Eek! Louisiana reporter Mark Potter was reporting on last week’s devastating oil spill on the Gulf Coast for The TODAY Show this morning when he accidentally ingested a bug during the broadcast.
Visit msnbc.com for breaking news, world news, and news about the economy
PHILADELPHIA – Arriving at Democratic Senator Arlen Specter’s primary night party shortly after the polls closed in Pennsylvania, Governor Ed Rendell told Fox News, “The rain hurt, no doubt about it.”
The governor, who has supported Specter all along, did go on to say the late afternoon improvement in the weather worked in Specter’s advantage, as people in Philadelphia voted after work. “The weather let up at four, five, six, the best voting hours helps us,” said Rendell.
However, Governor Rendell did not blame President Obama’s absence this past week in the Keystone state for poor voter turnout “it’s not important that he didn’t show up [in the final hours]. What’s important he wants Specter to win.” The president has been all over Pennsylvania in TV ads for the senior senator.
Obama spent election day just miles outside of Pennsylvania, speaking to factory workers in Youngstown, Ohio, many who live across the state line. His remarks focused on the economy and he made no mention of the primary.
After nearly an hour of trading, the Nikkei is off nearly 2%. Also in Japan, the government is dealing with an outbreak of foot-and-mouth disease. The government has declared a state of emergency, according to Japan Times.
Meanwhile, oil has fallen below $69 in continued after -hours selling.
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Boom, Baby, Boom…
What’s going on in China?
That’s what we’ve come here to find out. We paid a visit to China 25 years ago and haven’t been back since. More on China in just a minute…
Let’s look at what is going on in the West, first.
Yesterday, the Dow rose slightly – after taking a beating last week. Gold settled at $1,228.
Dear Readers are out of stocks. So we’re not particularly worried. But we’re deeply interested. Has the bear market/Great Correction resumed – as we said it would? Or is this just more ‘noise’ – with no particular meaning?
We don’t know. But we intend to be in cash and gold when we find out.
Back to the Middle Kingdom…
First impression: this is not the same country it was a quarter of a century ago. The last time we were here there were almost no private cars. Everyone dressed in drab grey outfits and rode bicycles. There were no shiny new buildings. There were almost no restaurants. And if you saw a truck, it was likely to be broken down beside the road, with a couple legs sticking out from beneath it.
Second impression: wow! So many daring new buildings…such broad streets…so many construction cranes…so many fancy cars…so many electric bicycles…
..there is no doubt that China is far outpacing Europe and the US in many respects…that the 21st century will be defined by what happens here, not what happens in the West.
Third impression: China is in trouble.
“Stocks dive on housing fears,” says the headline at China Daily.
The Shanghai Composite index suffered its biggest drop of the year yesterday – down 5% after losing 20% since January.
According to the papers, the market has been spooked by the government’s efforts to restrain real estate speculation. The Chinese have a lot of money. And Chinese investors have relatively few places to put it. They tend to buy real estate…or stocks. This has pushed up property prices by as much as 100% in some areas, over the last 12 months. And it has caused the government to worry about a bubble.
Is the Chinese economy a bubble? Most likely – yes. Will it blow up? Again, most likely, yes. In fact, it seems to be blowing up right now. After leading the world in the bounce phase, it now may be leading the world in a return of the Great Correction.
In a nutshell – China’s economy is unbalanced…with far too much weight given to exports. Typical of successful export-oriented Asian economies, it has built too much capacity.
The last big economy to run into this problem was Japan. After the big boom of the ’80s, Japan had too many factories…and too much capital invested in the export sector. When the stock market realized it, a big sell-off began. That bear market lasted at least until 2009 – 19 years. For all we know, it’s still not over.
Stock markets are always discovering what things are really worth. Right now, they’re realizing that China’s companies are not worth quite as much as they thought a few weeks ago.
Will the sell-off continue? We don’t know. But most likely – yes. Because a big boom is typically followed by a big bust.
But wait a minute. How can we reconcile Impression #2 with Impression #3? How can China be the country of the future and still face a big financial upheaval?
Well, that is the future!
Much the same thing happened in the US after 1929. The US faced a tough period of adjustment – made worse by the efforts of the Hoover and Roosevelt administrations. Instead of letting the problem take care of itself – as they did during the 19th century – the feds intervened heavily. In effect, they were trying to keep the future from happening.
You can slow the future… You can make it more painful. You can drag your feet and shut your eyes…but the future is going to happen, whether you like it or not.
As it came about, the future for the US was bright. It just had to live through the Great Depression and WWII first.
China must be facing its own tests and challenges. Maybe they will be political. Maybe they will be only economic. But they are bound to be monumental…
And the events in Thailand show us how they can be bloody too.
“Thai street battles escalate,” says today’s Financial Times.
As of this morning, 29 people have died. More than 230 have been hurt. And a quarter of the country is locked down in a ‘state of emergency.’
Thailand’s troubles look less and less like street protests and more and more like a civil war. Who’s right? Who’s wrong? Who are the good guys? Who are the bad guys?
Who knows? As in most civil wars, it’s probably a shame that both sides can’t lose.
But it shows what can happen….
Bill Bonner
for The Daily Reckoning Australia
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“A lot of water values are taken for granted,” he says. “If you want to know the water volume on the planet, you Google it and you get five different numbers, most of them 30- or 40-year-old values.”
Until now, that is.
Woods Hole Oceanographic Institute (WHOI) scientists Matthew Charette and Walter H.F. Smith have used the latest technology to not only answer how deep our oceans are, but also give the best answer yet as to the volume of our oceans. (more…)
H by Hudson just released their Fall 2010 Lookbook. The range showcases a wide selection of footwear that includes boots, dress shoes, and sneakers in various designs, styles, and colors. Different dyes, washes, and details make the collection thrive as seen in this lookbook. Look to online retailer Coutie for purchase.
Continue reading for more images.
With all the social media applications out there, it’s refreshing when comes along that that’s sounds so unique you have to try it. Android Town is one of those apps. From the looks of things in the forums and around the Internet I don’t think I’m the only one that thinks so. Hit the link below to have a closer look at Android Town and check out some screenies from this exciting new app.
A Audi começou há divulgar essa semana o seu mais novo lançamento, o Audi A5 Sportback.
Por enquanto a marca ainda não declarou nenhuma briga de mercado para o modelo, mas rival não vai faltar para mais essa promessa da Audi.
O modelo será oferecido em duas versões, a primeira versão conta com um motor de 2.0 litros TFSI que rende 211 bhp. A segunda versão conta com um motor de 3.0 litros TDI V6 que rende 369 ft de torque.
Fonte: You Tube
Suspected Times Square Bomber Faisal Shahzad appeared in a Manhattan federal courtroom for the first time since his arrest on May 3. He is facing 5 counts related to a failed plot to detonate a car bomb in the center of the cross roads of America.
A non-handcuffed Shahzad entered a packed courtroom wearing a gray sweatsuit and sat down next to his attorney. He appeared healthy with his hair well kept and a trim beard. He was very quiet – speaking only once when addressed by the federal magistrate – and kept his eyes looking down at the desk.
The hearing took less than 10 minutes before the judge ordered Shahzad detained until his next hearing on June 1st. When exiting the courtroom, federal marshals handcuffed him and led him out.
I ask the Hon Tony Kelly on behalf of Hon Steve Wann, Minister for Primary Industries and Minister for Rural Affairs, the following question without notice:
1.Is the Minister aware that the Walgett Country Women’s Association in Far West New South Wales is calling for a review into the power wielded by the officers of the RSPCA?
2.Is the Minister aware that RSPCA officers have been destroying farmers’ drought-affected livestock without any warning or advance notification?
3.Is the Minister aware that many rural NSW farmers feel that allowing RSPCA officers to continue coming onto their land unannounced, and without any consultation with them or the vets who have been caring for the animals, is allowing them a power which they are sometimes misusing?
4.Can the Minister please indicate what action will be taken to look into such claims?
REV HON DR GORDON MOYES AC MLC
Posted by Hal Dardick at 7:36 p.m.
Two top aides to Cook County Board President Todd Stroger sidestepped the need for commissioners’ approval in doling out nearly $150,000 in census outreach work to people they knew.
The eight contracts are among those being investigated by the county inspector general’s office as it continues to probe Deputy Chief of Staff Carla Oglesby and a company she owns, officials said.
The investigation was launched in the wake of disclosures that a public relations firm owned by Oglesby, spokeswoman for Stroger’s failed re-election bid, was paid just under $25,000 by the county days after Stroger put her on the payroll at $120,000 a year.
Oglesby sought approval for the census outreach contracts. She and Eugene Mullins, Stroger’s spokesman and boyhood friend, picked the eight firms and individuals hired to promote census participation, Mullins said.
Nearly all of the deals were for $24,995 — $5 less than the $25,000 that would have required county board approval. That raised questions among commissioners as to whether the Stroger administration purposefully skirted contracting requirements.
“I would certainly think they wouldn’t have that many contracts that were $24,900,” said Commissioner Larry Suffredin, D-Evanston.
Commissioner John Daley, D-Chicago, the Finance Committee chairman, also said he’s concerned about the contract amounts.
“All of this is under review by the inspector general,” Daley said.
Oglesby returned to work last week after serving a five-day suspension imposed by Stroger, who initially said the time off would last until Inspector General Patrick Blanchard concluded his investigation.
Mullins received a significant raise after Stroger’s last place finish in the Feb. 2 Democratic primary election. He said Tuesday that his raise was being reversed in the wake of publicity.
Mullins said the contracts were handed out to firms and individuals who could wage grass-roots efforts to get more people to participate in the census.
The contracts were sought by Oglesby on April 15 and 16, and checks were issued to six of the firms one week later. None of the firms returned calls asking them to explain the work they were doing.
Invoices submitted by two of the contractors — K. Gregory Demos and the Illinois Human Development Council — were nearly identical and included the same unlisted phone number. Mullins said the Human Development Council contract, which had yet to be paid, was canceled in the wake of questions by the Tribune and another media outlet.
Mullins said the firms were chosen after it was determined the county still had federal funds allocated to promote census participation. “Either we can spend the money the best we can or it goes back to Washington,” Mullins said.
But leaders of the Cook County Complete Count Committee, appointed by Stroger to conduct census outreach, said they were unaware of the contracts.
“Our work has essentially wound down, because the census bureau was putting people out on the street,” committee Chairman Albert Pritchett said.
The contracts were designed to get more people to participate in the door-to-door portion of the census, after the mail-in deadline had passed, Mullins said.
One census expert said outreach could help at this stage of the game. “The big message right now is that the census is not over,” said Terri Ann Lowenthal, a consultant for the Funders Census Initiative. “It’s far from over, and it’s reached its most critical stage.”
Major lighting companies are working tirelessly towards becoming the first to own the LED market. The super-efficient light source is the future of lighting, but so far, for most consumers the available LED bulbs have been too expensive and dimmer than the incandescent bulbs we’re used to.
But that seems to be changing. In the next few months, 60-watt equivalent bulbs in the $30 – $40 price range will be hitting the shelves. In comparison, just two years ago, a 60-watt equivalent cost $90 and a 100-watt dimmable bulb went for $360.
Osram Sylvania is releasing an LED bulb in August that emits 810 lumens (similar to a 60-watt incandescent) that only consumes 12 watts and should last 12 times longer than an incandescent bulb. That bulb should cost around $40. The company is also releasing a 75-watt equivalent next year.
Lighting Science will soon start selling a 770 lumen, 9 watt LED bulb at Home Depot with a price in the low $30 range. Other lighting companies like GE, Panasonic, Lemnis Lighting and Philips are all scrambling to hit a similar lumen-per-price ratio.
Why is $30 for a 60-watt equivalent an important milestone? Well, first-off, the 60-watt bulb is the best-selling incandescent, so being able to convert an equivalent consumer LED bulb into an affordable price range is key. Secondly, industry experts say that once LEDs hit $20, utilities could give them away to customers because the energy saved would cover the cost of the bulbs and would allow them to postpone bringing on new power plants. So, getting the cost of these bulbs into the $30 range means that a $20 bulb is right around the corner.
via Greentech Media
Esse é o primeiro flagra do modelo com ele totalmente descoberto, que mostra com todos os detalhes a nova “perua” da Audi.
Segundo fontes, o modelo é uma mistura de Audi A6 e S4, que levou a criação da “perua” Q7. O modelo foi flagrado fazendo testes de resistência em clima gelado.
Além disso, o modelo é equipado novamente com um motor de 2.0 litros V6 a gasolina. Sua potencia real não foi revelada, e a marca não quis se pronunciar sobre o flagrante.
Fonte: The German Car Blog
If you’ve been eagerly refreshing the iPhone Developer Center today, the wait is over! iPhone OS 4.0 Beta 4 is now available for download. We’ll follow up with the usual list of changes soon. [Apple via BGR] More »
IPhone – IPhone OS – smartphone – Handhelds – Apple
Tomorrow’s battle over what should be included in Texas social studies curriculum is about to get really interesting. The curriculum that’s decided on will be used to create social studies textbooks in Texas, and- because Texas is such a big textbook purchaser-across the country. More than two hundred people have signed up to speak publicly at tomorrow’s meeting of the Texas Board of Education. Each person will have three minutes to speak. It doesn’t take a math major to figure out that the testimony may stretch well into the night. Board members may also introduce new amendments to the current draft of the curriculum. Outgoing Board Member Don McLeroy has already announced he has several to wants to be discussed. McLeroy is part of a conservative voting block behind many of the changes in the draft curriculum. Opponents believe McLeroy is pushing a political agenda. McLeroy says he is trying to correct a liberal slant in the standards. Expect a long, heated debate. The final vote will be held this week.
It has become common knowledge – to foodies, at least – that a super-hot, wood burning oven is one of the best places there is to bake a pizza. The smoke from the wood infuses a lot of flavor into both the pizza crust and its toppings, and the high heat gives it the perfect crispy texture. What type of wood delivers the best flavor varies depending on who you ask, but there is talk of a particularly unsavory type of wood being used in Naples, Italy: coffin wood.
Il Giornale, a daily Italian paper, has recently reported that local police in Napes “think many restaurant owners across the notoriously lawless port are purchasing cut-price wood from a gang of coffin thieves operating in the city” and using that wood to fire up pizza and bread ovens. The article went further to say that “Andrea Santoro, president of the city’s cemetery commission, said: ‘It’s no wonder these things are happening given the state of the cemeteries. There are graves uncovered, thefts and vandalism.’”
It’s a pretty shocking story, given how pizza is such an iconic food for Naples. No doubt that continued investigations will reveal more about what is going on, but for now, that wood-cooked flavor is definitely going to leave a bad taste in some people’s mouths!
Schooling fish, it turns out, have a lot to teach us about setting up wind farms. That’s the conclusion reached by John Dabiri, a fluid dynamics expert from the California Institute of Technology (Caltech). One of the biggest current problems with wind farms is the large land area that they require – if you place the turbines too close to one another, they will be adversely effected by each other’s turbulence. By applying principles learned from observing fish, however, Dabiri thinks he might have found a solution…
Continue Reading Schooling fish inspire new approach to wind farming
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Filed under: Performance, Bugatti, Rumormill
A car as powerful as the Bugatti Veyron can do a great many things. Crest the 400 km/h mark. Burn through fuel and rubber faster than a jumbo jet on take-off with the parking brake engaged. But how about stop time? Maybe if you lay down all that twist in the opposite direction off the earth’s rotation. Or bring back a rumor that first reared its head some four years ago.
We’re talking about the long-rumored 1,200-horsepower “super Veyron.” Its arrival has been anticipated for years, and now accounts from Germany are bringing it back to life. According to the reports, Professor Ferdinand Piëch – the former Volkswagen chairman, Porsche heir and father of the Veyron – recently delivered a lecture at the Vienna University of Technology, wherein he briefly alluded to the emergence of the 1,200-hp Veyron, but revealed no further details.
That the quad-turbocharged, sixteen-cylinder Bugatti engine is capable of more than its stated output of 987 horsepower is no secret. And if such a car is in the works, surely Piëch would be among the few in the world who’d know about it, even if he’s not sitting in the big seat these days. With the existing Veyron’s production run winding to a close, if there were ever a time to make it happen, surely that time is approaching at Veyron-esque velocity.
[Source: motorline.cc via Teamspeed.com]
1200hp “Super Veyron” winds the rumor mill again originally appeared on Autoblog on Tue, 18 May 2010 19:26:00 EST. Please see our terms for use of feeds.
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Below, from the White House…
Readout of the President’s meeting with Jewish members of the Democratic caucuses
“The President met with Jewish members of the Democratic caucuses for approximately an hour and a half this afternoon to discuss a range of issues important to U.S. foreign policy. The conversation included an update on proximity talks and administration efforts to strengthen Israel’s security, including the Administration’s recent decision to provide Israel with an additional $205 million in funding for the Iron Dome missile defense system. They also discussed today’s announcement of a consensus P5+1 draft of an Iran sanctions resolution. The President and the Members had a wide ranging and productive exchange about their shared commitment to peace and security in Israel and the Middle East.”
Here’s a list of members attending today’s meeting
1. Barbara Boxer (D-Calif.)
2. Benjamin Cardin (D-Md.)
3. Al Franken (D-Minn.)
4. Russ Feingold (D-Wisc.)
5. Dianne Feinstein (D-Calif.)
6. Herb Kohl (D-Wisc.)
7. Frank Lautenberg (D-N.J.)
8. Joseph Lieberman (I-Conn.)
9. Charles Schumer (D-N.Y.)
10. Ron Wyden (D-Ore.)
11. Gary Ackerman (D-N.Y.)
12. John Adler (D-N.J.)
13. Shelley Berkley (D-Nev.)
14. Howard Berman (D-Calif.)
15. Stephen Cohen (D-Tenn.)
16. Ted Deutch (D-FL)
17. Susan Davis (D-Calif.)
18. Eliot Engel (D-N.Y.)
19. Barney Frank (D-Mass.)
20. Jane Harman (D-Calif.)
21. Paul Hodes (D-N.H.)
22. Steve Israel (D-N.Y.)
23. Steve Kagen (D-Wisc.)
24. Ron Klein (D-Fla.)
25. Sander Levin (D-Mich.)
26. Nita Lowey (D-N.Y.)
27. Jerrold Nadler (D-N.Y.)
28. Jared Polis (D-Colo.)
29. Steve Rothman (D-N.J.)
30. Jan Schakowsky (D-Ill.)
31. Allyson Schwartz (D-Pa.)
32. Adam Schiff (D-Calif.)
33. Brad Sherman (D-Calif)
34. Debbie Wasserman Schultz (D-Fla.)
35. Henry Waxman (D-Calif.)
36. Anthony Weiner (D-N.Y.)
37. John Yarmuth (D-Ky.)
###
Some bad news to follow as well.
