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  • RLI Shaker

    The RLI “Shaker” rotary paddle switch is used to detect high / low levels of bulk granular solids in bins, tanks and silos. It can also be used to detect plug conditions in spouts, where long life and failsafe detection is required.

    METHOD OF OPERATION:
    Utilizing a unique stepper motor drive, the RLI “Shaker” rotates clockwise, then counter-clockwise and then shakes to shed any excess material build up.  If the paddle rotation is impeded at any time by the bulk material then the electronic circuit provides a signal for level indication or control.
     
    The RLI “Shaker” uses fewer mechanical parts compared with standard rotary level indicators. No gearbox or clutch is required as the stepper motor drive is directly coupled to the output shaft and is practically indestructible and cannot be damaged by forced or backwards rotation. Also, an adjustable torque control allows one unit to cover many different densities of material, and provides easy on site calibration without having to change paddles.

  • Gabourey Sidibe “The View” Co-Host May 4

    Good-natured Hollywood newcomer Gabby Sidibe will make her first appearance as guest co-host of The View next Tuesday, May 4. Sidibe, as you’ll recall, was nominated for a Best Oscar for her breakout role in the 2009 drama Precious.


  • Aprilia brings welcome updates to 2010 Shiver 750, releases new images

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    2010 Aprilia Shiver 750 – Click above for high-res image gallery

    Aprilia’s Shiver 750 has yet to set the world on fire due to a number of reasons that include an abnormally high seat and pegs that scrap way too early when the bike is pushed anywhere near its limits. Be that as it may, the basic platform is a sound one, and Aprilia has seen fit to give the bike a series of updates that ought to make it more competitive with Ducati’s standard-bearing Monster line.

    Chief amongst the functional changes include rider footpegs that are placed further back and higher up than before. Coupled with a handlebar that’s lower and further forward, the 2010 Shiver should put its rider in a slightly sportier stance. Seat height has been lowered by .2 inches, which isn’t a lot, but since the seat is also significantly narrower, shorter riders should be able to get their feet more solidly on terra firma.

    Finally, the rear wheel’s width goes down half an inch to 5.5 inches, which should make the bike a wee bit snappier when making side-to-side transitions. Other than that, the only alterations are to the bike’s appearance, and fortunately, everything is looking classically Italian. Will those minor changes be enough to accelerate the Shiver’s sales closer to Aprilia’s expectations? We’ll see.

    [Source: Aprilia via Hell For Leather]

    Aprilia brings welcome updates to 2010 Shiver 750, releases new images originally appeared on Autoblog on Wed, 28 Apr 2010 08:58:00 EST. Please see our terms for use of feeds.

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  • What do brains, worms and computer chips have in common?

    'Brains are often compared to computers, but apart from the trivial fact that both process...

    An international team of scientists has discovered that the human brain, the nervous system of a worm and a computer chip are strikingly similar. The research may help to explain the relationship between the processing elements (or gray matter) and the wiring (the white matter) in the brains of a wide range of mammals. Moreover, it appears that in the case of the brain and a computer chip – evolution and technological innovation have developed the same solutions to optimal mapping patterns. ..
    Continue Reading What do brains, worms and computer chips have in common?

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  • Bacardi will harness wind power at Puerto Rico distillery

    From Green Right Now Reports

    If the impending arrival of summer has you thinking about drinks featuring paper umbrellas and a splash or two of rum, you may be able to support environmental responsibility as you kick back and relax: Rum manufacturer Bacardi is installing the largest wind turbine operation in Puerto Rico to help power the company’s top global distillery near San Juan.

    Image: Bacardi

    Image: Bacardi

    The two wind turbine units are industrial scale at 250kW each and are owned by Cataño-based Aspenall Energies, which will sell the electricity  to Bacardi. With their blades, the turbines are 137 feet high and have a rotor diameter of 75 feet.

    The turbines are expected to generate approximately 1,000,000 kWh of electricity per year, accounting for three to seven percent of the power used by Bacardi. That’s roughly the consumption of tourism-related activities at its Casa Bacardi Visitor Center (and equivalent to the consumption of about 100 average households) with an expected carbon offset of more than 900 tons of CO2 per year. All of the power generated by the turbines will be consumed by the Bacardi facility.

    “Puerto Rico relies on fossil fuels for virtually all its energy, so we hope other companies will follow this great leadership by Bacardi to use wind energy and other renewable energy sources,” said Puerto Rico Governor Luis G. Fortuño.

    “This sort of forward-thinking is exactly what we must encourage in Puerto Rico. This is precisely why we are introducing energy reform measures that will establish a better policy and regulatory framework that will enable more investment in renewable energy projects. The government will serve as a partner through incentives and other support that will result in all individuals and businesses having more opportunities to become part of the energy solution.”

    Other environmental initiatives at the Bacardi plant:

    • Carbon dioxide, produced as an intermediate product during the fermentation process, is recovered and sold to third parties, mostly for carbonated beverages. From June 2008 through February 2009, Bacardi recovered and sold 10,378,251 lbs (5,189 tons) of CO2.
    • Bacardi treats wastewater that is then used in cooling towers during the production process, saving 22,000 gallons of water every day.
    • The company recycles old aging barrels by dismantling and chopping them and giving the chips to employees as mulch.
    • Bacardi cuts used promotional banners and sews them into reusable shopping bags for employees.
  • Despite June launch for EVO 4G, Sprint to get Nexus One in May?

    Sprint Nexus One

    We all know there was a little concern yesterday, on the part of Sprint Android fans, when it became apparent that the CDMA version of the Nexus One was replaced by the HTC Incredible on Verizon.  The logical question being: ‘If VZW is giving N1 the can, what about Sprint?’ or ‘Does this mean that the HTC EVO 4G will be replacing the N1 on Sprint?  No matter how you put it, the fear was arguably valid.

    The fellows at AndroidGuys decided to take matters into their own hands, and while they haven’t received anything particularly definitive from either Google or Sprint, they did have a brief conversation with Sprint customer service that – if nothing more – leaves us hopeful.  Here’s a snapshot of how it went:

    “Benjamin Rubenstein: I was wondering if Sprint will still be getting the Nexus One, and if so when?
    Jenny K: I have checked the information for you. Unfortunately, we do not have the information about the launching date of this phone. This is correct that we are going to launch the nexus. It will be most probably launched in May.
    Benjamin Rubenstein: So just cuz the CDMA Verizon version is not happening, doesn’t mean that Sprint’s gonna bail also?
    Benjamin Rubenstein: Isn’t it dangerous to launch the Nexus around the same time as EVO 4G? Or is Sprint not concerned about that?
    Jenny K: Yes, Nexus is different phone and EVO is different phone. The launch time of both the phone is different.
    Benjamin Rubenstein: but isn’t EVO launching in June?
    Jenny K: Yes, you are correct. We are going to launch the EVO in June.
    Benjamin Rubenstein: But Nexus One is coming in May? Perhaps being launched around Google I/O?
    Jenny K: Yes, you are correct.”

    As you can see, at least one Sprint CSR seems to think that the Nexus One (a “different phone” from the HTC EVO 4G) will still be headed to Sprint, and in May no less.  Additionally, in re-reading the press release Sprint issued back in March about the N1, some of the language makes it pretty clear that N1 they are referring to is the one that comes only from the Google online store – though as we’ve seen with Vodafone, plans certainly can change.  In any case, here is the snippet from the release that I was speaking of:

    “Google’s online consumer channel was created to provide an efficient way to connect online users with selected Android phones. Nexus One will not be available in any Sprint retail channels. It will be available directly from Google at google.com/phone. The online experience of Google’s web store is designed with a focus on simplicity allowing consumers to match a phone with the service plan that best meets their needs.”

    So what’s it going to be, Nexus One or EVO 4G?  And if the N1 does come out before the EVO 4G, who’s going to be patient enough to wait?  Feel free to leave your thoughts in the comments!

    Update: Naturally we were curious about what the future holds for the Nexus One on Sprint, so we reached out to see if they had anything to say on the issue.  This is what we were told: “We have not made any updates on Nexus One since the March press release – we have not announced pricing or availability.”  What does this mean?  Let’s be honest, who knows?  On the one hand you could say that if there is no change that everything remains the same and the N1 will indeed come to Sprint via Google’s online store.  On the other hand they did say “we have not announced pricing or availability” which could also suggest that the N1 may not become available at all, at least not in its originally intended form.  Looks like father time wins again, folks – only the future holds the truth.

    Via AndroidGuys


  • Kenyan Writer Mukoma wa Ngugi Enters New Terrain with His First Novel, Nairobi Heat

    Mukoma wa Ngugi

    Until recently, Kenyan writer Mukoma wa Ngugi was best known as a poet and as a commentator on African politics. But with the publication of his first novel, Nairobi Heat (Penguin Books), Mukoma, a SAGES fellow at Case Western Reserve University, has entered very different literary terrain.

    Nairobi Heat is a detective story by an author hoping to bridge the gap between “serious” literature and popular fiction. Mukoma wanted to write a novel that was “fun to read,” a book that made readers feel they were “on an exciting journey.” But he also wanted to explore themes of race and identity, conscience and justice.

    The novel begins in Madison, Wisconsin, when a young white woman is found murdered on the porch of an African professor — a man honored for his rescue efforts during the 1994 Rwandan genocide. The investigation leads an African American detective to Kenya, where he finds reasons to question the professor’s heroic image.

    The novel was inspired by an incident from Mukoma’s life. While attending the University of Wisconsin-Madison as a graduate student in English, he came home early one morning to find a young woman passed out on the stairs to his upper-level apartment.

    He called the police. An African American officer responded. The young woman, dressed in a cheerleader’s uniform, was taken away by ambulance.

    Afterwards, Mukoma wondered what would have happened if the woman had died. What would have been the outcome if an African American had investigated an African?

    Mukoma’s work is part of a literary resurgence taking place after years of government repression in Kenya. His first book, a collection of poems titled Hurling Words at Consciousness, appeared in 2006. Last year, one of his stories was shortlisted for the Caine Prize in African Writing, the continent’s major literary award.

    In addition, Mukoma is a columnist for the BBC’s Focus on Africa magazine. His political writings have appeared in the Guardian, the International Herald Tribune, Chimurenga, the Los Angeles Times, the South African Labour Bulletin and the Business Daily African.

    Among his major influences, Mukoma points to his father, the world-renowned novelist and postcolonial theorist Ngugi wa Thiong’o.

    Ngugi was among the writers who suffered under the dictatorships of Jomo Kenyatta and then of Daniel arap Moi. In 1977, he was detained without trial for one year and eventually forced into exile in 1982. He left for Great Britain and later settled in the United States.

    Mukoma was 11 years old when his father was driven from Kenya. “Any time my father did something political abroad, the government put pressure on the family at home,” he recalled. “We were for all practical purposes hostages.” The police sometimes raided their home in the small rural town of Limuru, and people who dared to associate with them lost their jobs and were threatened by the government.

    When the political situation overwhelmed the family, his older siblings entertained Mukoma and his younger sister by telling stories about a cowboy named Mwangi.

    “They would start whistling, and we knew they would begin to tell us a cowboy story,” he recalls. “They always stopped at a suspenseful point.”

    Later, he realized they were making up the plot as they went along and only stopped because they’d run out of ideas. Still, the stories were enough to raise his spirits.

    Although he spent nearly all of his early life in Kenya, Mukoma was born in the United States. At the time, his father was a visiting professor at Northwestern University. At age 19, Mukoma returned to the U.S. to attend Albright College in Pennsylvania and has lived in this country ever since.

    His most recent impressions of Africa derive from visits he has made with his father. When the two of them go to Kenya, undercover security forces escort them through the street. This experience, Mukoma says, helped shape Nairobi Heat. In portraying some of his characters, he drew on stories the security officers had told him.

    He also brings the continent to life in his SAGES seminar on African literature. Examining issues that have affected Africa over the past half century, his students read some of his father’s works along with Helon Habila’s Waiting for an Angel, Nawaal Saadawi’s Woman at Point Zero and Tayeb Saleh’s Season of Migration to the North.

    Story written by Arthur Evenchik.

    For more information contact Susan Griffith, 216.368.1004.

  • 12 Charts On The Amazing History Of Human Economic Development

    china peasants

    A Swedish doctoral thesis on the “acceleration of human enterprise” written by Dana Cordell offers an awesome glimpse into the history of human economic development and its effects on the world.

    The vast majority of wealth, tourism, fertilizer use, etc. all took place in the past fifty years — and human enterprise is still increasing.

    That’s why we’re facing a water crisis, oil crisis, and a debt crisis.

    Now check out…

    Now check out...

    Image: MCA/Universal Pictures

    15 Depressing Facts About The Coming Water Crisis

    Join the conversation about this story »

  • Garmin-Asus Announce Pedestrian-Friendly A10

    Garmin Ltd. and ASUSTeK Computer Inc. (Garmin-Asus) have officially announced their next Android-based handset, the A10. This time around, the company is turning their focus to pedestrians and personal navigation. The A10 comes with a 3.2-inch HVGA touch display, a 5-megapixel camera with auto-focus, and a 1500mAh battery.

    Garmin gas preloaded the phone with detailed maps to help eliminate the need for servers to update locations. This also ensures that users don’t drop their turn-by-turn directions in the event they lose cellular coverage. And what would a Garmin device be without automobile-ready navigation? The A10 comes with a powered audio mount that magnifies the volume for the times users decide to get back into a car.

    The device comes with a host of Google applications installed, including YouTube, Google Maps, and Gmail and is compatible with Microsoft Exchange server. There’s an optional cityXplorer Maps, application available which helps users plan routes using public transit (bus, rail, tram).

    Look for the Garmin-Asus A10 around the middle of the year in Europe and Asia-Pacific.

    Might We Suggest…


  • Poll: ‘Taint of Incumbency’ Is a Continuing Trend

    Republicans hoping that voter unrest is targeted largely at the majority Democrats won’t like what they see in the latest Washington Post-ABC poll. That survey found that fewer than a third of voters are inclined to vote for their current representative, regardless of the lawmakers’ party affiliation. The Post reports:

    Dissatisfaction is widespread, crossing party lines, ideologies and virtually all groups of voters. Less than a quarter of independents and just three in 10 Republicans say they’re leaning toward backing an incumbent this fall. Even among Democrats, who control the House, the Senate and the White House, opinion is evenly divided on the question.

    This isn’t a new trend. Indeed, elections experts were warning months ago that Americans’ distrust in Congress crosses party lines to target all incumbents. Because the Democrats control more seats, of course, they stand ready to suffer the backlash more severely. But today’s poll results are a warning to Republican leaders that, in November, they’re in for a fight as well.

  • IPCC’s River Of Lies: Investors.com

    Article Tags: Editorial, FloodGate

    Global Warming: Another shoe has dropped from the IPCC centipede as scientists in Bangladesh say their country will not disappear below the waves. As usual, the U.N.’s climate charlatans forgot one tiny detail.

    It keeps getting worse for the much-discredited Intergovernmental Panel on Climate Change, which seems to have built its collapsing house of climate cards on sand or, more specifically, river sediment.

    After fraudulent claims about Himalayan glaciers, African crop harvests and Amazon rain forests, plus a 2007 assessment report based on anecdotal evidence, student term papers and nonpeer-reviewed magazine articles, the panel’s doomsday forecast for Bangladesh has been exposed as its latest hoax.

    According to the 2007 report, melting glaciers and polar ice would lead to rising sea levels and just a three-foot rise would flood 17% of the low-lying country of Bangladesh by 2050 and create 20 million refugees.

    Source: investors.com

    Read in full with comments »   


  • Sagem’s Solar-powered Puma Phone Says Hello to the FTC

    You’re an outdoorsy type, aren’t you? You only read mobile-phone blogs on your down-time between hiking and BASE jumping. I can tell.

    Being that you are that wonderful blend of outdoorsman (or outdoorswoman) and phone aficionado, I bet you’re often peeved about the whole lack of power outlets in the wild (I know I am). Well, well, looky here, someone out there has heard your cries.

    Sagem are soon to release their solar-powered, puma-branded feature-phone to the masses. How do we know that? Well, it’s just gone and had it’s first photo shoot with the FCC, that’s how.

    It’s not all candy and rainbows (or mountains and douglas firs, if you’d prefer), though, as it seems that the supported bands are GSM 850, 900, 1800 and 1900, as well as WCDMA I and VIII… which means no 3G in the US. Sorry, peeps.

    It is, however, slated for release in Europe in April, so at least you know you can make phone calls while traversing the Swiss Alps, Bond style. International markets will follow “later”.

    [via Wireless Goodness]


  • Sprint Hosting EVO Event May 12

    The Sprint EVO is looking like the Android phone to beat, at least it will be when it launches. The carrier has always stated availability in “summer 2010″ and as that is rapidly approaching it is no surprise to see Sprint hosting a launch event on May 12. The event is by invitation only, and unfortunately since I’m not in New York City I won’t be able to attend. I do believe the EVO, the first phone with 4G in the U.S., may be my next phone so it’s good to see it getting closer to launch.

  • 15 Greatest Foods for When You’re Hungover

    Almost all of us who drink will fight the beast that is the hangover at some point — some of us more often than not. A pounding headache, churning stomach, and extreme thirst are the last things we want to feel in the morning after a crazy night out, but many swear by their own cures as they stumble through life, weekend after weekend. From the basic (crackers and water) to the crazy (drinking even more), we’ve sifted through all kinds of “cures.” Most of what’s out there may be completely bogus, but these are the 15 greatest foods for when you’re hungover that will make a difference.



    Breakfast Sandwich

    Image Source

    The breakfast sandwich is a classic hangover food, whether your favorite is an egg McMuffin, a bacon, egg, and cheese biscuit or even something homemade. There’s little to no work on your part — this grease bomb will ease your suffering. It covers the carbs and protein needed to clear your head and get back to work.



    Pho

    Image Source

    While pho (pronounced “fuh”) may not be the first thing that comes to mind when considering how to cure a miserable hangover, this Vietnamese noodle soup does wonders. The broth in pho is a constant, but there are many choices available on the meat front, though sliced rare beef and chicken are surefire, tasty choices. The winning key to pho is the broth though — it helps replace the salt and potassium your body loses by the boatload when you drink.



    Macaroni and Cheese

    Image Source

    There’s nothing like the warmth of good comfort food, and macaroni and cheese really hits the spot when you’re hungover. It doesn’t matter if it’s from Kraft in a box or if it’s that recipe your mom sent you, macaroni and cheese is a great option. The noodles allow easy digestion and provide plenty of carbs, while the cheese gives a decent amount of protein to help your body repair all the damage you caused.



    Pizza

    Image Source

    Pizza is another classic hangover food for those that swear by the greasy cures. It’s also one of the few hangover foods that’s likely to already be on your table when you wake up. Carbs are in no short supply with pizza, though things like macaroni and cheese will give you more — but pepperoni will boost that protein and even add to the grease factor. Pizza is easy and cheap to come by — cue the stampede of college students — so we don’t see it losing its popularity amongst other hangover foods any time soon.



    Peanut Butter and Jelly Sandwich

    Image Source

    Yes, it’s a simple solution, but sometimes simple is all you need. This little sandwich is a concoction of some powerhouse hangover fighters — peanut butter for protein, bread for carbs, and jelly for sugars. It’s easy on the stomach, kind to the taste buds, and extremely quick to prepare. On whole wheat, it also has the “healthy” effect on your already guilty conscience.



    Full English Breakfast

    Image Source

    Enjoying a full English breakfast, if you have the time, is highly recommended when hungover (and even when you’re not). Breakfast sandwiches are a quick solution, but the full English breakfast will cover all your bases, and then some. A full English breakfast traditionally consists of: Bacon, eggs, fried or grilled tomatoes, fried mushrooms, fried bread or toast and sausages,  black pudding, fried potato cakes, and is usually served with a mug of tea. Granted, this may not be the easiest thing to come by if you’re outside the UK and not in a big city elsewhere, but if it’s available it’s a good choice.



    Bananas

    Image Source

    Yes, really. Bananas are like nature’s own little hangover cures. Not only are bananas full of fructose (natural fruit sugar), to help with energy, they contain a nice amount of potassium. See, when you drink excessively, potassium is one of those minerals that gets depleted. Bananas are also natural antacids — which will help your nausea and stomach pain — and they also contain magnesium, which helps to relax pounding blood vessels in your head. Don’t be afraid to go the sandwich route either — peanut butter and bread only help.



    Crackers

    Image Source

    Though not the most flavorful food of the bunch, crackers can be a life saver to those folks who are so bad off that they’re unable to keep anything down. Crackers are mostly carbs — with a teensy bit of protein — and will help to calm a rowdy bout of nausea while offering some form of sustenance. It’s great to pair saltine crackers with some ginger ale or other carbonated, caffeinated beverage to both ease nausea and help with that hangover headache.



    Bacon

    Image Source

    We love to love bacon, and the Internet has pretty much gone bonkers over these slices of pork — now we have yet another reason to sing its praises. Bacon has been, yes, proven to help fight hangovers. Not only is bacon packed with proteins that break down into amino acids your body needs to recover, but the high amount of aminos contained aids in clearing your head altogether. So go ahead, make that bacon sandwich you’ve always dreamt of. It’s one case where it’s absolutely healthy to do so.



    Bagel with Cream Cheese and Lox

    Image Source

    A warm, toasted bagel is appealing enough to the severely hungover, but add cream cheese and lox — you’ve got a winning combo. The bagel clearly satisfies the need for carbs, but the cream cheese and lox (cured salmon fillet) give a vital protein boost. If you’re not into salmon, or if your stomach can’t handle the fishy smell, then simply leave it out — the cream cheese can hold it’s own.



    Chinese Take-Out

    Image Source

    Tried and true, any kind of Chinese take-out is usually a favorite amongst boozers. Opening up a box of Chinese take-out would reveal anything from rice or noodles to a variety of chicken, beef, pork or shrimp in greasy glory. Both rice and noodles help kick start the metabolism into gear, speeding up the digestion of that evil alcohol, while chicken, beef, pork and shrimp all contain the protein any hungover body craves.



    Biscuits and Gravy

    Image Source

    Biscuits and gravy is another comfort food that serves as an amazing counterpart to a hangover. Again, carbs come to the rescue here — biscuits have a decent amount. The sausage gravy provides a tiny bit of protein, but loads on the fat that many find helpful in curing hangovers. It’s a heavy dish, so be wary if your stomach is feeling queasy.



    Cheeseburger

    Image Source

    Cheeseburgers are a common choice when asking for favorite hangover foods, but the McDonald’s Double Cheeseburger — and many other varieties — seem to win (just ask for a Drunk Special). Though the buns provide some carbs, we suspect that the greasiness (instead of the meat protein) is what does it for most people. They’re cheap and fast, so if you’re not queasy, a cheeseburger is the way to go.




    Mexican Food

    Image Source

    Mexican food can be anything from Taco Bell and frozen burritos, to real Mexican food, like fresh Chicken Mole or Menudo. The key with Mexican food is that it’s dense, sometimes greasy, and packed with protein and carbs. While Taco Bell and frozen burritos seem to be the safer choices, if you’d rather fight evil with a greater evil, Menudo (tripe soup) will do just the trick.




    Water

    Image Source

    Alright, so water isn’t exactly a food, but it is the thing you need when fighting a hangover. No matter what foods you choose to help combat your churning stomach and pounding head, water is still the ace in the hole. Drinking alcohol drains your body of all sorts of things, and that headache you’re feeling has a lot to do with a bad case of dehydration. So make it easier on yourself and drink water before you pass out, keep it next to your bed, and keep drinking it in the morning. If plain old water isn’t your thing, try some fortified water, like Vitamin Water or Gatorade. However you dress it up, the water is the key, so get drinking.



  • The Significance of the Marathon Goldman Hearing

    There’s one thing Democrats and Republicans can agree on: their hatred of Goldman Sachs.

    That fact couldn’t have been clearer through the nearly 11 hours of testimony yesterday when a Senate subcommittee aggressively questioned past and present Goldman bankers. Senators from Carl Levin (D-MI) to Susan Collins (R-ME) to Claire McCaskill (D-MO) to John McCain (R-AZ) all angrily censured these executives for their role in the financial crisis. The hearing amounted to little more than a modern-day witch trial.

    Did Goldman Sachs play a part in inflating the housing bubble? Absolutely. But so did JP Morgan, Citigroup, Morgan Stanley, Lehman Brothers, Wells Fargo, Wachovia, and every other bank involved in the mortgage business. So did the rating agencies, foolish investors, Fannie Mae, Freddie Mac, Congress, the Federal Reserve, the Treasury, the SEC, mortgage brokers, house flippers, and dozens of other actors. To be fair, some of those parties have been grilled by Congress as well, but none were the subject of a singular hearing lasting half a day that contained so much anger and even some vulgarity.

    But maybe Goldman deserves it. They did, after all, come out a lot better than most banks, due to their earlier recognition of housing’s decline than their competitors. And then they continued to sell mortgage securities to investors who wanted them. That was the crime that was investigated for 11 hours. Yet, each and every other bank would have done the same. If you believe that a market is changing, you have a duty to protect your shareholders. You can’t do that without lessening your exposure to a shock. How do you lessen your exposure? By purchasing protection against it or selling your long position in assets that you believe will decline.

    Anyone who purchased something from Goldman that went bad didn’t do so under any false premises, despite what the Senators believe. These were sophisticated investors who were provided ample information about the securities Goldman sold. By definition, if you’re selling something, that means you don’t want it. If you did, you’d keep it for yourself. For every security that Goldman sold because the bank believed its value would decline, there was an investor who bought it because they thought it wouldn’t. Good or bad, that’s the way the market works. This is the story of every stock or bond that’s sold every day.

    Does Congress really fail to understand this? Perhaps. But it’s more likely that yesterday served as a rare opportunity to gather up some nice political capital. Main Street clearly has no love for Goldman Sachs, so that makes the bank an easy scapegoat.

    The hearing might help fuel some more populist anger about the importance of financial reform. Quotations will almost certainly be used on the floor of Congress to argue for the need to crack down on Wall Street. But while it might have been politically convenient to use Goldman Sachs as a punching bag for 11 hours, nothing substantial was accomplished. Going into the hearing, we thought that Goldman Sachs consisted of a bunch of really smart guys who made winning bets about the housing market and made a lot of money. Coming out of the hearing, we believe the same thing. There were no “aha!” moments, no interesting facts uncovered, no sudden realization of how the financial crisis could have been avoided.

    Some form of new financial regulation will eventually pass. Goldman will have to adjust. Congress may even be naïve enough to believe that its multi-billion dollar quarters and many million-dollar bonuses will be limited. But they won’t be. If there’s one thing that’s fairly certain, it’s that smart people will always find a way to work around the system and make a lot of money. And make no mistake: there are quite a few very smart people working at Goldman Sachs.





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  • 1st Offshore Wind Farm: Decision Day

    A landmark decision on the fate of America’s first offshore wind farm will be announced today. U.S. Interior Secretary Ken Salazar has scheduled a press conference for noon in Boston from Beacon Hill.

    Massachusetts Governor Deval Patrick is an adamant supporter of the Cape Wind project and the announcement will be made from the Governor’s press office.

    Salazar will announce whether or not final federal approval will be granted to Cape Wind. The battle over the company’s proposal to construct 130 turbines in the waters off Cape Cod has been nine years long. Dozens of public hearings, protests for and against, political wrangling and environmental concerns have combined to make the regulatory process slow and arduous.

    “I think the decision is going to be very high stakes and significant either way,” said Mark Rodgers, spokesperson for Cape Wind. “If it’s favorable, it will be huge for Cape Wind. We’ll be the first off-shore wind project in country to get this federal permit.”

    Rodgers believes a thumbs-down decision would lead to serious repercussions throughout America’s fledgling off-shore wind industry, scaring away investors and discouraging projects.

    “A negative decision would have a really chilling effect,” said Rodgers. “It would make everybody think twice about whether they want to make significant investments in time and money.”

    Proponents of Cape Wind say the project will create jobs and provide clean energy.

    Opponents of Cape Wind have argued the environmental impact to Nantucket Sound would be too great, that migrating birds or the fragile marine eco-system could be harmed. Some have argued air and sea navigation would be affected. Others say the Cape’s thriving tourism industry would be stunted and that long-treasured ocean views would be destroyed.

    Sailors, scientists, and nearby home owners have had their say. Local, state and federal authorities have weighed in. From the Coast Guard to the U.S. Energy Department to the Federal Aviation Administration and the Minerals Management Service, agencies focused on both land and sea, have filed hundreds of documents, reviewed thousands of pages and slowly moved the project forward.

    Politically, Cape Wind has not been a project that divides along party lines.

    The late Massachusetts Senator Ted Kennedy, who’s Hyannis Port home overlooked Nantucket Sound, argued voraciously against the project prior to his death. Fellow Democrat, Senator John Kerry said he will support the project if it is approved by Salazar. Recently elected Republican Senator Scott Brown is opposed.

    Even the Advisory Council on Historic Preservation weighed in on the hotly contested energy project earlier this month, arguing against Cape Wind, citing the Kennedy Compound as one of many historical properties that would be affected. In total, the ACHP claims 34 historic sites on Cape Cod, Martha’s Vineyard and Nantucket Island will be adversely impacted.

    Six Governors from nearby states fired back at the ACHP’s attempt to influence Salazar’s decision writing in a letter “we are troubled by the implications for all offshore wind” if council’s approach is adopted.

    Signed by Governor Deval Patrick of Massachusetts, Governor Jack Markell of Delaware, Governor David Paterson of New York, Governor Don Carcieri of Rhode Island, Governor Chris Christie of New Jersey and Governor Martin O’Malley of Maryland the letter to Secretary Salazar reads in part:

    “Processes and standards must be transparent, predictable and applied fairly. Adopting the ACHP’s recommendation sets a much more strict standard for offshore wind project compared to other types of development, thwarting the compelling national priorities President Obama has set and you have embraced- lowing our greenhouse gas emissions and regaining economic leadership through the development of clean, renewable energy.”

    Salazar’s decision is one being watched closely far beyond the borders of Massachusetts.

    At the end of last month, Cape Wind announced the company had agreed to buy the 130 wind turbines needed for their project from Siemens. The global company installed the world’s first offshore wind farm in Denmark in 1991.

    The ground work is underway and with approval Cape Wind hopes to be making energy by 2012.

    “Our goal would be to begin construction by the end of this year,” said Rodgers.

    European countries operate over a dozen offshore wind farms and China’s first goes online within weeks.

  • TomTom reveals nextgen GO LIVE 1000 Sat Nav with real time services

    The TomTom GO LIVE 1000

    TomTom today previewed a new generation of navigation devices designed to offer real-time services to drivers. The first example of the new generation is the GO LIVE 1000, which uses an ARM 11 500 Mhz processor and comes with several new features, including the ability to run downloadable third party apps, IQ Routes™ which applies historical travel time data to calculate the fastest route and HD Traffic™ which gives accurate real time traffic information for all major and secondary roads. The unit’s software and service delivery platform have been optimised for rapid integration of third party applications and easy localisation to match the needs of specific markets or applications. The TomTom GO LIVE 1000 will be available mid year…
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  • China seals oil deals – Map of China’s major overseas oil deals

    China’s oil demand is projected to grow by 80 percent between 2010 and 2030 due to its rapidly developing economy and in particular its growing middle class and exploding auto market.

    CAP has a new map out showing where China is securing oil rights around the world.

    China’s largest national, government-owned oil companies—CNPC, CNOOC, and Sinopec—have taken aggressive action over the last several years to secure oil abroad in an effort to cope with this growth and a looming global oil crunch. China’s recent overseas oil deals have the potential to deliver more than 7.8 billion barrels of oil to the country over the next several years.

    This figure shows some of China’s largest, most recent oil deals, with a focus on 2009 and 2010 contracts. Highlighted among those are countries currently on the U.S. Department of State’s travel warning list for “dangerous or unstable” nations.

    China's major overseas oil deals

    For more information, see:

    Citations

    1. Bo Kong, “Appendix 3.1: Foreign Upstream Investment by Chinese Oil Companies, 1992-2007.” In China’s International Petroleum Policy (Santa Barbara, CA: ABC CLIO, 2010).

    2. Monica Hatcher, “Oil sands sale brings more than expected,” Houston Chronicle, April 12, 2010, available at http://www.chron.com/ disp/ story.mpl/ business/ 6956022.html.

    3. Suzanne Goldberg, “Canada looks to China to exploit oil sands rejected by US,” The Guardian, February 14, 2010, available at http://www.guardian.co.uk/ business/ 2010/ feb/ 14/ canada-china-investment-oil-sands.

    4. Dan Molinski and John Lyons, “China’s $20 Billion Bolsters Chávez,” The Wall Street Journal, April 18, 2010, available at http://online.wsj.com/ article/ SB10001424052748703594404575191671972897694.html.

    5. Will Grant, “China in huge Venezuela oil deal,” BBC News, September 17, 2009, available at http://news.bbc.co.uk/2/hi/8260200.stm.

    6. ABC News, “Venezuela, China sign $US16b oil deal,” September 17, 2009, available at http://www.abc.net.au/news/stories/2009/09/17/2688335.htm (last accessed April 2010).

    7. John Lyons, “Brazil Turns to China to Help Finance Oil Projects,” The Wall Street Journal, May 18, 2009, available at http://online.wsj.com/ article/ SB124259318084927919.html.

    8. Jad Mouawad, “Deal for South American Oil Fields Extends China’s Global Quest for Energy,” The New York Times, March 14, 2010, available at http://www.nytimes.com/ 2010/ 03/ 15/ business/ global/ 15oil.html.

    9. CNOOC Limited, “CNOOC Acquires 45 % Stake in OML 130 Offshore Nigeria,” Rigzone, January 9, 2006, available at http://www.rigzone.com/news/article.asp?a_id=28369.

    10. Yvonne Lee, “Sinopec to Acquire Angolan Oil Assets,” The Wall Street Journal, March 29, 2010, available at http://online.wsj.com/ article/ SB10001424052702303429804575149714050757630.html?mod=googlenews_ws.

    11. Sameera Anand, “China’s CNOOC and Sinopec Pay $1.3 Billion for Angola Oil,” Bloomberg Businessweek, July 20, 2009, available at http://www.businessweek.com/ globalbiz/ content/ jul2009/ gb20090720_097528.htm.

    12. V. Phani Kumar, “Cnooc, Sinopec shares up on Angola stake buy,” Market Watch, July 29, 2009, available at http://www.marketwatch.com/story/cnooc-sinopec-shares-up-on-angola-field-stake-buy (last accessed April 2010).

    13. PBS NewsHour, “China-Sudan Trade Relations Complicate Darfur Crisis,” April 25, 2006, available at http://www.pbs.org/ newshour/ updates/ china-darfur_04-25-06.html.

    14. Guy Chazan and Shai Oster, “Sinopec Pact For Addax Boosts China’s Buying Binge,” The Wall Street Journal, June 25, 2009, available at http://online.wsj.com/ article/ SB124584068908746803.html.

    15. BBC News, “Iraq in third overseas oil deal,” November 5, 2009, available at http://news.bbc.co.uk/2/hi/8344067.stm.

    16. BP, “BP and CNPC to Develop Iraq’s Super-Giant Rumaila Field,” Press release, November 3, 2009, available at http://www.bp.com/genericarticle.do?categoryId=2012968&contentId=7057650 (last accessed April 2010).

    17. SOCO International, “Sinochem to Buy SOCO Yemen for $465M,” Rigzone, February 4, 2008, available at http://www.rigzone.com/NEWS/article.asp?a_id=56202.

    18. The World Tribune, “Iraq awards China major oil deal near Iran border,” March 11, 2010, available at http://www.worldtribune.com/ worldtribune/ WTARC/ 2010/ me_oil0191_03_10.asp.

    19. RIA Novosti, “Iran, China sign $1.76 bln contract to develop Iranian oil field,” January 15, 2009, available at http://en.rian.ru/ world/ 20090115/ 119506131.html.

    20. David Barboza, “China Starts Investing Globally,” The New York Times, February 20, 2009, available at http://www.nytimes.com/ 2009/ 02/ 21/ business/ worldbusiness/ 21yuan.html?_r=1.

  • Is Housing Really Recovering?

    In The New York Times, University of Chicago economist Casey Mulligan offers some housing-market optimism:

    Recent reports on housing starts, new home sales and housing prices show that the housing recovery continues….

    Although the housing inventory exceeded the demand in 2007 and 2008, we have known for a while that the fundamental supply and demand ingredients would permit a genuine housing recovery to begin in 2009. As demand caught up, housing prices stopped falling and stabilized at more normal levels.

    Although housing prices should not be expected to return to their 2005 peak any time soon, housing sector data released last week suggest that housing prices can head somewhat higher. Housing permits and housing starts have continued higher in the last couple of months. New home sales were higher in March than they had been for a while.

    These seems overly sunny to me. First, the demand side of the equation. Massive governmental interventions underpinned much of the housing recovery in the past year, including the $12.6 billion in tax credits for home-buyers and the $1.1 trillion mortgage-backed securities buy-up program by the Federal Reserve. Economists have pooh-poohed the tax credits for simply providing a subsidy to people who would have bought a house anyway, but the Treasury says they might have accounted for up to a quarter of housing demand. And with those programs sunsetting — the Fed program last month, the tax credits at the end of the week — demand looks certain to fall, particularly since it will not be buoyed by declining joblessness or growing wages any time soon.

    On the supply side of the equation, there were 930,000 houses in the foreclosure pipeline in the first quarter. Fannie Mae and Freddie Mac own a further 500,000. (S&P says the shadow inventory of homes might take three years to clear.) On top of that, housing starts are rising.

    I don’t consider it unlikely that the housing market might stabilize nationally. But, in many markets, the pressures to the downside remain extraordinary. And housing starts do not a real recovery make.

  • HTC to Pay Microsoft Royalties on Android Phones

    As we predicted in March, Microsoft has strong-armed HTC into signing a licensing agreement to pay Microsoft royalties for HTC’s Android phones.

    The good news here is that an Apple-style lawsuit is unlikely now that HTC has agreed to cough up the money. The bad news is that we’ll all be paying Microsoft a bit for each HTC Android phone we buy.

    This is the latest in a string of licensing agreements Microsoft has reached with companies that use Linux-based code, which Microsoft claims to hold patents on. Since no one to date has challenged Microsoft on these claims, it’s unclear whether they would hold up in court.

    Might We Suggest…

    • Will Microsoft Hold Android Hostage?
      Right now, we’re all worrying about Apple’s patent claims against HTC, but Android may face a similar attack from Microsoft.

      It’s not terribly well known that Microsoft claims that it owns signific…