation. 

Screw
the army, we want Bruce Willis!

There is one other option out there, a dark option that
BP wants nothing to do with. Nuclear weapons. Hey, we’re serious here,
people! The Soviet Union has used nukes four times in the past to cap leaking
oil and gas wells. Sure it sounds crazy, but according to Russian writer
Vladimir Lagovsky, the explosion “compresses the
rock and squeezes the channel shut.”   

Of course, resorting to nukes could be a tough call
for a Nobel Peace Prize winner, notes Christopher Brownfield, writing in The Daily Beast.

 … using nuclear weapons, even for peaceful purposes, would be
problematic for a president who stood in Prague and declared that the world
should rid itself of such devices. If President Obama were to use a nuke to
close this well, he would give other states an excuse to seek nuclear weapons
of their own.

Oh, and by the way your poll numbers suck

Surprise, surprise. More than half the
people surveyed in the latest CNN poll are unhappy with the way Obama is handling the Gulf disaster.

Mr. President, plug that damn hole.

 

 

Related Links:

The 7 dumbest things in BP’s spill response plan

The gulf oil spill in video

BP gears up for ‘top kill’ to plug oil leak, despite doubts

Spain’s current banking crisis is unlikely to spread to Santander and BBVA because those banks are well diversified, according to Arturo de Frias of Evolution Securities.

In speaking to CNBC, de Frias revealed how the likely impact of this Spanish bank crisis will be positive.

• 0:10 Spanish problem is serious and it will need to be fixed, but the big banks are solid
• 0:44 Needed reforms will lead to even lower growth for a few years, but they have to be taken
• 1:15 Diversification and lending policy protect BBVA and Santander, not as exposed to Spain’s real estate problem
• 2:50 Cajas, or regional banks, are the financial arms of the country’s political parties; not 100% professional risk decisions being made by them
• 4:00 €320 billion lent to Spain’s developers, €90 billion enough to back them up
• 5:15 Private sector debt problem in Spain is largely due to the developers

Check out why Spain’s crisis starts at the banks and has a long way to go >

Join the conversation about this story »

Posted by John Chase at 12:35 p.m.

Continuing to deflect notions that President Barack Obama isn’t backing him, Democratic Senate candidate Alexi Giannoulias announced today two White House officials will be coming to Illinois next month to campaign for him.

Secretary of Education and former Chicago schools chief Arne Duncan will join Giannoulias on the campaign trail on June 17, followed two days later by Deputy Chief of Staff Jim Messina, the campaign said. Duncan and Giannoulias have been friends for years and both were among a group with then state-senator Obama that regularly played basketball together.

Giannoulias’ campaign didn’t release any more details about the visits. The Democratic state treasurer, who faces Republican U.S. Rep. Mark Kirk in November, has been stung by a series of problems. The most recent and notable issue has been the failure of his family’s bank, which was taken over last month by federal regulators.



Giannoulias won in 2006 with a big assist from Obama. But as Giannoulias moved last year to run for Senate, the White House tried to recruit Attorney General Lisa Madigan to run, signaling to many that Obama wasn’t fully behind Giannoulias.



Since then, Giannoulias and his campaign have sought to show the White House is indeed backing him. Last month, just days after Broadway Bank was taken over, Obama appeared at an event in the Downstate town of Quincy where he hugged Giannoulias and called him the “soon to be senator” from Illinois.

Iraqi gold shops are tempting targets in a country of high unemployment and easy access to guns.

There have been several similar attacks before but this was a particularly violent one because the robbers used bombs, grenades and automatic weapons to kill 15 people.

The Iraqi government blames a cash-strapped Al Qaeda in Iraq for the robbery.

They could be involved but the circumstances of the attack raises more questions than answers.

The Baiyaa neighborhood in south-west Baghdad is a predominantly shiite area.

It is also an area sources say is tightly controlled.

In order to get to the gold shops, the armed gang would have had to get through many security checkpoints coming in and coming out of the area.

Vehicles don’t usually get waived through any checkpoints in Baghdad.

It can take between 10 minutes to an hour to get through most checkpoints because the vehicles  and people are searched for bombs.

These robbers traveling in a minibus with their weapons and bombs managed to get in, launch their deadly attack, and get out of the area without any problems.

They were also masked and wore flak jackets.

Some people here in Baghdad are already questioning whether the robbers had help or were actually members of the security services. They have been implicated before in similar cases.

Last year several members of Iraq’s presidential guards, who protect senior officials, broke their way into a bank and stole nearly $5 million.

They tied up eight of the bank’s security guards and executed them.

Violent crime is on the rise here. Its become a major concern for the people of Baghdad who are still recovering from years of attacks.

Many of these armed robbers are indeed former insurgents.

Whoever is carrying out these robberies are finding easy pickings because the Iraqi security forces are still concentrating on dealing with the terrorists.

Until the security situation and the economy improves, it seems likely that these armed gangs will be able to operate with impunity.