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  • “Glee” Madonna “Like A Prayer” Performance Cut For DVR Users — Thanks To “Idol” Overlap

    DVR-ing Gleeks across the US are none too pleased with American Idol this Wednesday after they were abruptly deprived of the final moments of Tuesday’s long-awaited Madonna tribute on Glee. Billed as the “Can’t Miss Episode” of the new season, the eppy was cut short for DVR users due to Idol running three minutes over schedule.

    If you missed the final minutes of last night’s Glee, check out this video of the show’s final song, “Like A Prayer.”

    To Tune Into Glee’s “The Power of Madonna” In Its Entirety, Visit Hulu.com….


  • 2011 Saab 9-5 Aero Priced at $49,990

    Saab has announced pricing for its first new car since the company’s acquisition by Spyker. The range-topping 9-5 Aero will go on sale in July for $49,990.

    Aero models are powered by a 2.8-liter turbocharged V-6 engine making 300 hp. The engine is mated to a six-speed automatic transmission and Saab’s XWD all-wheel-drive system.

    The standard equipment list includes powered leather seats and leather-wrapped steering wheel, eight airbags, a cooled glove box, and an audio system including XM satellite radio and USB and auxiliary inputs. Options will include a lane departure warning system, head-up display, and a Harman Kardon premium sound system.

    Saab says a lower 9-5 trim level will debut later, powered by a 2.0-liter turbo engine and priced under $40,000.

    The last 9-5 sold in American dealerships was the 2009 model, which started at $42,775 in sedan configuration. Of course, hefty discounts and incentives offered by its former owner, GM, meant the actual transaction was probably far less than that.

    Related posts:

    1. 2011 Saab 9-5 – Official Photos and Info
    2. 2011 Bentley Mulsanne Priced from $285K
    3. 2011 Hyundai Sonata Priced at $19,915
  • Al-Qaeda Expert Philip Mudd Retires From FBI

    Philip Mudd, one of the intelligence community’s leading al-Qaeda analysts, has quietly retired from the FBI, where he was associate executive director of the National Security Branch. Mudd confirmed in an email that he left “about six weeks ago,” but didn’t immediately respond to additional questions about his departure.

    Mudd was a longtime CIA counterterrorism specialist before coming to the FBI, but it doesn’t appear as if he’ll return to his home agency. This could be it for Mudd’s government career.

    And that would be a strange turn. After spending years as an analyst away from the spotlight, President Obama and Homeland Security Secretary Janet Napolitano nominated Mudd to head the intelligence branch at the Department of Homeland Security, taking over from another storied CIA veteran, Charlie Allen. But Mudd withdrew his name from consideration, reportedly after Senate staffers thought he might have been involved in interrogation or detention decisions of the previous administration — an allegation that has never been substantiated. White House spokesman Nick Shapiro said at the time that Mudd would have made “an excellent Undersecretary for Intelligence and Analysis.”

    Meanwhile, FBI Director Robert Mueller announced just now that Sean Joyce, a longtime FBI special agent, will head up the bureau’s National Security Branch, overseeing all intelligence and national security functions. Joyce would have been Mudd’s new boss if Mudd stuck around.

    I’m awaiting formal comment from FBI and CIA on Mudd and will update when I have more.

    Update: From CIA spokesman George Little: “Phil had a distinguished career at the Agency, where he made outstanding contributions to many aspects of our vital intelligence mission. His consummate professionalism and leadership made a stand-out of a stand-up guy.”

  • Progressive Insurance introduces first car insurance-focused app for Android

    Progressive car insurance now has an app in the Android Market.

    The company previously released an iPhone app in January and then decided to release one for Android since it is the fastest growing smartphone platform on the market today.

    Progressive claims they are the first major U.S. car insurance group to release an app for Android.

    Existing customers can use the app to make payments and manage their claims while new users can compare insurance rates for different cars and get quotes. Those of you who can’t get enough of their endless TV spots can also watch the latest commercials.

    “We’ve seen a 30 percent increase in visits to our mobile Web site by Android users over the past four months. Our Android app is designed to simplify the mobile experience for this fast-growing group of customers.”Matt LehmanProgressive’s Web experience director

    With the free Android app, users can:

    • Get car insurance quotes and buy a policy
    • Make payments and update policy information
    • Get directions to a local independent insurance agent
    • Get directions to the closest service center, where customers receive Progressive’s concierge level of claims service
    • Research crash test results and recall notices
    • Calculate and budget for monthly car loan payments
    • Compare the relative costs to insure different types of cars
    • Report and track claims
    • Watch the latest Progressive TV commercials

    Related Posts

  • Highway to the Green Zone? Navy to Test a Supersonic Biofuel Jet | 80beats

    FA-18_Super_Hornets

    The F/A-18 Super Hornet burns through more fuel than any other aircraft in the Unites States Navy, whose pilots have flown more than 400 of the jets. But with the week of Earth Day upon us, the Navy is trying to use the jet to show it can mend its fuel-guzzling ways. Tomorrow the “Green Hornet,” an F/A-18 running on a half-petroleum, half-biofuel blend, will make a test flight from Maryland.

    Secretary of the Navy Ray Mabus has set a target that half of naval energy consumption will come from alternative sources by 2020. A “Great Green Fleet,” to sail by 2016, will include nuclear ships, as well as surface combatants with hybrid electric power systems using biofuel and biofuel-powered aircraft [National Geographic]. Before we can talk about ambitious deployment targets, however, the Navy has to prove that its “green” fighter has got what it takes, and so the experimental F/A-18 will try to break the sound barrier.

    The Green Hornet’s biofuel constituent is made from Camelina sativa, also called gold-of-pleasure or false flax. (It earned the latter moniker for surviving by looking increasingly like real flax, a talent that garnered it a spot in our gallery of plant and animal impostors.) As a biofuel, Camelina has the advantage of growing with little energy input. Humans have cultivated the plant for millennia; the Romans used its oil in lamps and in cooking (pdf). Another advantage is that the fuel made from it was remarkably similar to the military petroleum jet fuel called JP-5 [National Geographic]. However, just as ordinary car engines can’t run on strictly ethanol, the design of the engine seals on the F/A-18 still demand a substantial component of conventional fuel.

    Even advanced biofuels have their detractors among environmentalists and energy gurus, but the military’s potential embrace of them and other technologies—like electric vehicles, solar, and wind power—could supply the marketplace boost they need. The size of the military’s investment will create economies of scale that help bring down the costs of renewable energy, and military innovations in energy technologies could spread to civilian uses, just as the Internet did [Miami Herald].

    And perhaps when you go to an air show in a decade, the Blue Angels‘ F/A-18s will be flying on biofuel.

    Related Links:
    80beats: London’s Garbage Will Soon Fuel Some British Airways Flights
    80beats: Air New Zealand Tests Jet Fuel Made From Poisonous Jatropha Seeds
    80beats: Super-Green, Algae-Derived Jet Fuel Passes Tests With Flying Colors
    80beats: DARPA Wants a Biofuel Jet, While Germany Works on a Hydrogen Plane
    DISCOVER: Impostors! Ten Species That Survive By Imitation (photo gallery)
    DISCOVER: The Second Coming of Biofuels
    DISCOVER: It’s a Bird, It’s a Plane, on flying in formation to save fuel

    Image: Staff Sgt. Aaron Allmon, U.S. Air Force


  • Unruly Democracy: The Event Roster and Speakers List | The Intersection

    So I’ve given you the website of the Kennedy School science blogging event–cosponsored by the Knight Science Journalism Fellowships program–but not yet the speakers list. Here goes:
    Program 9:30 Introduction/Framing Sheila Jasanoff, STS Program, Harvard Kennedy School 10:00-11:00 Panel 1: Blogging as Business Henry Donahue (CEO, Discover), Gideon Gill (Science Editor, Boston Globe), Representative of Seed Magazine [not confirmed] 11:15-12:15 Panel 2: Science on the Web Francesca Grifo (Union of Concerned Scientists), Chris Mooney (MIT and Discover), Jessica Palmer (Bioephemera) 1:15-2:30 Panel 3: Rules and Responsibility Amanda Gefter (New Scientist), Kimberly Isbell (Citizens Media Law Project), “Dr. Isis” (ScienceBlogs.com), Thomas Levenson (MIT) 2:30-3:30 Panel 4: Norms and Law Sam Bayard (Citizen Media Law Project), Phil Hilts (Knight Program, MIT), Cristine Russell (Harvard Kennedy School) 3:30-4:00 Open Discussion and Wrap-Up Incidentally, I also want to credit the poster artist whose work is helping so much to publicize this event: Alex Wellerstein. Amazing work.


  • Google continues to be as non-techy as possible in Chrome ads

    Why are tech firms bent on convincing us they’re not all that, you know, tech? For instance, you might think that a Google ad for a software product like its Chrome browser would be futuristic, but the brand and agency BBH have gone the other way: Like last year’s introductory ad for Chrome, the new executions forgo shots of computer guts for whimsical, Rube Goldberg-esque visions of copper plumbing and hammers, an image that recalls Weetabix’s depiction of a Google search. The new ads hype Chrome features like Twitter integration and the ability to turn images into slideshows, all with cutesy, low-tech illustrations that give the impression that Google staffers are giddy Oompa-Loompas rather than hard-nosed engineers, a trick Dell deployed last year with negligible success. Of course, Apple has been more successful with the approach with its "Get a Mac" ads, which literally humanized its product (and that of PC makers.) Maybe chips and ethernet cables just aren’t that visually exciting, even if Popular Science argues that the Internet actually resembles something that is thrilling to some: a Tootsie Roll pop.

    —Posted by Todd Wasserman

  • Labor and environmentalists have been teaming up since the first Earth Day

    by Joe Uehlein

    The approach of the 40th anniversary of Earth Day on April
    22 provides us an opportunity to reflect on the “long, strange trip” shared by
    the environmental movement and the labor movement over four decades here on
    Spaceship Earth.

    A billion people participate in Earth Day events, making it
    the largest secular civic event in the world. But when it was founded in 1970, according to Earth Day’s first national
    coordinator Denis Hayes,
    “Without the UAW, the first Earth Day would have likely flopped!”

    Less than a week after he first announced the idea for Earth
    Day, Sen. Gaylord Nelson of Wisconsin
    presented his proposal to the Industrial Union Department of the AFL-CIO. Walter Reuther, president of the UAW,
    enthusiastically donated $2,000 to help kick the effort off—to be followed
    by much more.  Hayes recalls, “The
    UAW was by far the largest contributor to the first Earth Day, and its support
    went beyond the merely financial. It
    printed and mailed all our materials at its expense—even those critical of
    pollution-belching cars. Its organizers
    turned out workers in every city where it has a presence. And, of course, Walter then endorsed the
    Clear Air Act that the Big Four were doing their damnedest to kill or
    gut.”

    Some people may be surprised to learn that a labor union
    played such a significant role in the emergence of the modern environmental
    movement.  When they think of organized
    labor, they think of things like support for coal and nuclear power plants and
    opposition to auto emissions standards.

    When it comes to the environment, organized labor has two
    hearts beating within a single breast. On the one hand, the millions of union members are people and citizens
    like everybody else, threatened by air pollution and water pollution and the
    devastating consequences of climate change. On the other hand, unions are responsible for protecting the jobs of
    their members, and efforts to protect the environment sometimes may threaten
    workers’ jobs. First as a working-class
    kid and then as a labor official, I’ve been dealing with the two sides of this
    question my whole life.

    I was raised in Cleveland. It was a union town, and both my parents
    were trade unionists. We were going to
    the union hall all the time; that’s where the picnics and social functions and
    concerts happened.

    At the same time, we kids were swimming in Lake
    Erie, and I watched them post the signs saying, “Don’t swim in the
    lake.” We were catching 50 to 100 perch
    every weekend and eating them until they posted the signs, “Don’t eat the
    perch.”

    So we experienced this switch from where the smoke coming
    out of the steel mill chimneys meant bread on the table to a realization that
    we were messing up the lake that we loved and enjoyed.

    I was there when the Cuyahoga River caught
    fire, and that was an alarming wakeup call. The burning river and the dying lake led the first Earth Day in Cleveland to be a
    monumental event. According to the Encyclopedia of Cleveland
    History
    , an estimated 500,000 elementary, junior-high, high-school, and
    college students took part in campus teach-ins, litter cleanups, and tree
    plantings. More than 1,000 Cleveland State
    University students and faculty staged
    a “death march” from the campus to the banks of the Cuyahoga River.  The headline in the Cleveland Press read, “Hippies and Housewives Unite to Protest
    What Man is Doing to Earth.”

    After high school, I went to work in central Pennsylvania in an aluminum mill, and when the mill was
    flooded out by Hurricane Agnes, I got a job doing flood cleanup at Three Mile Island,
    which was under construction at the time, and joined the laborers union. That really got me involved in the labor
    movement. At 19 or 20, I became a
    full-time shop steward on safety and health issues. 

    The environmental movement was protesting the construction
    of the power plant.

    My local union had a bumper sticker that said, “Hungry and
    out of work? Eat an
    environmentalist!” I objected, and I
    went to the local and said, “You know, they’re not really our
    enemies. They’re protesting the
    construction of this power plant because it wasn’t built to withstand the
    impact of a Boeing 707. And the
    airport’s right there. So it kind of
    makes sense, doesn’t it?”

    I’ve been making the same kind of argument ever since.

    That long, strange
    trip

    In the 1980s, the same Industrial Union Department that had
    helped start Earth Day initiated perhaps the first labor-environmental
    coalition, called the OSHA Environmental Network. I was appointed its field director. We had active coalitions in 22 states with
    the Sierra Club and Friends of the Earth and IUD member unions. At first, labor’s “job-protection heart” came
    to the fore: The United Mineworkers Union was afraid that the alliance might
    encourage limits on the high-sulfur coal that caused acid rain, thereby
    threatening some miners’ jobs; it insisted that our environmental network be
    shut down. Later, encouraged by labor’s
    other “heart” in the form of unions that supported sulfur reduction, the
    Mineworkers negotiated an acid-rain compromise agreement with Sen. George Mitchell
    of Maine.

    When the U.N. Commission on Global Warming formed, I served
    as a representative of the IUD. Before
    every meeting that I went to, I would be lobbied strongly by the Mineworkers
    and the International Brotherhood of Electrical Workers on the one side to kill
    what would become the Kyoto Treaty, and then on the other side by the
    Steelworkers who wanted to see the treaty enacted. In 1997 the AFL-CIO blasted the treaty and
    sent a high-level representative to Kyoto
    to oppose it. So I resigned from the
    commission. 

    I took on the assignment to organize labor’s role in the
    1999 protests against the WTO in Seattle. As we were organizing, AFL-CIO President John
    Sweeney came out to address the Washington
    state AFL-CIO convention. I had been
    planning 15,000 people as a goal for labor’s piece. John made his speech and he said 50,000
    people. As he came off the podium, I
    said, “John, it’s 15,000—15,000 is our goal.” And he turned to me and said, “Joe, it’s
    50,000 now.”

    We had more than 60,000 people on the streets, perhaps
    40,000 of them from labor. It was
    “Teamsters and turtles, together at last.” Stopping the WTO, and building the coalitions we built, was a culmination
    of all the things I believed in and all the things I had been working for. To me it represented the power we have when
    labor’s two hearts beat together—when we recognize that the real
    self-interest of workers and the labor movement is the same as the rest of the
    world’s: to fight for a sustainable
    future.

    Yesterday … and
    today

    Looking over the decades since the first Earth Day, what do
    we see about the relation between environmentalism and labor?

    Some things this Earth Day are radically different from the
    first Earth Day 40 years ago.

    The devastating threats resulting from climate change affect
    us not just as “citizens and consumers” but as workers. The impact of global warming on American
    workers and workplaces is laid out in a study by the Union of Concerned
    Scientists, “Climate
    Change in the United States: The Prohibitive Costs of Inaction
    .” After reviewing effects on flooding,
    hurricane intensity, tourism, public health, water scarcity, shipping, agriculture,
    energy, infrastructure, and wildfires, the study concludes, “If global
    warming emissions continue unabated, every region in the country will confront
    large costs from climate change in the form of damages to infrastructure,
    diminished public health, and threats to vital industries employing millions of
    Americans.”

    A study
    by the University of Maryland
    [PDF] adds, “the costs of climate change
    rapidly exceed benefits and place major strains on public sector budgets,
    personal income, and job security.”

    We are already seeing such costs in extreme weather events,
    drought-caused water crises, intensified forest fires, floods, and other costly
    catastrophes. Today American workers
    have a direct, personal, job-based reason to fight for climate protection.

    At the same time, the necessity for transforming our entire
    economy to a low-carbon basis provides the opportunity to create tens of
    millions of new “green jobs.” Such a
    reconstruction effort could rival World War II as a means for creating full
    employment and conditions favorable to worker power and organization.

    Both of labor’s “two hearts within a single breast” can be
    seen in its response to the danger and opportunity of the climate crisis. On the one hand, organized labor has been
    enthusiastic about the prospect for “green jobs” and has supported climate
    legislation that might help expand them. On the other hand, much of organized labor, including the AFL-CIO, has
    opposed implementing the binding targets for greenhouse-gas reduction that
    climate scientists say are necessary to reduce the effects of global warming.
    Such targets are crucial not only for climate protection, but because the
    millions of potential green jobs are unlikely to be created unless all
    decision-makers know that a major transformation of our economy to reduce
    greenhouse-gas emissions is in fact going to happen.

    Meanwhile, “environmentalism” is broadening into a movement
    that calls for social and economic as well as environmental
    sustainability. The Earth Day Network, which coordinates Earth
    Day worldwide, is committed to “expanding the definition of ‘environment’ to
    include all issues that affect our health, our communities and our environment,
    such as air and water pollution, climate change, green schools and
    environmental curriculum, access to green jobs, renewable energy, and a new
    green economy.” Such a sustainability
    movement is a natural ally for organized labor in its efforts to challenge an
    economy currently driven by corporate greed.

    Some things this Earth Day are the same as they were 40
    years ago.

    Workers are still human beings who face the same consequences
    of environmental destruction as everyone else.
    As Olga Madar, the first head of the UAW Conservation and Resource
    Development Department, put it back then, union members were “first and
    foremost American citizens and consumers” who “breathe the same air and drink
    and bathe in the same water” as their neighbors in other occupations.

    UAW President Walter Reuther, who wrote that first check
    supporting the first Earth Day, spelled out what that should mean for organized
    labor: “The labor movement is about that problem we face tomorrow morning.
    Damn right! But to make that the sole purpose of the labor movement is to miss
    the main target. I mean, what good is a dollar an hour more in wages if your
    neighborhood is burning down? What good is another week’s vacation if the lake
    you used to go to is polluted and you can’t swim in it and the kids can’t play
    in it? What good is another $100 in pension if the world goes up in atomic
    smoke?”

    Related Links:

    Ask Umbra’s pearls of wisdom on Earth Day parties

    Good news for Earth Day: We can reduce climate pollution and boost the economy, all at once

    Earth Day 2010






  • Help spread the word on “Straight Up” – Change.org review: “If you want to be culturally literate about climate change, there are two books that you must read.”

    Here’s something you can do to help spread the word about the book and the blog:  Send out an email.  I have some text below that you can make use of, but ideally you’d explain in your own words why you read the blog and why someone should buy the book.

    The review on the popular website Change.org says Straight Up is the “most scientifically well-informed book on the scope of and solutions to the problem of climate change there is.”

    Christopher Mims writes the “two books that you must read” to be “culturally literate about climate change” are Mark Lynas’s Six Degrees and Straight Up.

    I could use your help getting out the word on the book.  Here’s some material for an email:

    “The Web’s most influential climate-change blogger” and “Hero of the Environment 2009” —Time Magazine

    “I trust Joe Romm on climate.”   — Paul Krugman, New York Times

    “America’s fiercest climate-change activist-blogger,” and one of “The 100 People Who Are Changing America”  — Rolling Stone

    “One of the most influential energy and environmental policy makers in the Obama era” — U.S. News & World Report

    “The indispensable blog” —Thomas Friedman, New York Times

    It’s the 40th anniversary of Earth Day.  With a bipartisan group of senators led by Lindsey Graham (R-SC) releasing their long-awaited climate and clean energy bill, the stage is set for the most important environmental debate of our time. Joe Romm, a climate expert, physicist, and former Department of Energy official, puts the core issues of this debate in perspective with his blog ClimateProgress.org, a project of the Center for American Progress Action Fund.

    Now, he has compiled the best 1% of his more than 4,000 blog posts with his new book, Straight Up: America’s Fiercest Climate Blogger Takes on the Status Quo Media, Politicians, and Clean Energy Solutions .

    Nature recently editorialized that: “Scientists must now emphasize the science, while acknowledging that they are in a street fight.”  Van Jones says, “Straight Up is the war fighters manual for this coming carbon battle. If you want to be equipped to fight, you need this book.”

    Al Gore just tweeted:  “Joe Romm has an important new book out. I recommend it.”

    With Straight Up, Romm cuts through the crap, presenting the truth about clean energy, climate impacts, and global warming politics, written in a style everyone can understand.

    While Romm “confronts the toughest of truths” at ClimateProgress.org, he provides insight, unparalleled science, and a definitive voice on the issue of climate change while offering concrete solutions. Straight Up offers a way forward for us all to save a livable climate.

    Get your copy of Straight Up today at Amazon.

    Thanks!

  • 22 days for the best of your life!

    garden vegetables

    Psychologists have discovered that it takes 21 days to make or break a habit.  So, if you took 21 days to eliminate unhealthy eating and replaced that with organic, vegan foods, on the 22nd day you would be on your way to a healthier you, right?

    Well, turns out the benefits don’t end there…

    Challenge yourself to 21 days of healthy, clean, organic, vegan foods, and you will find that on the 22nd day, you no longer crave dead, over-processed, undernourished foods. And the bonus for you will be increased energy levels, improved sleep, better mood, and reduced body fat.

    Oh, and you will have also diminished your carbon footprint and be well on your way to making a difference not only in the way you look and feel, but in the world as well.

    It has long been speculated that the most nutritious diet consists of live foods from the earth. Scientific
    evidence over the last 50 years has made it very clear that this is a
    fact, and that the more processed foods become the less beneficial for
    our bodies and for the earth.

    Artificially, chemically, genetically, and synthetically produced
    foods are making their way into our homes and bodies. It’s not just junk
    food that’s concerning, but commercially produced fruits, vegetables,
    and other plant foods, as well. As a result, our bodies are being robbed
    of the very nutrients we seek for total wellness and are exposed to
    the dangerous effects of these methods.

    There are over 400 different pesticides used in traditional farming, which
    deplete soil fertility and require more energy and water. Fear not,
    there’s a solution! Eating organic will ensure (as defined by law) that
    the foods you eat are produced without the use of artificial pesticides
    and herbicides, growth hormones, genetically modified organisms (GMOs),
    or synthetic fertilizers.

    Organic foods can be more
    nutritious and richer in vitamins, minerals, and nutrients. Plant foods are
    great, but even greater when organically grown.

    Why vegan? Vegans consume only plant-based foods and eliminate animal products
    (meat and dairy) from their diet. The vegan lifestyle has been gaining
    popularity because of the many health benefits and the positive impact
    on the Earth.

    Research has shown that vegans and vegetarians have lower rates of
    cancer, stroke, and heart disease, which is still the number one killer
    of men and women in the U.S.  Some reports show coronary heart disease and stroke cause more deaths every year than the next five causes
    of death combined.

    If that’s not enough to motivate you, then consider
    the environment.

    Many leading environmental organizations have established links
    between eating meat and climate change. According to Environmental
    Defense
    , if every American replaced one chicken dish per week with
    vegetarian foods, carbon dioxide savings would equal that of taking
    500,000 cars off of the road.

    You don’t have to be a vegetarian to make a difference both in how
    you look, feel, and how you impact the earth — just be conscious of the fact
    that a little change goes a very long way. Consume more consciously!

    Challenge yourself to change, today. Commit to vegan, organic eating
    for the next 22 days. It will be the catalyst for the best of your
    life.

    Marco
    Borges
    is a world-renowned exercise physiologist and author whose
    innovative approach to fitness has made him one of the most sought-after
    experts in the industry.

    More from ecomii:

  • Rosenberg: Stocks Now 35% — A Whole Standard Deviation — Overvalued

    With the market totally shrugging off any of the recent ructions, David Rosenberg of Gluskin-Sheff turns his attention to the simple question of valuation.

    According to the Shiller P/E ratio, the S&P 500 is now 35% overvalued — a full
    one standard deviation event.  

    The April data was just updated and showed the inflation-adjusted normalized
    P/E, premised on “bird-in-the-hand” (as opposed to consensus earnings
    forecasts, which is historically more than 20% higher than we actually get — one
    reason why Wall Street banks are dubbed “the sell side”) 10-year trailing profits,
    expanded to over 22x from 21x in March.  

    This is not nosebleed territory, but it is expensive; the historical average is 16.4x. 
    So, this implies that the market is currently 34.7% overvalued benchmarked
    against the historical norm.  It would be nice to say that a higher-than-normal
    P/E is justified by low inflation and low interest rates.  But frankly, real bond
    yields are not that far from their long-run averages; however, equity valuation is,
    and something is going to give at some point. 

    Valuation metrics are not meant to be timing devices.  Assets, securities, and
    currencies can stay overvalued for extended periods of time, but inevitably Bob
    Farrell’s rule number one on the concept of “mean reversion” will come into
    play.  The operative strategy is to buy low and sell high, not the opposite; and to
    be paid to take on risk as opposed to be paying for taking on the risk. 
    Defensive income-oriented strategies, at this point, make perfect sense from our
    lens.    

    We expect the valuation debate to get more and more attention in the days and weeks ahead.

    Join the conversation about this story »

  • New $100 Bill Designed To Battle Counterfeiting

    On Wednesday, the US Department of Tresury and Federal Reserve unveiled the design for a new $100 bill that includes several anti-counterfeiting security measures. The bill, which replaces one designed in 1996, will begin circulating in February, 2011.

    A 3D security ribbon on the front of the bill contains images of bells and 100s that move and change as the currency is tilted. The bell in the inkwell changes color from copper to green, which makes it seem to appear and disappear.


  • Canadian Entertainment Industry Begins New Media Campaign For Draconian Copyright Laws

    Every year, the entertainment industry pushes Canada to update its copyright laws — which are already quite strict — with some misguided propaganda about how Canada is a “piracy haven.” Of course, the facts don’t support that assertion, but the entertainment industry keeps insisting that it’s the case, and that the only way to deal with this is through ever more draconian copyright laws to, as the entertainment top industry lawyers have falsely claimed, “bring Canada into the 21st century.” After public protests and outcries prevented a few previous attempts at bad copyright law updates (basically written by the entertainment industry) from being put in place, last year, the government held various public consultations and asked for feedback. The written feedback was strongly against more draconian copyright law, but it looks like the industry has started up a questionable moral panic campaign as it gets ready to try again to push copyright law in the wrong direction.

    It kicks off with an article in Canadian Business magazine (sent in by a bunch of you) which is so ridiculously one-sided as to be laughable. That article kicks off with a record label owner complaining that sales are down. You think? Maybe that’s because you’re selling obsolete plastic discs, rather than updating your business model. The label owner goes on to point out that others — such as studio engineers are losing their jobs as well, and this is tragic. Sure, it’s tragic, but when markets change, jobs change too. We used to be a nation of farmers, and now a tiny percentage of the population farms. The telephone company used to employ thousands of operators to connect your call, but technology did away with that particular function. Markets change, jobs change. It’s no fun for those involved, but it’s no reason to pass laws that you think will protect those jobs (even though they won’t).

    The article goes on to trot out the typical ridiculous stats and bogus claims from the industry, and the only attempt it has at anyone presenting the other side of the debate are some quotes from Michael Geist, who is introduced as “a media gadfly whose left-leaning views on the issue are openly disparaged by many in Canada’s corporate sector.” Uh, wow. Clearly, whoever wrote the article had no interest in hearing the other side of the story — such as the evidence that the issue here is not copyright at all, but business model choices. The views on copyrights are not anti-business, as the article presents, but pro-consumer, which when done right is also pro-business. It’s clearly a media hit job in anticipation of the next round of copyright debates.

    Along those lines, a few folks have submitted a writeup by Canadian intellectual property lawyer Richard Owens, who claims that the public consultation on copyright in Canada last year was not fair because it was dominated by evil pirates and “shadowy organizations.” Seriously. The article dismisses the public consultation because sites like TorrentFreak (which he mischaracterizes, ignoring that the site is a well-respected journalistic endeavor) encouraged people to make their views known, and that many of the submissions came via a submission system put together by the Canadian Coalition of Electronic Rights — which he also mischaracterizes as “a clandestine group of mod-chip manufacturers.”

    However, as Michael Geist notes in his response to Owens, lots of special interest groups had form letter offerings available — including the entertainment industry. But no one chose to use them. While form letters may not be the fairest system in general, the fact that there were form letter submission services for pretty much all points of view, it seems reasonable to assume that anyone on any side of this debate could have used one, and thus, the results are, perhaps, somewhat representative. Owens claims that many of the submissions were likely made by foreigners, but as CCER notes in its own response, it required a legitimate Canadian address, and it’s unlikely that many faked such a thing. Even if a few did, it’s unlikely that most of those submissions were from foreigners. Owens goes on to complain that many who submitted their views were “poorly informed,” but reading through the details, it appears “poorly informed” just means “did not agree with Owens.”

    Amusingly, Owens also appears to cherry pick certain industry representatives to suggest that only they should have been able to comment on the issue:


    We sampled twenty-five percent of the substantive individual Submissions, and of the professional authors, musicians, filmmakers, performers, photographers and designers, more than 90% were in favour of robust copyright protection as a means to secure their livelihood and protect their artistic integrity.

    Uh, yes. If you ask those who have a law protecting them from competition, of course many of them will say that law is great and they want it strengthened. But that’s got nothing to do with the purpose of copyright law. Copyright law is supposed to be about promoting overall progress (and, yes, I know that’s the US version, but the general concept is true in Canada as well), and that means for both the public and for the content creators. To claim that only the content creators’ views should be considered when discussing copyright is incredibly disingenuous.

    In the end, it’s clear that Canadians are gearing up for yet another fight over copyright law, and the early media campaign is beginning. It starts with bogus stories with little basis in fact, combined with weak attacks on the public who oppose such draconian laws. Hopefully, Canadian politicians will see through such charades quickly.

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  • Chrysler to launch 16 all-new or refreshed products in 2010, including an electric crossover

    Chrysler Group LLC today announced its financial results for the first quarter of 2010. The Auburn Hills automaker posted a $143 million operating profit and showed positive cash flow for the period ending March 31, 2010.

    “This positive operating result in the first quarter is a concrete indication to our customers, dealers and suppliers that the 2010 targets we have set for ourselves are achievable,” said CEO Sergio Marchionne. “We are also generating cash to finance the investments being made in our product portfolio and brand repositioning,”

    Marchionne said that in 2010 alone, Chrysler will launch 16 all-new or refreshed products.

    “There has already been an uptick in customer traffic in our dealerships in Q1 and we are confident that Chrysler sales will continue to increase as we launch new products in the second quarter, beginning with the all-new 2011 Jeep Grand Cherokee. Moreover, later this year, Chrysler will launch 16 all-new or refreshed products including the all-new Chrysler 300, Dodge Charger, E-CUV, the iconic Fiat 500, and the Sebring replacement.”

    We’re guessing E-CUV stands for an electric crossover utility vehicle – so stay tuned for more details on that.

    2011 Jeep Grand Cherokee:

    – By: Stephen Calogera


  • Bolivia’s Morales slams capitalist debt to global warming

    by Agence France-Presse

    Evo MoralesCOCHABAMBA, Bolivia—Bolivian President Evo Morales has rallied a “people’s conference” on climate change, calling for the death of careless capitalism so that the Earth can live.

    Environmental activists, indigenous leaders, and Hollywood celebrities are taking part in a three-day summit focusing on the world’s poorest, whom they say were largely ignored at official United Nations-sponsored climate talks in Copenhagen last December.

    “Either capitalism dies, or it will be Mother Earth,” leftist Morales warned a crowd of some 20,000 people. “We’re here because industrialized countries have not honored their promises.”

    The Copenhagen meeting was widely criticized for failing to produce a new treaty to limit greenhouse-gas emissions. Critics said the deal it produced would not avert a climate catastrophe.

    The “People’s World Conference on Climate Change and Mother Earth Rights” will draft new proposals for the next U.N. climate talks, to be held in Mexico at the end of the year.

    A U.N. representative in Bolivia struggled to make her voice heard over a chorus of booing on Tuesday. “We came with all respect to hear the people, you invited us to be here. If you don’t want us to be here, we can leave,” said Alicia Barcena, executive secretary of the U.N. Economic Commission for Latin America and the Caribbean (ECLAC). U.N. Secretary General Ban Ki-moon sought dialogue, inclusion, and transparency in the world climate debate, according to a message distributed by Barcena.

    The colorful assembly, dotted with Andean flags and ponchos, met in a small stadium surrounded by mountains in Tiquipaya, in the suburbs of Cochabamba.

    “We have a choice between two paths: one is a path of life, one is the path of destruction,” said participant Faith Gemmill, an ethnic Gwich’in of the Alaska inter-tribal council. She said indigenous people, who live on the land and close to the land, are disproportionately hard hit by climate change. “We are like the canaries in the mines, that the miners used to carry, so that if when they died the miners would be warned of the presence of toxic gas, and could rush out of the mine,” Gemmill said.

    Morales, of Aymara descent, said that the lifestyle of indigenous peoples, including their harmonious relationship with nature, should be “the only true alternative.”

    Morales sought to refine proposals he had presented in Copenhagen, including the creation of a world tribunal for climate issues and a global referendum on environmental choices.

    Developing nations have resisted a legally binding climate treaty, arguing that wealthy nations must bear the primary responsibility for climate change.

    This week’s gathering was expected to give a megaphone to a left-leaning bloc of Latin American leaders, including presidents Rafael Correa of Ecuador, Fernando Lugo of Paraguay, Daniel Ortega of Nicaragua, and Hugo Chavez of Venezuela.

    Nearly 130 countries, including many of the world’s poorest, were to be represented in Cochabamba.

    Anti-globalization activists Naomi Klein of Canada and Jose Bove of France were also on the guest list, while James Cameron, director of the blockbuster film “Avatar,” and U.S. actor Danny Glover were notable by their absence on Tuesday.

    The conference followed a preparatory meeting between representatives from the world’s leading economies in Washington ahead of the December U.N. summit in Cancun. The U.S.-led Major Economies Forum comprises 17 countries responsible for the bulk of global emissions and excludes smaller nations such as Sudan whose firebrand negotiators held up sessions at December’s Copenhagen summit.

    Related Links:

    Brazil awards dam contract despite environmental protests

    Each party has a clean-energy plan in U.K. election

    U.S. military shrinking its carbon ‘boot print’






  • Believe it: Verizon Droid Incredible slips into a few disbelieving hands

    Sure enough, the Verizon Droid Incredible (you might have seen a story or two about it here), by some strange act of fate, is being shipped early to a few disbelieving customers who pre-ordered on Monday. That said, as great as it is that dude above shot video of his Droid Incredible, we’re taking away points ’cause he couldn’t go the whole 2 minutes without making an "it’s Incredible!" pun. [Android Forums via Engadget]

  • Fantasy Spin: The Ben Roethlisberger suspension

    http://a323.yahoofs.com/ymg/ept_sports_fantasy_experts__26/ept_sports_fantasy_experts-743478372-1271718018.jpg?ymCSnADDl0M2SHsG

    Ben Roethlisberger(notes) was fantastic last season, statistically speaking. He threw 26 touchdown passes and established career highs in both yards (4328) and completions (337). Roethlisberger finished third among all quarterbacks in per-game fantasy scoring, passing for multiple TDs in eight of his 15 games. Late in the season, during the fantasy playoffs, he put up 503 yards and three scores against Green Bay.

    It was, all things considered, a ridiculously productive year. But everything he accomplished on the field in 2009 has since been overshadowed by his disastrous off-season.

    On Wednesday, Roethlisberger reportedly will be suspended by NFL commissioner Roger Goodell for four to six games for violating the league’s personal conduct policy. Apparently the suspension can be limited to only four games if Roethlisberger meets certain conditions. (That is, if he manages not to do anything monumentally stupid). 

    By offering a fantasy spin, we don’t mean to trivialize the events that led to the suspension. It’s an ugly story. And then there’s the other ugly story. Prosecutors in Georgia have not filed charges, yet the NFL obviously determined that — in Goodell’s words — Roethlisberger has engaged in "a pattern of behavior and bad judgments." Presumably we can all agree that he’s guilty of at least that much.

    In fantasy, you eventually learn to disassociate players from their stats, and that’s what we’ll try to do here. We’re interested only in the set of numbers that will accompany Roethlisberger in 2010, not the allegations and persistent questions. His absence for at least a quarter of the regular season clearly affects his fantasy value, although it isn’t the only factor in the equation.

    In case you hadn’t noticed, he’s a complicated player.

    Let’s begin with what we can assume will be a four-week ban. Fantasy owners often overstate the impact of an early season suspension on a player’s worth — it’s not as if Roethlisberger will serve his league-imposed punishment during your fantasy championship, after all. But he won’t be available to assist your team in the opening four weeks, and that’s not exactly meaningless. Toss in Pittsburgh’s bye and suddenly — in the best-case scenario — Roethlisberger can only contribute in eight weeks of a 13-game fantasy regular season. On the basis of this fact alone, you can’t draft him as a fantasy starter in a league of standard size. 

    And that’s before we consider his injury potential. Roethlisberger has been the most frequently sacked quarterback in the NFL over the past three seasons, and no one else is particularly close. He tied for the league lead in sacks last year (50), and finished second in both 2008 and 2007 (46, 47). Pittsburgh will no doubt address the offensive line via the draft, perhaps with multiple picks, but Roethlisberger’s pathological willingness to sustain hits is another issue entirely. He’s been sacked 242 times through his age-27 season, and there’s at least some reason to believe that quarterbacks who endure that level of abuse in their early years tend to have short careers and abbreviated primes.

    But that’s more of a long-term concern. In the year ahead, while Roethlisberger takes his usual beating, Pittsburgh’s receiving corps will have one less weapon. Santonio Holmes(notes) led the Steelers in receiving yards last season (1248) and he’s caught 18 touchdown passes over the past three seasons (plus three more in the playoffs), yet he was dealt to the Jets earlier this month in exchange for a fifth round pick. Mike Wallace(notes) receives a bump in value after delivering outstanding numbers as a rookie (39-756-6), but Holmes will certainly be missed.

    The pre-draft buzz — which is often disinformation, but let’s imagine it’s accurate — suggests that Pittsburgh won’t target receivers in the early rounds. If true, then Wallace, Hines Ward(notes) and Heath Miller(notes) will be the primary targets; Antwaan Randle El(notes), Arnaz Battle(notes) and Limas Sweed(notes) will get the leftovers. (Sweed is basically the anti-Cris Carter: All he does is drop touchdowns). Thus it’s not a surprise that Art Rooney II himself has reportedly urged head coach Mike Tomlin to reshape the offense and "run the ball more consistently."

    That’s good news for Rashard Mendenhall(notes), if his line is up to the challenge. However, it’s not great news for Roethlisberger, a man who attempted a career-high 33.7 passes per game last season.

    If we were to draft a 2010 fantasy league today (a terrible idea), we’d have to account for all the red flags attached to Roethlisberger: His 10-12 game season, his susceptibility to on-field punishment, his weakened receiving corps, and his offense’s renewed commitment to the run. And we can’t ignore his history of bad judgment (Goodell’s words) in light of his team’s zero tolerance policy regarding off-field misconduct. And then there’s the very real possibility that Roethlisberger might be traded. And if he’s not dealt, then you have to consider Pittsburgh’s ostensibly brutal late-season schedule. In Weeks 13-15, the Steelers will face three defenses (BAL, CIN, NYJ) that ranked among the AFC’s top four last year.  

    So again, this is a complicated player. Good thing we’re not drafting today.

    Nonetheless, we took a quick survey of Yahoo!’s fantasy analysts in order to gauge Roethlisberger’s value, pre-NFL Draft. Here are the preliminary 2010 composite quarterback ranks:

    1. Drew Brees(notes)
    2. Aaron Rodgers(notes)
    3. Peyton Manning(notes)
    4. Philip Rivers(notes)
    5. Matt Schaub(notes)
    6. Tony Romo(notes)
    7. Tom Brady(notes)
    8. Brett Favre(notes)
    9. Eli Manning(notes)
    10. Kevin Kolb(notes)
    11. Donovan McNabb(notes)
    12. Matt Ryan(notes)
    13. Joe Flacco(notes)
    14. Jay Cutler(notes)
    15. Carson Palmer(notes)
    16. Ben Roethlisberger
    17. Matthew Stafford(notes)
    18. Chad Henne(notes)
    19. Vince Young(notes)
    20. David Garrard(notes)

    Roethlisberger’s stock is at a three-year low, following arguably the most impressive season of his career. The Steelers are expected to replace him with some combination of Dennis Dixon(notes) and Byron Leftwich(notes) during the opening weeks of 2010. Fantasy owners will obviously need to do better. 

    Photo via US Presswire 

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  • Rational re-pricing suggests more upside

    By Paul Gardner

    Many believe that equity markets are unjustifiable at their present levels given unemployment at cyclical highs and the spectre of continuing economic weakness.

    Since March 2009 however we have seen a 70% equity rally and the corollary narrowing in corporate bond spreads as investors accept more risk.

    Is this irrational exuberance or rational re-pricing?

    We believe this is a rational repricing and that we could expect to see a further 10-15% increase in equity markets over the next 12 months. Investing in equities entails investing in companies first and the economy second.  Companies are impacted by the economy but also adapt and react to it.  

    Over the past 12 months many companies have beaten bearish expectations.  Indeed, surprisingly both margins and profits remain healthy relative to other economic cycles.  

    We believe the difference this time is that companies shed costs (i.e. jobs) quicker than ever before.  This resulted in a dramatic increase in unemployment in developed economies, which in turn caused economic growth to slow.  Company’s however maintained profitability due to timely inventory management and productivity gains.  The bearish prediction of corporate profitability falling into the abyss never occurred.  The S&P presently trades at 15x P/E, neither historically cheap nor expensive.  

    The bear’s next concern is that companies can only cut so much in fixed costs and that revenue is destined to decline.  Considering only developed economies one would expect this, however costs cut in developed markets are counter-balanced by job growth in developing markets.  

    An entrepreneurial middle class has emerged in developing markets with the resultant positive feedback loop between increased demand and job growth.  Although consumption in the developing world is not as established as it is here, it is nonetheless a positive and steeply sloping curve and should more than offset the absence of traditional consumers.  Most economic theory has historically been applied to a (Western) world with an economy of only a billion people.  Today we have a global economy of 4 billion (not including the 2.5 billion living at subsistence level).

    The bear argument continues that it is only a matter of time before inflation and interest rates rise aggressively.  Indeed central banks will hike overnight rates sooner than later, however the middle and long end of the yield curve will remain relatively unaffected.  We believe that deflation not inflation is the greater risk. The primary inflation inputs are wages and wage growth which are unlikely to rise given present unemployment and overcapacity.  

    The sovereign debt crisis is also being called the catalyst that will lead to the further monetization of debt.  Japan however increased money supply by 85% between 1997 and 2003 without a hint of inflation.  We expect money supply and the velocity of money to continue to drop as private lending remains curtailed and the U.S. consumer remains continues to save.   We further believe that governments will respond by cutting spending, hiking taxes and lowering pension entitlements.  These factors combined should make for a superb disinflationary cocktail.

    Where then are equities headed?  The global economy is healing and growing. Corporate balance sheets are well funded and profitability seems to be in place.  With ten year bond rates at around 3.5% we have a compelling reason to believe that the S&P should trade at 17x operating profit.  If we use consensus earnings of $80 for the S&P 500 in 2011 then an S&P 1360 is possible and we could expect to see a further 10-15% increase in equity markets over the next 12 months.

    Paul Gardner, CFA, is a partner and portfolio manager at Avenue Investment Management

  • State Budget Crisis: Oz Griebel Says He Would Cut Expenses Like In The Private Sector At BankBoston

    Republican candidate Oz Griebel says he would tackle the state’s budget crisis in the same way he did in the private sector – by cutting expenses and consolidating operations.

    Griebel is running among a group of Republicans who are currently behind in the latest Quinnipiac University and Rasmussen polls to Republican front-runner Tom Foley of Greenwich. In the latest Q poll, Foley had 30 percent of the vote, compared to 4 percent each for Lt. Gov. Michael Fedele and Danbury Mayor Mark Boughton.

    Some insiders believe that Foley, Fedele, and Boughton could end up in a three-way GOP primary on August 10. But before the primary, they will battle for the necessary 15 percent of the 1,465 delegates at the party’s nominating convention on Saturday, May 22 in Hartford. They will clearly be debating the best way to resolve the state’s budget crisis, including a projected deficit of more than $3 billion in the 2012 fiscal year.

    “Our current fiscal crisis looks eerily familiar,” Griebel said in a statement. “As the former CEO of BankBoston Connecticut and the Metro Hartford Alliance, I had to make tough budgetary decisions every day – even when they were unpopular.  Specifically, I had to bring our expenses into balance with our revenues and consolidate operations and activities when necessary.  The financial challenges that both organizations faced and decisions I had to make are not dissimilar to those confronting our state today.”

    “I knew then, like now, that turning things around would not be easy; yet by demonstrating leadership and fiscal responsibility, I was able to grow our customer and investor bases,” Griebel said. “By leveraging relationships in the field and speaking candidly with our people and stakeholders, I built key coalitions and teams – region by region and sector by sector – methodically making things right.  As governor, I will utilize my experience in turning around previous financial challenges and building teams of varying government and business leaders to re-establish Connecticut’s fiscal sanity, ultimately restoring confidence in and jobs to our state.”

    On the Democratic side, Greenwich cable TV entrepreneur Ned Lamont, former Stamford Mayor Dannel Malloy, Simsbury First Selectman Mary Glassman, Ridgefield First Selectman Rudy Marconi, and former state Rep. Juan Figueroa of Meriden are battling for the Democratic nomination.
     

  • Gluten-free pastry find

    einatThese almond macaroons are for sale at OU For U — a vegetarian Kosher restaurant in Dunwoody that I first discovered last December.

    Prepared by Einat’s Bakery, they contain just almonds, egg white and sugar and are labeled “gluten free.” They are fantastic — delicate, sheer and just the tiniest bit chewy in the center. They seem like they would be perfect with a cup of coffee or tea in the afternoon.

    I spoke briefly with the baker (Einat?), who works at the restaurant, to make sure they are prepared in a facility free of cross-contaminants. Though she didn’t speak much English, she seemed to understand the drift of my question and was very reassuring about the safety of these cookies for sufferers of celiac disease. She also said that she was planning to debut a line of gluten-free cakes later this week.

    A look at her website shows that Einat makes all kinds of Kosher cakes, cookies and pitas and is now conducting a “Passover mega sale.”

    Does anyone else have recommendations …